Democrats Are at War Over Joe Biden’s Agenda. Here’s One Big Idea That Could Save It.

Democrats are trying to solve a public policy riddle with stakes that couldn’t be higher. The party’s $3.5 trillion reconciliation bill is the last best chance for America to tackle the world’s rapidly escalating climate crisis. But moderates, led by Sens. Joe Manchin and Kyrsten Sinema, whose votes could single-handedly tank the legislation, have demanded deep cuts to the package’s price tag that would make it nearly impossible to spend enough tackling global warming while also addressing the party’s other priorities, such as child care and health care.

Read original

Democrats Are at War Over Joe Biden’s Agenda. Here’s One Big Idea That Could Save It.

Democrats are trying to solve a public policy riddle with stakes that couldn’t be higher. The party’s $3.5 trillion reconciliation bill is the last best chance for America to tackle the world’s rapidly escalating climate crisis. But moderates, led by Sens. Joe Manchin and Kyrsten Sinema, whose votes could single-handedly tank the legislation, have demanded deep cuts to the package’s price tag that would make it nearly impossible to spend enough tackling global warming while also addressing the party’s other priorities, such as child care and health care.

Read original

Toward An American Revivalism

To state the obvious, there is something going on out there on the Right which is a little different.
You see it clearly at the grass-roots level. It shows up brightly in the resistance to the latest round of COVID stupidity — mask mandates for school kids, vaccination discrimination in the workplace, and so on. But you’re even seeing it at the higher levels here and there.
What you’re seeing is that Bush Republicanism, to use one of the terms to describe it, is dead.

Read original

Toward An American Revivalism

To state the obvious, there is something going on out there on the Right which is a little different.
You see it clearly at the grass-roots level. It shows up brightly in the resistance to the latest round of COVID stupidity — mask mandates for school kids, vaccination discrimination in the workplace, and so on. But you’re even seeing it at the higher levels here and there.
What you’re seeing is that Bush Republicanism, to use one of the terms to describe it, is dead.

Read original

How Conservative Lawyers Accidentally Helped Biden De-Trumpify the Government

On Friday, President Joe Biden fired Andrew Saul, the Donald Trump nominee leading the Social Security Administration. Saul’s removal marked the latest chapter in Biden’s ongoing efforts to expel Trump holdovers from leadership positions in the executive branch. Beginning on Jan. 20, the new president has sacked Trump appointees from agencies both powerful and obscure, preventing the dead hand of the previous administration from governing the current one.
The conservative legal movement has long advocated for the president’s power to fire executive officials at will.

Read original

When ‘Cheap’ Money Won’t Be, What Then?

President Joe Biden gestures during a meeting at the White House in Washington, D.C., June 28, 2021. (Kevin Lamarque/Reuters)
Welcome to the Capital Note, a newsletter about business, finance, and economics. On the menu today: the dangerous illusion of cheap money, cutting dividends is not the answer, home prices and inflation, warning signs from the Skew index, and fungi play the markets.

Read original

When ‘Cheap’ Money Won’t Be, What Then?

President Joe Biden gestures during a meeting at the White House in Washington, D.C., June 28, 2021. (Kevin Lamarque/Reuters)
Welcome to the Capital Note, a newsletter about business, finance, and economics. On the menu today: the dangerous illusion of cheap money, cutting dividends is not the answer, home prices and inflation, warning signs from the Skew index, and fungi play the markets.

Read original

When ‘Cheap’ Money Won’t Be, What Then?

President Joe Biden gestures during a meeting at the White House in Washington, D.C., June 28, 2021. (Kevin Lamarque/Reuters)
Welcome to the Capital Note, a newsletter about business, finance, and economics. On the menu today: the dangerous illusion of cheap money, cutting dividends is not the answer, home prices and inflation, warning signs from the Skew index, and fungi play the markets.

Read original

Meme investors should heed ‘manic’ lesson of Fannie-Freddie collapse

The smart money thinks it’s only a matter of time — weeks, maybe days — before the meme-stock craze finally evaporates. But if history is any guide, this mania hasn’t quite run its course.  
For proof, look no further than the strange, decade-plus-long investment mania over shares of the bailed-out mortgage giants, Fannie Mae and Freddie Mac.
That F&F mania came to an abrupt end Wednesday (for reasons I will describe in a bit), but not before suckering hordes of small investors to mortgage their retirement savings on what are now penny stocks.

Read original

Meme investors should heed ‘manic’ lesson of Fannie-Freddie collapse

The smart money thinks it’s only a matter of time — weeks, maybe days — before the meme-stock craze finally evaporates. But if history is any guide, this mania hasn’t quite run its course.  
For proof, look no further than the strange, decade-plus-long investment mania over shares of the bailed-out mortgage giants, Fannie Mae and Freddie Mac.
That F&F mania came to an abrupt end Wednesday (for reasons I will describe in a bit), but not before suckering hordes of small investors to mortgage their retirement savings on what are now penny stocks.

Read original