The real ‘doom loops:’ intellectual fraud at the Federal Reserve, intellectual fraud in economics

benfell

There is a reason I call economics the evil stepchild of Human Science: It’s evil.

Should investors take heart from the sale [Mori Trust bought half an office block next to Grand Central Terminal from real-estate investment trust SL Green], even though it is just a single Manhattan office block? Does it mean the disaster in office ownership is a bit less bad than thought?

The answers will reverberate well beyond the narrow group of buyers of high-end New York real estate. A crash in office values could start a doom loop with banks, with falling prices leading to less finance and thus lower prices. Gloomsters think that could spread across the multitrillion-dollar commercial real-estate sector, sucking money out of the economy as banks and institutional investors turn more cautious.[1]

The Federal Reserve’s high interest rates, ideologically meant to punish workers when corporate price-gouging and supply chain issues are more probable causes of inflation,[2] also make real estate loans more expensive, undermining a banking line of business[3] at the same time as those interest rates undermined the value of bonds in banking portfolios, leading to banking failures earlier this year.

The inescapable message is that even banks may be sacrificed on the all important neoliberal altar of subjugating workers. This policy is rooted in what can now only be described as intellectual fraud.[4]

[T]here could be a further financing blow from the troubles of the midsize lenders in the wake of the bank runs in the spring. Banks are less willing to lend, and because they make up about 40% of all commercial real-estate lending, other lenders are unlikely to be able to fill the gap. Less lending means higher rates, more distress and lower prices.

So far, we haven’t had any sort of doom loop. Prices are down thanks to higher interest rates—as is normal—combined with the twin problems of work from home hitting office demand and online shopping hitting retail. If recession leads to a big rise in layoffs, expect far worse as firms cut back on the cubicles the newly unemployed used to occupy.[5]

The “doom loop” here stems from a combination of lower property values and higher interest rates, leading to borrowers walking away from their mortgages, adding foreclosed properties to the market, driving values down further—rinse and repeat, as that leads even more borrowers make the same calculation as the earlier ones did.[6] As this happens, banks can be expected to be stuck with a lot of distressed property in their portfolios, adversely impacting their capital reserve ratios, leading to further pullbacks in lending, further depressing values,[7] as increasingly only those able to pay very large, albeit diminishing amounts of cash can purchase property—rinse and repeat, yet again.

In systems theory, we call these “rinse and repeat” iterations destabilizing feedback loops. What’s needed here—and which I do not see—is a stabilizing feedback. As desperate as the Federal Reserve is to do it, punishing workers simply doesn’t work here, as layoffs can only free up yet more office space—um yeah, do that rinse and repeat thing, yet again.

Economists generally won’t tell you any of this because they’re sticking with their intellectual fraud. That’s why they’re evil.

  1. [1]James Mackintosh, “How Scared Should You Be About Commercial Real Estate?” Wall Street Journal, June 30, 2023, https://www.wsj.com/articles/how-scared-should-you-be-about-commercial-real-estate-1ba0f913↩
  2. [2]Cory Doctorow, “Why the Fed wants to crush workers,” Medium, January 19, 2023, https://doctorow.medium.com/why-the-fed-wants-to-crush-workers-ff086f3b952a; Lora Kelley, “Why It Matters Who Caused Inflation,” Atlantic, June 16, 2023, https://www.theatlantic.com/newsletters/archive/2023/06/why-it-matters-who-caused-inflation/674448/; Stephanie Kelton, Deficit Myth (New York: Public Affairs, 2021); Justin Lahart, “Giving Labor Less of the American Pie,” Wall Street Journal, February 7, 2023, https://www.wsj.com/articles/giving-labor-less-of-the-american-pie-11675792087; Eric Levitz, “Larry Summers Was Wrong About Inflation,” New York, June 14, 2023, https://nymag.com/intelligencer/2023/06/larry-summers-was-wrong-about-inflation.html; Brian Merchant, “The real aim of big tech’s layoffs: bringing workers to heel,” Los Angeles Times, January 30, 2023, https://www.latimes.com/business/technology/story/2023-01-30/column-how-big-tech-is-using-mass-layoffs-to-bring-workers-to-heel; Jon Schwarz, “In Confidential Memo, Treasury Secretary Janet Yellen Celebrated Unemployment as a ‘Worker-Discipline Device,’” Intercept, January 24, 2023, https://theintercept.com/2023/01/24/unemployment-inflation-janet-yellen/↩
  3. [3]James Mackintosh, “How Scared Should You Be About Commercial Real Estate?” Wall Street Journal, June 30, 2023, https://www.wsj.com/articles/how-scared-should-you-be-about-commercial-real-estate-1ba0f913↩
  4. [4]Mark Blyth, Austerity: The History of a Dangerous Idea (Oxford, UK: Oxford University, 2013); David Fickling, “The Gig Economy Compromised Our Immune System,” Yahoo!, July 25, 2020, https://finance.yahoo.com/news/gig-economy-compromised-immune-system-000048670.html; Amir Fleischmann, “The Myth of the Fiscal Conservative,” Jacobin, March 5, 2017, https://jacobinmag.com/2017/03/fiscal-conservative-social-services-austerity-save-money; Jason Hickel, “Progress and its discontents,” New Internationalist, August 7, 2019, https://newint.org/features/2019/07/01/long-read-progress-and-its-discontents; Daniel Stedman Jones, Masters of the Universe: Hayek, Friedman, and the Birth of Neoliberal Politics (Princeton, NJ: Princeton University, 2012); Stephanie Kelton, The Deficit Myth (New York: Public Affairs, 2021); Robert Kuttner, “Austerity never works: Deficit hawks are amoral — and wrong,” Salon, May 5, 2013, http://www.salon.com/2013/05/05/austerity_never_works_deficit_hawks_are_amoral_and_wrong/; Eric Levitz, “Neoliberalism Died of COVID. Long Live Neoliberalism!” Review of Shutdown, by Adam Tooze, New York, October 14, 2021, https://nymag.com/intelligencer/2021/10/neoliberalism-died-of-covid-long-live-neoliberalism.html; Dennis Loo, Globalization and the Demolition of Society (Glendale, CA: Larkmead, 2011); Thomas Piketty, Jeffrey Sachs, Heiner Flassbeck, Dani Rodrik and Simon Wren-Lewis, “Austerity Has Failed: An Open Letter From Thomas Piketty to Angela Merkel,” Nation, July 6, 2015, http://www.thenation.com/article/austerity-has-failed-an-open-letter-from-thomas-piketty-to-angela-merkel/; John Quiggin, “Austerity Has Been Tested, and It Failed,” Chronicle of Higher Education, May 20, 2013, http://chronicle.com/article/Austerity-Has-Been-Tested-and/139255/; David Stuckler and Sanjay Basu, “How Austerity Kills,” New York Times, May 12, 2013, http://www.nytimes.com/2013/05/13/opinion/how-austerity-kills.html; David Stuckler and Sanjay Basu, “Paul Krugman’s right: Austerity kills,” Salon, May 19, 2013, http://www.salon.com/2013/05/19/paul_krugmans_right_austerity_kills/↩
  5. [5]James Mackintosh, “How Scared Should You Be About Commercial Real Estate?” Wall Street Journal, June 30, 2023, https://www.wsj.com/articles/how-scared-should-you-be-about-commercial-real-estate-1ba0f913↩
  6. [6]Dror Poleg, “The Next Crisis Will Start With Empty Office Buildings,” Atlantic, June 7, 2023, https://www.theatlantic.com/ideas/archive/2023/06/commercial-real-estate-crisis-empty-offices/674310/; Carol Ryan, “Property Loans Are Starting to Crack,” Wall Street Journal, June 9, 2023, https://www.wsj.com/livecoverage/stock-market-today-dow-jones-06-09-2023/card/heard-on-the-street-property-loans-are-starting-to-crack-0tae3dxXRfn1hWR5jqar; Kevin Truong and Noah Baustin, “Westfield Gives Up Downtown San Francisco Mall,” San Francisco Standard, June 12, 2023, https://sfstandard.com/business/westfield-gives-up-downtown-san-francisco-mall/; Natalie Wong et al., “The World’s Empty Office Buildings Have Become a Debt Time Bomb,” Bloomberg, June 23, 2023, https://www.bloomberg.com/news/articles/2023-06-23/commercial-real-estate-reset-is-causing-distress-from-san-francisco-to-hong-kong↩
  7. [7]James Mackintosh, “How Scared Should You Be About Commercial Real Estate?” Wall Street Journal, June 30, 2023, https://www.wsj.com/articles/how-scared-should-you-be-about-commercial-real-estate-1ba0f913↩

For regulating artificial idiocy, against regulating cryptography

benfell

Margaret Heffernan correctly argues for regulation of artificial intelligence idiocy.[1] But I need to refine her argument.

Even when apostate pioneers in artificial intelligence warn vociferously against its dangers, an equal and opposite cohort (sometimes even including the same voices) argues that the technology is too young to be constrained, that there isn’t yet sufficient evidence of harm and that business can be trusted to do the right thing.

But no other industry gets such a free pass. Electrical appliances are tested to ensure they don’t explode or catch fire. Cars aren’t allowed on the road if they don’t meet safety standards. Pharmaceutical businesses must prove their products are safe before they can go on sale. If harms emerge in any of these, regulation piles on top of regulation. Developing and enforcing standards is a cornerstone of the social contract: citizens expect their governments to strive to keep them safe.

So why is technology the exception? When Facebook was found to have experimented on users without their consent, when social media has been shown to harm young and vulnerable users, calls for regulation resound and then go quiet. In the argument that new technology is too precious an economic opportunity, AI is but the latest target. Its evangelists argue that, so far, it hasn’t shown any signs of harm, and the engineering is too abstruse for legislators to understand. The first point is debatable, the second is often correct. I have had many conversations with MPs and chief executives who privately acknowledge feeling out of their depth when it comes to tech. It’s less embarrassing to avoid the gnarly problems, meaning they find common cause with the companies who also benefit from ignoring them.[2]

Read more →

  1. [1]Margaret Heffernan, “The tech sector’s free pass must be cancelled,” Financial Times, June 28, 2023, https://www.ft.com/content/c668bf20-40ea-4eb9-8910-ab63d213a63b↩
  2. [2]Margaret Heffernan, “The tech sector’s free pass must be cancelled,” Financial Times, February 28, 2023, https://www.ft.com/content/c668bf20-40ea-4eb9-8910-ab63d213a63b↩

Jack Smith set to fail?

benfell

See updates through June 12, 2023, at end of post.

Special counsel Jack Smith has indicted Donald Trump for mishandling classified records.[1]

[Donald] Trump faces a total of 37 counts on seven different charges, including willful retention of national-defense information, withholding a record, false statements and conspiracy to obstruct. On five of the counts, Trump was charged alongside his military valet, Walt Nauta, who went to work at Mar-a-Lago resort after working in the White House. Nauta separately faces a false-statements charge.[2]

Read more →

  1. [1]Devlin Barrett, Perry Stein, and Josh Dawsey, “Trump charged in classified documents case, second indictment in months,” Washington Post, June 8, 2023, https://www.washingtonpost.com/national-security/2023/06/08/trump-classified-documents-mar-a-lago/; Marc Caputo, “‘Prosecuting Politicians is Hard Here’: Why South Florida is a Tough Place for DOJ to Try Trump,” Messenger, June 8, 2023, https://themessenger.com/politics/trump-south-florida-miami-doj-jury-challenge; John Cassidy, “Trump Is Desperately Trying to Define the Narrative About His Federal Indictment,” New Yorker, June 9, 2023, https://www.newyorker.com/news/our-columnists/trump-is-desperately-trying-to-define-the-narrative-about-his-federal-indictment; Gabriel J. Chin, “Trump indictment unsealed – a criminal law scholar explains what the charges mean, and what prosecutors will now need to prove,” Conversation, June 9, 2023, https://theconversation.com/trump-indictment-unsealed-a-criminal-law-scholar-explains-what-the-charges-mean-and-what-prosecutors-will-now-need-to-prove-207469; Joseph Ferguson and Thomas A. Durkin, “Trump charged under Espionage Act – which covers a lot more crimes than just spying,” Conversation, June 9, 2023, https://theconversation.com/trump-charged-under-espionage-act-which-covers-a-lot-more-crimes-than-just-spying-207373; Alan Feuer, “Trump-Appointed Judge Is Said to Be Handling Documents Case,” New York Times, June 9, 2023, https://www.nytimes.com/2023/06/09/us/politics/aileen-cannon-trump-judge.html; David Gilbert, “‘We Need to Start Killing’: Trump’s Far-Right Supporters Are Threatening Civil War,” Vice, June 9, 2023, https://www.vice.com/en/article/wxjjgb/trump-supporters-are-threatening-civil-war; Alex Isenstadt and Kyle Cheney, “Trump notified that he is the target of an ongoing criminal investigation,” Politico, June 7, 2023, https://www.politico.com/news/2023/06/07/trump-notified-that-he-is-the-target-of-an-ongoing-criminal-investigation-00100920; Ankush Khardori, “The Chaos Inside Trump’s Legal Team,” New York, June 8, 2023, https://nymag.com/intelligencer/2023/06/donald-trumps-lawyers-on-his-dysfunctional-legal-team.html; Hugo Lowell, “Donald Trump charged with illegal retention of classified documents,” Guardian, June 8, 2023, https://www.theguardian.com/us-news/2023/jun/08/donald-trump-charged-retention-classified-documents; Tom Nichols, “Trump’s Indictment Reveals a National-Security Nightmare,” Atlantic, June 9, 2023, https://www.theatlantic.com/newsletters/archive/2023/06/trumps-indictment-reveals-a-national-security-nightmare/674362/; Stefania Palma, “Donald Trump says he has been indicted on federal charges in documents probe,” Financial Times, June 8, 2023, https://www.washingtonpost.com/opinions/2023/06/09/trump-indictment-garland-smith-justice/; Aruna Viswanatha, Sadie Gurman, and C. Ryan Barber, “Trump Charged Over Willful Retention of Classified Information, Obstruction,” Wall Street Journal, June 9, 2023, https://www.wsj.com/articles/trump-associate-also-indicted-in-mar-a-lago-documents-case-759cbb17↩
  2. [2]Aruna Viswanatha, Sadie Gurman, and C. Ryan Barber, “Trump Charged Over Willful Retention of Classified Information, Obstruction,” Wall Street Journal, June 9, 2023, https://www.wsj.com/articles/trump-associate-also-indicted-in-mar-a-lago-documents-case-759cbb17↩

Vladimir Putin’s ‘real’ red line and Joe Biden’s incremental boldness on Ukraine; do the two meet?

benfell

See update for June 1, 2023, at end of post.

A couple days ago, I noted an apparent contradiction between Patrick Tucker “sens[ing] that the North Atlantic Treaty Organization might well choose to intervene in Ukraine”[1] and Julia Ioffe “still pointing at ‘Washington’s reddest of red lines: not getting into a hot conflict with Russia.’”[2] I thought Ioffe was more likely right.[3] Read more →

  1. [1]Patrick Tucker, “Estonia Will Ask For a Clearer Path for Ukraine to Join NATO,” Defense One, May 30, 2023, https://www.defenseone.com/threats/2023/05/estonia-will-ask-clearer-path-ukraine-join-nato/386879/↩
  2. [2]Julia Ioffe, “Yalta 2023: Planning for Life After the Russian Invasion,” Puck, May 30, 2023, https://puck.news/yalta-2023-planning-for-life-after-the-russian-invasion/↩
  3. [3]David Benfell, “Vladimir Putin must surely now be getting desperate,” Irregular Bullshit, May 30, 2023, https://disunitedstates.com/2023/05/30/vladimir-putin-must-surely-now-be-getting-desperate/↩

It should be obvious by now: Donald Trump and Doug Mastriano are not the future of the Republican Party

benfell

See update for June 17, 2023, at end of post.

A few days ago (on March 23rd, if you must know), I wrote:

Figures from [the Anti-Defamation League] showed sharp rises in antisemitic activity nationwide last year. Pennsylvania saw a 65% increase.

The report, released Thursday, details how Pennsylvania and New Jersey broke records when it came to vandalism and harassment targeting Jewish people. With 114 reported incidents in Pennsylvania alone, the amount of activity was the highest in the ADL’s four-plus decades of collecting data.[1]

Increases in anti-Semitic activity are a nationwide trend,[2] and I’m inclined to associate it with an increasing radicalization of white Christian nationalist supporters of Doug Mastriano, who ran for Pennsylvania governor last year, and of Donald Trump.

Both candidates have hewn to an extreme paleoconservative and social conservative agenda,[3] even as it became increasingly apparent that this agenda would—and did—alienate voters in the general election.[4] It’s not a tilt that makes obvious sense.[5]

It’s reasonable to think these extreme views will not be a deal-breaker for white Christian nationalists. But given the 2022 results,[6] I just don’t see how this wins the 2024 general election.[7]

Read more →

  1. [1]Jesse Bunch, “An alarming report shows rising antisemitism in Pa., days after a white supremacist campaign targeted Port Richmond,” Philadelphia Inquirer, March 23, 2023, https://www.inquirer.com/news/antisemitism-data-adl-report-port-richmond-stickers-white-supremacists-20230323.html↩
  2. [2]Jesse Bunch, “An alarming report shows rising antisemitism in Pa., days after a white supremacist campaign targeted Port Richmond,” Philadelphia Inquirer, March 23, 2023, https://www.inquirer.com/news/antisemitism-data-adl-report-port-richmond-stickers-white-supremacists-20230323.html↩
  3. [3]William Bender, “Doug Mastriano’s comments on Islam and climate change resurface, the latest hit for his campaign,” Philadelphia Inquirer, August 19, 2022, https://www.inquirer.com/politics/election/doug-mastriano-islam-global-warming-2018-governor-pennsylvania-20220819.html; William Bender, “In a rare rebuke, two retired War College professors say Doug Mastriano is unfit to be governor,” Philadelphia Inquirer, October 16, 2022, https://www.inquirer.com/news/doug-mastriano-war-college-biddle-coplen-alvin-york-20221016.html; William Bender and Jonathan Tamari, “As campaign struggles, Doug Mastriano plans ‘40 days of fasting and prayer,’” Philadelphia Inquirer, September 28, 2022, https://www.inquirer.com/news/doug-mastriano-fasting-prayer-campaign-rally-struggling-20220928.html; Chris Brennan, “‘Mastriano is unacceptable’: A group of Pennsylvania Republicans is organizing to support Shapiro,” Philadelphia Inquirer, July 6, 2022, https://www.inquirer.com/politics/election/josh-shapiro-doug-mastriano-governor-republicans-endorsements-20220706.html; Chris Brennan, “Doug Mastriano wore a Confederate Army uniform in an Army War College faculty photo,” Philadelphia Inquirer, August 26, 2022, https://www.inquirer.com/politics/pennsylvania/doug-mastriano-confederate-uniform-photo-army-war-college-20220826.html; Chris Brennan, “Doug Mastriano will flirt again with the QAnon crowd as another election approaches,” Philadelphia Inquirer, October 21, 2022, https://www.inquirer.com/politics/clout/doug-mastriano-josh-shapiro-governor-election-mike-flynn-rudy-giuliani-20221021.html; Stephen Caruso and Ethan Edward Coston, “How Doug Mastriano built a grassroots movement in Pa. on election denial, Christianity, and Facebook,” Spotlight PA, May 23, 2022, https://www.spotlightpa.org/news/2022/05/doug-mastriano-pa-governor-pennsylvania-shapiro/; Philissa Cramer, “Republican Jews call on Doug Mastriano, GOP candidate for PA governor, to stop using Gab,” Jewish Telegraphic Agency, July 22, 2022, https://www.jta.org/2022/07/22/politics/republican-jews-call-on-doug-mastriano-gop-candidate-for-pa-governor-to-stop-using-gab; Kristen Holmes, “Trump expresses support for Capitol rioters as he continues to embrace extremist groups,” CNN, December 2, 2022, https://www.cnn.com/2022/12/02/politics/donald-trump-january-6-rioters-support/index.html; Ron Kampeas, “Critics compare salutes at Trump and Mastriano rallies to Nazi ‘Sieg Heil,’” Times of Israel, September 20, 2022, https://www.timesofisrael.com/critics-compare-salutes-at-trump-mastriano-rallies-to-nazi-sieg-heil/; Dana Milbank, “And on the eighth day, God said: Let Mastriano win Pennsylvania,” Washington Post, September 9, 2022, https://www.washingtonpost.com/opinions/2022/09/09/doug-mastriano-prophet-julie-green/; Tina Nguyen, “Doug Mastriano’s Snowflake Strategy,” Puck News, September 14, 2022, https://puck.news/doug-mastrianos-snowflake-strategy/; Greg Sargent, “Say it clearly: Republicans just nominated a pro-Trump insurrectionist,” Washington Post, May 18, 2022, https://www.washingtonpost.com/opinions/2022/05/18/doug-mastriano-insurrectionist/; Andrew Seidman, “A top GOP candidate for governor campaigned at an event promoting QAnon and conspiracy theories about 9/11,” Philadelphia Inquirer, April 27, 2022, https://www.inquirer.com/politics/election/doug-mastriano-teddy-daniels-qanon-conference-gop-candidates-20220427.html↩
  4. [4]Natalie Andrews, Siobhan Hughes, and Lindsay Wise, “Frustrated Republicans Try to Explain Lack of Midterm ‘Red Wave,’” Wall Street Journal, November 9, 2022, https://www.wsj.com/articles/frustrated-republicans-try-to-explain-lack-of-midterm-red-wave-11668036382; Isaac Arnsdorf and Josh Dawsey, “One likely 2024 GOP contender triumphed on election night. It wasn’t Donald Trump,” Washington Post, November 9, 2022, https://www.washingtonpost.com/politics/2022/11/09/desantis-trump-2024-presidential-election/; Dan Balz, “The vaunted red wave never hit the shore in midterm elections,” Washington Post, November 9, 2022, https://www.washingtonpost.com/politics/2022/11/08/midterms-dissatisfied-voters-render-judgments-biden-republicans/; Jonathan Freedland, “The winner of the midterms is not yet clear – but the loser is Donald Trump,” Guardian, November 9, 2022, https://www.theguardian.com/us-news/2022/nov/09/the-winner-of-the-midterms-is-not-yet-clear-but-the-loser-is-donald-trump; Amy Gardner, Reis Thebault, and Robert Klemko, “Election deniers lose races for key state offices in every 2020 battleground,” Washington Post, November 13, 2022, https://www.washingtonpost.com/elections/2022/11/13/election-deniers-defeated-state-races/; Liz Goodwin, “A red wave of criticism crashes into Donald Trump after midterm losses,” Washington Post, November 11, 2022, https://www.washingtonpost.com/politics/2022/11/11/trump-criticism-midterms-republicans/; David Lauter, “The midterm’s big loser: Trump suffers multiple defeats,” Los Angeles Times, November 9, 2022, https://www.latimes.com/politics/newsletter/2022-11-09/the-midterms-big-loser-trump-suffers-multiple-defeats-essential-politics; Kris Maher, “Democrat Josh Shapiro Wins Pennsylvania Governor Race Over Doug Mastriano,” Wall Street Journal, November 9, 2022, https://www.wsj.com/livecoverage/election-midterms-2022/card/democrat-josh-shapiro-wins-pennsylvania-governor-race-over-doug-mastriano-rdDSLqwHlckU7Q5yZYF2; Tina Nguyen, “Has Trump Already Lost ’24?” Puck News, November 30, 2022, https://puck.news/has-trump-already-lost-24/; Greg Sargent, “Republicans want Trump to take the blame. Good luck with that,” Washington Post, November 11, 2022, https://www.washingtonpost.com/opinions/2022/11/11/trump-midterm-elections-gop-abortion-rights-2024/; Marianna Sotomayor et al., “Congressional Republicans panic as they watch their lead dwindle,” Washington Post, November 11, 2022, https://www.washingtonpost.com/politics/2022/11/11/senate-republicans-mcconnell-midterms/; Brian Slodysko, “Election takeaways: No sweep for the Republicans after all,” Associated Press, November 9, 2022, https://apnews.com/article/2022-midterm-elections-takeaways-9381d3aaff26d19da95506e045fcd6e1; Jonathan Tamari and William Bender, “‘It’s time for him to retire’: Some Pa. Republicans want to push Trump aside after their election losses,” Philadelphia Inquirer, November 10, 2022, https://www.inquirer.com/politics/election/pa-republicans-blame-trump-2022-losses-20221110.html; Chris Walker, “Trump Is Blaming Everyone But Himself for Midterm Losses — Including His Wife,” Truthout, November 10, 2022, https://truthout.org/articles/trump-is-blaming-everyone-but-himself-for-midterm-losses-including-his-wife/↩
  5. [5]David Benfell, “More questions than answers as Donald Trump flags come down,” Not Housebroken, February 28, 2023, https://disunitedstates.org/2022/08/28/more-questions-than-answers-as-donald-trump-flags-come-down/↩
  6. [6]Natalie Andrews, Siobhan Hughes, and Lindsay Wise, “Frustrated Republicans Try to Explain Lack of Midterm ‘Red Wave,’” Wall Street Journal, November 9, 2022, https://www.wsj.com/articles/frustrated-republicans-try-to-explain-lack-of-midterm-red-wave-11668036382; Isaac Arnsdorf and Josh Dawsey, “One likely 2024 GOP contender triumphed on election night. It wasn’t Donald Trump,” Washington Post, November 9, 2022, https://www.washingtonpost.com/politics/2022/11/09/desantis-trump-2024-presidential-election/; Dan Balz, “The vaunted red wave never hit the shore in midterm elections,” Washington Post, November 9, 2022, https://www.washingtonpost.com/politics/2022/11/08/midterms-dissatisfied-voters-render-judgments-biden-republicans/; Jonathan Freedland, “The winner of the midterms is not yet clear – but the loser is Donald Trump,” Guardian, November 9, 2022, https://www.theguardian.com/us-news/2022/nov/09/the-winner-of-the-midterms-is-not-yet-clear-but-the-loser-is-donald-trump; Amy Gardner, Reis Thebault, and Robert Klemko, “Election deniers lose races for key state offices in every 2020 battleground,” Washington Post, November 13, 2022, https://www.washingtonpost.com/elections/2022/11/13/election-deniers-defeated-state-races/; Liz Goodwin, “A red wave of criticism crashes into Donald Trump after midterm losses,” Washington Post, November 11, 2022, https://www.washingtonpost.com/politics/2022/11/11/trump-criticism-midterms-republicans/; David Lauter, “The midterm’s big loser: Trump suffers multiple defeats,” Los Angeles Times, November 9, 2022, https://www.latimes.com/politics/newsletter/2022-11-09/the-midterms-big-loser-trump-suffers-multiple-defeats-essential-politics; Kris Maher, “Democrat Josh Shapiro Wins Pennsylvania Governor Race Over Doug Mastriano,” Wall Street Journal, November 9, 2022, https://www.wsj.com/livecoverage/election-midterms-2022/card/democrat-josh-shapiro-wins-pennsylvania-governor-race-over-doug-mastriano-rdDSLqwHlckU7Q5yZYF2; Tina Nguyen, “Has Trump Already Lost ’24?” Puck News, November 30, 2022, https://puck.news/has-trump-already-lost-24/; Greg Sargent, “Republicans want Trump to take the blame. Good luck with that,” Washington Post, November 11, 2022, https://www.washingtonpost.com/opinions/2022/11/11/trump-midterm-elections-gop-abortion-rights-2024/; Marianna Sotomayor et al., “Congressional Republicans panic as they watch their lead dwindle,” Washington Post, November 11, 2022, https://www.washingtonpost.com/politics/2022/11/11/senate-republicans-mcconnell-midterms/; Brian Slodysko, “Election takeaways: No sweep for the Republicans after all,” Associated Press, November 9, 2022, https://apnews.com/article/2022-midterm-elections-takeaways-9381d3aaff26d19da95506e045fcd6e1; Jonathan Tamari and William Bender, “‘It’s time for him to retire’: Some Pa. Republicans want to push Trump aside after their election losses,” Philadelphia Inquirer, November 10, 2022, https://www.inquirer.com/politics/election/pa-republicans-blame-trump-2022-losses-20221110.html; Chris Walker, “Trump Is Blaming Everyone But Himself for Midterm Losses — Including His Wife,” Truthout, November 10, 2022, https://truthout.org/articles/trump-is-blaming-everyone-but-himself-for-midterm-losses-including-his-wife/↩
  7. [7]David Benfell, “Tales from the fringe (of white Christian nationalism),” Irregular Bullshit, March 23, 2023, https://disunitedstates.com/2023/03/23/tales-from-the-fringe-of-white-christian-nationalism/↩

The closing of the Florida mind

benfell

Samuel Joeckel has been teaching a unit on racial justice in his writing class at Palm Beach Atlantic for twelve years. This year, a student complained about the unit to his parents, who complained to the university president. Joeckel is now out of a job. White Christian nationalist Florida Governor (and presumptive presidential candidate) Ron DeSantis visited the university the very evening he was terminated.[1] Read more →

  1. [1]Megan Zahneis, “A Florida Professor Lost His Job After Complaints About His Lessons on Racial Justice,” Chronicle of Higher Education, March 17, 2023, https://www.chronicle.com/article/a-florida-professor-lost-his-job-after-complaints-about-his-lessons-on-racial-justice↩

The Silicon Valley Bank collapse exposes our system for what it is: neo-feudalism

benfell

See update for March 30, 2023, at end of post.

By all accounts, Silicon Valley Bank was a mid-sized bank. Even as it failed, it was not considered “systemically important,”[1] that is, until U.S. authorities decided it was.[2] And yet, its failure ensnares a bank, Credit Suisse, which is “systemically important” half a world away.[3] Read more →

  1. [1]Karl Evers-Hillstrom, “Silicon Valley, Signature banks lobbied hard to loosen bank rules,” Hill, March 14, 2023, https://thehill.com/policy/technology/3898389-silicon-valley-signature-banks-lobbied-hard-to-loosen-banking-rules/; Zachary Warmbrodt, “Banks fought to fend off tougher regulation. Then the meltdown came,” Politico, March 12, 2023, https://www.politico.com/news/2023/03/12/banks-regulations-feds-svb-meltdown-00086694↩
  2. [2]William D. Cohan, “SVB’s Valley of Death,” Puck, March 12, 2023, https://puck.news/svbs-valley-of-death/; Ben Foldy, Rachel Louise Ensign, and Justin Baer, “How Silicon Valley Turned on Silicon Valley Bank,” Wall Street Journal, March 12, 2023, https://www.wsj.com/articles/how-silicon-valley-turned-on-silicon-valley-bank-ee293ac9; Victoria Guida and Sam Sutton, “‘There’s going to be more’: How Washington is bracing for bank fallout,” Politico, March 12, 2023, https://www.politico.com/news/2023/03/12/silicon-valley-bank-fallout-washington-00086662; Jeff Stein et al., “U.S. says ‘all’ deposits at failed bank will be available Monday,” Washington Post, March 12, 2023, https://www.washingtonpost.com/us-policy/2023/03/12/silicon-valley-bank-deposits/; Nick Timiraos, “SVB, Signature Bank Depositors to Get All Their Money as Fed Moves to Stem Crisis,” Wall Street Journal, March 12, 2023, https://www.wsj.com/articles/federal-reserve-rolls-out-emergency-measures-to-prevent-banking-crisis-ba4d7f98↩
  3. [3]Simon Foy, “Is Credit Suisse, the bad apple of European banking, really ‘too big to fail, too big to be saved’?” Telegraph, March 16, 2023, https://www.telegraph.co.uk/business/2023/03/15/credit-suisse-share-price-bailout/; Nicholas Jasinski, “How SVB Triggered Credit Suisse’s Latest Mess—and Sparked Fears of a Financial Crisis,” Barron’s, March 15, 2023, https://www.barrons.com/articles/credit-suisse-svb-banking-crisis-3faac588; Margot Patrick, Justin Baer, and Dana Cimilluca, “UBS Nears Deal to Take Over Credit Suisse,” Wall Street Journal, March 18, 2023, https://www.wsj.com/articles/ubs-in-talks-to-take-over-credit-suisse-ed932b01; Margot Patrick, Ben Dummett, and Dana Cimilluca, “UBS Offers $1 Billion to Buy Credit Suisse,” Wall Street Journal, March 19, 2023, https://www.wsj.com/articles/ubs-offers-1-billion-to-take-over-credit-suisse-bfac51fa; Brian Swint, “Credit Suisse Stock Surges as Central Bank Loan and Debt Buybacks Tame Panic,” Barron’s, March 16, 2023, https://www.barrons.com/articles/credit-suisse-buy-back-debt-svb-banks-crisis-bf792d0d; Stephen Wilmot, “Panic Abates at Credit Suisse. Now Comes the Hard Part,” Wall Street Journal, March 16, 2023, https://www.wsj.com/articles/panic-abates-at-credit-suisse-now-comes-the-hard-part-2b93c578↩

A new taxonomy of conservatism?

benfell

As part of its thing, Academia.edu suggested a paper describing vigilante right-wing militia activities, for example, the “Minutemen,” along the U.S. southern border, meant to intercept unauthorized migrants. In it, Robert Castro links militarism, toxic masculinity (he doesn’t call it ‘toxic’), and what,[1] in my dissertation, I would call paleoconservatism, a pro-segregationist tendency that, in its outer extremes includes neo-Nazis, skinheads, and the like.[2]

I don’t usually follow up on these suggestions, but this was hitting a few too many buttons for me, and I gotta tell you, I’m gonna be thinking about this article for a bit. Read more →

  1. [1]Robert F. Castro, “Busting the Bandito Boyz: Militarism, Masculinity, and the Hunting of Undocumented Persons in the US-Mexico Borderlands,” Journal of Hate Studies 6, no. 1 (2007):7-30, doi: 10.33972/jhs.46↩
  2. [2]David Benfell, “Conservative Views on Undocumented Migration” (doctoral dissertation, Saybrook, 2016). ProQuest (1765416126).↩

Following Alice down a rabbit hole on COVID-19 origins

benfell

See updates through March 16, 2023, at end of post.

It’s fair to say that Michael Hiltzik is not impressed by[1] the Wall Street Journal’s reporting of a Department of Energy conclusion favoring the lab leak hypothesis of COVID-19’s origins.[2] Read more →

  1. [1]Michael Hiltzik, “Despite latest reports, there’s still not a speck of evidence that COVID escaped from a Chinese lab,” Los Angeles Times, February 27, 2023, https://www.latimes.com/business/story/2023-02-27/contrary-wsj-claim-theres-still-not-a-speck-of-evidence-that-covid-escaped-from-a-chinese-lab↩
  2. [2]Michael R. Gordon and Warren P. Strobel, “Lab Leak Most Likely Origin of Covid-19 Pandemic, Energy Department Now Says,” Wall Street Journal, February 26, 2023, https://www.wsj.com/articles/covid-origin-china-lab-leak-807b7b0a↩