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 🐇
Today's @bopinion post is about how poor countries started catching up to rich ones.
It looks like decolonization just took a few decades to start
Basic econ theory says poor countries should grow faster than rich ones.
But for much of the Industrial Revolution, the opposite happened.
https://t.co/JjjVtWzz5c
Why? Probably because the first countries to discover industrial technologies used them to conquer the others!
But then colonial empires went away. And yet still, for the next 30 years or so, poor countries fell further behind rich ones.
https://t.co/hilDvv0IQV
Why??
Possible reasons:
1. Bad institutions (dictators, communism, autarkic trade regimes)
2. Civil wars
3. Lack of education
But then, starting in the 80s (for China) and the 90s (for India and Indonesia), some of the biggest poor countries got their acts together and started to catch up!
Global inequality began to fall.
It looks like decolonization just took a few decades to start
Basic econ theory says poor countries should grow faster than rich ones.
But for much of the Industrial Revolution, the opposite happened.
https://t.co/JjjVtWzz5c
Why? Probably because the first countries to discover industrial technologies used them to conquer the others!
But then colonial empires went away. And yet still, for the next 30 years or so, poor countries fell further behind rich ones.
https://t.co/hilDvv0IQV
Why??
Possible reasons:
1. Bad institutions (dictators, communism, autarkic trade regimes)
2. Civil wars
3. Lack of education
But then, starting in the 80s (for China) and the 90s (for India and Indonesia), some of the biggest poor countries got their acts together and started to catch up!
Global inequality began to fall.
1/I'm thinking about the end of Apu in the context of the national debates on immigration and diversity.
2/Apu's presence in Springfield represented a basic reality of America in the late 20th and early 21st century: the presence of nonwhite immigrants.
3/As Tomas Jimenez writes in "The Other Side of Assimilation", for my generation, immigrants from India, China, Mexico, and many other countries aren't strange or foreign. On the contrary, they're a
4/But that America I grew up with is fundamentally ephemeral. The kids of immigrants don't retain their parents' culture. They merge into the local culture (and, as Jimenez documents, the local culture changes to reflect their influence).
5/Simpsons character don't change. But real people, and real communities, do. So a character who once represented the diversity that immigrants brought to American towns now represents a stereotype of Indian-Americans as "permanent foreigners".
\u2018The Simpsons\u2019 producer confirms Apu is being written out of show following controversy https://t.co/lKzFCe1wFa pic.twitter.com/s34IUDUtqs
— NME (@NME) October 26, 2018
2/Apu's presence in Springfield represented a basic reality of America in the late 20th and early 21st century: the presence of nonwhite immigrants.
3/As Tomas Jimenez writes in "The Other Side of Assimilation", for my generation, immigrants from India, China, Mexico, and many other countries aren't strange or foreign. On the contrary, they're a
4/But that America I grew up with is fundamentally ephemeral. The kids of immigrants don't retain their parents' culture. They merge into the local culture (and, as Jimenez documents, the local culture changes to reflect their influence).
5/Simpsons character don't change. But real people, and real communities, do. So a character who once represented the diversity that immigrants brought to American towns now represents a stereotype of Indian-Americans as "permanent foreigners".
Bloomberg Ideas conference now starting! I will be live-tweeting it. You can watch on our Facebook or Twitter pages (links below)!
Our first panel is about cryptocurrency! We have @matt_levine, @tylercowen, @eiaine, @nirkaissar, and Camilla
Ou: Crypto will be useful for the unbanked.
Cowen: Crypto has to compete against a bunch of other emerging payments technologies. Bitcoin is too inflexible.
Cowen: I'll bet on the payments companies over crypto.
Today and tomorrow we'll be having a Bloomberg Ideas event!
— Noah Smith (@Noahpinion) October 25, 2018
Today will be a panel on cryptocurrency.
Tomorrow will be panels on the economics of AI, and on regulation of big tech companies.
You can watch livestreams here:https://t.co/1dC0ELGvabhttps://t.co/Juz5Mp2EC1 pic.twitter.com/VfxOscNflo
Our first panel is about cryptocurrency! We have @matt_levine, @tylercowen, @eiaine, @nirkaissar, and Camilla
Ou: Crypto will be useful for the unbanked.
Cowen: Crypto has to compete against a bunch of other emerging payments technologies. Bitcoin is too inflexible.
Cowen: I'll bet on the payments companies over crypto.
More from Trump
President Trump has been preparing the public for more than a year now for a major tectonic shift as what the CCP has been doing to us through our own political class is fully exposed.
Including election fraud.
@JoshJPhilipp of @EpochTimes
Including election fraud.
@JoshJPhilipp of @EpochTimes
Sometimes they tell us . . but we fail to listen carefully . .\U0001f914pic.twitter.com/VpJbZQwhsj
— Lawyerforlaws (@lawyer4laws) December 16, 2020
Having a Twitter account is not a right.
If you incite violence on Twitter, the company can - and should - stop you. Good call.
Plans for “future armed protests” are spreading on Twitter and elsewhere, the company warned, “including a proposed secondary attack on the US Capitol and state capitol buildings on January 17, 2021”.
Yes, people who boosted their careers off of Trump - his sycophants, his kids & people like Haley, who helped him attack and undermine human rights around the world - are boo-hooing right now.
Always beware of powerful people pretending to be victims.
https://t.co/0A5D5eJFvL
But no one should react with glee. The president of the United States has been inciting violence, and Republican Party leaders, along with a willing, violent mob, have been aiding his attempts to overthrow the democratic process.
That's the real story here.
The dangers are real, and we've all seen them. That Twitter even had to contemplate banning any politician for inciting violence is awful. That they had to ban the sitting president for it is even worse.
If you incite violence on Twitter, the company can - and should - stop you. Good call.
Plans for “future armed protests” are spreading on Twitter and elsewhere, the company warned, “including a proposed secondary attack on the US Capitol and state capitol buildings on January 17, 2021”.
Yes, people who boosted their careers off of Trump - his sycophants, his kids & people like Haley, who helped him attack and undermine human rights around the world - are boo-hooing right now.
Always beware of powerful people pretending to be victims.
https://t.co/0A5D5eJFvL
But no one should react with glee. The president of the United States has been inciting violence, and Republican Party leaders, along with a willing, violent mob, have been aiding his attempts to overthrow the democratic process.
That's the real story here.
The dangers are real, and we've all seen them. That Twitter even had to contemplate banning any politician for inciting violence is awful. That they had to ban the sitting president for it is even worse.
DONALD TRUMP IS SO RACIST ...
— that he restored and increased HBCU funding (which Obama cut permanently) and met with HBCU leaders to find more solutions to bring higher education to black communities!
— that he gave loans to black entrepreneurs when the banks wouldn't. https://t.co/qiK2Ul7se2
— that Jesse Jackson praised Trump for helping him put together his Rainbow Coalition and for being a model for “people on Wall Street to represent diversity.”
— that he was awarded the 1986 Ellis Island Medal Of Honor alongside Rosa parks and Muhammad Ali for “patriotism, tolerance, brotherhood and DIVERSITY”. They don't give these medals to racists. https://t.co/WliqZHc34j
— that he dated a black woman.
— that he donated to and did personal favors for Rev. Al Sharpton's National Youth Movement. https://t.co/nBTvLiO128
— that he helped sponsor and finance both of Jesse Jackson's presidential bids.
— that when a homeless black woman was found illegally living in Trump Tower he allowed this woman to stay for 8 years, and provided her with three meals a day, and fresh flowers once a week.
— that he restored and increased HBCU funding (which Obama cut permanently) and met with HBCU leaders to find more solutions to bring higher education to black communities!
— that he gave loans to black entrepreneurs when the banks wouldn't. https://t.co/qiK2Ul7se2
— that Jesse Jackson praised Trump for helping him put together his Rainbow Coalition and for being a model for “people on Wall Street to represent diversity.”
— that he was awarded the 1986 Ellis Island Medal Of Honor alongside Rosa parks and Muhammad Ali for “patriotism, tolerance, brotherhood and DIVERSITY”. They don't give these medals to racists. https://t.co/WliqZHc34j
— that he dated a black woman.
— that he donated to and did personal favors for Rev. Al Sharpton's National Youth Movement. https://t.co/nBTvLiO128
— that he helped sponsor and finance both of Jesse Jackson's presidential bids.
— that when a homeless black woman was found illegally living in Trump Tower he allowed this woman to stay for 8 years, and provided her with three meals a day, and fresh flowers once a week.
You May Also Like
The YouTube algorithm that I helped build in 2011 still recommends the flat earth theory by the *hundreds of millions*. This investigation by @RawStory shows some of the real-life consequences of this badly designed AI.
This spring at SxSW, @SusanWojcicki promised "Wikipedia snippets" on debated videos. But they didn't put them on flat earth videos, and instead @YouTube is promoting merchandising such as "NASA lies - Never Trust a Snake". 2/
A few example of flat earth videos that were promoted by YouTube #today:
https://t.co/TumQiX2tlj 3/
https://t.co/uAORIJ5BYX 4/
https://t.co/yOGZ0pLfHG 5/
Flat Earth conference attendees explain how they have been brainwashed by YouTube and Infowarshttps://t.co/gqZwGXPOoc
— Raw Story (@RawStory) November 18, 2018
This spring at SxSW, @SusanWojcicki promised "Wikipedia snippets" on debated videos. But they didn't put them on flat earth videos, and instead @YouTube is promoting merchandising such as "NASA lies - Never Trust a Snake". 2/
A few example of flat earth videos that were promoted by YouTube #today:
https://t.co/TumQiX2tlj 3/
https://t.co/uAORIJ5BYX 4/
https://t.co/yOGZ0pLfHG 5/
