Miscellaneous And Off Topic Subjects

[Hannibal]

He was previously humblebragging that he bought a brand new car with that paper. Hannibal benefitted, he still grumbled about it but he benefitted!

There was nothing humble about it...

But seriously, I like to make it clear that I'm not bitching because I have been a victim of something, although this is one case where I think that there are a shit ton of legitimate victims who have a right to bitch. Our response to Covid-19 did more damage to our country than the virus itself. But it's not my problem. For now.

People like me got a windfall from government overreach and overreaction to a once-a-century event. A huge one, in fact. My gain on my 401K last year was four times my take-home pay. I can only imagine what it was like for Jeff Bezos. Last year was possibly the greatest transfer of wealth from small business to big business that we have ever seen. And since my life savings is more or less in big business, I prospered greatly from it. But as somebody who is fairly confident in his ability to prosper in capitalism, I'd still much prefer sound policy over a chance for a windfall from shitty policy. The shitty policy is still probably going to take more than it gives over my lifetime.

It makes me wonder how many of the people repeating empty platitudes like "we're all in this together" are in the same boat as me financially. It's utter nonsense, of course, and it takes a horrible lack of empathy and awareness to spread it.

[froot loops]

I myself did not receive any windfall last year but I am glad you did and spent the money to help out the economy. We're all in this together.

[Jeff Buchanan]

When we saw real inflation in the 70s it wasn't stopped by increasing taxes. It was stopped by Volcker applying the brakes in dramatic fashion. It must be noted that it got inflation under control but the inflation of the 80's during Reaganomics had a much higher average, the Media.inflation rate from 81 to 90 was 3.9 percent. The median rate of inflation from 2011 to 2020 is 1.7 percent. Any analogy to the Weimar Republic is laughable.

If inflation ever shows it is going to even get to Reaganomic levels, the Fed has the appropriate tools to apply the breaks if you think 3.8 percent is too much.

On your first point...... this is the credible argument offered by proponents of MMT. I said the quality of the end-point of MMT is arguable. Opponents of MMT would argue closer to Hanni's and Talent's positions.

On your second point ...... it is beyond debatable that at some point the unbridled printing money by governments will bankrupt them. I will concede that where the US is now and where it is headed is unlike those circumstances for Germany in 1922/23

[iam416]

It's "unsustainable" to quote the article Froot cited.

[froot loops]

On your first point...... this is the credible argument offered by proponents of MMT. I said the quality of the end-point of MMT is arguable. Opponents of MMT would argue closer to Hanni's and Talent's positions.

On your second point ...... it is beyond debatable that at some point the unbridled printing money by governments will bankrupt them. I will concede that where the US is now and where it is headed is unlike those circumstances for Germany in 1922/23

I'm not arguing MMT though. I never have in this forum. Volcker didn't raise taxes to apply the brakes on inflation. You can even read up on what he did. We don't ever want to get to he point where to do what he had to, but we are nowhere that. The last 10 years have been much closer to a deflationary economy that the kind of inflationary economy you are worried about. Again Jerome Powell is not some prog arguing for MMT, he is a rock ribbed republican installed by Trump. He is arguing that it is unsustainable in the long term but in the short term it is not the time to be worrying about it. He is right. When people start throwing around Weimar Republic and the French Revolution they aren't being serious.

[iam416]

My concern isn't necessarily with the $1.9T. I mean, I don't think it was needed to that extent, but whatever. That is, at least, vaguely targeted relief. My concern is the other shoe. And that $3T is coming. But, even the Ds acknowledge they just can't print that money -- so they're going to try to fund it through tax raises. Which, IMO, suggest the Ds think we're getting pretty damn close to that line. Or they just want to raise taxes for the fuck of it.

[iam416]

Great stuff The Media’s unrelenting drive to eliminate the filibuster. https://www.nationalreview.com/2021/...he-filibuster/

It’s not even bias. It’s a total partnership.

[froot loops]

It would be great if they succeeded in getting rid of it, if you can't filibuster Ken Starr's henchman it isn't worth saving.

[Hannibal]

IWe're all in this together.

You make a terrific serf.

[froot loops]

You are incredibly angry for a guy who got a new car and made a killing on your 401k

[UMStan White]

"People like me got a windfall from government overreach and overreaction to a once-a-century event."

Wow. You and your wife make such little money you qualify for the stimulus payments. Sucks to be you! and Talent and the others who are piss poor underpaid. Bet you miss those big paychecks from Jones Day eh Talent?

[iam416]

Is that supposed to be funny or just bitter? I could spend hours talking about the arc of my life with people I actually care about; the way I was; the way I am; the things that were good; the things that were bad. I'll leave it at this -- I've never been happier. And, thank the good lord, I got free money from the government for working full-time. Thankfully, the big perks of state employment (aside from the 8 hour days) aren't in the the ol' AGI. Just $50K worth of healthcare and pension benefits between the missues and me! WoOoOOOOT!

[iam416]

Since Chairman Joe is about to push through a ginormous infrastructure bill, it's worth asking why on earth our infrastructure needs improved given how much we spend on it? This article is shorter but relies on a longer paper that is cited and available for download. Both are worth the read: https://reason.com/2021/03/25/why-do...an-it-used-to/

One of the key conclusions is that the power of the "citizen voice" increased significantly in the early 1970s making it much easier for folks who wished to preserve their status quo to do so. That essentially made building infrastructure in wealthier areas much more costly (whereas prior to 1970 there was no statistically signifcant correlation between cost and income of the area where the build was occuring).

As we all agree that the current fiscal policy is "unsustainable" and that any infratstructure bill needs funded, I think it wise to consider ways to reduce the costs associated with providing the actual necessary infrastructure.

[Jeff Buchanan]

Read the short version. Interesting ....... The Dutch seem to do a better job in assuring the greater good is obtained by government projects funded by tax payers. The US? Not so much and this is not at all surprising.

[iam416]

There is a ginormous regulatory apparatus that produces good results as well as provides motivated citizens with tools to make almost any building project costly, if they want to. It's the US approach.

One that would be of interest to me (and probably almost no one else) is if the Biden Infrastructure bill included provisions that allowed projects funded with this money to expedite their way through regulatory issues.