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.
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.
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
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.
Both are serious stories and neither can be taken as straight news as they scream out for flame and snark – not even looking at you, twitter. But it points up the challenges of treating climate developments as new when they have existed for more more than a decade and are only being admitted into polite, gray lady discourse. The very idea that plutocratic climate funds are any kind of answer to anything is almost as ludicrous as the story a little farther down the page about damming the North Sea to combat sea level rise. I’m sure they meant the other ‘damning,’ and perhaps could have used them interchangeably.
This is not [only] a complaint. That these stories are being reported out, written and published is something – it’s just an incomplete something. We probably need to cross reference these stories to get a more accurate picture. True multi-media. Bezos’ billions could go to greenlight feature films of stories about what’s happening. You can’t turn the tanker without starting to turn. The. Tanker.
Demonstrators have been locked in a stalemate with the local government since early June amid protests initially sparked by a bill that would have enabled extradition to mainland China. On June 9, a million people marched through the financial center to demonstrate their opposition. Approximately 2 million people marched in protest a week later.
While Hong Kong leader Carrie Lam has since retracted the bill, fulfilling one of the five demands, critics regarded the move as too little, too late. Social unrest in the city has since taken on broader anti-government sentiment as protesters push for greater democracy in Hong Kong.
Government opposition was fueled by anger with police conduct as well as how Lam’s administration dealt with the protests, Ma Ngok, associate professor in the department of government and public administration at the Chinese University of Hong Kong, told CNBC.
“The government hasn’t actually responded, so a lot of people think they just cannot give up on the protest” Ma said.
Despite efforts to crush defuse the protests, they are showing no signs of abating – whether they might be abetted in another question. But the strange power of democracy carried over into the recent elections, where pro-democracy candidates won unambiguously as a almost three million voters rejected pro-establishment candidates.
No one seems to have told protestors that their tactics are not working.
Given the vicissitudes of the news cycle over the last four months, this is a pretty solid distribution of issues over the last four debates. As long as Health Care stays in the top three or four, voters might be able to stay focused on the ridiculous costs of living, and even of dying, quite frankly.
And Democrats can actually do several things at once, as long as one of those things is holding criminals accountable for crimes.
Because of California’s historical air pollution problems, the federal Clean Air Act gives California the right to establish stricter guidelines than the federal government — so long as it gets a waiver from the EPA. The Obama administration granted the state such a waiver on greenhouse gas emissions from cars, although the state and federal governments wound up agreeing on a joint plan to reduce carbon emissions by about 30 percent by 2025.
Almost from the day he took office, though, Trump has vowed to roll back the Obama standards, and laid plans to revoke California’s waiver.
That prompted California in July to engineer a major coup: Ford, Honda, BMW and Volkswagen cut a deal with Newsom and the California Air Resources Board to reduce carbon emissions at a far swifter rate than the Trump administration wants. The deal represents a compromise on the original Obama standards by giving the automakers an extra year, until 2026, to meet the climate change targets.
Newsom later announced that Mercedes Benz is on the verge of agreeing to the same standards as the other four companies.
The announcement reportedly infuriated Trump. Earlier this month, lawyers for the EPA and the federal Department of Transportation sent a letter to Air Resources Board Chairwoman Mary Nichols, saying the deal with the automakers appears to be “unlawful and invalid.” Separately, numerous media reported that the U.S. Justice Department had launched an antitrust investigation into the four carmakers’ participation in the deal.
Let’s make sure to stipulate just what we’re talking about here – the ability of the nation’s largest state to reduce carbon emissions. Civil right, gun control, healthcare, and voting standards must all be subservient to the wishes of purity-driven state governments.
Reducing carbon emissions and protecting people, the environment, companies and the Clean Air Act itself is a bridge too far.
The merest coincidence with the Labor Day interruption, but a turn to British politics, courtesy of the great Fintan O’Toole. He lays bare a striking (sorry – this is not the time!) aspect of Brexit and especially the loathsome Boris Johnson, as smarter than he is playing – but for the sake of, well, you will believe it:
[T]his raises the two central questions about Johnson—does he believe any of his own claims, and do his followers in turn believe him? In both cases, the answer is yes, but only in the highly qualified way that an actor inhabits his role and an audience knowingly accepts the pretense. Johnson’s appeal lies precisely in the creation of a comic persona that evades the distinction between reality and performance.
The Greek philosophers found akrasia mysterious—why would people knowingly do the wrong thing? But Johnson knows the answer: they do so, in England at least, because knowingness is essential to being included. You have to be “in on the joke”—and Johnson has shown just how far some English people will go in order not to look like they are not getting it. The anthropologist Kate Fox, in her classic study Watching the English, suggested that a crucial rule of the national discourse is what she called The Importance of Not Being Earnest: “At the most basic level, an underlying rule in all English conversation is the proscription of ‘earnestness.’” Johnson has played on this to perfection—he knows that millions of his compatriots would rather go along with his outrageous fabrications than be accused of the ultimate sin of taking things too seriously.
“Boris being Boris” (the phrase that has long been used to excuse him) is an act, a turn, a traveling show. Johnson’s father, Stanley, was fired from his job at the World Bank in 1968 when he submitted a satiric proposal for a $100 million loan to Egypt to build three new pyramids and a sphinx. But the son cultivated in England an audience more receptive to the half-comic, half-convincing notion that the EU might be just such an absurdist enterprise.
Do you know any people like this? They would rather make fun of something than think or reckon seriously with ramifications or consequences. How boring! Nihilists to the core, though I prefer the more direct soubriquet – assholes.
And yes, yes you do know some, unfortunately, probably more than a few.