https://t.co/mgWQbsFQGN
1/Today's @bopinion post is about Trump's taxes, and what they show about how America allocates capital.
We appear to have some big problems.
https://t.co/mgWQbsFQGN
Why would creditors give money to a guy who wastes the money on bad businesses and doesn't even pay them back?
Why hasn't an abundance of cheap capital caused the return on financial capital to fall? Interest rates are low, but stock returns have held up strongly.
When you increase the supply of loanable funds, prices are supposed to go down. In other words, cheap capital should fund a lot of marginal businesses that compete away profits...
Simcha Barkai and Matt Rognlie have both written about this:
1. https://t.co/OLln8npr8b
2. https://t.co/BY1EWyluD7
https://t.co/xNzE9SO8nY
https://t.co/BY1EWyluD7
And it doesn't really explain Trump, does it? He's not a monopolist, and he doesn't even make profit. He's just a huckster who can borrow cheaply because he's famous.
Financiers are willing to throw tons of cheap money at big powerful companies or at famous hucksters like Trump, but charge inordinate prices to fund new entrants or marginal businesses.
We need to figure out what's going wrong, and fix it!
(end)
https://t.co/dHVCEQGa9q
More from Noah Smith 🐇
"She now finds herself in the uppermost echelons of the culture industries, where woke liberalism is de rigueur and departures from it are stigmatized." @reihan on Taylor Swift's swing towards politics: https://t.co/cKW4LoY9IV
— The Atlantic (@TheAtlantic) October 11, 2018
Basically we have a whole bunch of ways of saying "You can't possibly believe that!!". Which helps us avoid the terrifying fact that yes, people generally do believe it.
Of course, "believe" doesn't mean what it means in econ class. It means that people get a warm feeling from asserting something, even if they don't know what it means. "God is omnipotent", etc.
A lot of times we believe extreme things, simply because asserting those things all together in a group gives us a warm feeling of having an army on our side.
It's not competitive wokeness. It's COOPERATIVE wokeness.
"Virtue signaling" isn't fake or pretend. It's real.
"Virtue", when it comes right down to it, means membership on a team.
Sometimes, to prove you're on a team, it helps to say something people on the other team could never bring themselves to say.
One thing I've been noticing about responses to today's column is that many people still don't get how strong the forces behind regional divergence are, and how hard to reverse 1/ https://t.co/Ft2aH1NcQt
— Paul Krugman (@paulkrugman) November 20, 2018
See this thing that @lymanstoneky wrote:
And see this thing that I wrote:
And see this book that @JamesFallows wrote:
And see this other thing that I wrote:
This New York Times feature shows China with a Gini Index of less than 30, which would make it more equal than Canada, France, or the Netherlands. https://t.co/g3Sv6DZTDE
That's weird. Income inequality in China is legendary.
Let's check this number.
2/The New York Times cites the World Bank's recent report, "Fair Progress? Economic Mobility across Generations Around the World".
The report is available here:
3/The World Bank report has a graph in which it appears to show the same value for China's Gini - under 0.3.
The graph cites the World Development Indicators as its source for the income inequality data.
4/The World Development Indicators are available at the World Bank's website.
Here's the Gini index: https://t.co/MvylQzpX6A
It looks as if the latest estimate for China's Gini is 42.2.
That estimate is from 2012.
5/A Gini of 42.2 would put China in the same neighborhood as the U.S., whose Gini was estimated at 41 in 2013.
I can't find the <30 number anywhere. The only other estimate in the tables for China is from 2008, when it was estimated at 42.8.
More from Trump
Playing both the Rush and Trump Cards
Coincidence the movie The Trump Card is out tomorrow 10/9. https://t.co/RT45TDE8HP
Rush offered @realDonaldTrump his show. The rush card.
— JaLove (@LovesTheLight) October 2, 2020
Def0n1
520=ET
The Spahttps://t.co/XIGd3LJOhs pic.twitter.com/ERYeLO7FEd
I'm your Huckleberry. I knew it.🤣
https://t.co/gqHfFWfxZO
Still thinking Rush is Doc Holiday.https://t.co/yiWsT53AJV pic.twitter.com/4DwowTHeUQ
— JaLove (@LovesTheLight) April 23, 2020
All the Rush graphics are in linked threads throughout
##FLY##
[OWL]
https://t.co/b9px5Mt3iN
FLYROTHSFLY
— JaLove (@LovesTheLight) October 8, 2020
1:27
Post301
301=31 mirror 13
13families pic.twitter.com/usDptBEErU
Only the full release of docs can give conclusive evidence.
Dangle Operation
Sanctions are coming
11/4
11/5
Make sure you go to the concession stand and get your popcorn, beverage and candy.
https://t.co/laVxyfS5ax
In Theaters Now!
— JaLove (@LovesTheLight) October 8, 2020
I'm Speaking
PANIC IN DC pic.twitter.com/4n7OasXBDN
Unless Trump's new lawyer is going to argue Hilary Clinton went to court and lost 60 times and then launched an attack on the Capitol, these clips of Democrats objecting to vote counting and being overruled by VP Biden are a waste of time.
— Joyce Alene (@JoyceWhiteVance) February 12, 2021
Also this is such a small thing but one thing I noticed in that Trump campaign ad the defense just ran, there were no citations, unlike every clip that the impeachment managers showed
Michael Van Der Veen is giving us the full Fox News Primetime Defense.
PROCESS ARGUMENT.
DRINK.
Lol my guy this is the chance to rebut the evidence that they’ve presented against Trump.
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