1. Been excited about @JoeNBC's sustained convo today about @KBAndersen's new book Evil Geniuses: The Unmaking of America which explains how the Republican Party radicalized OVER ECONOMICS over the past 30 years. It was launched w the radical tax cuts in Reagan's presidency, but

1. Yes, @FareedZakaria's new book, Ten lessons From a Post-Pandemic World argues we don't need a big or small gov- we need a GOOD one.

We don't have that now & that is bc for decades now, the GOP has intentionally hallowed it out. Stripping it of funding under the auspice that

2. the only goal should be small. And as it turns out- that was stupid. And now we have a dysfunctional, as @maddow says, "big, bad" gov. Something that has been "wasted, and rotted and ruined." And its been intentional. Its been murdered, with no thought for how people would

3. suffer for it. COVID just put that suffering in a streamlined spotlight. But as @FareedZakaria points out- its the cherry on top of a 40 year plan that Bannon termed the final "deconstruction of the administrative state." As with the decimation of the economic tools that had

4. allowed the world's 1st middle class to emerge & flourish before The Great Lie ushered in the greatest wealth transfer in history. Not only were Americans bamboozled into voting away their wage increases, their pensions, & their health care (at least till 2010)- they were also

5. tricked into pissing away their country's superiority- its claim to fame, its ability to puff its chest out & say "look over here, we have the best _____. " I had no idea when I was a kid that we were not, in fact, the greatest country on Earth- at least not if you care about

1. The ideal outcome @JRubinBlogger & @AliVelshi IS that the MAGA faction turns on the "establishment" part of the party & they tear each other apart. This is why only 20 M.O.Cs are acknowledging Biden- they are TERRIFIED of this. But I should make something clear & this is

2. something that @rickwtyler and this panel doesn't seem to be sending a vibe off that it gets and that is that absent some type of intraparty Civil War 2, the Republican Party is not a party in decline, heading into a sunset, its a party primed to go into the 2022 cycle & take

3. the Speaker gavel from @SpeakerPelosi! I mean, jeez guys- all of the stuff just talked about in terms of its abandonment of sanity, of the rule of law, of its dereliction of duty to the Constitution while it performs gross fealty to a swamp creature, all of that was true 1

4. month ago and what happened?? They gained 11+ House seats and potentially will hold the senate majority even though Ds had 6 pathways to it. 6! No, as craptastic as it is, despite the fact that it stood ready to execute a coup it spent months preparing for w Trump, the GOP is

5. STRONG right now. Its voters- and NOT just the nuts you see at the MAGA rallies, I'm talking about mild-mannered regular folks you run into at the bank and work with at Progressive Insurance- those folks are STOKED on the Trump Admin (albeit the Right Wing media over the past

1. The hot take that "D's need to learn to talk to the other side of the electorate" is absolutely the WRONG take.

I mean my god. Biden, Lincoln, the outside groups: they threw the best persuasion messaging in the history of persuasion campaigns at them.

What Ds need to do is

1. From convo on @Morning_Joe today about @DrIbram's new article which asks that progressive policy not be blamed for D losses/underperformance.

One of my main concerns is intraparty factionalism/fighting. Everything a "moderate" & "progressive"

2. D fights- a R gets a vote. Certainly radical (and yes, defunding police departments IS radical) policy proposals that fall on the outside bands of the distribution are less attractive to this idealized "swing" voter who is, in our minds eye" always a high info, high reasoning.

3. I guess you'd call them a "fine dining" type voter. But we KNOW that actually, most swing voters are NOT like this. Don't believe me- check out @axios Swing Voter Project, which ran focus groups with Obama to Trump voters through the whole cycle.

4. Indeed, what @richthau learned about America's "deciders" is likely to haunt his sleep for ever as it personified a sticker I keep in my office which is a quote from George Carlin: "Never underestimate the power of stupid people in large groups." (K.I.M. when we talk "stupid"

5. on my threads about people, we're not talking IQ, or overall stupid. We're talking civics. We're talking about political literacy. Very smart, successful people can't name their senators or their governor & are thus, civically stupid. And I'm sorry, not sorry for labeling them

One of the arguments for permitting monopolies is that they are "efficient." That's the logic under which Universal was allowed to acquire Comcast and NBC - the "vertical integration" would make all three companies better and we'd all reap the benefit.

1/

It turns out that there are DISeconomies of scale, what Brandeis called "the curse of bigness" and really, the Universal-NBC-Comcast octopus is a poster child for that

Comcast has just informed its subscribers that they are at risk of losing access to "Bravo, CNBC, E!, Golf Channel, MSNBC, Olympic Channel, Oxygen, Syfy, Telemundo, Universal Kids, NBC Universo, USA Network and NBC Sports

That is, Comcast has warned its customers that Comcast might not license its channels to Comcast anymore.

This is a "carriage dispute" - a dispute over how much the cable operator will pay the broadcaster. It's a common dispute to have.

4/

But in this case, Comcast's dispute is over the accounting fiction of how much one division of a vertical monopolist will nominally charge another to access its products.

5/

As some will have noted, there were a lot of reports yesterday on the fact that £50 billion of banks notes are missing in the UK economy. This got me thinking. And as a result I have to suggest that finding that £50 billion of cash would not be hard. Here’s how to do it.

As the Public Accounts Committee of the House of Commons has noted, around £50 billion of banknotes in issue have no explained use. In other words, they do not appear to be used for regular cash transactions. What their alternative use might be is not known.

Some could be in the possession of tourists, who have not bothered to exchange them on leaving the country. But the amounts involved would be small.

A bigger sum might be cash savings under the proverbial mattress. This is entirely plausible. It is possible that some of this will be related to benefit fraud: the amount of savings a person has can have a significant impact on their ability to claim a number of benefits.

There is no doubt that a significant part of this money Is used within the shadow economy. That can cover activity where tax is evaded, of course. But it also includes drug dealing and many forms of human trafficking and abuse.

Wait … so … how much worse could the pandemic response and unprecedented death rate get?

How much farther shall our economy crater?

I wonder what it will feel like to get better.

I wonder what it will be like for things to get better after being arguably as bad as they have ever been.

Wait … sooo … were things this bad in 2016?

Wait … things were good? After eight years under a democratic administration?

Huh.

I wonder how all those falsehoods will play after things start to get better.

I wonder how many full fledged COVID deniers will finally encounter this deadly pandemic.

I wonder if red states will continue to suffer needlessly under Trumpian COVID policies.

I wonder what the recovering blue states will look like from those red states.

I wonder how much aid these red states will require from said blue states.

And I wonder what it will feel like to those red state constituents when the aid forced upon them makes things a bit better?

Inflation Is Coming!

Some say: Inflation didn’t rise after 2008-2015 Fed QE, so it won’t rise this time. Here are the problems with that argument.

1) From 2008-2015 regulators hammered the banks, so while the Fed’s balance sheet expanded, M2 did not accelerate.

2) In 2020, we used the banks to push out money, the opposite of the first round of QE. PPP loans were financed through banks and unemployment checks were direct-deposited.
3) The M2 measure of money is up more than 25% in the past 12 months.

4) That alone, 25%+ M2 growth, is enough, but we are compounding the problems.
5) Regulating fossil fuel production drives energy prices up.
6) Ag, industrial & transportation are energy intensive, and many claim they are bad for the environment. Result: higher prices.

7) Federal government borrowing and deficit spending encourages more Fed money printing, and artificially lifts demand.
8) Higher tax rates, rising minimum wage, and big government crowd out the private sector; reducing supply.
9) Demand up; Supply down! Inflation is coming.