Thursday , February 20 2020
Home / Tag Archives: Free markets and their discontents

Tag Archives: Free markets and their discontents

Not All Keynesian Spending Is Equal

Yves here. Richard Murphy makes an extremely important point about how Keynes’ belief in the importance of well-functioning, cohesive societies and how sound economic policy could promote them. However, he skips over the fact that Keynes did not approve of much of Keynesian thinking, particularly the American Keynesianism developed and promoted by Paul Samuelson. Samuelson had done his PhD thesis on neoclassical economics and admitted he had difficulty wrapping his mind around Keynes. An...

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A Full Scale Attack on Medical Debt

Yves here. Even if you don’t agree with Bob Hertz’s prescription for medical debt, his typology of various types of debtors and the political and practical problems they pose provides a good foundation for further analysis. By Bob Hertz, a health care essayist The recent proposal by Sen. Bernie Sanders to cancel $81 billion of medical debt is a very good start – but it is only a start. The RIP Medical Debt group–which buys  old medical debts  ,and then forgives them– is absolutely in the...

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What the Heck Happened to Surprise Billing Legislation? (Or, It’s Never Too Late for the Lobbyists to Win)

Yves here. Way too much happening, and the nuking of surprise billing bills haven’t gotten the attention they warrant. We did comment on how proposed California legislation was dispatched by what amounted to a handwave.…indicating that way too many people were already clued in to the notion that backing the bill was tantamount to crossing private equity, a career-limiting move for any pol. By APeticola. Originally published at Health Care Renewal With constituents pressing for something to...

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Another Sign of Social Decay: Seniors Alone, Unable to Care for Themselves

The Wall Street Journal has a sobering new article on a phenomenon that heretofore had gone largely under the radar: the elderly, or per US-speak, seniors, isolated in their premises and either too feeble and/or too cognitively impaired to take care of themselves. They are casualties of the progress of the market economy, which as Karl Polanyi described long form in his seminal work The Great Transformation, undermined social structures by commodifying labor, as in people, and nature....

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Yet More Finance Profiteering: Green Bonds

On the one hand, a new finance fad of “green bonds” shows that investors recognize that climate change is a risk. On the other, it simply perpetuates the convenient but false notion that the private sector by the virtue of cute packaging is a leader as opposed to a laggard in addressing climate change. In fact, confirming doubts about the ability of Wall Street to have good intentions, these green bonds are at best a gimmick to enrich middlemen at the expense of communities and investors and...

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How Corporations Are Forcing Their Way Into America’s Public Schools

Yves here. Yet another illustration of the ongoing effort to repurpose schools solely for workplace skills and not, say, being a citizen. By Jeff Bryant, a writing fellow and chief correspondent for Our Schools, a project of the Independent Media Institute. He is a communications consultant, freelance writer, advocacy journalist, and director of the Education Opportunity Network, a strategy and messaging center for progressive education policy. His award-winning commentary and reporting...

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A Socialism Equal to the World

Yves here. Funny that when the workers, who’ve been on the losing side of a class war for quite some time, finally start to act like they might do something about it, the official minders start waving the “socialism” and even “communism” words as if they are magic talismans that will ward off demands for more just outcomes. Having said that, propaganda does work, so it is possible that a sustained barrage of demonization will sway more than a few opinions. But media savvy young people are...

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Hubert Horan: Can Uber Ever Deliver? Part Twenty-Two: Profits and Cash Flow Keep Deteriorating as Uber’s GAAP Losses Hit $8.5 Billion

By Hubert Horan, who has 40 years of experience in the management and regulation of transportation companies (primarily airlines). Horan has no financial links with any urban car service industry competitors, investors or regulators, or any firms that work on behalf of industry participants Uber’s profit performance and cash burn had ben dismal for years and got worse in 2019 Yesterday Uber announced full year 2019 losses of $8.5 billion. This produced a negative 60% profit margin on total...

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Sanders Called JPMorgan’s CEO America’s ‘Biggest Corporate Socialist’ – Here’s Why He Has a Point

Yves here. I wish Sanders would use even more pointed messaging, like “socialism for the rich”. But for those who complain about Sanders not going after important targets, this slap back at Dimon, who criticized Sanders and socialism at Davos, shows that the Vermont Senator is landing punches, but choosing his fights carefully. And banks are much bigger welfare queens than the public realizes. They get all sorts of subsidies, from underpriced deposit insurance to Federal guaranteed for most...

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Rentier Capitalism: Great for Stocks, Lousy for Growth

As fans of Michael Hudson and/or students of economic history know, one of the strongly-held policy views of classic economists was that constraining rentier activities was essential to promoting growth. They understood that rentier-ism could often produce more profits than investment in productive activities. For instance, they favored usury ceilings because lenders would otherwise lend to the most desperate borrowers who still could eventually be compelled to satisfy most of their...

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