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picking up on a recent post in the old threadMr Hootington posted:I would like to draw some of your attention to what Larry Summers said after meeting with Joe biden. i've seen a fair number of pundits lay the current conditions on the fed for choosing to emphasize the unemployment portion of their mandate a few years back, and for easy money policies in response to the '08 and '20 crises. there had been a movement by progressive economists in the wake of the drawn-out recovery and wage stagnation following '08 calling for more intervention on behalf of the unemployed and low wage earners, and i have a feeling that's going to be smothered for another generation
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Jun 21, 2022 01:15
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MickeyFinn posted:Larry Summers, in particular, has been lusting for the poor to suffer at least since he was consulted on student loan forgiveness, where he said he was against it because it would lead to loan-havers having too much money to spend. yeah, he was also vocally opposed to additional stimulus in late 2020/ early 2021 for the same reason. it seemed that the white house didn't pay him much mind at the time, but who knows what sort of cachet has now been attached to this line of thought by "serious" policy folks there seems to be a tendency to set aside the continuing supply shocks we've been seeing for the last year to focus on the anemic increase in wage growth following decades of stagnation. i guess it goes to show that technocratic paths to relief for those in need are a thin branch to hang your hopes on, it takes years to build a narrative and get people into place to implement policy, and then it can all gets swept away in less than a year
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Jun 21, 2022 01:45
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Mendrian posted:Can someone good at math explain what federal fiscal budgets have to do with consumer price inflation. monetary policy tends to be viewed through the lens of inflation, fiscal policy less so, though fiscal policy does occasionally get a mention the case study i've seen cited the most is us deficit spending to fund the vietnam war in the late 60's and early 70's (many will often point to the great society, but it paled in comparison to the outlays for the war). at a few points war expenditures peaked at over 9% of gdp. this money being pushed into the domestic defense industry encouraged expansion, which tightened the labor market, which increased wages, which increased labor costs, which increased prices, which drove labors demand for higher wages, ad nauseum, setting the stage for the rampant inflation in the 70's and 80's this ignores things like the supply chain shocks that followed the rise of opec and the revolution in iran. the focus of the narrative always tends towards keeping consumers and wage earners desperate
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Jun 21, 2022 03:03
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virtualboyCOLOR posted:I don’t understand this. I thought it was ruled that money is speech. This is inconsistent that there isn’t a logical argument. https://twitter.com/juliabacha/status/1539676949215313921 en banc hearing, ruling written by a trump appointee. i haven't dug into the text of the ruling itself, but this pundit's read is that the ruling is expressly that a boycott is strictly economic and not speech. unlike a campaign contribution
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Jun 23, 2022 02:05
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Leon Trotsky 2012 posted:The total bill would be raise $1 trillion in taxes over 10 years, reduce the deficit by $634 billion ($500 billion directly + $134 billion in indirect savings and policy changes), and add $500 billion in spending. 97.5 % of my state by area is currently in "severe drought" or worse here is what characterizes severe drought: -grazing land is inadequate -fire season is longer, with high burn intensity, dry fuels, and large fire spatial extent -trees are stressed, plants increase reproductive mechanisms, wildlife disease increase the area at this level of drought includes the 2nd, 11th, 17th, 43th, 45th largest cities by population in the country. all told roughly 36 million people, ~10% of the entire population of the united states, in my state alone, are at least at this level of drought 59.8% of the state is currently in "extreme drought" or worse. this is characterized by: -livestock need expensive supplemental feed, cattle and horses are sold, little pasture remains, fruit trees bud early, producers begin irrigating in the winter -fire season lasts year-round, fires occur in typically wet parts of the state, burn bans are implemented -water is inadequate for agriculture wildlife, and urban needs, reservoirs are extremely low, hydropower is restricted the area at this level of drought includes the 37th largest city by population 11.6% of the state is currently in "exceptional drought" (this is the max on the scale) this is characterized by: -fields are left fallow, orchards are removed, vegetable yields are low, honey harvest is small -fire season is very costly, number of fires and are burned are extensive -fish rescue and relocation begins, pine beetle infestation occurs, forest mortality is high, wetlands dry up, survival of native plants and animals is low, fewer wildflowers bloom, wildlife death is widespread, algae blooms appear the area at this level of drought includes the 35th largest city by population, and a significant portion of the most productive fruit and nut agricultural land in the world this is one aspect of climate change in one state of one country in the world. i cannot fantom, i can't begin to understand how significantly more money is available to reduce an entry in a ledger, than there is to attempt to slow down and survive the disaster we can now all see surrounding us in our daily lives there cannot be a measure were by this is the morally, politically, or logically correct choice. on some fundamental level it feels like an insult aimed at the value of human life
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Jul 7, 2022 03:29
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it should be mentioned that a national election is scheduled in the next few days. i don't know anything about the current polls, but my assumption is that ldp was probably already set to retain power even before the potential sympathy vote because they win every time
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Jul 8, 2022 05:59
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Rochallor posted:Galaxy brain legal question: is there anything besides decorum that prevents the President from going, "Actually, I think Marbury v Madison was decided wrongly and therefore judicial review doesn't exist."? It's not in the Constitution and exists only because the SC says it does. As the SC drifts further from public opinion it seems like it would be easier and easier to do. number one thing that would probably prevent it would be the military units or armed mobs that are going to back your coup attempt not being in position yet
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Jul 13, 2022 02:57
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Professor Beetus posted:You're probably right, I'm not as familiar with the Goldwater period. I think some of this reactionary stuff probably dates back to the business plot and the desire to claw the US back from the brink of potential social progress. just as an aside, "before the storm" by rick perlstein, along with the follow-ups "nixonland" and "the invisible bridge" are a great big picture history of how the modern republican party started to take shape in the wake of the post new deal democratic party dynasty. first book starts with goldwater, the second continues with nixon, and the last caps off with reagan. really entertaining reads filled with constant reminders that what's past is prologue edit: and of course, if you keep tracing the reactionary stuff back even further than 60 years, you end up going pretty directly back to all of the psychic trauma and pathology from creating, enforcing, and maintaining slavery GhostofJohnMuir fucked around with this message at 04:26 on Sep 5, 2022 |
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Sep 5, 2022 04:23
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thanks for the heads up, definitely going to get that from the library asap
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Sep 5, 2022 15:33
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KillHour posted:Since, as Fritz said, it's Sunday night and nothing interesting is happening, I am going to engage on an aspect of the creation myth thing: is the french revolution referring to something besides the overthrow of the monarchy here? because the us achieved independence shortly before the french revolution, not well after. in fact, the cost incurred on the french monarchy in supporting the revolution was a fairly direct contributor to the crises leading to their downfall
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Sep 19, 2022 05:51
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FlamingLiberal posted:Yes and my concern is that this overcorrection has much higher risks than just taking a slower approach. Inflation is not nearly high enough across the board to risk running the whole global economy into a ditch over it. Except if you are wealthy I guess. i'm currently in the middle of bernanke's new book on the history of the modern fed, and when discussing the failure of the fed in the 60's and 70's he attributes a lot to half measures leading to baking in expectations of elevated inflation, which spirals. i don't know if it's the correct move or not, but it's clear that the fed's own historical narrative is going to lead to choosing to over react rather than under react every time Slow News Day posted:Nah, the type of inflation we have is also very bad, because wages have not been increasing sufficiently to keep up with it. Which means everyone's standard of living has been decreasing. it is bad, but i think when balancing inflation vs full employment one has to ask whether a worker living paycheck to paycheck would choose between a pay cut or no job at all. i think a majority of people would choose employment Rebel Blob posted:The Space Force has released its official song, "Semper Supra." one of the few trump things i don't feel bad laughing about. why would you go for old timey marching cadence and then use the made up buzzword "warfighters"? Bar Ran Dun posted:No they can eventually through demand destruction. uh, lowering the cost of basic necessity through demand destruction has some dark connotations FlamingLiberal posted:The 11th Circuit has sided with the DOJ and will allow the government to continue to use the materials seized from Mar-a-Lago in a potential criminal investigation over the mishandling of classified documents thank god, i was starting to think legal twitter was lying to us about everything
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Sep 22, 2022 01:36
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