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On Divestment

When that thing that people may be afraid might happen is already happening, only change the ‘thing’ to ‘investing in dirty energy’ and the fear to ‘you can still make money on your money if you stop.’ The world’s largest investment house reports on tomorrow, today – pulling your money out of fossil fuels already turns a profit:

In places, BlackRock’s findings are redacted, so as not to show the size of particular holdings, but the conclusions are clear: after examining “divestment actions by hundreds of funds worldwide,” the BlackRock analysts concluded that the portfolios “experienced no negative financial impacts from divesting from fossil fuels. In fact, they found evidence of modest improvement in fund return.” The report’s executive summary states that “no investors found negative performance from divestment; rather, neutral to positive results.” In the conclusion to the report, the BlackRock team used a phrase beloved by investors: divested portfolios “outperformed their benchmarks.”

In a statement, the investment firm downplayed that language, saying, “BlackRock did not make a recommendation for TRS to divest from fossil fuel reserves. The research was meant to help TRS determine a path forward to meet their stated divestment goals.” But Tom Sanzillo—I.E.E.F.A.’s director of financial analysis, and a former New York State first deputy comptroller who oversaw a hundred-and-fifty-billion-dollar pension fund—said in an interview that BlackRock’s findings were clear. “Any investment fund looking to protect itself against losses from coal, oil, and gas companies now has the largest investment house in the world showing them why, how, and when to protect themselves, the economy, and the planet.” In short, the financial debate about divestment is as settled as the ethical one—you shouldn’t try to profit off the end of the world and, in any event, you won’t.

If the ‘masters of the Universe’ are already running for cover, the debate basically devolves to ‘you’re not the boss of me.’ Rising tides and disappearing oysters beg to differ.

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Happy American Day

April 9th is the day Gen. Ulysses S. Grant, Commanding General of the US Army, received the surrender of Robert E. Lee, a renegade US Army Colonel who was a leader of a violent rebellion against the United States which killed hundreds of thousands of Americans. Grant offered generous terms to Lee and the other traitors making up his army. Six days later President Lincoln was assassinated in Washington, DC.

The reality of the past is unchanging, as immutable as time proceeds only in one direction. But our perceptions of it, our understanding of its meaning and the stories we tell about it are perpetually in flux. Humans are story-telling creatures. Many of the great artifacts of human intellection are analytic, mathematic, visual. But at the deepest and most penetrating level we understand the world through stories, narratives. The production of these narratives become histories in themselves.

Nowhere is this more viscerally apparent than in the century of valorization of the traitors who led the pretended state called the Confederate States of America. This even goes down to the deep valorization of Southern military culture and the Confederacy’s top generals. This goes for Lee himself, a very skilled tactician but a highly conventional commander. This applies equally to the denigration of the commanders and common soldiers of the North whose reputations were downgraded as an offering to the wounded pride of the South.

Measured words from Marshall, but a great appreciation of the rehabilitation of Grant’s reputation at the link. For some reason(!), we really don’t commemorate this day, I guess some still don’t want to talk about, much less admit the truth about the outcome. But it is not in doubt, and would do everyone a world of good to get better acquainted with the endemic sore-loserdom that followed this day and cuts a raggedy jib even unto today.

Also highly recommended if you’ve never read it, The March, by E.L. Doctorow.

Image: Stacked weapons at Appomattox, 1865.

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Be Moved

If you build it, will they take them? Trains, that is, super, high-speed and just regular intra-city transit. And Buses. Buses! But before even the lowest-frills fancy stuff, fix the bridges:

Most, if not all, Americans support the idea that bridges shouldn’t collapse as you drive over them, yet there are 44,741 bridges in the United States that are rated “poor” by the Federal Highway Administration. Nearly 45,000! That’s out of about 616,000, meaning that about 1 in 14 bridges indexed in the United States receive the government’s lowest rating.
But wait! It gets worse. The three ratings used — good, fair, poor — are simply reflections of the lowest rating a bridge gets on the condition of its deck, superstructure or substructure. (If you think of a standard highway bridge, the deck is what you drive on, the superstructure is what supports the deck and the substructure is what holds up the rest of it.) Those values are assessed on a zero-to-nine scale, with the average score for all three components being about 6.5 nationally.

There’s handy searchable map at that link where you can see the bridges in your area that need maintenance. Yikes! There‘s a are multiple tons of them.

It’s also important that the Biden Infrastructure bill includes, among many other things, no money for expanding roads. Stop expanding already uncross-able roads and intersections. The BIKE is the answer, not the ambulance. This is one of the subtle keys to the shift in transit. And I’ve written previously about taking Amtrak below Richmond, VA. The trains themselves are very dated, but it’s the rickety tracks beneath them that feel like such a hazard. It’s a disgrace, and like the state of the postal system, it’s decline by design. It’s been left in purposeful, deliberate disrepair.

So there’s plenty to fix, and feel good about while we’re doing it. Not feel triumphant – it’s not necessary. Just responsible for taking care of our sh*t and making it useful. Buy yourself a nice pen with what’s left over and write someone a letter. You might get one back. Write the next one on the train. Feel romantic, be moved.

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Front Foot

Stay on it.

White House officials are preparing to present President Biden with a roughly $3 trillion infrastructure and jobs package that includes high-profile domestic policy priorities such as free community college and universal prekindergarten, according to three people familiar with internal discussions.
After completing the $1.9 trillion coronavirus relief package this month, Biden administration officials are piecing together the next major legislative priority. Although no final announcement has been made, the White House is expected to push a multitrillion-dollar jobs and infrastructure plan as the centerpiece of the president’s “Build Back Better” agenda.

This will do multiple things, with hundreds of billions of dollars to repair roads, bridges, sewers, waterways and railways, as well retrofitting thousands of schools and other buildings, the bill also includes $400 billion to combat climate change, with $$$ for transit, and importantly, R & D. And this isn’t pouring money into nowhere – people will have to do that building, digging, measuring, research. So… jobs. Yes, boring and crucial.

And Republicans will fight it because of reasons. Let them. Make them. Remember: no tax cuts, especially the most recent ones, have ever been paid for. And the bugaboo of inflation will be what they betting on to argue against infrastructure investment. Let them explain. From the back foot.

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The President Show

Look what you can do instead of hosting The President Show:

Second, the rescue bill has quietly become an infrastructure bill. It devotes $350 billion to supporting state and local governments. These funds, initially proposed to plug COVID-19-created holes in public budgets, in many cases now exceed those holes. So the Senate has allowed states, cities, and counties to spend that money on improving services such as water, sewage, and broadband. Because many water systems are vulnerable to climate change and must be adapted, this is de facto climate funding. The bill also contains $31 billion for tribal governments and Indigenous communities, including line items for new infrastructure, housing, and language preservation.

Downtown in our quaint little burg, one of the main streets in the central business district has been a mess for about three months, with sidewalks and the street alternately under massive excavation as sewers, power and water lines are replaced and updated. It’s a huge mess on a one way street in a tiny downtown and it’s not apparent when it will be completed. But that’s how badly needed it was, likely long overdue precisely because it’s such a hassle. Some of what is being replaced was likely original – whatever that might mean in this context. There’s a reason people/governments don’t want to do this. It’s hugely disruptive and expensive. But also absolutely necessary. There are likely 10,000 places this needs doing. So fix them, get started. And robots can’t do this work, btw. More boring accomplishments, please.

And then let’s dance to this music.

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Don’t Look at This

Years ago, I worked construction. Mainly residential stuff but several projects were connected to renovations of a downtown business. The address had(has) a courtyard with large steel gates and several times we had to do some welding on said gates in proximity to pedestrians passing on the sidewalk. During these occasions, we would station one of the guitar players laborers next to the action with a sign telling curious passersby something like, ‘Welding, Don’t look!’ Invariably, said passers would look directly at the sparkling blinding arc.

Nutso Trumpers have spooked politicians in D.C. today, saying they were returning for Trump’s inauguration and return to power. Trump himself has still been saying he won the election and is the real Preznit. Meanwhile, the government has done not so much about anything that happened on 1/6. Dallying about legislative fixes, allowing elected hucksters to read fantasies into the record, hold-up nominations, water down bills and glad-hand insurrectionists.

They are traitors. They broke more than norms. Come out smoking. Grab Hawley by the scruff of his IV neck and let him know his Jeff Davis-abetting will not be tolerated starting last Tuesday. Push the new Voting Rights Act. Put Harriet Tubman on the 20. Make DC and PR states. Get. In. Their. Faces.
The whole shebang remains on the cliff edge. Don’t look.

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Call Them What They Are

Pass the COVID-19 relief bill without Republicans, show and tell (over and over) the public how important the bill was, make republican candidates whine about in the mid-terms.

Merrick Garland ftw. His shameless interlocutors on the R/Q/T side are on halfway down the path to defending white supremacy, contradictory examples of the concept though they, and all defenders thereof, may be. Let them go all the way or turn back on their own.

And Neera Tanden, at least she punches up and at times sideways. Count this blog and its owner as objectively #pro-aggressivewomen:

There is no polite way to capture what Republicans in power have done and continue to do. Tanden can be fairly accused of many things, but she cannot be accused of being soft on the party that just gave us four years of Trump’s misrule, culminating in the attack on the US Capitol last month. With regard to Republicans, at least, she has consistently told the truth, and it’s very revealing that telling the truth is the one thing she’s done that’s a dealbreaker for a majority of the Senate.


Video – the early word from Hurley/Watt/Boone

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THE QUESTION

With apologies to Henri Alleg*, do self-identifying Republicans (elected and otherwise) embrace “American fascism” based on white supremacy, irrationality, ignorance, xenophobia, antisemitism, violence, and anger and dehumanization?

Those who haven’t, need to decide. It’s a pretty easy question, and for all those who have answered in the affirmative, they should be treated as such.

Recommended reading. Sartre’s introduction is important, the book itself, harrowing.

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Planetary quandary as nomenclature

If you can get beyond the extraordinary and expected CEO worship, there are worthy bags to unpack on the subject of Capitalism struggling with the language of climate change:

Confusing climate terminology has become commonplace among governments, and in some cases can even understate more far-reaching goals. Kelly Levin at the World Resources Institute found that many European countries say their goal is carbon neutrality, but digging in the documents reveals the target covers all greenhouse gases. California, which would be the world’s fifth-largest economy if it were a country, makes the same mistake.

“These are growing pains, as we translate the science into what it means for business and society,” said Ateli Iyalla, managing director of North America for CDP, a group advocating emission disclosures. “It’s important to use the right language and get the terminology right to send the right signals to the marketplace.”

Suspicion of implied deliberate obfuscation is warranted, so caveat lector always. A fixation on the marketplace, kicking the can as far out as it can be painlessly imagined deserves skepticism. But this struggle is admitting a chief flaw of capitalism, as a system seeking to right itself when solutions beg its very existence. As a system ideology, capitalism will not be able to completely reconcile its culpability without a commensurately profitable framing, it’s just an impossibility, a sine qua non of the entire, roll-up-your-pants, build-the-deck-higher mentality in the face of literal and figurative rising seas.

We can be interested in this struggle as an intellectual, artistic matter, yet parsing its ongoing circulation throughout financial systems and wealth management strategies it must be seen as an altogether different sort of reckoning: signal-sending, profit-guarding and bottom-line-feeding. Until mass audiences awaken to lead with solutions – changes in mindset, how we live and and move about, big finance will continue to lead from behind. It’s all they really know how to do, reinforcing an atmosphere in which it is highly incumbent on all to compare its track record with any new directions they are offering.

Image info

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Dude diligence

This reddit/hedge fund cage match is everything about green (almost) rolled into one! It’s almost too much (get it?):

Wall Street hedge funds are scrambling, and it’s all because of a online investing forum that has more than 4 million members who self-describe themselves as “degenerates.”

Reddit’s WallStreetBets forum has surged in popularity after retail investors within the group successfully staged a gravity-defying short-squeeze in GameStop at the expense of hedge funds that were betting the physical video-game retailer was on its last legs.

A short-squeeze occurs when investors who are betting against the stock are forced to close out their position by buying the stock, further adding fuel to the fire.

As of Thursday morning, GameStop had a year-to-date gain of more than 2,400%. The rally in GameStop crushed Melvin Capital, a roughly $12 billion hedge fund that has suffered a more than 30% decline due to its short position in GameStop.

OMG, shorter all hedge fund doods: Stop doing what we do all the time because you’re not qualified to run a casino like we so definitely aren’t running, not at all, nosiree!

Bonus fun: