For Wall Street, that’s what it means apparently. Torn over whether a Biden win brings joy or misery. Really.
Those with the rosier outlook point to Biden’s mostly pro-business inner circle, his significant campaign contributions from the financial industry and his longtime support of credit card companies located in his home state of Delaware. Plus, a Biden victory would likely be driven by U.S. voters seeking change because they believe the country is a mess. Wall Street thinks it has a strong argument to make that reining in lenders would be a fatal mistake when unemployment is sky-high and the economy remains ravaged by the coronavirus pandemic.
The enthusiasm, however, is tempered by fears over how much sway Biden will give progressives and their firebrand leaders, including Senators Elizabeth Warren and Bernie Sanders. That’s especially true when it comes to picking appointees to run the powerful agencies that police banks and securities firms, jobs that the activists are mobilizing to fill with industry critics. At a minimum, progressives want to ensure that the days are long over when Democrats appointed officials like Robert Rubin, Timothy Geithner and Lawrence Summers, who is a key Biden adviser.
The stakes for Wall Street couldn’t be higher. Centrist regulators would be less likely to overturn rule rollbacks approved under Trump that have saved financial firms tens of billions of dollars. Progressive agency heads, on the other hand, could pursue what the C-suite calls the “shame and investigation agenda.” Policies like taxes on trading, curbs on executive pay and even breaking up behemoth banks would be back on the table.
To wonder whether ‘Wall Street’ has some understanding of our current morass, much less the words ‘joy’ or ‘ misery,’ is to weep. Of course they do. Always check the business press if you’re wondering at all about the soul of a consumer society. Mantra for post-2016 world: it’s always worse than you think.
Image: Replica golden calf. Subtlety is NOT their strong point.
More ridiculous by the day, wasted time, wasted lockdown, wasted lives for reasons unexplained. People are not human resources.
Stuffed in a new thing:
He didn’t mean to use the word enemy, but now that he had, it was difficult to take back. What’s worse is that he was less confused than ever. Sides had been taken and _____ knew, like people always know, what side they are actually on. The more dangerous slide waited at the very beginning of every turn, steeper for those shod with the wrong footing or none at all, quick decisions about direction that appeared at first correctable were only so because of the misplaced training. Maybe the training had all been designed, at the turn away from classical disciplines, to produce this very result, but choosing that cynicism inferred a luxury it had also already eliminated. The speed and efficiency were proportional to the devastation. People completely bought into how fast everything was happening even though nothing outside of them had changed. Nothing beyond their own habits and consumptions against missing out, losing something nonexistent, closing an opportunity – ideas that had long been propagated on the under-educated.
Requiescat in pace, John Lewis. The great man.
The good news wrapped in the bad: COVID-19 seems to mutate slowly enough that a vaccine could be available by yearend or early 2021.
Opening schools for in-person instruction, at every level, would seem best AFTER that time. Do we have the ability/courage/wisdom to wait it out? Only complete answers accepted. Show your work.
Image: Plants listening to Puccini in Barcelona, via the Guardian.
Necessarily ambitious climate targets to meet the Paris Agreement goals earlier must actually be designed to surpass them. As we’ve said often these efforts are results of broad collective action, by governments:
The centerpiece of Leonore Gewessler’s plan is a radical revamp of Austria’s public transportation networks, giving residents nationwide access to buses, trains and subways for a flat yearly fee that works out at 3 euros ($3.38) a day, encouraging citizens to leave their cars at home. Austria’s minister for climate, energy and transportation policy, is drafting new laws that’ll redistribute billions of euros toward more ecologically-friendly activities in the euro area’s sixth biggest economy.
“That’s the project that is very dear to my heart,” said Gewessler in her first interview in her ministry since the outbreak of the Covid-19 pandemic. Road traffic remains a “key concern” for Austria to meet its goal of reaching climate neutrality by 2040—a decade earlier than the target set by the European Union.
Note when this is happening – now. Even and especially during the pandemic. The localities we’ve heard about where streets have been restricted to pedestrian-only traffic requires another couple of steps to complete the process. Paired with (cheap!) alternative transportation options, this will seem like another thing we just had to do. (Narrator: Because. It. Is.)
Image via the Milwaukee Journal Sentinel
Take him back to Tulsa, indeed.
Raise your hand if you thought the original Juneteenth date was a coincidence. Wow. No Takers.
The absurdism of this fascist performance art expresses the thin smallness of this entire four-year escapade of MAGA authoritarianism led by a needy, under-educated man-child. We can be grateful in many ways for the incurious incompetence on continual display. People joke about slogans that sounded better in the original German, but the sheer unstudied pettiness of it makes the earlier epoch seem practically elegant by comparison:
ONE HUNDRED years ago, on the early morning of March 23, 1919, a small crowd gathered in the Piazza San Sepolcro in Milan, a few blocks west of the Duomo. Many had arrived from other cities the night before, drawn to hear a charismatic young journalist, former socialist, and recent war veteran, who—with a vigor that would mark his discourses for two decades to come—duly trumpeted the ambitions of a new political movement. As a self-declared “anti-party,” Benito Mussolini’s Fasci Italiani di combattimento (Italian Combat Fasci or, simply, Fascists)1 aimed to yoke growing social unrest to an unabashed nationalism, freshly stoked by the country’s victory in World War I alongside the Entente powers (Britain, France, and Russia). Dubbed the Sansepolcristi for their presence at this fateful first meeting, the so-called Fascists of the first hour counted among their number syndicalists and ex-soldiers, even a few women and Italian Jews, as well as artists and writers such as the painters Achille Funi and Primo Conti and the Futurist poet-impresario, F.T. Marinetti.
For the preceding ten years, Marinetti’s Futurists had upended Italian culture in every imaginable domain, from painting and poetry to clothing, music, architecture, photography, and theater. A political phenomenon as much as an aesthetic crusade, Futurism lent Fascism much of its early ideological impetus: anti-Communist and anti-clerical, interventionist and irredentist, hostile to academic pedantry and cultural patrimony alike.
Substitute ‘reality TV’ for ‘Futurists’ in the above for a more accurate, recent rendering.
Image: author photo, Rome.
A very weird time, compared to now. Both in its strange surreality at the time, and within the context of the even more bizarre and dangerous fascism of today, the protest and massacres of hundreds during the student-led movement at Tiananmen Square in 1989 are a haunted monument to breakdown.
The Chinese state de-legitimized itself with the actions of the People’s Liberation Army on that day and the days that followed. It was only for the people to forget and become accustomed to the new stance of the state, and begin to defend it against further incursive protest. Fortunately, even with all of their successful efforts along so many economic fronts, the state has performed woefully in the fight against memory.
Many millions of Americans watched in awe at the courage of the protestors in the square, their wonderful, makeshift Lady Liberty, and then in horror as the square was cleared. Did we understand the source of the bravery of the individuals, the solemn esteem, honor and homage they presented to some of our very own institutions and well-noted principles in yearning for their own? We allowed ourselves to be flattered, perhaps even extended pre-virtual hand of support, of course otherwise held harmless. The protestors are right! How dare the Army? How dare the government kill its own people!
Having fetishized liberty and freedom practically of all meaning, what remains of our ability to reject, to fight oppression and coercion, to remember? We know what we are seeing this week. Can we recognize it?
Image: Hongkongers remember Tiananmen dead in Victoria Park, June 4, 2020
Whatever the phenomenon is called, the broad effect of the slowdown in the face of the current pandemic demonstrates a version of the combined efforts needed to address climate change:
The United States is on track to produce more electricity this year from renewable power than from coal for the first time on record, new government projections show, a transformation partly driven by the coronavirus pandemic, with profound implications in the fight against climate change.
It is a milestone that seemed all but unthinkable a decade ago, when coal was so dominant that it provided nearly half the nation’s electricity. And it comes despite the Trump administration’s three-year push to try to revive the ailing industry by weakening pollution rules on coal-burning power plants.
Those efforts, however, failed to halt the powerful economic forces that have led electric utilities to retire hundreds of aging coal plants since 2010 and run their remaining plants less frequently. The cost of building large wind farms has declined more than 40 percent in that time, while solar costs have dropped more than 80 percent. And the price of natural gas, a cleaner-burning alternative to coal, has fallen to historic lows as a result of the fracking boom.
Now the coronavirus outbreak is pushing coal producers into their deepest crisis yet.
As factories, retailers, restaurants and office buildings have shut down nationwide to slow the spread of the coronavirus, demand for electricity has fallen sharply. And, because coal plants often cost more to operate than gas plants or renewables, many utilities are cutting back on coal power first in response.
We can acknowledge this without cheering or crowing. The U.S. has been dragging our feet on everything climate-related, saying through official policy and propagandistic news sources alike that any reductions in energy use or shifts in methods of production was impossible. Belittling every international effort to spite progress has made us the pariah state envisioned on and indeed championed by the right. And now it is happening anyway, through a combination of forces, some truly awful – others, like coal becoming obsolete, by their very own economic reality. A combination of tactics will be required to mitigate the worst effects of climate change, it would be great if one of them didn’t have to be a plague.
Image: painting by Anna Lubchik
Under Ni-En’s [Stalin’s] leadership industry was being constructed without exploiters and agriculture collectively organized in Su [the Soviet Union]. But the associations [parties] outside Su decayed. It was not the members who elected the secretaries, but the secretaries who elected the members. The political line was decreed by Su and the secretaries paid by Su. When mistakes were made, those who pointed them out were punished, but those who committed them remained in office. Thus they were soon no longer the best, merely the most compliant… Those in authority in Su no longer learned any facts, because the secretaries no longer reported anything that might not be welcome.
Me-ti, the Book of Twists and Turns.
Let’s just take a look back at this little episode, shall we? Yes, we shall:
A massive deepwater oil spill is nearly as likely today as it was in 2010, experts warn, 10 years after the disastrous explosion of BP’s rig in the Gulf of Mexico that caused an environmental catastrophe.
The blowout killed 11 workers and spewed 4m barrels of petroleum into the ocean for 87 days before it could be capped, devastating marine life and polluting 1,300 miles of shoreline. Thousands were put out of work in oil, fisheries and tourism.
But experts say an incident of similar scale could happen again and has been made more likely by the Trump administration’s decision to loosen Obama-era safety rules. Those standards had grown from an independent commission’s damning findings of corporate and regulatory failures leading up to the spill.
Frances Ulmer, who served on the commission and is a visiting fellow at Harvard’s Kennedy School, said the government and industry have not made sufficient changes to prevent or respond to another mammoth spill.
Sufficient changes. Just what might those those be? It isn’t me walking to work (I do), or building a solar charging station for the car (we are). Those things are those things and they make my life better as they ease some pollution in my local community. But they’re not going to save anything – only collective action will do that. Governments working together to re-assert control that has been systematically ceded to corporations for the purpose of pillage and profit. Reigning in the unaccountable and including the costs of externalities in the price of everything we can buy are the things that will begin make a difference. The reduced economic activity of the past six weeks should give us a little hint of what is required if we had to cram for the test. If we [all] decided to start studying a little everyday, it would mean different political leaders, building codes, transportation alternatives, land development regulations, and prices than the ones we have today. How many of these are possible in the near term?
There’s an election in November.
Image: A man lays oil-absorbent boom as oil from the Deepwater Horizon oil spill impacts Cat Island in Barataria Bay, Louisiana, in 2010.
Photograph: Gerald Herbert/AP