When this bubble bursts, the collapse won’t hit Google’s coders — it’ll hit the electricians, nurses, teachers, retirees, renters, and low-income families who never got a penny from the boom…
I guess I should cash in my 401K account while there's still anything left ? ..... this is all such a joke...the people that voted this ahole into office need to be ashamed for the horrors he has brought across this country.
I spend a couple of hours almost every day listening to financial mavens..... My question for AI has been "How to make everyone, healthier, wealthier and wiser?"
Here's what AI sayz:
-Address social determinants of health: Implement policies that provide access to basic needs like nutritious food, affordable housing, stable employment, and clean environments, as these directly impact health outcomes and reduce disparities.
-Ensure equitable healthcare access and quality: Strive for universal health coverage and ensure that all populations, especially the disenfranchised, have access to quality healthcare and essential interventions like immunizations.
-Mitigate climate change: Invest in environmental justice and sustainable practices, as climate change disproportionately affects the most vulnerable populations' health and well-being.
Disclaimer. I'm just reporting. Do not take advice from me.
AI Sayz:
Many companies address social determinants of health (SDOH) through initiatives and policies focused on providing access to basic needs like food, housing, employment, and clean environments. The specific implementations vary by company and industry, with many involving partnerships with community-based organizations.
Food and nutrition
Aetna (CVS Health): This health insurance company addresses food insecurity through partnerships with non-profits, with one example being a program that funds urban farming education in underserved areas.
Centene: A healthcare services company that has partnered with Feeding America to improve access to healthy food. Their initiatives include creating guidelines to improve Supplemental Nutrition Assistance Program (SNAP) application assistance and providing tailored food boxes for members with chronic diseases.
Cigna: The Cigna Foundation has donated millions to schools with large low-income student populations to stock food pantries and provide weekend food kits.
Health Insurance Companies: Many health insurance providers use charitable grant programs to combat SDOH problems. For example, the Florida Blue Foundation has supported local organizations focusing on mobile clinics and crisis management.
Supermarkets and Grocery Stores: Stores like H-E-B, Wegmans, Trader Joe's, and Sprouts Farmers Market have been recognized for their social impact efforts, which often include initiatives around fresh, healthy food access for their customers.
Vanguard: Through a community garden program in Pennsylvania and Arizona, Vanguard grows organic produce to donate to local food banks and pantries.
Affordable housing
Amazon and Walmart: These large employers offer employer-assisted housing programs (EAHPs), which provide financial assistance to employees for home purchases through grants, loans, and down payments.
CVS Health: The company has financed the development of affordable housing units through partnerships in multiple states, including Florida, Louisiana, and Tennessee.
Centene: Centene's health plans have supported efforts to address housing stability for their members.
Blue Cross Blue Shield (Michigan): This plan has invested in permanent housing projects that address racial and economic disparities by offering health and welfare services and intensive case management.
One Miami Group: This real estate company has an employee housing program that assists employees with financial assistance and discounts on housing services.
Catholic Charities (Miami): This organization has programs for workforce housing and rapid rehousing to achieve stable, affordable housing for employed and unhoused households.
Stable employment and economic opportunity
CVS Health: The company opened a Workforce Innovation and Talent Center in Pittsburgh, Pennsylvania, to offer employment training for individuals pursuing pharmacy technician, retail associate, and customer service roles.
Salesforce: Through its "1-1-1 model," Salesforce donates equity, time, and product to charitable causes. It encourages employee volunteerism to support non-profit organizations and promotes diversity, equality, and inclusion.
Blue Shield (California): The company invested in the San Joaquin Valley to support health equity initiatives, including hands-on job training.
Target: The corporation offers various benefits, including 401(k) matching with 100% immediate vesting and tuition assistance, to support the financial well-being of eligible team members.
Clean environments
Patagonia: The outdoor gear and apparel company focuses on environmental activism, with a goal to reach net-zero emissions by 2025. It educates customers and provides resources on environmental and climate justice.
Microsoft: In addition to its community-focused initiatives, Microsoft is committed to operating on 100% renewable electricity and reaching carbon neutrality.
IKEA: The furniture company focuses on recycling, sustainable materials, and reducing waste in its operations.
Google: The company aims to operate on 24/7 carbon-free energy by 2030 and has invested in renewable energy projects.
AEP (Ohio): This electric utility addresses environmental justice by responsibly managing the decommissioning of its fossil fuel-burning power plants and investing in a decarbonized future.
Starbucks: The company's sustainability goals include reducing waste production by 50% by 2030 and maintaining ethical sourcing practices.
It’s ironic that this is probably the first positive thing I’ve heard about any health insurance companies in a long time.
Unfortunately, what they give is probably a drop in the bucket to the profits they make. Same goes for Google and Microsoft or Apple, for that matter. None of these huge companies are known for their philanthropic mindset.
They're not non-profits. Once upon a time, many, like BC/BS were.
At the same time, many corporate board members are public entities, like unions and state pension and heath and welfare funds.
When I was involved with Hillarycare and Medicare for All investigations, this is a reason why so many unions and states were opposed to reform.
The concept that the only fiduciary obligation is to earn profits was based on a state case that probably is not logical. I.E. There used to be many company towns in America where the first order of "business" was full employment and profit sharing.
Allowing our economy to be run by casino magnates who can arrange for every gamble to pay off is just that: allowing. Privatize gain, socialize loss. Bernie, Elizabeth, AOC know better. It’s past time for corporate Democrats to get out of their way so that we can have a government and a society and an economy of, by, and for the PEOPLE.
Trump is operating a "command economy" reminiscent of the New Economic Policy (NEP), introduced in 1921, that used private enterprise in some sectors.
IMHO Biden had the right idea, but the Republican Congress killed the child tax credit that effectively killed American child poverty. We were generally on the right track....
You keep talking about "corporte Democrats" as if they control something. THEY DON"T. There aren't many corporate donors to the party. Buffet, Soros et al do not dictate our policy -- that's BS left over from Clinton..... and perpetuated by our enemies.
The following is a repost from a yahoo mail, from a friend
Pay attention the ending: "Why it took the DCCC until 2025 to realize this speaks to the corrupting power of Wall Street sugar daddies on the Party insiders" And I add that the enemy has been wolves insheeps clothing like Robert Rubin, Larry Summers, Timothy Geithner, Rahm Emanuel and finally Larry Summers is being neutered, he has done enough damage including Trump
But there has been a big shift in the DCCC and DNC, Mamdani's victory did it.
It took the PROGRESSIVEs to show the DCCC that their refusal to care about non-soccer moms was a huge albatross dragging down the entire slate from the Senate on down to State Legislative offices. It was all about electing a moderate President and absolutely no deviation to appeal to anyone else at any other level of our federal system was tolerated. That is why Clinton and the New Dem agenda cost the Democrats the House and created Newt Gingrich, a majority the Democrats had held continuously since 1955 until Clinton ran and won in 1992. The 1994 midterms saw the New Dem agenda choking up 53 seats in the House turning the 258 - 176 Democratic majority into a 204 - 230 minority in a single midterm election. The New Dems took control and we almost instantly lost a majority held since Eisenhower was President.
This is part of the Mamdani effect FINALLY penetrating the DCCC. The same agenda that had Billionaires like Michael Bloomberg panicking and spending millions to defeat Mamdani, an effort that failed as badly as Elon Musk's cheesehead hat and his $20 million did in Wisconsin last Spring.
I almost fell out of my chair when I read this. All I have to say is HALLELUJAH !!!!!!!!!!! (Emphasis below is mine)
This is the first time, the Democratic Congressional Campaign Committee says, that it's had a program specifically dedicated to engaging rural voters.
Suzan DelBene, who chairs the DCCC and represents Washington's 1st Congressional District, said Democrats see an opportunity to engage rural voters as President Trump's economic agenda, particularly tariffs, becomes less popular.
She said rural voters see the "damage" being done by GOP policies that have led to "costs going up, health care being gutted," and Democrats can provide an alternative.
"I think Republicans are turning their back," DelBene told NPR. "They've been actively hurting rural communities with the policies they've put in place. Democrats are fighting to improve the lives of rural Americans and farmers."
..... Democrats' spending in rural communities is part of an "eight-figure investment," according to a DCCC press release first shared with NPR. DelBene said the DCCC has a full-time staffer who will be focused on "strategic rural engagement across the country" for the midterms. She said the party has begun working with rural community groups and leaders in key competitive districts — including in newly redrawn districts in South Texas.
"When we look at the swing districts across the country, the districts that are going to determine the majority in the House of Representatives, we know that rural voters are key in those districts," DelBene said.
Why it took the DCCC until 2025 to realize this speaks to the corrupting power of Wall Street sugar daddies on the Party insiders who have nothing in common with anyone receiving this mail. A party that fears rather than embraces the base. So good on Susan DelBene for being aware enough of the political moment we are currently in to actually try something different, appealing to voters who not only are not soccer moms, they may not even know a single soccer mom in their lives and communities.
Yeh Daniel total bullshit, No such thing as corporate dems, no such thing as Democrats slopping at the Wall Street trough, no such thing as Democrats squashing single payer for the benefit of AHIP
You have no argument Daniel, all you do is make exclamations like "total bullshit"
As regards Mamdani, He isn't Mayor yet, So will judge him on the basis of what he does and doesn't do.
I do know this, since Wall Street is in NYC and is the financial capital of the world (for the time being), Mamdani is going to have one hell of an uphill climb to honor his promises for housing and transportation if he has Wall Street obstructing him. Turn enemies into allies,, pretty damn smart politics I would say. Rubin, Summers, Clinton, Geithner didn't turn enemies into allies, did they, they groveled for shekels.
Thank you for bringing up the NEP of 1921! It is often overlooked because the propaganda of the Harding & Coolidge eras was that the markets would take care of everything. Of course, never mind that the markets were defined by the NEP!
I think of a couple of commercials that open in towns with major job loss. Then Meta (fuck you, Zuckerberg) comes to the rescue and builds - with huge tax giveaways, no doubt - a data processing facility. Happiness prevails in town, and all is well with the world.
When the dust settles after the crash, Zuck walks away without a scratch; and the places that sold him their souls are back where they started... only worse.
Wow! What a debbie downer you are today Tom. And just before Thanksgiving day. I get it though. It is good to be aware of these things. Maybe next you might write an article on how to prepare for this possible coming Horror? Tomorrow though, I’m just going to share a meal with my family and be thankful I am lucky enough to have them.
Daniel,you get a lot of attention on this substack,so I would like to add a few comments that may have gone unnoticed. In the 10/27 issue of theNew Yorker magazine there is a 9 page article about Russell Voight ( OMB chief) the guy along with Musk who is responsible for destroying USAID ( 400,000 children have died,since the destruction) He is a White Christian Nationalist who has no regard or sympathy for black or brown people.
The rallies against Trump calling him a Fascist or Nazi have made no difference,he is an admitted "Nazi" and very proud of it. Why are the rallies not going after Stephen Miller,Russell Voight for their part in this disgusting drama.
Michael Burry recently took a very large " Put position" against Nvidia who it appears has been cooking the books for some time,but nothing will happen if proven,Wall Street has become so corrupt, bitcoin,AI,crypto anything to illegal to make a buck.
Jerome Powell,the Fed chief,the destoyer of the CFPB( Consumer Financial Protection Bureau) the Fed had decided they do not have the funds to support CNFB)so if you are a consumer and have an issue with financial institution,: " Good Luck" you are screwed.
I was personally affected by this stuff before it was published. As soon as Trump was elected as # 45 he tried to appoint his own people under the spoils system to replace people like me, who was merit selected under Article 2, Section 2 of the Constitution. In essence, my area of expertise, federal administrative law, no longer exists. So you're obviously not familiar witth my history.
I track this stuff. I'm not Daddy Warbucks and not an economist but I was sent to many legal ed programs on it, and spent about 20 years with exposure to Sarabanes Oxley/ Dodd Frank whistleblower cases.
The former general counsel to CFPBI was my former colleague.
I don't believe Burry. He's very controversial and immediately delisted his advisory service. It's true that Nvidia has sweeheart deals. It was down a couple of days on propaganda from him and from Alphabet, which happens to be a big Nvidia customer and may/may not be trying to renegotiate deals. As I type, Nividia is up about 3% and the chart looks up, so the news has been discounted.
I personally (although I don't know any of them) think that many of the people involved in "market economics" are a lot smarter than Trump and his inner circle, and that includes Bessent and will survive.
Thanks for your opinion.If Burry is right and Nvidia is cooking the books,the reaction from Wall Street may just be "ho hum" ,what is another corruption,there have been so many.No regulation =corruption.
So why do think there has not been more pushback against Voight and Miller.?
Sooo, if I cash out my IRA (I'm not), what do I do with it? Put $1000 bills under my mattress and watch them become worthless through rampant inflation? Buy gold bars that I can't buy groceries with? There doesn't seem to be a refuge for the poor man/woman no matter how prescient you are.
In the book, Empire of AI, Karen Hao described the the environmental costs of AI. Massive uses of water and electricity are causing harm to local ecosystems and to the people who try to live in them. Data centers in Kenya and Chile, among other countries, exploit low paid tech workers. Sam Altman, Elon Musk, Mark Zuckerberg are telling us AI will eventually do great things for us, AKA, creative destruction. Buggy makers transitioned to automobile manufacturing plants, many more jobs created than lost due to new technologies. Using an over generalization, the AI tech world, is dived into boomers and doomers. All I have heard about are major companies laying off people because they have invested in the efficiencies of AI products. We eat and sleep and get sick, AI bots don't and they can crunch numbers beyond our capacity. After the data center is built then what? Good luck to accountants, truck drivers, budget annalists, receptionists, data entry people, and so on. I'm a doomer until I hear of jobs being created via AI.
There is a data center planned just a few miles from my house, but if this new wafer technology is ready to be implemented, I don't see that data center ever being built. It's a relief to know there can be a less energy-sucking, resource depleting, mad-scientist way to generate AI. That being said, AI must be limited in its applications, mainly for ethical reasons. Its no wonder, then, that the lords of technology don't want any such restrictions on their power.
Is a modern version of the French Revolution inevitable? Will the people finally decide to break down the gates and find these crooks and thieves in their protected mansions? I worry that there is a limit to how much people will tolerate, especially after a period of relative affluence and security. Something has to give at some point.
This hardware innovation sounds like a dream come true when it comes to the environment. The nightmare as usual is the fake-ass economy we have built by the heads-we-win tails-you-lose thieves that refuse to let us plan anything and regulate nothing. Wall Street is a casino.
The TechBros are backing TRump why? Are they interested in the natural resources (primarily oil) in Canada/Greenland all the way down through Venezuela/ Columbia? A big fat NOPE is my guess. It is the 880 million people living in those countries.
Crash and burn is going to require control over us, and who is going to help them do that in the Technocracy they are building? The TechBros and thieves already had dinner at the White House and WE were on the menu. See you in the streets.
Not all. And the CEOs are accountable. Surely someone is tracking shareholder derivitive suits. I.E. The Fox suits?
AI: Basis of the Claims: The plaintiffs argue that Fox News' leadership adopted an "illegal business model" that prioritized ratings over journalistic standards and legal compliance, knowingly exposing the company to massive defamation liability.
Key Allegations:
-Failure to establish adequate systems to minimize or monitor defamation risks.
-Inaction despite numerous "red flags" and internal memos from the "Fox News Brainroom" that debunked the election fraud claims.
-Consciously disregarding the risks because the false claims were popular with their audience.
Defendants: The lawsuits name several senior officers and board members, including Rupert and Lachlan Murdoch.
Plaintiffs: Co-lead plaintiffs in the consolidated actions include the New York City pension funds and the State of Oregon, by and through the Oregon State Treasurer and the Oregon Department of Justice.
Case Status: A Delaware judge denied the defendants' motion to dismiss, allowing the derivative action to proceed. The court found that the plaintiffs had standing to sue and that the allegations, if true, suggested the board knew the claims were false but consciously prioritized profits over legal compliance.
Connection to January 6
While the lawsuits focus on the defamatory claims made after the 2020 election that led to the defamation settlements, these claims are fundamentally linked to the narrative that fueled the events of January 6, 2021.
One separate defamation lawsuit, for example, was filed by a January 6 participant, Ray Epps, who claimed that Fox News and former host Tucker Carlson defamed him by falsely accusing him of being a government agent who incited the riot.
Legal filings related to the shareholder suits and other defamation cases suggest that some view Fox's promotion of election fraud claims as contributing to the "political pressure" and the "January 6 riots".
I'm glad you introduced the concept of "Moore's Law" in this Report. I think it's an important concept for people to understand, even if they aren't particularly interested in tech - tech is most certainly interested in you. Know your friends, know your enemies.
Speaking of enemies, here's a great piece (with a nicely done diagram) about the greater technology mafia and how they're playing musical chairs/ hot potato with the economy..
Alex Karp, the killer, looks like someone having a manic episode. Peter Thiel is so depressed he just wants to load what's left of his mind into a damn computer.
I have long admired your work, and your commitment to education, transparency, justice, etc. When my local radio station dropped your show I advocated to get it back. So definitely a fan.
So I've got to ask - how do you not see the irony in using AI to "create" Louise's daily song at the end of this piece in particular? Yes the bubble burst will hurt people, but AI is already hurting people. AI "art" literally steals people's work! Please either drop these cringe inducing songs from your show, or hire human artists to create them.
I was born in Flint, Michigan and lived in the suburb of Flushing, MI. until 1972, then went to Northern Michigan Univ 1972-76. After finishing up my MBA in 1982, I went to work selling large commercial real estate in the Detroit area from 1982-84. The saying around Detroit at the time was, "Last one out of Detroit, please shut off the lights". Everyone seemed to be heading out of Detroit to go to the "Sunbelt". Then the S&L's collapsed when all that Detroit money got speculated into Texas homes with 0% down financing. Banking deregulation hit hard after that.... but the bankers just keep on making money.
Moores law is no longer ongoing because at the size of 1 mircon the limitation of the machines to make these small transistors can no longer go smaller. The new trend is going up like skyscrapers not spreading single story building but going 3D. We no longer have the space to simply spread out. To do more requires a completely new model and materials. In other words data centers in a box is not presently possible future as constructed. The crash to come in economy oddly could be made easier by the destruction of the present infrastructure. Clearing out the outdated makes creating the new faster and better as most will see the need while a working failed system does not make the reality as obvious. Krasnov as the destroyer maybe be exactly needed as traumatic it is.
The parallels do not end with the 1929 crashes (there were several before October). In 1929, the stock market ended the year only 17% down. The real damage came in the ensuring years through 1932 and included tariffs, austerity-style tax increases, and the Fed starving the economy of liquidity.
The current gamble with tariffs has already accelerated that part of the mix. The current inflation could be counted as an austerity tax by large corporate interests. The Fed may have limited room for maneuver this time around with the growing deficits.
The situation may not play out as quickly as 2007-08 but the 1929 to 1932 playbook seems well into form for this go round.
The 1930s allowed for many reforms, not just at the federal level. Three that I hope to see happen this round are 1) making all elections non-partisan (following the Nebraska primary to top two model started in 1936), 2) instituting a parliamentary system at the federal level, and 3) real universal healthcare (noting that this happened in the UK in the post WWII economic crisis).
I guess I should cash in my 401K account while there's still anything left ? ..... this is all such a joke...the people that voted this ahole into office need to be ashamed for the horrors he has brought across this country.
The people who put this regime into office includes Russia and donors like Musk. We wuz robbed.
You should read - The Enchantments of Mammon: How Capitalism Became The Religion of Modernity. Then - Technofeudalism: What Killed Capitalism.
These books take a step back from the day-to-day speculation of the national fist fight and speak to the culture that allows it. Your kind of stuff!
Amazon laid off AI coders....
I spend a couple of hours almost every day listening to financial mavens..... My question for AI has been "How to make everyone, healthier, wealthier and wiser?"
Here's what AI sayz:
-Address social determinants of health: Implement policies that provide access to basic needs like nutritious food, affordable housing, stable employment, and clean environments, as these directly impact health outcomes and reduce disparities.
-Ensure equitable healthcare access and quality: Strive for universal health coverage and ensure that all populations, especially the disenfranchised, have access to quality healthcare and essential interventions like immunizations.
-Mitigate climate change: Invest in environmental justice and sustainable practices, as climate change disproportionately affects the most vulnerable populations' health and well-being.
Disclaimer. I'm just reporting. Do not take advice from me.
AI Sayz:
Many companies address social determinants of health (SDOH) through initiatives and policies focused on providing access to basic needs like food, housing, employment, and clean environments. The specific implementations vary by company and industry, with many involving partnerships with community-based organizations.
Food and nutrition
Aetna (CVS Health): This health insurance company addresses food insecurity through partnerships with non-profits, with one example being a program that funds urban farming education in underserved areas.
Centene: A healthcare services company that has partnered with Feeding America to improve access to healthy food. Their initiatives include creating guidelines to improve Supplemental Nutrition Assistance Program (SNAP) application assistance and providing tailored food boxes for members with chronic diseases.
Cigna: The Cigna Foundation has donated millions to schools with large low-income student populations to stock food pantries and provide weekend food kits.
Health Insurance Companies: Many health insurance providers use charitable grant programs to combat SDOH problems. For example, the Florida Blue Foundation has supported local organizations focusing on mobile clinics and crisis management.
Supermarkets and Grocery Stores: Stores like H-E-B, Wegmans, Trader Joe's, and Sprouts Farmers Market have been recognized for their social impact efforts, which often include initiatives around fresh, healthy food access for their customers.
Vanguard: Through a community garden program in Pennsylvania and Arizona, Vanguard grows organic produce to donate to local food banks and pantries.
Affordable housing
Amazon and Walmart: These large employers offer employer-assisted housing programs (EAHPs), which provide financial assistance to employees for home purchases through grants, loans, and down payments.
CVS Health: The company has financed the development of affordable housing units through partnerships in multiple states, including Florida, Louisiana, and Tennessee.
Centene: Centene's health plans have supported efforts to address housing stability for their members.
Blue Cross Blue Shield (Michigan): This plan has invested in permanent housing projects that address racial and economic disparities by offering health and welfare services and intensive case management.
One Miami Group: This real estate company has an employee housing program that assists employees with financial assistance and discounts on housing services.
Catholic Charities (Miami): This organization has programs for workforce housing and rapid rehousing to achieve stable, affordable housing for employed and unhoused households.
Stable employment and economic opportunity
CVS Health: The company opened a Workforce Innovation and Talent Center in Pittsburgh, Pennsylvania, to offer employment training for individuals pursuing pharmacy technician, retail associate, and customer service roles.
Salesforce: Through its "1-1-1 model," Salesforce donates equity, time, and product to charitable causes. It encourages employee volunteerism to support non-profit organizations and promotes diversity, equality, and inclusion.
Blue Shield (California): The company invested in the San Joaquin Valley to support health equity initiatives, including hands-on job training.
Target: The corporation offers various benefits, including 401(k) matching with 100% immediate vesting and tuition assistance, to support the financial well-being of eligible team members.
Clean environments
Patagonia: The outdoor gear and apparel company focuses on environmental activism, with a goal to reach net-zero emissions by 2025. It educates customers and provides resources on environmental and climate justice.
Microsoft: In addition to its community-focused initiatives, Microsoft is committed to operating on 100% renewable electricity and reaching carbon neutrality.
IKEA: The furniture company focuses on recycling, sustainable materials, and reducing waste in its operations.
Google: The company aims to operate on 24/7 carbon-free energy by 2030 and has invested in renewable energy projects.
AEP (Ohio): This electric utility addresses environmental justice by responsibly managing the decommissioning of its fossil fuel-burning power plants and investing in a decarbonized future.
Starbucks: The company's sustainability goals include reducing waste production by 50% by 2030 and maintaining ethical sourcing practices.
It’s ironic that this is probably the first positive thing I’ve heard about any health insurance companies in a long time.
Unfortunately, what they give is probably a drop in the bucket to the profits they make. Same goes for Google and Microsoft or Apple, for that matter. None of these huge companies are known for their philanthropic mindset.
They're not non-profits. Once upon a time, many, like BC/BS were.
At the same time, many corporate board members are public entities, like unions and state pension and heath and welfare funds.
When I was involved with Hillarycare and Medicare for All investigations, this is a reason why so many unions and states were opposed to reform.
The concept that the only fiduciary obligation is to earn profits was based on a state case that probably is not logical. I.E. There used to be many company towns in America where the first order of "business" was full employment and profit sharing.
Allowing our economy to be run by casino magnates who can arrange for every gamble to pay off is just that: allowing. Privatize gain, socialize loss. Bernie, Elizabeth, AOC know better. It’s past time for corporate Democrats to get out of their way so that we can have a government and a society and an economy of, by, and for the PEOPLE.
When a game is fixed, it's no gamble.
Trump is operating a "command economy" reminiscent of the New Economic Policy (NEP), introduced in 1921, that used private enterprise in some sectors.
IMHO Biden had the right idea, but the Republican Congress killed the child tax credit that effectively killed American child poverty. We were generally on the right track....
You keep talking about "corporte Democrats" as if they control something. THEY DON"T. There aren't many corporate donors to the party. Buffet, Soros et al do not dictate our policy -- that's BS left over from Clinton..... and perpetuated by our enemies.
Re: Corporate Democrats: See Thom’s post yesterday.
If you mean Palast, history.
The past is prologue.
The following is a repost from a yahoo mail, from a friend
Pay attention the ending: "Why it took the DCCC until 2025 to realize this speaks to the corrupting power of Wall Street sugar daddies on the Party insiders" And I add that the enemy has been wolves insheeps clothing like Robert Rubin, Larry Summers, Timothy Geithner, Rahm Emanuel and finally Larry Summers is being neutered, he has done enough damage including Trump
But there has been a big shift in the DCCC and DNC, Mamdani's victory did it.
It took the PROGRESSIVEs to show the DCCC that their refusal to care about non-soccer moms was a huge albatross dragging down the entire slate from the Senate on down to State Legislative offices. It was all about electing a moderate President and absolutely no deviation to appeal to anyone else at any other level of our federal system was tolerated. That is why Clinton and the New Dem agenda cost the Democrats the House and created Newt Gingrich, a majority the Democrats had held continuously since 1955 until Clinton ran and won in 1992. The 1994 midterms saw the New Dem agenda choking up 53 seats in the House turning the 258 - 176 Democratic majority into a 204 - 230 minority in a single midterm election. The New Dems took control and we almost instantly lost a majority held since Eisenhower was President.
This is part of the Mamdani effect FINALLY penetrating the DCCC. The same agenda that had Billionaires like Michael Bloomberg panicking and spending millions to defeat Mamdani, an effort that failed as badly as Elon Musk's cheesehead hat and his $20 million did in Wisconsin last Spring.
I almost fell out of my chair when I read this. All I have to say is HALLELUJAH !!!!!!!!!!! (Emphasis below is mine)
This is the first time, the Democratic Congressional Campaign Committee says, that it's had a program specifically dedicated to engaging rural voters.
Suzan DelBene, who chairs the DCCC and represents Washington's 1st Congressional District, said Democrats see an opportunity to engage rural voters as President Trump's economic agenda, particularly tariffs, becomes less popular.
She said rural voters see the "damage" being done by GOP policies that have led to "costs going up, health care being gutted," and Democrats can provide an alternative.
"I think Republicans are turning their back," DelBene told NPR. "They've been actively hurting rural communities with the policies they've put in place. Democrats are fighting to improve the lives of rural Americans and farmers."
..... Democrats' spending in rural communities is part of an "eight-figure investment," according to a DCCC press release first shared with NPR. DelBene said the DCCC has a full-time staffer who will be focused on "strategic rural engagement across the country" for the midterms. She said the party has begun working with rural community groups and leaders in key competitive districts — including in newly redrawn districts in South Texas.
"When we look at the swing districts across the country, the districts that are going to determine the majority in the House of Representatives, we know that rural voters are key in those districts," DelBene said.
Why it took the DCCC until 2025 to realize this speaks to the corrupting power of Wall Street sugar daddies on the Party insiders who have nothing in common with anyone receiving this mail. A party that fears rather than embraces the base. So good on Susan DelBene for being aware enough of the political moment we are currently in to actually try something different, appealing to voters who not only are not soccer moms, they may not even know a single soccer mom in their lives and communities.
More bullshit.
BTW who is infiltrating who? Mandani appoints Wall Street to his transition team. https://www.amny.com/new-york/manhattan/mamdani-transition-mayor-elect-names-402-advisors-across-17-committees-ahead-of-january-inauguration/
Wants their sheckels. Mamdani transition team raises $2 million of $4 million goal Eyewitness News ABC7NY. https://www.youtube.com/watch?v=KEPAYYNJcgQ
Yeh Daniel total bullshit, No such thing as corporate dems, no such thing as Democrats slopping at the Wall Street trough, no such thing as Democrats squashing single payer for the benefit of AHIP
You have no argument Daniel, all you do is make exclamations like "total bullshit"
As regards Mamdani, He isn't Mayor yet, So will judge him on the basis of what he does and doesn't do.
I do know this, since Wall Street is in NYC and is the financial capital of the world (for the time being), Mamdani is going to have one hell of an uphill climb to honor his promises for housing and transportation if he has Wall Street obstructing him. Turn enemies into allies,, pretty damn smart politics I would say. Rubin, Summers, Clinton, Geithner didn't turn enemies into allies, did they, they groveled for shekels.
Thank you for bringing up the NEP of 1921! It is often overlooked because the propaganda of the Harding & Coolidge eras was that the markets would take care of everything. Of course, never mind that the markets were defined by the NEP!
I think of a couple of commercials that open in towns with major job loss. Then Meta (fuck you, Zuckerberg) comes to the rescue and builds - with huge tax giveaways, no doubt - a data processing facility. Happiness prevails in town, and all is well with the world.
When the dust settles after the crash, Zuck walks away without a scratch; and the places that sold him their souls are back where they started... only worse.
Wow! What a debbie downer you are today Tom. And just before Thanksgiving day. I get it though. It is good to be aware of these things. Maybe next you might write an article on how to prepare for this possible coming Horror? Tomorrow though, I’m just going to share a meal with my family and be thankful I am lucky enough to have them.
DO NOT TAKE FINANCIAL ADVICE FROM ME.
But if you believe it, short the market.
Daniel,you get a lot of attention on this substack,so I would like to add a few comments that may have gone unnoticed. In the 10/27 issue of theNew Yorker magazine there is a 9 page article about Russell Voight ( OMB chief) the guy along with Musk who is responsible for destroying USAID ( 400,000 children have died,since the destruction) He is a White Christian Nationalist who has no regard or sympathy for black or brown people.
The rallies against Trump calling him a Fascist or Nazi have made no difference,he is an admitted "Nazi" and very proud of it. Why are the rallies not going after Stephen Miller,Russell Voight for their part in this disgusting drama.
Michael Burry recently took a very large " Put position" against Nvidia who it appears has been cooking the books for some time,but nothing will happen if proven,Wall Street has become so corrupt, bitcoin,AI,crypto anything to illegal to make a buck.
Jerome Powell,the Fed chief,the destoyer of the CFPB( Consumer Financial Protection Bureau) the Fed had decided they do not have the funds to support CNFB)so if you are a consumer and have an issue with financial institution,: " Good Luck" you are screwed.
I was personally affected by this stuff before it was published. As soon as Trump was elected as # 45 he tried to appoint his own people under the spoils system to replace people like me, who was merit selected under Article 2, Section 2 of the Constitution. In essence, my area of expertise, federal administrative law, no longer exists. So you're obviously not familiar witth my history.
E.G. https://digitalcommons.pepperdine.edu/cgi/viewcontent.cgi?article=1010&context=naalj
E.G. https://digitalcommons.pepperdine.edu/naalj/vol33/iss1/3/
Note the dates.
I track this stuff. I'm not Daddy Warbucks and not an economist but I was sent to many legal ed programs on it, and spent about 20 years with exposure to Sarabanes Oxley/ Dodd Frank whistleblower cases.
The former general counsel to CFPBI was my former colleague.
I don't believe Burry. He's very controversial and immediately delisted his advisory service. It's true that Nvidia has sweeheart deals. It was down a couple of days on propaganda from him and from Alphabet, which happens to be a big Nvidia customer and may/may not be trying to renegotiate deals. As I type, Nividia is up about 3% and the chart looks up, so the news has been discounted.
I personally (although I don't know any of them) think that many of the people involved in "market economics" are a lot smarter than Trump and his inner circle, and that includes Bessent and will survive.
Thanks for your opinion.If Burry is right and Nvidia is cooking the books,the reaction from Wall Street may just be "ho hum" ,what is another corruption,there have been so many.No regulation =corruption.
So why do think there has not been more pushback against Voight and Miller.?
Sooo, if I cash out my IRA (I'm not), what do I do with it? Put $1000 bills under my mattress and watch them become worthless through rampant inflation? Buy gold bars that I can't buy groceries with? There doesn't seem to be a refuge for the poor man/woman no matter how prescient you are.
In the book, Empire of AI, Karen Hao described the the environmental costs of AI. Massive uses of water and electricity are causing harm to local ecosystems and to the people who try to live in them. Data centers in Kenya and Chile, among other countries, exploit low paid tech workers. Sam Altman, Elon Musk, Mark Zuckerberg are telling us AI will eventually do great things for us, AKA, creative destruction. Buggy makers transitioned to automobile manufacturing plants, many more jobs created than lost due to new technologies. Using an over generalization, the AI tech world, is dived into boomers and doomers. All I have heard about are major companies laying off people because they have invested in the efficiencies of AI products. We eat and sleep and get sick, AI bots don't and they can crunch numbers beyond our capacity. After the data center is built then what? Good luck to accountants, truck drivers, budget annalists, receptionists, data entry people, and so on. I'm a doomer until I hear of jobs being created via AI.
There is a data center planned just a few miles from my house, but if this new wafer technology is ready to be implemented, I don't see that data center ever being built. It's a relief to know there can be a less energy-sucking, resource depleting, mad-scientist way to generate AI. That being said, AI must be limited in its applications, mainly for ethical reasons. Its no wonder, then, that the lords of technology don't want any such restrictions on their power.
Is a modern version of the French Revolution inevitable? Will the people finally decide to break down the gates and find these crooks and thieves in their protected mansions? I worry that there is a limit to how much people will tolerate, especially after a period of relative affluence and security. Something has to give at some point.
Left with only more questions.....
This hardware innovation sounds like a dream come true when it comes to the environment. The nightmare as usual is the fake-ass economy we have built by the heads-we-win tails-you-lose thieves that refuse to let us plan anything and regulate nothing. Wall Street is a casino.
The TechBros are backing TRump why? Are they interested in the natural resources (primarily oil) in Canada/Greenland all the way down through Venezuela/ Columbia? A big fat NOPE is my guess. It is the 880 million people living in those countries.
Crash and burn is going to require control over us, and who is going to help them do that in the Technocracy they are building? The TechBros and thieves already had dinner at the White House and WE were on the menu. See you in the streets.
Not all. And the CEOs are accountable. Surely someone is tracking shareholder derivitive suits. I.E. The Fox suits?
AI: Basis of the Claims: The plaintiffs argue that Fox News' leadership adopted an "illegal business model" that prioritized ratings over journalistic standards and legal compliance, knowingly exposing the company to massive defamation liability.
Key Allegations:
-Failure to establish adequate systems to minimize or monitor defamation risks.
-Inaction despite numerous "red flags" and internal memos from the "Fox News Brainroom" that debunked the election fraud claims.
-Consciously disregarding the risks because the false claims were popular with their audience.
Defendants: The lawsuits name several senior officers and board members, including Rupert and Lachlan Murdoch.
Plaintiffs: Co-lead plaintiffs in the consolidated actions include the New York City pension funds and the State of Oregon, by and through the Oregon State Treasurer and the Oregon Department of Justice.
Case Status: A Delaware judge denied the defendants' motion to dismiss, allowing the derivative action to proceed. The court found that the plaintiffs had standing to sue and that the allegations, if true, suggested the board knew the claims were false but consciously prioritized profits over legal compliance.
Connection to January 6
While the lawsuits focus on the defamatory claims made after the 2020 election that led to the defamation settlements, these claims are fundamentally linked to the narrative that fueled the events of January 6, 2021.
One separate defamation lawsuit, for example, was filed by a January 6 participant, Ray Epps, who claimed that Fox News and former host Tucker Carlson defamed him by falsely accusing him of being a government agent who incited the riot.
Legal filings related to the shareholder suits and other defamation cases suggest that some view Fox's promotion of election fraud claims as contributing to the "political pressure" and the "January 6 riots".
I'm glad you introduced the concept of "Moore's Law" in this Report. I think it's an important concept for people to understand, even if they aren't particularly interested in tech - tech is most certainly interested in you. Know your friends, know your enemies.
Speaking of enemies, here's a great piece (with a nicely done diagram) about the greater technology mafia and how they're playing musical chairs/ hot potato with the economy..
From Carole Cadwalladr:
https://broligarchy.substack.com/p/peter-thiel-gets-out-of-dodge
WOW!
Alex Karp, the killer, looks like someone having a manic episode. Peter Thiel is so depressed he just wants to load what's left of his mind into a damn computer.
Carole nailed it and them! Thanks so much, Jon.
I have long admired your work, and your commitment to education, transparency, justice, etc. When my local radio station dropped your show I advocated to get it back. So definitely a fan.
So I've got to ask - how do you not see the irony in using AI to "create" Louise's daily song at the end of this piece in particular? Yes the bubble burst will hurt people, but AI is already hurting people. AI "art" literally steals people's work! Please either drop these cringe inducing songs from your show, or hire human artists to create them.
I was born in Flint, Michigan and lived in the suburb of Flushing, MI. until 1972, then went to Northern Michigan Univ 1972-76. After finishing up my MBA in 1982, I went to work selling large commercial real estate in the Detroit area from 1982-84. The saying around Detroit at the time was, "Last one out of Detroit, please shut off the lights". Everyone seemed to be heading out of Detroit to go to the "Sunbelt". Then the S&L's collapsed when all that Detroit money got speculated into Texas homes with 0% down financing. Banking deregulation hit hard after that.... but the bankers just keep on making money.
Arson was a form of urban renewal.
Moores law is no longer ongoing because at the size of 1 mircon the limitation of the machines to make these small transistors can no longer go smaller. The new trend is going up like skyscrapers not spreading single story building but going 3D. We no longer have the space to simply spread out. To do more requires a completely new model and materials. In other words data centers in a box is not presently possible future as constructed. The crash to come in economy oddly could be made easier by the destruction of the present infrastructure. Clearing out the outdated makes creating the new faster and better as most will see the need while a working failed system does not make the reality as obvious. Krasnov as the destroyer maybe be exactly needed as traumatic it is.
Happy Thanksgiving, Thom! Have a great one you and your family. Beautiful here but cold. I’ll take the sunshine. Well, nothing else.
The parallels do not end with the 1929 crashes (there were several before October). In 1929, the stock market ended the year only 17% down. The real damage came in the ensuring years through 1932 and included tariffs, austerity-style tax increases, and the Fed starving the economy of liquidity.
The current gamble with tariffs has already accelerated that part of the mix. The current inflation could be counted as an austerity tax by large corporate interests. The Fed may have limited room for maneuver this time around with the growing deficits.
The situation may not play out as quickly as 2007-08 but the 1929 to 1932 playbook seems well into form for this go round.
The 1930s allowed for many reforms, not just at the federal level. Three that I hope to see happen this round are 1) making all elections non-partisan (following the Nebraska primary to top two model started in 1936), 2) instituting a parliamentary system at the federal level, and 3) real universal healthcare (noting that this happened in the UK in the post WWII economic crisis).