Wednesday , January 20 2021
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The Class Composition of the Capitol Rioters (First Cut)

By Lambert Strether of Corrente The extensive commentary I have read on the Capitol Seizure of January 6 has not, to my knowledge, focused on two aspects of the event: The first is the class composition of the rioters[1]. The second is the actual cost of the event. The first is important even as an academic matter: Was the Seizure a “bourgeois riot,” as in Florida 2000? If not, what was it? The second is important as a check on the agency of the rioters; did they require a hidden, massive...

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2:00PM Water Cooler, Martin Luther King Day 2021

By Lambert Strether of Corrente. Patient readers, since I was derelict on Friday, here is a “skeleton” Water Cooler to make up for it. To explain my “confusion” a little further, I have a schedule that spans not only time zones but the International Dateline, because I have friends on the other side of the world. Hence, concepts like “day of the week” are a little hazy for me, and I tend to think more in counts, as in “Now I have done five Water Coolers, so I am done.” But as readers know, my...

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Why Martin Luther King Day Should Matter

By Liz Theoharis, co-chair of the Poor People’s Campaign and author of Always With Us?: What Jesus Really Said About the Poor. Originally published at TomDispatch. 2020 will go down as the deadliest year in American history, significantly due to the devastation delivered by the coronavirus pandemic. In addition, count in nearly two trillion dollars in damage from climate events (many caused by, or heightened by, intensifying global warming), a surge of incidents of police violence inflicted...

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Links 1/18/2021

Darkened SpaceX Satellites Can Still Disrupt Astronomy, New Research Suggests Gizmodo Lael Brainard: Full Employment in the New Monetary Policy Framework (PDF) Bank of International Settlements. “The strong support from monetary policy, together with fiscal stimulus, should turn the K-shaped recovery into a broad-based and inclusive recovery that delivers full employment.” Russia has never been this hot Barents Observer #COVID19 Why West Virginia’s Winning The Race To Get COVID-19 Vaccine...

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More Jockeying on Kentucky Pension Case, Mayberry v. KKR

A short update on the Mayberry v. KKR, a pathbreaking public pension suit targeting customized hedge funds designed for the sitting duck Kentucky Retirement Systems by Blackstone, KKR, and PAACO. The litigation is on track to becoming a Jarndyce v Jarndyce level case study in the (mis)use of procedure to delay a case. As we recapped right after the new year: In 2017, eight plaintiffs filed a derivative lawsuit on behalf of the spectacularly underfunded and incompetently/corruptly run Kentucky...

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The Merits of Fire Sales and Bailouts in Light of the COVID-19 Pandemic

Yves here. One thing to keep in mind when reading this post on fire sales in times of industry or overall economic distress: in normal times, most acquisitions fail (as in delivered a poor return on capital for the buyer) due to overpaying for the company. And that in turn is the result of how efficient the process of selling public and decent-sized private companies has become. Lots of bidders results in higher prices. One of the results of overpayment is squeezing hard, perhaps harder than...

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Another Warning About Comments

With considerable reluctance, we closed comments for over a week earlier this month as a result of too many readers refusing to adhere to our written site Policies. When we restored them, we explained: In the past, despite having had to impose more moderation tripwires, the site admins have generally been able to operate in a minimal-intervention mode, with moderators approving most comments and deleting posted comments rarely and with great reluctance. However, due to an rise in...

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Notes on Covid: New Variants in Brazil and South Africa, Herd Immunity Fails in Manaus, Success in Vietnam

By Lambert Strether of Corrente We’re hoisting this really informative comment by alert reader Biologist from Links yesterday. (I cleaned up the formatting a little). Biologist characterizes all his notes as “gloomy,” but I think there’s nothing wrong with a little realism after looking at the data; how else will we get through this? Whether or not the note on Vietnam is gloomy — they did, after all, hold deaths to 35 (thirty-five) in a nation of 100 million — depends on whether you think the...

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Links 1/17/2021

‘Extraordinary’ research finds electric eels hunt in packs CNN Google’s Revolving Door (US) Tech Transparency A new and innovative way for Google to kill your SaaS startup GoMox, Medium. “We never properly established the cause of the issue, but we chalked it up to some AI tripping on acid at Google’s HQ.” Amazon is filled with fake reviews and it’s getting harder to spot them CNBC SPACs are a new part of the same market story Yahoo Finance. Musical interlude. Credit card firm Capital One...

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The Double Irony of the New UK-EU Trade Relationship

By André Sapir, a Senior Fellow at Bruegel. He is also University Professor at the Université Libre de Bruxelles (ULB) and Research Fellow of the London-based Centre for Economic Policy Research. Originally published at Bruegel. The Trade and Cooperation Agreement signed between the European Union and the United Kingdom goes against six decades of UK efforts to avoid being economically disadvantaged in Europe. Tracking the evolution of the EU-UK relationship over the last 60 years can help in...

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