I am shocked to see this article in Time magazine, entitled "American Capitalism's Great Crisis," and subtitled "How Wall Street is Choking Our Economy and How to Fix It." Rana Faroohar sounds like a kindler, gentler Michael Hudson as she describes how the finance sector (i.e., the banksters) has taken over the economy such that very little bank money actually makes it to the economy, and how "(m)ost of the money in the system is being used for lending against existing assets such as housing, stocks and bonds," rather than the creation of new assets. However, where Mr. Hudson offers debt forgiveness as a solution, Ms. Faroohar doesn't -- possibly because her article is a condensed version of a much larger book, which will go on my reading list right quick.
Ho hum, Paul Ryan says the Obama Administration's new overtime rule is an "absolute disaster" blah blah blah, will kill small businesses blah blah blah. As "disastrous" as it was back in the late '60s, when we routinely had sub-4% unemployment rates and the overtime floor was actually higher, once you adjust for inflation? Yeah, those were "disastrous" times all right -- for takers like Paul Ryan who would redistribute income upward to his corporate paymasters.
Former two-term Massachusetts Republican Governor William Weld will seek the Libertarian Party's Vice Presidential nomination, in the hopes that he will be on the ticket with former two-term New Mexico Republican Governor Gary Johnson, seeking that party's Presidential nomination. But while Mr. Johnson is believable as a Libertarian, Mr. Weld -- who first won in Massachusetts in 1990 by running to John Silber's left, which wasn't hard -- just looks like he's trying to find a home, even though he was the Libertarian Party's nominee (as well as the Republican Party's nominee) for Governor of New York against Eliot Spitzer in 2006. Still, the Party must be pleased to have four gubernatorial terms at the top of their ticket, and they may even attract a few liberals disaffected with Mrs. Clinton's center-right economics and center-further-right "war on terror" positions. Think the Koch brothers will put their money where their mouths are and throw a few hundred mil the Libertarians' way? I kid, of course.
Los Angeles City Council unanimously passes ordinance requiring farmers' markets to accept food stamps. Perhaps that will stop right-wingers from complaining about poor people buying candy bars with their EBT cards! Again, I kid -- nothing stops right-wingers from complaining about the poor. Still, good Los Angelenos should be able to eat better (and eat better cheaper) this way, and we can chip away at the stereotype of farmers' markets as places ruled by yoga mats. (As an aside, I did not know that farmers could not sell their wares directly to customers in California until 1979. That doesn't sound like the sort of thing a truly free market would tolerate.)
Finally, Matt Taibbi writes about how Donald Trump is "Killing the Republican Party." He's not too sure the Republican Party will actually die, of course -- I figure they'll compete as long as they have money and rage-filled adherents, both of which they'll have for a long time -- but it's hard for me, even as someone who tries hard to avoid blasphemy, to disagree with statements like "(n)o hell is hot enough for them." At least there's optimism: "Money is important in politics," he says, discussing how well the Trump and Sanders campaigns have done, "but in democracy, people ultimately still count more."