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Tag Archives: Banana republic

Stimulus Talks on Verge of Failure as Both Sides Trade Blame

We said a few days ago that even given the best case scenario of a stimulus deal by weekend, any compromise was certain to result in too little spending to do remotely enough good. And on top of that, with even that vote not happening until next week, any new unemployment supplement payments would not hit recipients’ wallets until the end of August. The state of play is much worse. The Senate has been sent home, an admission that a deal is somewhere between remote and not happening. Mitch...

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CalPERS Chief Investment Officer Ben Meng Resigns Following Our Exposing His False, Felonious Financial Disclosure Filings and Private Equity Conflicts of Interest

CalPERS Chief Investment Officer Ben Meng resigned effective Wednesday August 5. This was less than three days after we exposed Meng having made multiple felonious1 false statements on financial disclosure forms as well as holding investments in private equity firms when CalPERS was making multi-hundred-billion dollar commitments to them.2 Since Meng was seen in the office in routine internal meetings Wednesday morning, it appears his departure was not voluntary. We were also first to break...

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Washington Going Full Andrew Mellon as Stimulus Talks Drag, Inadequate Support Guaranteed

Herbert Hoover’s Treasury Secretary Andrew Mellon1 at least had an excuse: he was a staunch believer in a disastrously bad idea. The Republican and Democratic party leaders who are failing to prevent the US economy from continuing to careen down a steep hill via dithering with inadequate stimulus schemes, won’t be able to excuse themselves as misguided ideologues. They are too small minded for that. They are simply clientelists, captured by elite factions that lack the imagination to see that...

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Preserve Our Post Office, Before It’s Too Late

Yves here. As you’ll see from our post today on the sorry state of the stimulus negotiations, the Democrats’ interference in the Republicans’ plan to starve the Post Office into privatization is one of the big sticking points. Gah. By Mark Jamison, a retired postmaster who serves as an advisor, resident guru, and regular contributor to Save the Post Office.  His previous posts can be found here.  He can be contacted at [email protected] Originally published at Save the Post Office;...

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CalPERS Chief Investment Officer Ben Meng Made False, Felonious Financial Disclosure Report; More Proof of Lack of Compliance Under Marcie Frost

CalPERS’ Chief Investment Officer Ben Meng has filed demonstrably false financial disclosure documents, flouting the requirements of the California Fair Political Practices Commission. As a result, not only has Meng committed perjury, but CalPERS’ failure to review or require Meng to correct these documents points to a major compliance failure, since CalPERS has, or should have, records that would show that Meng’s financial disclosures were incomplete.1 Recall that this lapse follows CalPERS...

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The Hijacking of Police Reform by Wealthy Opportunists Resembles the Harm Done to Public Schools

Yves here. It’s depressing to see consultants successfully hawking dubious metrics to water down police reform. But I suppose I should not be surprised. By Sarah Lahm, a Minneapolis-based writer and researcher whose work has appeared in outlets such as the Progressive and In These Times. Follow her on Twitter @sarahrlahm Produced by >Our Schools, a project of the Independent Media Institute The Minneapolis City Council voted to disband the city’s police department on June 26, a little more...

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Quelle Surprise: NYT Article on U.S. Contact Tracing Deficiencies Doesn’t Fall for Big Tech’s Claim that Effective Contact Tracing Requires an App, But Fails to See What Good Health Care Has to Do with It

By Jerri-Lynn Scofield, who has worked as a securities lawyer and a derivatives trader. She is currently writing a book about textile artisans. I didn’t intend to write about contact tracing again so soon, but this front-page NYT piece, Contact Tracing Is Failing in Many States. Here’s Why.- contained a screaming omission that just happened to be based on the same fallacy as an email claim I received today from a friend – proved too tempting a target. And incidentally, is a big, obvious part...

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Thomas Frank: Liberal Elites Will Create Conditions for Another Trump

Yves here. On to the last part of Thomas Frank’s discussion of his new book, The People, No. Here Frank focuses on the danger to the US of demonizing populism. By Paul Jay. Originally published at TheAnalysis.news  Paul JayHi, I’m Paul Jay. Welcome to the Analysis.news podcast. This is Part Three of my discussion with Thomas Frank about his book, ‘The People, No’. So, Thomas, talk more about the mindset and how origins of this, at least modern origins, of this mindset within the elite of the...

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Kamala Harris or Susan Rice? The Veepstakes Appears To Have Kicked Out Two Truly Terrible Choices

Yves here. If you aren’t keen about Kamala Harris or Susan Rice, there’s always Condi Rice. Remember Biden said he might consider a Republican and Team Biden seems fixated on wooing suburban Republican women voters. In all seriousness, as a woman, I don’t see how picking a vile female candidate helps women. And I cannot fathom why Biden tied his hands by limiting himself to candidates that had to be both female and black. Tactically, he would have been better served by pcking, say, Julian...

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Rough Ride for Airlines – Full Recovery Moved to 2024: IATA

Yves here. As readers no doubt recognize, when official forecasts are this dire, the odds are non-trivial that reality will be markedly worse. And what do airlines do with all those airplanes in the meantime? Also note how fat this tail is proving to be compared to historical examples of “ZOMG Bad!” By Wolf Richter, editor at Wolf Street. Originally published at Wolf Street Globally and industry-wide, a measure of business for airlines, “revenue passenger-kilometers” (RPKs), in June was still...

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