David Dayen
@ddayen
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Executive editor, @TheProspect . Author, Chain of Title and Monopolized. Tips/pitches at ddayen at prospect dot org.
Los Angeles
Joined August 2007
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Whoa, Biden just pardoned everyone convicted of the federal crime of marijuana possession. And set in motion a process to reschedule or deschedule cannabis under the Controlled Substances Act.
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Got some new reporting, will put something together soon, but the upshot is that Sanders, with full Dem backing, is prepared to make life miserable for the rest of the Senate if there's no vote granted on $2,000 checks
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Taxes that disproportionately fall on the poor—the sales tax, for example—are imposed all the time, and never once do you see on cable news "up next, this janitor explains why the sales tax punishes his success"
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Henry Cuellar, the last anti-abortion Democrat in the House, has a primary runoff election in 22 days.
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We know the counter-factual: the Black Panthers mulled around with guns at the state capitol in Sacramento in 1967 and within weeks RONALD REAGAN signed a gun control bill
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Tesla's self-driving capability is something like 10 times more deadly than a regular car piloted by a human, per an analysis of a new government report.
@ryanlcooper
has it:
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Joe Biden has never finished higher than 4th in any primary or caucus in 32 years of running for president
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Love that her answer to this is "92% of my salary is performance based." She means stock-based, which is due to the Clinton-era loophole avoiding taxation for exec comp. Paying execs mostly in stock distorts and is the hidden driver of buyback trends.
The CEO of General Motors just went on CNN and it went like this:
"You've seen a 34 percent pay increase in your salary.
You make almost 30 million. Why should your workers not get the same type of pay increases that you're getting leading the company?"
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Inbox: REPS. JONES, OCASIO-CORTEZ LEAD PUSH TO STRIP SUPREME COURT’S JURISDICTION OVER ABORTION
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On a wild call with Amazon workers at facilities with workers who have tested for COVID-19. They're livid.
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So here's my scoop: banks have been given the green light by regulators to take the $1,200 CARES Act payments and use them to offset an individual's existing debts.
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I don't think this anti-union meeting went exactly as planned for Amazon
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Barack Obama started the decade with a vision to change America, ended it as a lifestyle brand.
From hip-hop to country to The Boss, here are my songs of the year. If you’re looking for something to keep you company on a long drive or help you turn up a workout, I hope there’s a track or two in here that does the trick.
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Via email,
@SenWarren
has explained why John Kelly decided to call her "an impolite arrogant woman"
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Elizabeth Warren has been very quiet today.
She listed 8 conditions for bailouts. The Senate bill has 0/8 (maybe .5/8, there's a temporary buyback ban).
Even if it had 8/8 Mnuchin could waive them, putting us back to 0/8.
Not sure how she can agree to this bill.
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Twelve Dems cared about supplying Israel weapons so much that they voted to allow wealthy people to cheat on their taxes.
BREAKING -- HOUSE passes IRS cut/Israel bill.
This bill is dead in the Senate and has drawn a veto threat from PRESIDENT BIDEN
12 Democrats defied their leadership and the White House and voted yes.
FINAL VOTE: 226-196
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The focus on whether every vaccine recipient is "deserving" rather than gettting shots into arms as quickly as possible reminds me of trying to target "deserving" homeowners with HAMP, means-testing, all the little ways US politics stupidly pits people against one another
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Here's what Bernie Sanders and the Democrats are planning for the next few days in the Senate. If Mitch McConnell doesn't give them a floor vote on $2,000 checks, they can keep Senators in Washington through New Year's Day.
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Ben Ray Lujan a sitting Senator, had a stroke *in January*, was back in the Senate 6 weeks later, has had no difficulty performing his duties, but because everything in America exists in a vacuum it hasn't been discussed in the context of John Fetterman running for the same job
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Worth noting that even Hitler didn't build a tranche of BBB-rated subprime home loans and market them to German banks as performing bonds without telling them that John Paulson hand-picked the loans and took the other side of the bet
Worth noting even Hitler didn’t permit his military to use chemical weapons, though he had them.
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The FDA did a lot wrong here but CLOSING A PLANT THAT PRODUCED TAINTED FORMULA THAT KILLED TWO BABIES is not one of those things.
Has Biden explored using the Defense Production Act to reopen the formula plant his FDA closed, or is he going to continue to just sit around
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*water rising to the ceiling in NY-based news studio
"How will we live down our national shame in Afghanistan? This ex-Raytheon board member will tell us next"
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Clay was a senior member on House Financial Services, so in addition to him losing, it moves Porter, Tlaib and AOC up in seniority on the committee
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Jamie Dimon on his $31 million annual pay: "The board sets mine, I have nothing to do with it."
He's the chairman of the board!
“Last year, you were paid $31 million. Too high?”
JPMorgan Chase Chairman and CEO Jamie Dimon says he thinks the wealth gap in America is a “huge problem,” but he passed the buck when asked about his salary.
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The contrast between the boundaries of discussion in the country that fetishizes allyship with Israel and the boundaries of discussion in the actual country of Israel couldn't be more stark.
Four out of five Jewish Israelis believe the government and Prime Minister Benjamin Netanyahu are to blame for the mass infiltration of Hamas terrorists and the massacre of Israel's South, a new poll released on Thursday found.
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Fun fact: if you put the Respect for Marriage Act on the Senate floor and it doesn't get 60 votes, you can do it again and again, and list all the times Republican Senator X voted against a policy supported by 70% of the public, and backfoot the emerging religious right backlash
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Looks like we'll have the largest strike in American history later this summer.
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And here is today's scoop: USAA bank, one of the nation's largest, is grabbing coronavirus emergency checks. One family, a vet on disability, his wife and 2 kids, lost $3400, and USAA told them "you shouldn't have gotten into debt in the first place"
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Turns out Ross has a stake in at least 75 shipping vessels & was buying and selling them while Commerce Secretary. Total failure of the ethics process
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McConnell trying to strategize a way to elegantly kill $2000 checks legislation that has supermajority support in the House, at least majority support in the Senate, and the support of the president.
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Not processing yet that we got through this week without Congress finalizing massive action on behalf of tens of millions of unemployed and desperate Americans, whose bills are piling up as we speak
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.
@TheProspect
has learned that "several" of the nine conservative House Democrats who insisted to Nancy Pelosi that they would not vote for a budget resolution without a vote on the bipartisan infrastructure package first have flipped. There are no longer 9 Dem holdouts.
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The Education Dept & VP Harris are going to announce tomorrow that all loans from defunct, predatory for-profit college Corinthian Colleges will be canceled entirely, and all payments made on outstanding loans refunded. Expected $5.8 billion in relief. Story soon--
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Funniest thing from this article is that some dude gifted Clarence Thomas tires.
If you're not paying for your own tires, what exactly do you pay for ever?
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Jeff Flake, hero of the resistance, votes yes on Trump's priority to deny ripped-off consumers a right to trial
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Masterful job by
@katieporteroc
at this credit reporting hearing. She asked the Equifax CEO to give his SSN, birthday and address, he said no that would cause harm. Then Porter asks "then why are your lawyers arguing in court that the breach caused no harm?"
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Sorry to bring this up, but telling an asylum seeker they can't enter at the proper checkpoint, capturing them when they cross, and sticking them in a jail cell before sending them back into violence is inhumane whether they're being separated from children or not
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Aaron, who is I want to say a journalist, is deeply offended that a news outlet would ask people to read and learn information about someone coming into a position of power. This is just not done
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Democrats stole the election to lose 10-12 House seats and pick up no state legislatures or gubernatorial races, it's all there if you just look
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So I took a look at why Katie Porter got bumped from the Financial Services Committee, based on the makeup of the committee and the legislative output in the last Congress. It's very clear she was singled out and Maxine Waters is to blame. (1/)
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Monopolies create fragility and add risk.
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This is how you represent a swing district with a slight R lean and don't get a meaningful re-election challenge.
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Eyes squarely on the ball. The Fed has $4.5 trillion to spend and Pelosi hasn't named a chair of the oversight panel yet but somebody out there might get $600 a week and a $1,200 check at the same time
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I know nothing from nothing, but it seems to me you can condemn violence without deeming anything regarding the Palestinians as unprovoked
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The CARES Act passed *75 days* ago.
There still isn't a named chair of the Congressional Oversight Commission to monitor the corporate bailout.
Nobody talks about this.
#oversight
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Wow that's an absurd take. you need 12.5% of the public, roughly the percentage that believe in COVID vaccine microchips, to qualify a recall.
Obviously California is a Special Place -- but the fact that a Democratic national star in waiting *faced* a recall and then had to fight hard for it midway through the campaign does say a lot about the potential challenges Democrats face across the map (4/)
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Put the minimum wage on the floor.
Make anyone opposed have to vote against a very popular policy that every voter understands.
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What
@DavidSacks
and these other hype men for special treatment don't get is that the country solved the problem of uninsured deposits for small business, unless you happened to be a Silicon Valley Bank customer. They disrupted banking as well as they disrupted everything else.
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NEWS: The US Postal Service has taken the first steps toward re-establishing a postal banking system in America.
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Funny story about
#2
, Mark. The regulators were watching until 2018, when SVB and other banks lobbied to send the regulators home, and convinced Republicans (and 50 Democrats) to do it.
Your favorite people warned that it would go badly. It did.
2. Where were regulators ? They are supposed to watch and warn. 3. Can't wait to see how many people yanked their money, told others to, and shorted the stock. 4. Will the number of emps that aren't paid this week lead to a multiple of that number not being paid in 2 weeks ?
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This is going to be an enormous problem. The second wave is a foreclosure wave.
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3/4 of Democrats and a majority of Republicans believe corporations are opportunistically raising prices under cover of inflation.
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.
@SenWarren
asks Fed chair Powell if he knows how many people would lose their jobs under its projections by the end of 2023?
He doesn't. (It's 2 million)
Warren: If you could speak to the 2 million hardworking people who you're planning to get fired, what would you say to them?
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Here's a great piece of work from
@brittanyagibson
on how AOC is spending the 2020 campaign, using it to organize constituents, meet their pressing needs, and build power among them. It's an unsung, under-the-radar, deeply impressive effort
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I was just informed that Ronald Stroman, the deputy postmaster general, resigned yesterday. The new PMG will get his pick of a deputy, but sources indicate that Stroman was forced out.
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I'm not going to livetweet the entire Warren annoucement speech, but this was notable:
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A cert conference this Friday will decide the fate of thousands of cases against oil companies. Justice Alito owns stock in ConocoPhillips & Phillips 66, who are named in the suits. There's no sign of recusal. Wait, another Supreme Court ethical dilemma?
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"It can’t be Warren and it can’t be Sanders,” said the CEO of another giant bank...
(I assume Warren and/or Sanders will put this on a bumper sticker)
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And another.
This bill passed 39-0 in the Senate and 79-0 in the Assembly.
Never drew a single no vote in committee or the floor of either house.
Go override the veto!!!
The Governor has vetoed our bill to cap insulin co-pays at $35/month (SB 90).
People are choosing between paying for insulin & buying food. This veto is a missed opportunity to ensure people can afford their medicine.
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Child poverty rate:
2020: 16.1%
2021: 5.2%
2022: 12.4%
There's a way to call 2020-2022 "slow progress" and a way to call 2021-2022 "a total disaster" after the expiration of the expanded Child Tax Credit.
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If the Manchin Sinematic Universe won't raise taxes on anybody, "OK fine let's not offset this package at all" should be on the table
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The Prospect and The Intercept have learned that Renata Hesse, a former Obama Justice Department official who then went on to work for Google and Amazon, is a leading contender to head up the DoJ Antitrust Division.
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Read what Blinken did in between the Obama and Biden administrations, getting rich working for corporate clients at a pop-up strategic consultancy:
SCOOP: It's official. Tony Blinken will be Joe Biden's secretary of state, and the announcement is expected to be made on Tuesday, sources tell me,
@jeneps
and
@SalehaMohsin
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Whew, they're working on a relief fund, so at least the victims of Covid exposure will have some measure of justic-... I'm sorry the relief fund is for who now?
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Moms4Housing, a group of homeless mothers that took over a home in Oakland to highlight the affordable housing crisis, announced a deal today to buy the home through the Oakland Community Land Trust. "This is what happens when we organize," said Dominique Walker, one of the moms.
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Good thing the economists shot down that corporate greed idea, otherwise I'd start to get worried about these numbers
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1/ The reason there's a concern about disproportionate responses in the last month of sexual misconduct revelations is that we've utterly abandoned the rule of law in America.
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Senate votes tonight to give immunity to banks that rip off consumers by 51-50. Wall Street's biggest gift of the year.
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Why yes, I just asked Majority Leader Schumer's office when the $2000 checks bill would hit the Senate floor
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.
@BernieSanders
"a kid who smokes marijuana gets an arrest record but a CEO who wrecks the economy gets away with it"
#BernieInLA
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"Barack Obama’s presidency received more praise than it probably merited, in part because he was so eloquent...the deal Biden salvaged was so superior to what Obama hobbled away with in 2011, it makes clear there’s more to a presidency than speechifying."
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NEWS: Federal Reserve chair Jerome Powell continued to trade securities from his personal account during the pandemic, including a sale of between $1-$5 million from a Total Market Index Fund on October 1, 2020. The Dow would lose 6% that month.
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A quick thought that the
@Ocasio2018
event I just attended was the most productive and necessary candidate event I've ever been to. Media thrives on narrative but this was about collective action doing the work
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Donna Shalala, who has no expertise whatsoever in the issues underlying the Federal Reserve-led corporate bailout, has been selected by Nancy Pelosi for the oversight panel for the Federal Reserve-led corporate bailout
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NEWS:
@SenSanders
leads 72 House and Senate Democrats in urging President Biden to sign an executive order extending paid sick days for workers at companies with federal contracts to rail workers.
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This literally should have been the only question asked of Barrett from Democrats in the confirmation hearings. "Do you think you're a greater priority than millions of food-insecure Americans?"
Which should the Senate do first?
Vote on a COVID-19 relief package 66%
Vote on the nomination of Amy Coney Barrett to the Supreme Court 27%
@YouGovAmerica
/
@YahooNews
, RV, 10/9-11
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"After 29 minutes, the meeting’s leaders abruptly brought the meeting to a close while workers continued to express their anger over working conditions at the facility and talk over the meeting’s leaders." lol
This here's the blueprint
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So that's two separate Supreme Court cases, both of which will likely be decided tomorrow, where either the alleged plaintiff is unwilling or the claims of the plaintiff are fake and untrue.
The fact-checker of my small magazine is better than the nation's highest court.
the already-questionable "no gay wedding websites" case at SCOTUS is—worse? they claim "stewart" asked for a site for his wedding to "mike." i called stewart. he's straight and married.
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"Amazon's paid sick leave is a joke." You have to test positive to get paid leave, when it's difficult to get a test.
"I hope people will think twice before buying on Amazon"
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New research finds that The Great Resignation reshuffled so many low-wage earners into better work that it led to a 25% reduction in inequality. This is the signature anti-poverty measure under full employment, writes
@HaroldMeyerson
:
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Good.
This is the same authority that can be used to forgive these debts, just in case anyone tries to tell you the executive branch has no ability to cancel the loans.
BREAKING: The Biden administration has extended its pause on student loan payments through May 1
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Even if Republicans could assemble all of their available members, it would only add up to 50, not enough for a quorum. If Democrats boycott the quorum call (and the Dem initiating it runs and hides), Rs cannot do anything on the floor for the time being.
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One question going forward: in '16 cable & broadcast news felt obliged to hire Trump supporters, put them in all of their talking head segments. When pressed they said they had to reflect the new political reality.
So when do they hire all the Sanders supporters?
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Schumer statement: "In my life, I have never seen an administration as incompetent as the one occupying the White House today"
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Being blocked from posting a link from a competing social media site may not quite be an antitrust violation but it sure rhymes
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Let me get this straight, Democratic leaders signed off on an interim bill without fixing, or forcing Treasury to fix, this calamity of banks & private debt collectors grabbing stimulus checks?
And I'm hearing from people daily who are afraid their creditor will come take the $$?
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Quite incredible that 15 members of Congress sit on corporate boards.
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51 would mean no discharge petitions to get nominees out of committee, no additional floor time spent on procedure, no ability for one Senator to tank a nomination.
Warnock-Walker quite important for Ds.
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The entire California political establishment—Garcetti, Newsom, Harris, and their backers—openly threatened any donor who wanted to give to Kevin de Leon in that Senate race. Greatest example of wagon-circling I've ever seen in politics. State Dems led us to this place too.
It's time for Sen. Feinstein to step down from her leadership position on the Senate Judiciary Committee.
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Biden is reinstating the DOJ ban on private prisons in federal corrections facilities today, reversing a Trump order. Just like the initial Obama-era ban, this does not bar DHS use of private prisons in immigration detention, which is frankly much more widespread.
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$5 billion in Puerto Rico "relief" in a new bill comes in the form of loans to the island, not grants
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43 million borrowers were denied debt relief by the Supreme Court today because the Court cited an injury to an institution that did not seek this case and was in fact opposed to it
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To summarize: Steve Mnuchin used financial leverage over the Postal Service to engage in a hostile takeover of the agency. And DeJoy's appointment came out of nowhere, not from the search firm dedicated to the task. Details in here.
BREAKING: at a Congressional Progressive Caucus hearing, the former vice chair of the US Postal Service Board of Governors testified that Treasury Secretary Steven Mnuchin played a direct and heavy-handed role in recent changes to postal policy.
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You know about the Boeing whistleblower who was mysteriously found dead right before testifying a few weeks back. You may not know what he saw at Boeing.
@moetkacik
got her hands on John Barnett's legal complaint, and relates his story here:
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Bet you didn't have "tax increase on hundreds of thousands of homebuyers" as the first Trump Administration initiative
JUST IN: In one of first Trump admin. orders, Dept of Housing & Urban Dev. suspends reduction of FHA annual mortgage insurance premium rates
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From me: Eight members of Congress, led by the new
#3
in House leadership, wrote a bipartisan letter in March trying to get the SEC to stop investigating crypto firms.
@TheProspect
has learned that one of those firms under investigation was FTX.
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Per a source familiar, the White House is going to announce an extension of the student loan payment pause through the end of the Supreme Court's current term (June 30), or 60 days after the final disposition of all lawsuits on the debt cancellation plan.
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