#new markets tax credits

[dreaminginthedeepsouth]

Bagley

* * * *

LETTERS FROM AN AMERICAN

August 14, 2024

Heather Cox Richardson

Aug 15, 2024

The July report for consumer prices from the Bureau of Labor Statistics, which came out today, showed that prices rose less than 3% in the previous twelve months. Core inflation has fallen to its lowest rate since April 2021. For well over a year, wages have grown faster than inflation.

President Joe Biden cheered the news but added in a statement, “Prices are still too high. Large corporations are sitting on record profits and not doing enough to lower prices. That’s why we are taking on Big Pharma to lower prescription drug prices. We’re cutting red tape to build more homes while taking on corporate landlords that unfairly increase rent. And we’re taking on price gouging and junk fees to lower everyday costs from groceries to air travel.” 

When a reporter asked Biden if the U.S. has beaten inflation, Biden answered: “Yes, Yes, Yes. I told you we were going to have a soft landing…. My policies are working. Start writing that way.” 

Just yesterday, the administration announced $100 million worth of investments in new housing in the form of grants to state and local governments to spur the production of new housing. Kriston Capps of Bloomberg reports that “more housing units are under construction now than at any point in half a century—some 60,000 multifamily units were completed in June alone—and rents are stabilizing in some areas as a result.” 

Single-family home construction is slower, and with Senate Republicans having blocked a $78 billion tax deal that would support housing tax credits that promote the construction of housing, the White House is finding other ways to spur housing construction. 

On Monday the White House continued its attempt to protect the interests of consumers after years in which they lost ground. Continuing to combat junk fees, it proposed rules to fight back against “all the ways that corporations—through excessive paperwork, hold times, and general aggravation—add unnecessary headaches and hassles to people’s days and degrade their quality of life.” 

Companies deliberately design processes to be burdensome in order to deter people from getting a refund or a rebate, or canceling a membership or a subscription. Those frustrations waste money and time, the administration said, and after listing some of its own proposals for making it easier to navigate ending subscriptions or activating insurance coverage, it invited Americans to submit their own on a public portal. 

In a speech on Friday in North Carolina, Vice President Kamala Harris is expected to take on the issue of price gouging by large corporations. Researchers for U.K. think tanks Institute for Public Policy Research and Common Wealth found in late 2023 that profiteering, or “greedflation,” “significantly” boosted prices, leading to increases of 30% or more in corporate profits. “Excessive profits were even larger in the US, where many important sections of the economy are dominated by a few powerful companies,” wrote Phillip Inman of The Guardian. 

Responding to today’s news that inflation is coming down, the stock market ticked up in expectation that the Fed will now be more likely to cut interest rates in September. 

The White House took notice today of the fact that applications for small businesses continue to boom across the country, with 19 million new business applications since Vice President Harris and President Biden took office, an annual growth rate 90% higher than prepandemic averages. The White House also noted that congressional Republicans are trying to cut the Small Business Administration and to cut taxes for big corporations.

Politico greeted today’s economic news with a headline saying, “Inflation is easing. Now, Harris has an even bigger problem with the economy.” And the New York Times reported that in a speech in North Carolina, “Harris Is Set to Lay Out an Economic Message Light on Details,” adding that she is expected to tweak Biden administration themes “in a bid to turn the Democratic economic agenda into an asset.”

The United States economy under Biden and Harris has been the strongest in the world, and now that inflation seems to be under control as well, Harris needs to turn that record “into an asset”? Political journalist James Fallows wrote: “Now they are all just trolling us.”

The Biden-Harris administration has changed the orientation of the United States government from relying on markets to order society and protecting the interests of wealthy Americans in the expectation that they would invest in the economy more efficiently than they could if the government interfered by protecting workers and consumers. Biden and Harris, along with the cabinet officers and staff of the executive branch, revived an older ideology calling for the government to promote the interests of the American people as a whole. This means regulating business and providing government services and oversight to make sure no interest can run the table. 

What the two different worldviews look like was on display earlier this month, when Republicans and a few Democrats in the Senate killed a bipartisan expansion of the child tax credit, a tax break for parents with dependent children. A hike in that credit during the pandemic cut child poverty dramatically, only for that rate to bounce back when the pandemic relief expired and dropped five million U.S. children back into poverty in 2022. The Center on Budget and Policy Priorities noted that the change “underscores the fact that the number of children living in poverty is a policy choice.”

On January 31, 2024, the House passed an expansion of the child tax credit that was smaller than the one in place during the pandemic, and Republican vice presidential hopeful Ohio senator J.D. Vance, who has been criticized for comments about “childless cat ladies,” seemed to support the measure when he said, “If you’re raising children in this country, we should make it easier, not harder. And unfortunately it’s way too expensive and way too difficult.” He then falsely accused Democratic presidential candidate Kamala Harris of calling for ending the child tax credit (she has actually called for expanding it).  

But Vance missed the vote, and before it, Senator Thom Tillis (R-NC) told colleagues that passing the bill would “give Harris a win before the election.” According to Chabeli Carranzana of The 19th, Tillis “printed out fake checks made out to ‘millions of American voters’ with the memo: ‘Don’t forget to vote for Kamala!’”  

The two different worldviews were also on display Monday night when Republican presidential candidate Donald Trump complimented X owner Elon Musk for firing workers who threatened to strike. The right to strike is protected under federal labor law, and the Biden-Harris administration has stood firmly for workers’ rights. 

On Tuesday the United Auto Workers union filed charges against Trump and Musk with the National Labor Relations Board for threatening and intimidating workers. “When we say Trump stands against everything our union stands for, this is what we mean,” said UAW president Shawn Fain. 

Tonight, Trump gave a speech in Asheville, North Carolina, that was supposed to be about the economy. Before he could appear, Trump had to pay the city $82,247.60 in advance, with city officials apparently concerned about the candidate’s habit of skipping out on costs associated with his rallies. Once on stage, he tossed economic issues overboard and concentrated on personal attacks on Biden and Harris, along with stream-of-consciousness musings on tampons and socialism. Apparently speaking of his campaign aides, he said: They wanted to do a speech on the economy. They say it’s the most important subject. I’m not sure it is.”

The era of unfettered markets and the concentration of wealth may be coming to an end. In late July, the finance leaders of the Group of 20 (G20), a forum of the world’s major economies, agreed to cooperate on fair taxation of  "ultra-high-net-worth individuals,” although they did not agree as to whichinternational body should lead. 

But yesterday, Joe Perticone of The Bulwark noted that MAGA Republicans appear to have figured out a way to use the struggle over the nation’s economic ideology to elect Trump. 

The House recessed in late July having failed to pass a single one of the 12 appropriations bills the government needs to stay in operation because, although the appropriations bills are traditionally kept “clean” of anything extraneous, extremist members of the House Freedom Caucus insist on making extreme cuts and adding their culture war items to the bills. Congress doesn’t reconvene until early September, and the new fiscal year starts on October 1, leaving the House very little time to pass the necessary bills.

Yesterday, members of the House Freedom Caucus called for Republicans to return to Washington, D.C., to pass the bills “to cut spending and advance our policy priorities.” If they can’t pass the bills—and they failed all spring—the extremists want a short-term fix just into “President Trump’s second term.” But they also want the fix to include the SAVE Act, “as called for by President Trump—to prevent noncitizens from voting [and] to preserve free and fair elections in light of the millions of illegal aliens imported by the Biden-Harris administration over the last four years.” 

It is already illegal for noncitizens to vote in federal elections. As Perticone notes, Trump’s own 2017 commission to find evidence that undocumented immigrants voted in 2016 disbanded without finding any, and another audit, led by Georgia Republicans before the 2022 midterms, found not a single successful attempt of noncitizens to vote in the previous five years. 

Perticone reports that the measure is designed to suppress legitimate Democratic voting and, if Trump still loses, by claiming that Trump lost, again, because the election was stolen by illegal voters.

Trump continues to insist that Biden’s replacement at the top of the Democratic ticket was a “coup,” partly because he wants to face off against Biden, rather than Harris. But he also is priming his supporters to believe that those Americans who want the government to work for them rather than the very wealthy are illegitimate.

LETTERS FROM AN AMERICAN

HEATHER COX RICHARDSON

[dontmeantobepoliticalbut]

When Hurricane Ian pummeled Florida last week, it left a stunning trail of physical devastation in its wake. Entire neighborhoods vanished beneath water, cities were shredded by 150-mile-per-hour winds, and thousands of people lost their homes overnight.

Though the storm has since dissipated, it will bring even more turmoil to the Sunshine State in the coming months — but this damage will be financial rather than physical. Ratings agencies and real estate companies have estimated the storm’s damages at anywhere between $30 and $60 billion, which would make it one of the largest insured loss events in U.S. history.

Wind damage is covered by standard homeowner’s insurance, and the payouts necessitated by Hurricane Ian’s extensive wreckage are likely to accelerate the collapse of the state’s homeowner’s insurance industry, driving private companies into bankruptcy and forcing thousands more Floridians into a state-run program with questionable long-term prospects. The process offers an early view of the way that natural disasters fueled by climate change threaten to upend regional economies.

Home insurance costs are poised to skyrocket for all Floridians — not just those who live in the places most vulnerable to major storms. The state will be forced to impose new taxes and penalties as it tries to keep the market afloat. New burdens will fall largely on low- and middle-income homeowners. For many working class Floridians, homeownership may become impossible to afford as a result.

“We already have a housing affordability crisis, and now we’re adding this new pressure,” said Zac Taylor, a professor at the Delft University of Technology who has studied climate risk in Florida and grew up in the city of Tampa. “Insurance is potentially the thing that is destabilizing homeownership — ironically, because it’s the thing that’s supposed to protect [homeownership] and make it possible.”

While homeowner’s insurance nationwide averages around $1500 a year, Floridians already pay almost three times as much. The state’s insurance market has been struggling ever since Hurricane Andrew made landfall south of Miami in 1992 and damaged more than 150,000 buildings. After Andrew, large private insurers like Travelers and Allstate froze their business in the state rather than risk having to pay for future disasters. This led to the creation of a public option called Citizens, which functions as an “insurer of last resort” for people who can’t find private coverage. The state also subsidized small “specialty” insurers who would only offer homeowner’s coverage in Florida, shifting market share away from national companies.

But this local market has begun to teeter in recent years, even in the absence of any major hurricanes. One reason is that Florida has become a hotbed for sham roof-repair lawsuits. Shady contractors approach a homeowner and offer her a free new roof, then file a claim with her insurer on her behalf, even if her roof didn’t actually suffer any insurable damage. Then, the contractors litigate the claim until the insurer settles. This has gotten quite expensive for insurers in the state: Florida accounted for 8% of all homeowner’s insurance claims in the United States in 2019, but more than 75% of all insurance lawsuits.

At the same time, it has become much more expensive for insurance companies to purchase their own insurance. The companies buy this so-called “reinsurance” to guarantee that they have enough money to make large payouts after big disasters, but the large global companies that sell reinsurance have gotten cagey about offering it in Florida, considering that the state has built millions of additional homes in areas vulnerable to natural disasters even as climate change increases their risk. The reinsurance companies have raised prices to account for this, and many local insurers have struggled to keep up with the costs.

The high costs of litigation and reinsurance had already driven six local insurers bankrupt so far this year, even before Hurricane Ian. In the summer, a ratings firm called Demotech threatened to downgrade several other specialty insurers, saying they weren’t stable enough to deal with a big storm. That downgrade would have made them worthless in the eyes of major lenders and effectively removed them from the market. It caused a flurry of concern from state lawmakers, one of whom said the market was about to “collapse.”

Hurricane Ian is likely to hasten that collapse by driving at least a few more homeowner’s insurance companies into bankruptcy. If Ian’s damages are close to the estimated $30 to $50 billion, it would be especially catastrophic for Florida’s already-struggling specialty insurers. The companies that do survive will have to pay even more for reinsurance, which will force them to further raise prices.

“I would predict the price of insurance will go up in Florida, or, certainly insurers will be looking for price increases,” Alice Hill, a climate change and insurance expert at the Council on Foreign Relations, told Grist. “It’s proving to be risky, particularly with climate change, looking at these storms intensifying more quickly.… Homeowner’s insurance is written on a year-by-year basis, so if a big event comes through, there’s a change next year.”

New bankruptcies and price hikes on the private market would drive thousands more Floridians to Citizens, the public insurance provider that the state established after Hurricane Andrew. The number of Floridians enrolled in Citizens has already surged over the past decade as other private insurers have collapsed, and this year the program surpassed 1 million policyholders for the first time, having doubled in size over two years. It controls around 15% of the insurance market — and more than twice that in especially vulnerable places like Miami.

“You’re going to see a big increase in the number of policies going to Citizens, and you could see a significant portion of the private market just go away,” said Charles Nyce, a professor of risk management at Florida State University and an expert on the state’s insurance market. “And the more of the market Citizens takes, the more at risk the state is.”

That’s because the state is on the hook to help Citizens pay out claims after big storms. Citizens has about $13 billion right now, and early estimates suggest that claims from Ian will only cost the program around $4 billion, so it’s not in any immediate financial jeopardy. But the program will balloon in size over the coming years as it absorbs all the people who lose coverage on the private market after Ian, and its expanding roster will leave it more vulnerable to the next big storm. If another Ian comes around, Citizens might find itself short on cash.

This would force Citizens to make what is called an assessment, or a “hurricane tax” in local lingo. When the program faces financial difficulties, it can impose a surcharge on every person in Florida who buys any kind of property insurance, from home insurance to auto insurance to business insurance. This surcharge acts as a kind of tax subsidy for people in vulnerable areas: Everyone in Florida ponies up to ensure the state can help storm victims rebuild.

“That’s the biggest concern I have,” said Nyce. “Say you’re a single mom working in Orlando living in an apartment, but yet you have to own a car. Now you’re paying an assessment on your auto insurance to subsidize someone who lives on the beach.”

Since Hurricane Ian is unlikely to stem the tide of new arrivals to Florida — and since the only insurance option for these new arrivals will be Citizens — Nyce said that these assessments could become much more common as the years go on. In the past they have never exceeded around 1.5% of annual insurance bills, but future storms could drive that number higher.

Citizens can also issue bonds to fund payouts, said Nyce. But because it would issue those bonds against the state’s credit rating, doing so could dampen the state’s own ability to borrow money, again leading to higher costs down the road. And the more tax revenue the state spends propping up Citizens, the less it has to fund other essential services like education and transportation.

The upshot is that Hurricane Ian could make life in Florida a lot more expensive for everyone in the state who owns a home or a car. Decades of rapid development and a new era of supercharged storms have created a risk burden that is impossible for the private insurance market to bear. Now, in the aftermath of Ian, the state’s 21 million residents will assume more and more of that risk, and their wallets will see its earliest effects.

For an example of how these costs might impact vulnerable Floridians, Taylor pointed to the community of Miami Gardens, a majority-Black community in the Miami metroplex that is one of the last places in the region where homes are affordable.

“How is this community supposed to reduce its risk?” they said. “How are homeowners going to deal with this? We’re talking potentially the equivalent of multiple monthly mortgage payments … and this is not poised to go [back] down. Fewer and fewer people are going to be able to afford their houses.”

[mostlysignssomeportents]

Tesla's Dieselgate

Elon Musk lies a lot. He lies about being a “utopian socialist.” He lies about being a “free speech absolutist.” He lies about which companies he founded:

https://www.businessinsider.com/tesla-cofounder-martin-eberhard-interview-history-elon-musk-ev-market-2023-2 He lies about being the “chief engineer” of those companies:

https://www.quora.com/Was-Elon-Musk-the-actual-engineer-behind-SpaceX-and-Tesla

He lies about really stupid stuff, like claiming that comsats that share the same spectrum will deliver steady broadband speeds as they add more users who each get a narrower slice of that spectrum:

https://www.eff.org/wp/case-fiber-home-today-why-fiber-superior-medium-21st-century-broadband

The fundamental laws of physics don’t care about this bullshit, but people do. The comsat lie convinced a bunch of people that pulling fiber to all our homes is literally impossible — as though the electrical and phone lines that come to our homes now were installed by an ancient, lost civilization. Pulling new cabling isn’t a mysterious art, like embalming pharaohs. We do it all the time. One of the poorest places in America installed universal fiber with a mule named “Ole Bub”:

https://www.newyorker.com/tech/annals-of-technology/the-one-traffic-light-town-with-some-of-the-fastest-internet-in-the-us

Previous tech barons had “reality distortion fields,” but Musk just blithely contradicts himself and pretends he isn’t doing so, like a budget Steve Jobs. There’s an entire site devoted to cataloging Musk’s public lies:

https://elonmusk.today/

But while Musk lacks the charm of earlier Silicon Valley grifters, he’s much better than they ever were at running a long con. For years, he’s been promising “full self driving…next year.”

https://pluralistic.net/2022/10/09/herbies-revenge/#100-billion-here-100-billion-there-pretty-soon-youre-talking-real-money

He’s hasn’t delivered, but he keeps claiming he has, making Teslas some of the deadliest cars on the road:

https://www.washingtonpost.com/technology/2023/06/10/tesla-autopilot-crashes-elon-musk/

Tesla is a giant shell-game masquerading as a car company. The important thing about Tesla isn’t its cars, it’s Tesla’s business arrangement, the Tesla-Financial Complex:

https://pluralistic.net/2021/11/24/no-puedo-pagar-no-pagara/#Rat

Once you start unpacking Tesla’s balance sheets, you start to realize how much the company depends on government subsidies and tax-breaks, combined with selling carbon credits that make huge, planet-destroying SUVs possible, under the pretense that this is somehow good for the environment:

https://pluralistic.net/2021/04/14/for-sale-green-indulgences/#killer-analogy

But even with all those financial shenanigans, Tesla’s got an absurdly high valuation, soaring at times to 1600x its profitability:

https://pluralistic.net/2021/01/15/hoover-calling/#intangibles

That valuation represents a bet on Tesla’s ability to extract ever-higher rents from its customers. Take Tesla’s batteries: you pay for the battery when you buy your car, but you don’t own that battery. You have to rent the right to use its full capacity, with Tesla reserving the right to reduce how far you go on a charge based on your willingness to pay:

https://memex.craphound.com/2017/09/10/teslas-demon-haunted-cars-in-irmas-path-get-a-temporary-battery-life-boost/

That’s just one of the many rent-a-features that Tesla drivers have to shell out for. You don’t own your car at all: when you sell it as a used vehicle, Tesla strips out these features you paid for and makes the next driver pay again, reducing the value of your used car and transfering it to Tesla’s shareholders:

https://www.theverge.com/2020/2/6/21127243/tesla-model-s-autopilot-disabled-remotely-used-car-update

To maintain this rent-extraction racket, Tesla uses DRM that makes it a felony to alter your own car’s software without Tesla’s permission. This is the root of all autoenshittification:

https://pluralistic.net/2023/07/24/rent-to-pwn/#kitt-is-a-demon

This is technofeudalism. Whereas capitalists seek profits (income from selling things), feudalists seek rents (income from owning the things other people use). If Telsa were a capitalist enterprise, then entrepreneurs could enter the market and sell mods that let you unlock the functionality in your own car:

https://pluralistic.net/2020/06/11/1-in-3/#boost-50

But because Tesla is a feudal enterprise, capitalists must first secure permission from the fief, Elon Musk, who decides which companies are allowed to compete with him, and how.

Once a company owns the right to decide which software you can run, there’s no limit to the ways it can extract rent from you. Blocking you from changing your device’s software lets a company run overt scams on you. For example, they can block you from getting your car independently repaired with third-party parts.

But they can also screw you in sneaky ways. Once a device has DRM on it, Section 1201 of the DMCA makes it a felony to bypass that DRM, even for legitimate purposes. That means that your DRM-locked device can spy on you, and because no one is allowed to explore how that surveillance works, the manufacturer can be incredibly sloppy with all the personal info they gather:

https://www.cnbc.com/2019/03/29/tesla-model-3-keeps-data-like-crash-videos-location-phone-contacts.html

All kinds of hidden anti-features can lurk in your DRM-locked car, protected from discovery, analysis and criticism by the illegality of bypassing the DRM. For example, Teslas have a hidden feature that lets them lock out their owners and summon a repo man to drive them away if you have a dispute about a late payment:

https://tiremeetsroad.com/2021/03/18/tesla-allegedly-remotely-unlocks-model-3-owners-car-uses-smart-summon-to-help-repo-agent/

DRM is a gun on the mantlepiece in Act I, and by Act III, it goes off, revealing some kind of ugly and often dangerous scam. Remember Dieselgate? Volkswagen created a line of demon-haunted cars: if they thought they were being scrutinized (by regulators measuring their emissions), they switched into a mode that traded performance for low emissions. But when they believed themselves to be unobserved, they reversed this, emitting deadly levels of NOX but delivering superior mileage.

The conversion of the VW diesel fleet into mobile gas-chambers wouldn’t have been possible without DRM. DRM adds a layer of serious criminal jeopardy to anyone attempting to reverse-engineer and study any device, from a phone to a car. DRM let Apple claim to be a champion of its users’ privacy even as it spied on them from asshole to appetite:

https://pluralistic.net/2022/11/14/luxury-surveillance/#liar-liar

Now, Tesla is having its own Dieselgate scandal. A stunning investigation by Steve Stecklow and Norihiko Shirouzu for Reuters reveals how Tesla was able to create its own demon-haunted car, which systematically deceived drivers about its driving range, and the increasingly desperate measures the company turned to as customers discovered the ruse:

https://www.reuters.com/investigates/special-report/tesla-batteries-range/

The root of the deception is very simple: Tesla mis-sells its cars by falsely claiming ranges that those cars can’t attain. Every person who ever bought a Tesla was defrauded.

But this fraud would be easy to detect. If you bought a Tesla rated for 353 miles on a charge, but the dashboard range predictor told you that your fully charged car could only go 150 miles, you’d immediately figure something was up. So your Telsa tells another lie: the range predictor tells you that you can go 353 miles.

But again, if the car continued to tell you it has 203 miles of range when it was about to run out of charge, you’d figure something was up pretty quick — like, the first time your car ran out of battery while the dashboard cheerily informed you that you had 203 miles of range left.

So Teslas tell a third lie: when the battery charge reached about 50%, the fake range is replaced with the real one. That way, drivers aren’t getting mass-stranded by the roadside, and the scam can continue.

But there’s a new problem: drivers whose cars are rated for 353 miles but can’t go anything like that far on a full charge naturally assume that something is wrong with their cars, so they start calling Tesla service and asking to have the car checked over.

This creates a problem for Tesla: those service calls can cost the company $1,000, and of course, there’s nothing wrong with the car. It’s performing exactly as designed. So Tesla created its boldest fraud yet: a boiler-room full of anti-salespeople charged with convincing people that their cars weren’t broken.

This new unit — the “diversion team” — was headquartered in a Nevada satellite office, which was equipped with a metal xylophone that would be rung in triumph every time a Tesla owner was successfully conned into thinking that their car wasn’t defrauding them.

When a Tesla owner called this boiler room, the diverter would run remote diagnostics on their car, then pronounce it fine, and chide the driver for having energy-hungry driving habits (shades of Steve Jobs’s “You’re holding it wrong”):

https://www.wired.com/2010/06/iphone-4-holding-it-wrong/

The drivers who called the Diversion Team weren’t just lied to, they were also punished. The Tesla app was silently altered so that anyone who filed a complaint about their car’s range was no longer able to book a service appointment for any reason. If their car malfunctioned, they’d have to request a callback, which could take several days.

Meanwhile, the diverters on the diversion team were instructed not to inform drivers if the remote diagnostics they performed detected any other defects in the cars.

The diversion team had a 750 complaint/week quota: to juke this stat, diverters would close the case for any driver who failed to answer the phone when they were eventually called back. The center received 2,000+ calls every week. Diverters were ordered to keep calls to five minutes or less.

Eventually, diverters were ordered to cease performing any remote diagnostics on drivers’ cars: a source told Reuters that “Thousands of customers were told there is nothing wrong with their car” without any diagnostics being performed.

Predicting EV range is an inexact science as many factors can affect battery life, notably whether a journey is uphill or downhill. Every EV automaker has to come up with a figure that represents some kind of best guess under a mix of conditions. But while other manufacturers err on the side of caution, Tesla has the most inaccurate mileage estimates in the industry, double the industry average.

Other countries’ regulators have taken note. In Korea, Tesla was fined millions and Elon Musk was personally required to state that he had deceived Tesla buyers. The Korean regulator found that the true range of Teslas under normal winter conditions was less than half of the claimed range.

Now, many companies have been run by malignant narcissists who lied compulsively — think of Thomas Edison, archnemesis of Nikola Tesla himself. The difference here isn’t merely that Musk is a deeply unfit monster of a human being — but rather, that DRM allows him to defraud his customers behind a state-enforced opaque veil. The digital computers at the heart of a Tesla aren’t just demons haunting the car, changing its performance based on whether it believes it is being observed — they also allow Musk to invoke the power of the US government to felonize anyone who tries to peer into the black box where he commits his frauds.

If you'd like an essay-formatted version of this post to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:

https://pluralistic.net/2023/07/28/edison-not-tesla/#demon-haunted-world

This Sunday (July 30) at 1530h, I’m appearing on a panel at Midsummer Scream in Long Beach, CA, to discuss the wonderful, award-winning “Ghost Post” Haunted Mansion project I worked on for Disney Imagineering.

Image ID [A scene out of an 11th century tome on demon-summoning called 'Compendium rarissimum totius Artis Magicae sistematisatae per celeberrimos Artis hujus Magistros. Anno 1057. Noli me tangere.' It depicts a demon tormenting two unlucky would-be demon-summoners who have dug up a grave in a graveyard. One summoner is held aloft by his hair, screaming; the other screams from inside the grave he is digging up. The scene has been altered to remove the demon's prominent, urinating penis, to add in a Tesla supercharger, and a red Tesla Model S nosing into the scene.]

Image: Steve Jurvetson (modified) https://commons.wikimedia.org/wiki/File:Tesla_Model_S_Indoors.jpg

CC BY 2.0 https://creativecommons.org/licenses/by/2.0/deed.en

[robertreich]

How Wall Street Priced You Out of a Home

Rent is skyrocketing and home buying is out of reach for millions. One big reason why? Wall Street.

Hedge funds and private equity firms have been buying up hundreds of thousands of homes that would otherwise be purchased by people. Wall Street’s appetite for housing ramped up after the 2008 financial crisis. As you’ll recall, the Street’s excessive greed created a housing bubble that burst. Millions of people lost their homes to foreclosure.

Did the Street learn a lesson? Of course not. It got bailed out. Then it began picking off the scraps of the housing market it had just destroyed, gobbling up foreclosed homes at fire-sale prices — which it then sold or rented for big profits.

Investor purchases hit their peak in 2022, accounting for around 28% of all home sales in America.

Home buyers frequently reported being outbid by cash offers made by investors. So called “iBuyers” used algorithms to instantly buy homes before offers could even be made by actual humans.

If the present trend continues, by 2030, Wall Street investors may control 40% of U.S. single-family rental homes.

Partly as a result, homeownership — a cornerstone of generational wealth and a big part of the American dream — is increasingly out of reach for a large number of Americans, especially young people.

Now, Wall Street’s feasting has slowed recently due to rising home prices — even the wolves of Wall Street are falling victim to sticker shock. But that hasn’t stopped them from specifically targeting more modestly priced homes — buying up a record share of the country’s most affordable homes at the end of 2023.

They’ve also been most active in bigger cities, particularly in the Sun Belt, which has become an increasingly expensive place to live. And they’re pointedly going after neighborhoods that are home to communities of color.

For example, in one diverse neighborhood in Charlotte, North Carolina, Wall Street-backed investors bought half of the homes that sold in 2021 and 2022. On a single block, investors bought every house but one, and turned them into rentals.

Folks, it’s a vicious cycle: First you’re outbid by investors, then you may be stuck renting from them at excessive prices that leave you with even less money to put up for a new home. Rinse. Repeat.

Now I want to be clear: This is just one part of the problem with housing in America. The lack of supply is considered the biggest reason why home prices and rents have soared — and are outpacing recent wage gains. But Wall Street sinking its teeth into whatever is left on the market is making the supply problem even worse.

So what can we do about this? Start by getting Wall Street out of our homes.

Democrats have introduced a bill in both houses of Congress to ban hedge funds and private equity firms from buying or owning single-family homes.

If signed into law, this could increase the supply of homes available to individual buyers — thereby making housing more affordable.

President Biden has also made it a priority to tackle the housing crisis, proposing billions in funding to increase the supply of homes and tax credits to help actual people buy them.

Now I have no delusions that any of this will be easy to get done. But these plans provide a roadmap of where the country could head — under the right leadership.

So many Americans I meet these days are cynical about the country. I understand their cynicism. But cynicism can be a self-fulfilling prophecy if it means giving up the fight.

The captains of American industry and Wall Street would like nothing better than for the rest of us to give up that fight, so they can take it all.

I say we keep fighting.

[simply-ivanka]

How the Biden-Harris Economy Left Most Americans Behind

A government spending boom fueled inflation that has crushed real average incomes.

By The Editorial Board -- Wall Street Journal

Kamala Harris plans to roll out her economic priorities in a speech on Friday, though leaks to the press say not to expect much different than the last four years. That’s bad news because the Biden-Harris economic record has left most Americans worse off than they were four years ago. The evidence is indisputable.

President Biden claims that he inherited the worst economy since the Great Depression, but this isn’t close to true. The economy in January 2021 was fast recovering from the pandemic as vaccines rolled out and state lockdowns eased. GDP grew 34.8% in the third quarter of 2020, 4.2% in the fourth, and 5.2% in the first quarter of 2021. By the end of that first quarter, real GDP had returned to its pre-pandemic high. All Mr. Biden had to do was let the recovery unfold.

Instead, Democrats in March 2021 used Covid relief as a pretext to pass $1.9 trillion in new spending. This was more than double Barack Obama’s 2009 spending bonanza. State and local governments were the biggest beneficiaries, receiving $350 billion in direct aid, $122 billion for K-12 schools and $30 billion for mass transit. Insolvent union pension funds received a $86 billion rescue.

The rest was mostly transfer payments to individuals, including a five-month extension of enhanced unemployment benefits, a $3,600 fully refundable child tax credit, $1,400 stimulus payments per person, sweetened Affordable Care Act subsidies, an increased earned income tax credit including for folks who didn’t work, housing subsidies and so much more.

The handouts discouraged the unemployed from returning to work and fueled consumer spending, which was already primed to surge owing to pent-up savings from the Covid lockdowns and spending under Donald Trump. By mid-2021, Americans had $2.3 trillion in “excess savings” relative to pre-pandemic levels—equivalent to roughly 12.5% of disposable income.

So much money chasing too few goods fueled inflation, which was supercharged by the Federal Reserve’s accommodative policy. Historically low mortgage rates drove up housing prices. The White House blamed “corporate greed” for inflation that peaked at 9.1% in June 2022, even as the spending party in Washington continued.

In November 2021, Congress passed a $1 trillion bill full of green pork and more money for states. Then came the $280 billion Chips Act and Mr. Biden’s Green New Deal—aka the Inflation Reduction Act—which Goldman Sachs estimates will cost $1.2 trillion over a decade. Such heaps of government spending have distorted private investment.

While investment in new factories has grown, spending on research and development and new equipment has slowed. Overall private fixed investment has grown at roughly half the rate under Mr. Biden as it did under Mr. Trump. Manufacturing output remains lower than before the pandemic.

Magnifying market misallocations, the Administration conditioned subsidies on businesses advancing its priorities such as paying union-level wages and providing child care to workers. It also boosted food stamps, expanded eligibility for ObamaCare subsidies and waved away hundreds of billions of dollars in student debt. The result: $5.8 trillion in deficits during Mr. Biden’s first three years—about twice as much as during Donald Trump’s—and the highest inflation in four decades.

Prices have increased by nearly 20% since January 2021, compared to 7.8% during the Trump Presidency. Inflation-adjusted average weekly earnings are down 3.9% since Mr. Biden entered office, compared to an increase of 2.6% during Mr. Trump’s first three years. (Real wages increased much more in 2020, but partly owing to statistical artifacts.)

Higher interest rates are finally bringing inflation under control, which is allowing real wages to rise again. But the Federal Reserve had to raise rates higher than it otherwise would have to offset the monetary and fiscal gusher. The higher rates have pushed up mortgage costs for new home buyers.

Three years of inflation and higher interest rates are stretching American pocketbooks, especially for lower income workers. Seriously delinquent auto loans and credit cards are higher than any time since the immediate aftermath of the 2008-09 recession.

Ms. Harris boasts that the economy has added nearly 16 million jobs during the Biden Presidency—compared to about 6.4 million during Mr. Trump’s first three years. But most of these “new” jobs are backfilling losses from the pandemic lockdowns. The U.S. has fewer jobs than it was on track to add before the pandemic.

What’s more, all the Biden-Harris spending has yielded little economic bang for the taxpayer buck. Washington has borrowed more than $400,000 for every additional job added under Mr. Biden compared to Mr. Trump’s first three years. Most new jobs are concentrated in government, healthcare and social assistance—60% of new jobs in the last year.

Administrative agencies are also creating uncertainty by blitzing businesses with costly regulations—for instance, expanding overtime pay, restricting independent contractors, setting stricter emissions limits on power plants and factories, micro-managing broadband buildout and requiring CO2 emissions calculations in environmental reviews.

The economy is still expanding, but business investment has slowed. And although the affluent are doing relatively well because of buoyant asset prices, surveys show that most Americans feel financially insecure. Thus another political paradox of the Biden-Harris years: Socioeconomic disparities have increased.

Ms. Harris is promising the same economic policies with a shinier countenance. Don’t expect better results.

[socialjusticeinamerica]

They don’t even know of a time when life was better in America. Actually Gen X was the first generation in America not to do better than their parents. The same being true for the last few years of the Boomer generation. Y also is struggling.

The lady Boomers and X’ers remember what it was like before Reagan took over and busted unions in 1980. Wages dropped, factory owners took their shops to the Deep South where unions had long since been busted or never allowed to set up in the first place. Then the oligarchs outsourced their work and shuttered factories nationwide.

Before Reagan one parent working 40 hrs a week at a union job could afford a mortgage, a new car, medical insurance, and college for their 2.5 kids. That also applied to “minorities” or marginalized people who benefitted from union protections and negotiated standard pay scales.

With Reagan a home went from two years salary to 10+ years salary. Tuition did the same. Cars that cost a month’s salary soared to a year’s salary. Wages have remained stagnant for about 40 years. The wealthy paid high taxes and we had everything. Now the remnants of the middle class pay the bulk of taxes while multimillionaires and billionaires pay little or even nothing. Credit card interest soared to over 20% in some cases while Republikkkans passed laws making it easier for those card companies to sue you whilst making it nearly impossible for you to sue them. Mentally disabled people were literally dumped into the streets causing widespread homeless which is criminalized in affluent areas and red states. Guns and drugs flooded the streets. Bigoted white nationalists became radicalized when Reagan granted Australian Rupert Murdoch citizenship so he could open Fox News and then shut down the Fairness Doctrine so propaganda could be spread under the guise of news.

All the societal problems we suffer today began with the birth of the modern RepubliKKKan party led by their racist Dotard Ronald Reagan in 1980. The GOP became an organized crime syndicate and the government became a tool for the rich. The middle class shrunk from a sizeable percentage of the population to a handful of areas in the north and along the west coast. Many foolish people believe themselves to be in the middle class but in fact they are just perpetual debtors.

If you’re young your first reaction might be to blame the Boomers because that’s incorrectly become a marketed belief. The Boomer generation fought against the GOP and its wars, racism, pollution, big oil, corporate welfare, and black hole military industrial complex. They were the hippies and political activists that marched on Washington and other places. They booted the racist Dixiecrats (southern conservative racist Dems) from the Democratic Party while shifting educated liberals left. Sadly the GOP under Nixon and his colleagues welcomed the racists and conservative nut jobs. Don’t fight a generational war when you should be fighting a class/culture/political war.

The younger generation needs to educate itself about the political parties and how life was better just a few decades back and begin to vote. Vote, then organize in the workplace through unions and in the streets to attract more young voters and to counter protest the Republikkkan right-wing oligarch take-over of America. Complaining and taking refuge in the internet won’t turn things around. Become politically active, become stoke, bring back lower tuition, affordable health care, labor unions, workers rights, voters rights, etc.

[mariacallous]

On Sunday, Speaker of the House Mike Johnson went on television and mixed up Iran and Israel. “We passed the support for Iran many months ago,” he told Meet the Press, erroneously referring to an aid package for the Jewish state. Last night, the Fox News prime-time host Jesse Watters introduced South Dakota Governor Kristi Noem as hailing from South Carolina. I once joined a cable-news panel where one of the participants kept confusing then–Attorney General Jeff Sessions with Representative Pete Sessions of Texas. I don’t hold these errors against anyone, as they are some of the most common miscues made by people who talk for a living—and I’m sure my time will come.

Yesterday, President Joe Biden added another example to this list. In response to a question about Gaza, he referred to the Egyptian leader Abdel Fattah al-Sisi as the president of Mexico. The substance of Biden’s answer was perfectly cogent. The off-the-cuff response included geographic and policy details not just about Egypt, but about multiple Middle Eastern players that most Americans probably couldn’t even name. The president clearly knew whom and what he was talking about; he just slipped up the same way Johnson and so many others have. But the flub could not have come at a worse time. Because the press conference had been called to respond to Special Counsel Robert Hur’s report on Biden’s handling of classified documents, which dubbed the president an “elderly man with a poor memory,” the Mexico gaffe was immediately cast by critics as confirmation of Biden’s cognitive collapse.

But the truth is, mistakes like these are nothing new for Biden, who has been mixing up names and places for his entire political career. Back in 2008, he infamously introduced his running mate as “the next president of the United States, Barack America.” At the time, Biden’s well-known propensity for bizarre tangents, ahistorical riffs, and malapropisms compelled Slate to publish an entire column explaining “why Joe Biden’s gaffes don’t hurt him much.” The article included such gems as the time that then-Senator Biden told the journalist Katie Couric that “when the markets crashed in 1929, ‘Franklin Roosevelt got on the television and didn’t just talk about the princes of greed. He said, “Look, here’s what happened.”’” The only problem with this story, Slate laconically noted, was that “FDR wasn’t president then, nor did television exist.”

In other words, even a cursory history of Biden’s bungling shows that he is the same person he has always been, just older and slower—a gaffe-prone, middling public speaker with above-average emotional intelligence and an instinct for legislative horse-trading. This is why Biden’s signature moments as a politician have been not set-piece speeches, but off-the-cuff encounters, such as when he knelt to engage elderly Holocaust survivors in Israel so they would not have to stand, and when he befriended a security guard in an elevator at The New York Times on his way to a meeting with the paper’s editorial board, which declined to endorse him. And it’s why Biden’s key accomplishments—such as the landmark climate-change provisions of the Inflation Reduction Act, the country’s first gun-control bill in decades, and the expected expansion of the child tax credit—have come through Congress. The president’s strength is not orating, but legislating; not inspiring a crowd, but connecting with individuals.

That said, although Biden’s Mexico mistake might not be a demonstration of dementia, it is a warning sign of a different sort that his campaign would be wise to heed. Recently, the White House declined to have Biden participate in the traditional pre–Super Bowl interview this coming Sunday. The administration framed this decision as part of a broader strategy favoring nontraditional media, but it was reasonably seen as an attempt to shield the candidate from scrutiny. The president’s staff is understandably reluctant to put Biden front and center, knowing that his slower speed and inevitable gaffes—both real and fabricated—will feed the mental-acuity narrative. But in actuality, the bar for Biden has been set so laughably low that he can’t help but vault over it simply by showing up. By contrast, limiting his appearances ensures that the public mostly encounters the president through decontextualized social-media clips of his slipups.

As Slate observed in 2008, the frequency of Biden’s rhetorical miscues helped neutralize them in the eyes of the public. In 2024, Biden will have an assist from another source: Donald Trump. Among other recent lapses, the former president has called Hungarian Prime Minister Viktor Orbán “the leader of Turkey,” confused Nancy Pelosi and Nikki Haley, and repeatedly expressed the strange belief that he won the 2020 election. With an opponent prone to vastly worse feats of viscous verbosity, Biden can’t help but look better by comparison, especially if he starts playing offense instead of defense.

But none of this will happen by itself. If the president and his campaign want the headlines to be something other than “Yes, Biden Knows Who the President of Egypt Is,” they’ll have to start making news, not reacting to it.

[rebukerobot]

It's 2095 baby

artist finishes last stroke on sketch of new fursona on piece of plastic scrap. outside the makeshift tarpaulin tent, the oblast is shattered. rubble skitters over itself in the face of a vast and terrifying wheel; an automated razer "re-sanding" the ruined concrete to earn the Lockheed Martin FACE (Fully-Automated Corporate Entity) extra margin space on their "re-geoengineering" tax credit. artist sold their name to a black marketer looking to buy a pre-made reputation, and is too depressed to choose a new one. the recipe for xanax had been lost after Ligma Paul, yes relation, erased the concept of "pill" with a space platform cannon tuned to the collective egoform. back to the fursona, drawn with an antique copic marker on the back of a ruined Electric Jerrycan (trademark). artist unbuttons mandatory UBI-provided Jerkin' Joggers, supplied by gooner stipend, and gets to drilling for white gold. unfortunately they are stopped in their tracks by a red-eyed drone hovering on a bed of ozone and lightning, which gives them a quick scan, then the fursona. an automated alert goes to a remote server, indicating that an unauthorized primagen design has been discovered. however, due to the Great Mormon Upwelling of 2070, all 5, 6, 7, and 8G towers were ripped out of their foundations to prevent "soyonosis", a real disease that only infects mollusks but was hypothesized to be the "cause of autism" (it's actually due to auras, which are real). this causes the robot to pause in place for just long enough for the artist to fire a precision spoot, blinding the drone. They will eat richly tonight. they return to their monumental task, appraising their new fursona. Yes, perhaps one cup size bigger.

[sourcreammachine]

GREEN PARTY MANIFESTO 2024 SUMMARY

tldr: there's a feeling of tension in this manifesto, between youthful zennial climatic ecosocialism and old-guard hippy-liberal environmentalism. this year the greens may well go from 1 MP to the dizzying heights of 2 (there's whispers on the wind that they may even get 3...), and the green council delegation is at 800-odd now, so this could easily be a changing-of-the-guard moment

with the great Berry and the ok Denyer in parliament the party could have more momentum in battling the starmerite government, and with that, it has the ability, the possibility to pick up more momentum. this is a big opportunity in the party's history - over the next five years it can and could be pushed into a holistic ecosocialist movement by the centrally influential mass party membership, and remove the last dregs of its tunnel vision to provide a lefty movement for everyone, green and pink, a Newfoundland coalition. with votes at 16 on the cards and this potential evolution of the party, 2029 could be a big moment for this country's left. whether or not the greens play the role of keystone is up to them

it is also the only manifesto to use the term 'neurodivergent'

💷ECONOMY

wealth tax of 1% on individuals with assets over §10m and 2% for assets over §1b (an extremely humble proposal), reform capital gains and investment dividend taxation to be at the same rates as income taxation, remove the income-based bands on national insurance contributions, ie raising total income taxation by 8% at §50k/a, – altogether raising government revenues by upwards of §70b/a

stratify VAT to reduce it for consumer stuff and hike it for stuff like financial services

permanent windfall tax on banks for whenever they get windfalls

perform a holistic land survey to get the data needed for a new, effective Land Tax

abolish the tax relief on existing freeports and SEZs

heavy carbon tax to raise a boatload of billions, rising progressively over a decade to allow industrial adaptation, for a ~§80b state windfall for five years that'll be for green investment as this windfall starts to recede

renationalise water and energy

§15 minimum wage, 10:1 pay ratio for all organisations public and private (ie §150 sort-of maximum wage, ~§300k/a), mandatory equal pay audits, 'support' lower hours and four-day weeks [clarification needed]

unambiguously define gig workers as workers with contract rights from day one, repeat offenders of gig-slavery will be banned from operating in the country

every City bank required to produce a strategy with a clear pathway to divestment of all fossil fuels "as soon as possible and at least by 2030", every City non-banking organisation simply to be banned from having fossil fuel in their portfolios, credit to be banned for repeat City climate offenders, mandate the BoE to fulfil the funding of the climate transition and climate leadership of the City, FCA to develop measures to ban fossil fuel share trading in the City and immediately prohibit all new shares in fossil fuels

"we will explore legal ways for companies to be transformed into mutual organisations"😈

develop regional cooperative banks to invest in regional SMEs, coops and community enterprises

diversify crop growth, promote local agricultural cooperatives and peripheral urban horticultural farms, give farmers a sort of collective bargain against grocers

aim towards a circular economy: require ten-year warranties on white goods, rollout of right-to-repair

tighten monopoly laws on media with a hard cap preventing >20% of a media market being owned by one individual or company and implement Leveson 2

🏥PUBLIC SERVICES

abolish tuition fees and cancel standing debt

surge nhs funding by §30B, triple labour's spending plans for everything, the entire budget, the entire state, everything

free personal care, with occupational therapy being part of this

35h/w free child care (eg seven hours over five days, or seven days of five hours)

renationalise many academies under local authorities, abolish the "charity" status of private schools and charge VAT

surge funding for smoking-cessation, addiction support and sexual health service

surge funding for public dentistry with free care for children and low-earners

free school breakfasts in primary school and free school lunches for all schools

one-month guarantee of access to mental health therapies

online access to PrEP

let school playing fields be used in the evenings by local sports clubs

greater funding for civic sports facilities and pools

🏠HOUSING

unambiguously-under-the-law nationalise the crown estate for an absolute fuckton of land and assets for housing and for green energy and rewilding for FREE

rent control for local authorities, ban no-fault evictions and introduce long-term leases, create private tenancy boards of tenants

local authorities to have right of first refusal on the purchase of certain properties at aggressive rates, such as unoccupied or uninsulated buildings

all new homes to be Passivhaus standard with mandatory solar panels and heat pumps

§30B across five years to insulate homes, §12B of which is for social homes, and §9B more for heat pumps, and §7B more for summer cooling

planning law reform: council planning mechanisms to priorities little developments all over the place rather than sprawling blobs, demolitions to require as thorough a planning application as erections, new developments required to not be car dependent

planning laws to require large-scale developments feature access to key community infrastructures such as transport, health and education, often mandating the construction of new key infrastructures, support nightlife and local culture in planning regulations

exempt pubs and local cultural events from VAT

building materials to be reusable, builders' waste rates to be surged to encourage use of reuse

750k new social homes in five years

🚄TRANSPORT

'a bus service to every village', restore local authority control and/or ownership of their busses

renationalise rail via franchise-concession lapsing, slowly assume ownership of the rolling stock (currently leased, and would continue to be so under labour's implementation of renationalisation) by buying a new train when the stock needs to be replaced

electrification agenda across the rail network, strategic approach to rail line and station reopenings

bring forward (sorta, the tories suspended it but labour says they'll reinstate it) the new petrol car ban from 2030 to 2027, existing petrol cars targeted to be off the road by 2034, investigate road-price charges as a replacement for petrol tax, hike road tax proportionally to vehicle weight, drop urban speed limits from 50kph to 30kph (or from 30mph to 20mph if you only speak Wrong), mass funding for freightrail and support logistics firms transitioning away from lorries

§2.5b/a for footpaths and cycleways, target of 50% of urban journeys to be extravehicular by 2030

frequent-flyer levy, ban on domestic flights within three-hour rail distance, remove the exemption of airline fuel from fuel tax, prioritise training of airline workers into other transportational jobs

👮FORCE

abolish the home office, transfer its police/security portfolio to the justice ministry and its citizenship/migration portfolio to a new migration ministry separate from the criminal justice system

abolish the kill the bill bill and restore the right to protest

recognise palestine, push for immediate ceasefire and prosecution of war crimes, back the south africa case, "[support] an urgent international effort to end the illegal occupation of palestinian land"

grant asylum-seekers the right to work before their application is granted

end the hostile environment

abolish Prevent

end routine stop-and-search and facial recognition

commission to reform 'counterproductive' drug regime, decriminalise personal possession

amend the Online Safety Act to "[protect] political debate from being manipulated by falsehoods, fakes and half-truths", ie actually protecting 'fReE sPeEcH' and not everything that rightists imply by that phrase

decriminalise sex work

reform laws to give artists IP protections against ai

cancel trident and disarm

push for nato reforms (in its and our interest, they're not russophiles, they're not galloway, it's ok): get it to adopt a no-first-use nuclear policy, get it to prioritise diplomatic action first rather than military reaction, get it to adopt a stronger line on only acting for the defence of its member states

right to roam🚶‍♂️

🌱CLIMATE

zero-carbon by 2040, rather than the ephemeral ostensible government target of 2050

stop all new oil/gas licenses, end all subsidy for oil/gas industries, regulate biofuels to end greenwashing, end subsidies for biomass

decarbonise energy by 2030, minimum threshold of energy infrastructures to be community owned, "end the de facto ban on onshore wind" with planning reform

massively expand the connections between the insular grid and the UCTE continental grid to increase electricity import and export and prevent the need for energy autarky

more targeted bans on single-use plastics

"give nature a legal personhood" ok grandma let’s get you to bed

§2b/a to local authorities for local small-business decarbonisation

"cease development of new nuclear power stations, as nuclear energy is much more expensive and slower to develop than renewables. we are clear that nuclear is a distraction from developing renewable energy and the risk to nuclear power stations from extreme climate events is rising fast. nuclear power stations carry an unacceptable risk for the communities living close to facilities and create unmanageable quantities of radioactive waste. they are also inextricably linked with the production of nuclear weapons. green MPs will campaign to phase out existing nuclear power stations." because some people just can't let go of the seventies. nuclear is good. nuclear is our friend

invest in r&d to find solutions to decarbonise 'residual' carbon in the economy, such as HGVs or mobile machinery

increase unharvested woodland by 50% (no time frame given), grants to farmers for scrub rewilding, rewet Pete Boggs, make 30% of the EEZ protected waters and ban bottom trawling

§4b/a in skills training to stop gas communities getting Thatchered, prioritising shifting these workers into offshore wind

a.. licensing scheme for all pet animals? you guys sure about that one

regulate animal farming with a goal of banning factory farms, ban mass routine antibiotics, ban cages/close confinement and animal mutilation

ban all hunting including coursing and "game", ban snaring, ban hunt-landscaping such as grouse moors, end the badger cull, mandate licensing of all animal workers with lifetime striking off for cruelty convictions, compulsory hedgehog holes in new fencing, 'push' for 'ending' horse and dog racing [clarification needed], new criminal offences for stealing and harming pets, 'work towards' banning animal testing

🗳️DEMOCRACY

proportional representation for parliament and all councils

abolish voter ID

votes at sixteen

votes for all visa'd migrants

restore the electoral commission's prosecutory powers and remove the cap on fines it can impose on parties

increase Short Money, especially for smaller parties

create a manifest legal category of organisation for think tanks, to allow better enforcement of lobbying and funding restrictions

consider fun new measures for political accessibility such as MP jobsharing and allowing public provision of offices for all parliamentary candidates

🎲OTHER STUFF

Self-ID including nonbinary recognition, including with an X passport marker

"work towards rejoining the eu as soon as the domestic political situation is favourable", join the eea now (with restored free movement)

let local authorities invest shares in sports teams, including professional ones, dividends ringfenced for public sports facilities and coaching

right to die

[emptymanuscript]

Comment on Fark that is better journalism than I’ve seen in the actual news so far.

Text:

Harris policies last night:

50k Small Business deduction

6k Child Tax Credits

Work with builders to get 3M new homes in the market over 4 years.

Stop price fixing by grocery stores

Support Ukraine and other democracies defending themselves against invasion by dictators.

Restore the standard set by Roe v. Wade.

Strengthen the ACA and increase the percentage of Americans with health insurance by increasing subsidies for people at the bottom end.

Trump Policies last night:

20% Tariffs on all imported goods

Deport millions of people.

"I have a concept of a plan"

When the media comes out and says Trump lost and was super unhinged, but we didn't get enough specific policies out of Kamala last night, I just don't know wtf they're talking about. Like, debates aren't a great place to do a 50 page deep dive into tax policy as a vehicle for social mobility, and what Kamala did was lay out her broad vision for how to create more opportunities for lower and middle class families to be successful.

[neopuppy]

i follow both your nct and enha blogs, so i saw your reply to an ask on your enha blog which also mentioned renjun and it felt wrong messaging you abt him there so i will just message you abt him here haha. hope you don’t mind!!!

have you seen renjun’s message on bbl where he exposed a sasaeng’s twt account? that was bravery right there. i hope that’ll serve as an example to idols and warning to crazy fans

I was going THROUGH it last night bc of this jcjejcjdjd I genuinely dont know if I’d be as concerned if it was anyone other than Renjun only given the circumstances(SM ent. and their long history of torturing idols- plus what was also happening with cbx/exo yesterday)

going to say this as someone who is on my 3rd SM group that I’m watching fall apart in real time once again, this is likely Dreams last run(the irony) as a properly promoted group. the only reason they even still get so much is because they are huge in Asia and have always been(PROBABLY BC SM HAS NEVER ONCE TRIED TO BREAK THEM INTO THE WESTERN MARKET THE WAY THEY DID WITH 127 BUT THATS BC 127 WAS SUPPOSED TO BE FOR US FANS- we know how that went). its so hard to watch your favs literally cry for help and you cant do anything when its their own company working against them.

sasaengs are kept alive by INTERNAL staff that have access to information such as private schedule locations, hotels, flights, etc. why else would the SAME people always conveniently ‘show up’ to unannounced events that were never for ‘fans’ to begin with?

Renjun is one of the handful of actual talented idols we have in the age of 2024 where all kpop idols need to do is buy an entirely new face to debut and be deemed “it boy/girl”, makes me sick to my stomach that he cant do his job peacefully bc of people who relentlessly stalk him, purposely sit by him on planes, call his phone day and night.

I’m fr just a normal person, not famous just living my life and my anxiety is BAD. way worse when I was younger and would have physical panic attacks to the point of throwing up. I got help(therapy, meds, etc) fortunately and learned how to calm my anxiety but I always think abt how idols have to deal with this especially when I’m at the airport. like INTL travel is so fucking stressful and taxing on the body, I cannot imagine camera shooting at me the second I step off a 16 hr flight where weird ass ssngs followed me to the bathroom and took pictures of me SLEEPING the entire time! only to run after me in mobs after going through customs.

like idfk why anyone would defend this animalistic behavior. if an idol feels desperate enough to share their mental health issues with us as fans- coming from a place and industry where this is very stigmatized- WE NEED TO LISTEN, AS FANS WHO RESPECT AND TRUST HIM. I wish I could do something, but I cant, and I would beat up every ssng to exists if it held no repercussion bc famous or not these are HUMAN BEINGS, and they dont deserve this.

I really worry given the kpop track record of idols choosing their exit instead of finding help. I am so proud of Renjun for putting himself first and taking this time off to heal himself. like there is just so many things and I am worried abt all of Dream, they debuted so young and have some of the worst ssngs out of all of kpop with a company who wont lift a finger to protect them. in this case they truly only have us(the actual fans)and Renjun going public with this proves that.

I hope anyone who has invaded their privacy feels ashamed, and this goes for ‘fans’ that follow them around the world/are constantly in fan calls/fan signs etc- you are weird. period. nothing normal about that one-sided parasocial relationship that you brag abt online, and instead of spending $1000’s upon $1000’s on bothering an idol who will never fuck you, maybe consider investing in a much needed grippy sock vacation.

I think these people are beyond help, and unfortunately they have the funds or limitless credit to endorse their madness. I need more idols to see this and start calling out these weirdos. NO ONE SHOULD ALLOW THIS BEHAVIOR TO BE NORMALIZED, end of story.

[butchmiles]

Sorry for the early morning rant but ugh we had a rough night last night. Our dishwasher has been broken for quite some time with no communication from the property on when it’ll be fixed or replaced. We’ve had to make time to hand wash dishes on top of us both working 9 hour shifts everyday and our usual daily chores of (vacuuming, taking out the trash, wiping down surfaces with bleach, steam mopping the floors, and up until last night doing laundry). Last night our laundry washer not only crapped out and stopped going through it’s cleaning cycles it also backed up with what looks and smells like sewage water. The smell is so strong it’s making Dean’s existing nasal infection (brought on by the unaddressed mold and ventilation issues in the apartment) even worse. They’re so hoarse they can barely be heard after being up all night coughing. We are at our wits end right now.

We went through the application process for a new apartment that lasted for about 3 months of back and forth. We managed to raise enough money to pay the insane fees to apply to the apartment which were $300 for the applications, administrative fee, and holding fee and and the $1,810 deposit for the guarantor company we had to apply with because we couldn’t raise enough to pay down our credit debt accounts in time. The apartment approved us based on the proof of income given and then radio silence until we happened to check the apartments website and notice the apartment we had paid to apply to and reserve was back on the market. We called them to get an explanation since nothing was communicated to us after the approval. After basically dragging it out of them over the course of another week of back and forth the property manager explained that corporate decided to revoke our approval because Dean works through a staffing agency so they couldn’t take Deans income as valid. An insane concept all things considered. Money is money.

So there we were fully packed and no longer with anywhere to go.

Our lease end was fast approaching and we had no other option but to extend the lease here from the end date of November 2023 to the end date of February 2024 and try to pay off the $11,210 in collections that was dragging our scores down to the point that no apartment would approve our application despite a near perfect rental history (no evictions, lease violations, or even complaints) and at the times of applying perfectly qualifiable and verifiable income based on the 3X rent rule.

Our plan is to try to pay $1,868/month towards this total of debt collections in order to have them cleared and letters of payment available to apply for an apartment that checks every single box we were looking for in a new place. The minimum score requirement for this apartment is 599. We are both about 50 points from that as of today.

Currently our non negotiable expenses per month are as listed

Rent $1,680 (this will increase to $3,025.99 starting November 18th)

Renters insurance $30.50 (required according to the lease. A lapse in coverage results in fees charged by property)

Phone bill $350 (mine, Dean’s work and personal, and my disabled MIL lines)

Light bill $110 (this is with budget billing in place)

Pet insurance $40 (we have a cat for our anxiety)

Food shopping $400 (this includes both human and cat food as well as travel expenses to get to and from an affordable grocery store to do the big shop once a month because we do not have a car or if that option is not feasible then to pay for grocery delivery through Shipt)

Medical expenses $600 (at minimum, sometimes more) (Sertraline x2, Ritalin, Quetiapine, Duloxetine, Labs and blood work, Testosterone, and immunotherapy.)

Toiletries $75 ish (pads, tissue, soap, toothpaste, laundry detergent, dish soap/pods, cleaning suppplies)

Totaling $3,285.50/month (until November when this will increase to $4,631.49)

Currently we are both working full time jobs, no health insurance, no car, no savings.

After taxes we bring in a combined income of $5,050/month and as shown above $3,285 of that is unavoidably spoken for until November to February when $4,631.49 of that will be spoken for.

All this to say that we do not have room to pay off the necessary debt that would allow us to apply to, get approved for, and move into a new apartment within our budget and needs. We would really appreciate any kind of help that could be given. We just really want to be in a place that doesn’t make our already pretty bad health issues even worse. In addition, we want to be able to know that what we are bringing in will be enough to support ourselves without the overwhelming worry of “will we need to crowdfund and borrow this month?” and “will it be enough?”

If you’ve read this far thank you so much and please consider reblogging and sharing this and/or donating!

[mostlysignssomeportents]

Your car spies on you and rats you out to insurance companies

I'm on tour with my new, nationally bestselling novel The Bezzle! Catch me TOMORROW (Mar 13) in SAN FRANCISCO with ROBIN SLOAN, then Toronto, NYC, Anaheim, and more!

Another characteristically brilliant Kashmir Hill story for The New York Times reveals another characteristically terrible fact about modern life: your car secretly records fine-grained telemetry about your driving and sells it to data-brokers, who sell it to insurers, who use it as a pretext to gouge you on premiums:

https://www.nytimes.com/2024/03/11/technology/carmakers-driver-tracking-insurance.html

Almost every car manufacturer does this: Hyundai, Nissan, Ford, Chrysler, etc etc:

https://www.repairerdrivennews.com/2020/09/09/ford-state-farm-ford-metromile-honda-verisk-among-insurer-oem-telematics-connections/

This is true whether you own or lease the car, and it's separate from the "black box" your insurer might have offered to you in exchange for a discount on your premiums. In other words, even if you say no to the insurer's carrot – a surveillance-based discount – they've got a stick in reserve: buying your nonconsensually harvested data on the open market.

I've always hated that saying, "If you're not paying for the product, you're the product," the reason being that it posits decent treatment as a customer reward program, like the little ramekin warm nuts first class passengers get before takeoff. Companies don't treat you well when you pay them. Companies treat you well when they fear the consequences of treating you badly.

Take Apple. The company offers Ios users a one-tap opt-out from commercial surveillance, and more than 96% of users opted out. Presumably, the other 4% were either confused or on Facebook's payroll. Apple – and its army of cultists – insist that this proves that our world's woes can be traced to cheapskate "consumers" who expected to get something for nothing by using advertising-supported products.

But here's the kicker: right after Apple blocked all its rivals from spying on its customers, it began secretly spying on those customers! Apple has a rival surveillance ad network, and even if you opt out of commercial surveillance on your Iphone, Apple still secretly spies on you and uses the data to target you for ads:

https://pluralistic.net/2022/11/14/luxury-surveillance/#liar-liar

Even if you're paying for the product, you're still the product – provided the company can get away with treating you as the product. Apple can absolutely get away with treating you as the product, because it lacks the historical constraints that prevented Apple – and other companies – from treating you as the product.

As I described in my McLuhan lecture on enshittification, tech firms can be constrained by four forces:

I. Competition

II. Regulation

III. Self-help

IV. Labor

https://pluralistic.net/2024/01/30/go-nuts-meine-kerle/#ich-bin-ein-bratapfel

When companies have real competitors – when a sector is composed of dozens or hundreds of roughly evenly matched firms – they have to worry that a maltreated customer might move to a rival. 40 years of antitrust neglect means that corporations were able to buy their way to dominance with predatory mergers and pricing, producing today's inbred, Habsburg capitalism. Apple and Google are a mobile duopoly, Google is a search monopoly, etc. It's not just tech! Every sector looks like this:

https://www.openmarketsinstitute.org/learn/monopoly-by-the-numbers

Eliminating competition doesn't just deprive customers of alternatives, it also empowers corporations. Liberated from "wasteful competition," companies in concentrated industries can extract massive profits. Think of how both Apple and Google have "competitively" arrived at the same 30% app tax on app sales and transactions, a rate that's more than 1,000% higher than the transaction fees extracted by the (bloated, price-gouging) credit-card sector:

https://pluralistic.net/2023/06/07/curatorial-vig/#app-tax

But cartels' power goes beyond the size of their warchest. The real source of a cartel's power is the ease with which a small number of companies can arrive at – and stick to – a common lobbying position. That's where "regulatory capture" comes in: the mobile duopoly has an easier time of capturing its regulators because two companies have an easy time agreeing on how to spend their app-tax billions:

https://pluralistic.net/2022/06/05/regulatory-capture/

Apple – and Google, and Facebook, and your car company – can violate your privacy because they aren't constrained regulation, just as Uber can violate its drivers' labor rights and Amazon can violate your consumer rights. The tech cartels have captured their regulators and convinced them that the law doesn't apply if it's being broken via an app:

https://pluralistic.net/2023/04/18/cursed-are-the-sausagemakers/#how-the-parties-get-to-yes

In other words, Apple can spy on you because it's allowed to spy on you. America's last consumer privacy law was passed in 1988, and it bans video-store clerks from leaking your VHS rental history. Congress has taken no action on consumer privacy since the Reagan years:

https://www.eff.org/tags/video-privacy-protection-act

But tech has some special enshittification-resistant characteristics. The most important of these is interoperability: the fact that computers are universal digital machines that can run any program. HP can design a printer that rejects third-party ink and charge $10,000/gallon for its own colored water, but someone else can write a program that lets you jailbreak your printer so that it accepts any ink cartridge:

https://www.eff.org/deeplinks/2020/11/ink-stained-wretches-battle-soul-digital-freedom-taking-place-inside-your-printer

Tech companies that contemplated enshittifying their products always had to watch over their shoulders for a rival that might offer a disenshittification tool and use that as a wedge between the company and its customers. If you make your website's ads 20% more obnoxious in anticipation of a 2% increase in gross margins, you have to consider the possibility that 40% of your users will google "how do I block ads?" Because the revenue from a user who blocks ads doesn't stay at 100% of the current levels – it drops to zero, forever (no user ever googles "how do I stop blocking ads?").

The majority of web users are running an ad-blocker:

https://doc.searls.com/2023/11/11/how-is-the-worlds-biggest-boycott-doing/

Web operators made them an offer ("free website in exchange for unlimited surveillance and unfettered intrusions") and they made a counteroffer ("how about 'nah'?"):

https://www.eff.org/deeplinks/2019/07/adblocking-how-about-nah

Here's the thing: reverse-engineering an app – or any other IP-encumbered technology – is a legal minefield. Just decompiling an app exposes you to felony prosecution: a five year sentence and a $500k fine for violating Section 1201 of the DMCA. But it's not just the DMCA – modern products are surrounded with high-tech tripwires that allow companies to invoke IP law to prevent competitors from augmenting, recongifuring or adapting their products. When a business says it has "IP," it means that it has arranged its legal affairs to allow it to invoke the power of the state to control its customers, critics and competitors:

https://locusmag.com/2020/09/cory-doctorow-ip/

An "app" is just a web-page skinned in enough IP to make it a crime to add an ad-blocker to it. This is what Jay Freeman calls "felony contempt of business model" and it's everywhere. When companies don't have to worry about users deploying self-help measures to disenshittify their products, they are freed from the constraint that prevents them indulging the impulse to shift value from their customers to themselves.

Apple owes its existence to interoperability – its ability to clone Microsoft Office's file formats for Pages, Numbers and Keynote, which saved the company in the early 2000s – and ever since, it has devoted its existence to making sure no one ever does to Apple what Apple did to Microsoft:

https://www.eff.org/deeplinks/2019/06/adversarial-interoperability-reviving-elegant-weapon-more-civilized-age-slay

Regulatory capture cuts both ways: it's not just about powerful corporations being free to flout the law, it's also about their ability to enlist the law to punish competitors that might constrain their plans for exploiting their workers, customers, suppliers or other stakeholders.

The final historical constraint on tech companies was their own workers. Tech has very low union-density, but that's in part because individual tech workers enjoyed so much bargaining power due to their scarcity. This is why their bosses pampered them with whimsical campuses filled with gourmet cafeterias, fancy gyms and free massages: it allowed tech companies to convince tech workers to work like government mules by flattering them that they were partners on a mission to bring the world to its digital future:

https://pluralistic.net/2023/09/10/the-proletarianization-of-tech-workers/

For tech bosses, this gambit worked well, but failed badly. On the one hand, they were able to get otherwise powerful workers to consent to being "extremely hardcore" by invoking Fobazi Ettarh's spirit of "vocational awe":

https://www.inthelibrarywiththeleadpipe.org/2018/vocational-awe/

On the other hand, when you motivate your workers by appealing to their sense of mission, the downside is that they feel a sense of mission. That means that when you demand that a tech worker enshittifies something they missed their mother's funeral to deliver, they will experience a profound sense of moral injury and refuse, and that worker's bargaining power means that they can make it stick.

Or at least, it did. In this era of mass tech layoffs, when Google can fire 12,000 workers after a $80b stock buyback that would have paid their wages for the next 27 years, tech workers are learning that the answer to "I won't do this and you can't make me" is "don't let the door hit you in the ass on the way out" (AKA "sharpen your blades boys"):

https://techcrunch.com/2022/09/29/elon-musk-texts-discovery-twitter/

With competition, regulation, self-help and labor cleared away, tech firms – and firms that have wrapped their products around the pluripotently malleable core of digital tech, including automotive makers – are no longer constrained from enshittifying their products.

And that's why your car manufacturer has chosen to spy on you and sell your private information to data-brokers and anyone else who wants it. Not because you didn't pay for the product, so you're the product. It's because they can get away with it.

Cars are enshittified. The dozens of chips that auto makers have shoveled into their car design are only incidentally related to delivering a better product. The primary use for those chips is autoenshittification – access to legal strictures ("IP") that allows them to block modifications and repairs that would interfere with the unfettered abuse of their own customers:

https://pluralistic.net/2023/07/24/rent-to-pwn/#kitt-is-a-demon

The fact that it's a felony to reverse-engineer and modify a car's software opens the floodgates to all kinds of shitty scams. Remember when Bay Staters were voting on a ballot measure to impose right-to-repair obligations on automakers in Massachusetts? The only reason they needed to have the law intervene to make right-to-repair viable is that Big Car has figured out that if it encrypts its diagnostic messages, it can felonize third-party diagnosis of a car, because decrypting the messages violates the DMCA:

https://www.eff.org/deeplinks/2013/11/drm-cars-will-drive-consumers-crazy

Big Car figured out that VIN locking – DRM for engine components and subassemblies – can felonize the production and the installation of third-party spare parts:

https://pluralistic.net/2022/05/08/about-those-kill-switched-ukrainian-tractors/

The fact that you can't legally modify your car means that automakers can go back to their pre-2008 ways, when they transformed themselves into unregulated banks that incidentally manufactured the cars they sold subprime loans for. Subprime auto loans – over $1t worth! – absolutely relies on the fact that borrowers' cars can be remotely controlled by lenders. Miss a payment and your car's stereo turns itself on and blares threatening messages at top volume, which you can't turn off. Break the lease agreement that says you won't drive your car over the county line and it will immobilize itself. Try to change any of this software and you'll commit a felony under Section 1201 of the DMCA:

https://pluralistic.net/2021/04/02/innovation-unlocks-markets/#digital-arm-breakers

Tesla, naturally, has the most advanced anti-features. Long before BMW tried to rent you your seat-heater and Mercedes tried to sell you a monthly subscription to your accelerator pedal, Teslas were demon-haunted nightmare cars. Miss a Tesla payment and the car will immobilize itself and lock you out until the repo man arrives, then it will blare its horn and back itself out of its parking spot. If you "buy" the right to fully charge your car's battery or use the features it came with, you don't own them – they're repossessed when your car changes hands, meaning you get less money on the used market because your car's next owner has to buy these features all over again:

https://pluralistic.net/2023/07/28/edison-not-tesla/#demon-haunted-world

And all this DRM allows your car maker to install spyware that you're not allowed to remove. They really tipped their hand on this when the R2R ballot measure was steaming towards an 80% victory, with wall-to-wall scare ads that revealed that your car collects so much information about you that allowing third parties to access it could lead to your murder (no, really!):

https://pluralistic.net/2020/09/03/rip-david-graeber/#rolling-surveillance-platforms

That's why your car spies on you. Because it can. Because the company that made it lacks constraint, be it market-based, legal, technological or its own workforce's ethics.

One common critique of my enshittification hypothesis is that this is "kind of sensible and normal" because "there’s something off in the consumer mindset that we’ve come to believe that the internet should provide us with amazing products, which bring us joy and happiness and we spend hours of the day on, and should ask nothing back in return":

https://freakonomics.com/podcast/how-to-have-great-conversations/

What this criticism misses is that this isn't the companies bargaining to shift some value from us to them. Enshittification happens when a company can seize all that value, without having to bargain, exploiting law and technology and market power over buyers and sellers to unilaterally alter the way the products and services we rely on work.

A company that doesn't have to fear competitors, regulators, jailbreaking or workers' refusal to enshittify its products doesn't have to bargain, it can take. It's the first lesson they teach you in the Darth Vader MBA: "I am altering the deal. Pray I don't alter it any further":

https://pluralistic.net/2023/10/26/hit-with-a-brick/#graceful-failure

Your car spying on you isn't down to your belief that your carmaker "should provide you with amazing products, which brings your joy and happiness you spend hours of the day on, and should ask nothing back in return." It's not because you didn't pay for the product, so now you're the product. It's because they can get away with it.

The consequences of this spying go much further than mere insurance premium hikes, too. Car telemetry sits at the top of the funnel that the unbelievably sleazy data broker industry uses to collect and sell our data. These are the same companies that sell the fact that you visited an abortion clinic to marketers, bounty hunters, advertisers, or vengeful family members pretending to be one of those:

https://pluralistic.net/2022/05/07/safegraph-spies-and-lies/#theres-no-i-in-uterus

Decades of pro-monopoly policy led to widespread regulatory capture. Corporate cartels use the monopoly profits they extract from us to pay for regulatory inaction, allowing them to extract more profits.

But when it comes to privacy, that period of unchecked corporate power might be coming to an end. The lack of privacy regulation is at the root of so many problems that a pro-privacy movement has an unstoppable constituency working in its favor.

At EFF, we call this "privacy first." Whether you're worried about grifters targeting vulnerable people with conspiracy theories, or teens being targeted with media that harms their mental health, or Americans being spied on by foreign governments, or cops using commercial surveillance data to round up protesters, or your car selling your data to insurance companies, passing that long-overdue privacy legislation would turn off the taps for the data powering all these harms:

https://www.eff.org/wp/privacy-first-better-way-address-online-harms

Traditional economics fails because it thinks about markets without thinking about power. Monopolies lead to more than market power: they produce regulatory capture, power over workers, and state capture, which felonizes competition through IP law. The story that our problems stem from the fact that we just don't spend enough money, or buy the wrong products, only makes sense if you willfully ignore the power that corporations exert over our lives. It's nice to think that you can shop your way out of a monopoly, because that's a lot easier than voting your way out of a monopoly, but no matter how many times you vote with your wallet, the cartels that control the market will always win:

https://pluralistic.net/2024/03/05/the-map-is-not-the-territory/#apor-locksmith

Name your price for 18 of my DRM-free ebooks and support the Electronic Frontier Foundation with the Humble Cory Doctorow Bundle.

If you'd like an essay-formatted version of this post to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:

https://pluralistic.net/2024/03/12/market-failure/#car-wars

Image: Cryteria (modified) https://commons.wikimedia.org/wiki/File:HAL9000.svg

CC BY 3.0 https://creativecommons.org/licenses/by/3.0/deed.en

[good-old-gossip]

US State and local governments are giving AMERICAN TAX DOLLARS to fund GENOCIDE in GAZA

State and local governments across the US are scooping up Israeli bonds at record levels, lured by a mix of hefty returns and government incentives for Israeli debt, but the move is sparking backlash among some locals.

States across the US have accelerated their purchase of Israeli bonds since 7 October attacks on southern Israel. Last year, Israel sold a record $3bn in bonds.

Israel’s need to fund its war on Gaza and the eagerness of many US state governments to buy Israeli debt has led to states becoming massive investors in the country.

Palm Beach County in Florida has now become the world’s largest investor in Israeli bonds, with about $700m of its $4.67bn portfolio invested in the foreign country’s market, Joseph Abruzzo, clerk of the circuit court and comptroller, announced in March.

“I am proud to stand with what I consider our greatest ally in the entire world – Israel,” Abruzzo said in an interview with the Jewish Press Agency. But the move has sparked local backlash.

Some residents of Palm Beach County filed a lawsuit this month against the county. Protestors have also expressed their anger at the local courthouse.

“Our tax dollars should go to our needs and not fund the genocide,” a Palm Beach County resident who called herself Lydia S told the local Wptv news. Abruzzo said he expected the “frivolous” lawsuit to be dismissed.

In May, Ohio treasurer Robert Sprague said the Rust Belt state had purchased $30m in two-year fixed-rate Israeli bonds. “With its long track record of providing competitive rates and timely and reliable repayments, Israel Bonds continues to be a sound investment for Ohio,” Sprague said in a statement.

Israel is growing more isolated on the world stage as a result of its offensive on Gaza, which has killed at least 36,050 Palestinians and wounded an additional 81,026.

It is also the subject of a case at the ICJ, while the chief prosecutor of the International Criminal Court has called for arrest warrants for Israeli leaders. But investors have shrugged off the international censure.

During its first international bond sale since 7 October, Israel raised a record $8bn despite Moody’s downgrading Israel’s credit.

[phoenixyfriend]

Masterlist: Business and Economics

Navigation Post

Fun fact, tumblr allows 250 links on the old editor and 100 in the new. So. Network of masterlists.

Economics and Theory:

How rent should work

Ko-Fi prompt: Macroeconomics

Ko-Fi prompt: Some Basic Econ/Finance Terms

Ko-Fi prompt: A few tracts, primarily about the minimum wage

Ko-Fi prompt: Progressive Taxes

Ko-Fi prompt: The Myth of the Rational Actor

Ko-Fi prompt: Raising the Minimum Wage and Its Effects

Ko-Fi prompt: Stock Market Basics

Ko-Fi prompt: Stock Market Rant

Ko-Fi prompt: Why don’t Landlords have price wars? (demand inelasticity)

Ko-Fi prompt: Trickle-down economics

Ko-Fi prompt: Tariffs/VAT/Customs

How do we define a Healthy Economy?

The overlap and intersect of rent and commute costs against wages - The effective demographic against which this argument works

When watching political ads, always ask: which taxes?

No income tax under [quantity]

Raising the Minimum Wage

Finance, and economics on the personal level:

Ko-Fi prompt: Anti-Inflation measures one can take with personal savings

Ko-Fi prompt: Green Stocks (are a marketing tactic and not a regulated term)

Being a business major who ended up a disillusioned leftist

Case Studies and Hypotheticals:

Ko-Fi prompt: Revenue and expenses for a sports stadium

Ko-Fi prompt: Going from shareholder-owned to employee-owned

Ko-Fi prompt: Thieves/Assassins Guilds

Ko-Fi prompt: Airline overbooking

Ko-Fi prompt: Car Dealerships

Ko-Fi prompt: Revenue and expenses for a concert venue

Raise Taxes on Golf - I may have a reputation

Employee Stock Options

Did you know women couldn’t have credit cards in the US until 1974?

[reasonsforhope]

The U.S. Department of Treasury’s gift to electric-vehicle shoppers (and global automakers) for the new year was to make many more EVs and plug-in hybrids eligible for the federal tax subsidy of up to $7,500 — including vehicles built outside North America — as long as drivers lease them or buy used rather than buy new.

EV credits and [rules] took effect Jan. 1.

One category extends the former credit of up to $7,500 for consumers buying new EVs and PHEVs, but it puts new limits on vehicle price and buyer income and will soon add requirements for the sourcing of EV batteries and materials. Additionally, since August [2022], it has required that the vehicles be assembled in North America.

A second is a new credit of up to $4,000 for buyers of used EVs.

A third is a “commercial” credit for businesses acquiring EVs. It offers up to $7,500 for light-duty vehicles (under 14,000 pounds) and up to $40,000 for heavier vehicles. Significantly, the commercial credit does not have the origin, price or other restrictions of the credit for consumer buyers.

On top of all that, the Department of Treasury guidance released at the end of December allows the less restrictive commercial credit to also apply to vehicles leased by consumers; that means most plug-in and fuel-cell EVs currently on the market can qualify, including those built in Europe or Asia. The credit goes to the leasing company — the vehicle owner — but it can be passed to the consumer in the form of lower lease payments.

The new federal rules do not affect state and local subsidies available for EV buyers [which may be able to get you even more savings].

-via Cars.com, January 12, 2023