BC ECONOMY
Saved by @Alex1Powell

Payrolls in November rose a mere +245k. That's the sort of number you might see in a "normal" month, and definitely not what you're hoping for in the snapback from a covid-induced shutdown.

THE RECOVERY IS STALLING.

 Remember, the economy lost 22 million jobs, then gained roughly half of them back.

We still have 10 million fewer jobs than we did in February. Clawing the rest back at +245k per month will take basically forever. If this is the second half of the recovery, it's going to be grim
The dramatic ups and downs of recent months might hide the real story here: The economy is in a deep hole -- as deep as in the darkest days following the financial crisis -- and the recovery is faltering. Barely there. Making no progress. Stalled. Stopped.
The proximate causes of our slowing economy are obvious:
The virus is back, which hobbles the service sector, and stimulus has basically petered out, leaving the economy with little help. It doesn't have to be this way.
The household survey suggests that employment actually declined (by -74k) last month. So the fall in unemployment from 6.9% to 6.7% largely reflect the fact that an additional 400k people dropped out of the labor force.
And if you think an unemployment rate of 6.7% doesn't sound too bad, realize that this largely reflects millions of people dropping out of the labor force -- millions more than in a typical downturn -- because it's barely safe to leave their houses.
We're already seeing the recessionary impulse from state and local governments cutting back.
- State governments cut -243k jobs in March-May, and now an additional 134k since September.
- Local governments cut -1255k jobs March-May, and -187k since Sept.

And more cuts are ahead.
Over half of this month's job growth is in the stay-at-home-because-of-the-virus sector.
You can't interpret economic numbers separately from the broader public health context. The pandemic changes what one might mean by "good jobs" and "bad jobs."
https://t.co/4RHutW5Q4E
The recovery was always going to be a play in two acts.

The first act was firms re-opening and recalling furloughed workers.

The second act is harder: Millions lost their jobs permanently & there aren't many new opportunities opening up for them.

The second act is a grim slog.
By @jasonfurman's calculation, the "realistic" unemployment rate -- which adjusts for the unusual decline in participation -- is 8.5%, and is *rising*.
https://t.co/tLb6uYhe9f
We're at risk of creating more lasting problems: The share of the unemployed who have been jobless >6 months has now risen from 19% in February to 37% in November, and it's rising sharply.

As people lose contact with the labor market, they lose connections, skills, and hope.
https://t.co/QEE3EFcGdT
A wonky nugget: Response rates to the labor market surveys are most of the way back to pre-covid levels, suggesting that perhaps the data are becoming more reliable.

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In 1948 he acquired 50% stake in GEICO. It had to be distributed to his investors

They almost didn't make the investment due to some accounting questions 1/


Ben Graham paid $712,500 for 50% of GEICO in 1948. He put 25% of his investment assets in GEICO.

This investment did so well that the price of its shares advanced to two hundred times or more than the price of the half-interest by 1971/1972 2/

Ironically, the aggregate of profits accruing from this single investment decision far exceeded the sum of all the others realized through 20 years of operations in the partners specialized fields, involving much investigation, endless pondering&countless individual decisions 3/

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0/ A holiday economic theory reading list. Some of my favorite pieces on theory that can be read with minimal sweat, but with the maximal intellectual reward. In no particular order:

1/ Myerson 1999. "Nash equilibrium & history of economic theory." JEL. Written with characteristic Myersonian elegance. "how a few short papers by a young mathematician achieved one of the great watershed breakthroughs in the history of social

2/ Blackwell & DeGroot 1986. “A conversation with David Blackwell.” Stat Science. After his PhD at 21, "There were 105 black colleges at that time & I wrote 105 letters of application." Beautiful discussion on a gamut of ideas & his intellectual life.

3/ Geanakoplos 1992. “Common Knowledge.” JEP. Zuper piece, lucidly written. Lots of interesting puzzles, great for teaching. When Moriarty says "All I have to say has already crossed your mind," Holmes retorts "then possibly my answer has crossed yours."

4/ Morris 1995. "The common prior assumption in economic theory.” E&P. This beauty was Stephen's first chap of PhD thesis! Does rationality imply CP? Does relaxing CP make theorizing uninteresting? Is failure of CP a failure of information processing?
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What a year: 203 essays about degrowth in English since the beginning of March. Here is a selection of some of my favourites. Thank you @fem_degrowth, @beth_stratford, @thedownshifters, @corbinkbarthold, @degrowth_info for these brilliant texts.

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Emily of the State
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This is premature, but I want to walk you though why some of the charges coming through are incredible significant. This is one of the recently unsealed complaints.


1512(b) is a very, very strong crime. Section 1512 is about obstruction of the administration of justice. The statute is supposedly about disrupting court proceedings, but it's broader. The way it's written, Congressional Proceedings count.

The statutory maximum for a single violation of 1512(b) is 20 years in prison. That's a lot. Most related federal crimes—231 civil disorder, 2101 riots—are only 5 years on the top end.

But that's not all.

See, federal sentencing is done via a complicated formula that computes sentencing guidelines.

Sentencing guidelines are based on the statute, the elements of the criminal offense, and the defendant's criminal history. It also factors in things like if the defendant takes responsibility, and takes a plea deal, etc.
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ANTARVEDI LAKSHMI NARASIMHA SWAMY, EAST GODAVARI DIST.(AP)

Located where Vasistha Godavari joins Bay of Bengal.

Present structure was built by Kapanati Krishnamma of Agnikula Kshatriya clan in 1823.

It is one of the oldest among 32 Narasimha Kshetras in AP.
@LostTemple7


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Narasimha created Maha Maya, also called Ashwaroodambika or Gurralakka to suck his blood as he got a boon from Brahma that blood falling from his body would produce another demon.


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Panchamrita Abhishekam is done every day.
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The last Hindu king of Pakistan.

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Dara Shikohar provided Rana supplies to Amarkot during his expedition to Kandahar.
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Alwars have dedicated their lives towards Lord Sriman Narayana and they led their life by praising Him.

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