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muh asset manager capitalism bad
Super interesting article that explains the how and why of Black Rock winding up managing Trump/Biden's COVID relief, as well as implications for "Environmental Social and Corporate Governance" (universal risk backstop!) and
economic inequality.
https://adamtooze.substack.com/p/cha...-asset-managerProf Gabor has developed an entire interpretation of the political economy of our current moment in terms of the political economy of “derisking”. Here is an excellent talk she gave around COP26.
In this key slide Daniela summarizes the fundamental different in political economy produced when government conceives its role as being essentially to derisk investment by gigantic private asset managers
muh asset manager capitalism bad
economic systems can be better or worse, the morality of the system more or less gets rationalized after the fact. the systems themselves are amoral.
what's most interesting to me is the nexus of money and power. after 2008, politics backstops the private risk first of the banks, and now of asset managers.
I think there's a legit argument to be made that besides asset managers hijacking the political system, the fees associated with intensive financialization represent a cost inefficiency of the system and jack up prices on everything for everybody. a rentier price premium, if you like.
You see this in pension funds and housing costs, to take two prominent examples.
I gave you my topical take, what's yours?
None, as usual.
posting and ankle biting is Snake Boy's deal.
Another snooze thread.
"The Devaluing of The San Juan Rain Forest's Menge Tribe and Their Struggle to Negotiate Fish Prices with the Trump Administration"
Sure riles you Trump s poors up though.
DMC and Snake Boy very demonstrative about not caring. Ignoring a thread is my go to for that.
There's nothing inherently boring to me about the USG providing an implicit backstop for finance capital in general (and, as the article suggests, more specifically for private investment in the transition to more sustainable energy) -- the FDIC and pension insurance don't really compare.
Weird how all these cheerleaders of capitalism in the political forum are so incurious about how it works and how it interacts with political power.
Last edited by Winehole23; 02-13-2022 at 04:54 PM.
you've never ignored a thread in your life. In fact, there are threads you've created that only you post in, and you argue with yourself there and quote yourself and respond to those quotes.
You're just boring as . No one gives a about some obscure financial from 2008.
"This is super interesting, this book on the Basal ganglia. For example, did you know ..."
The crash of 2008 isn't some obscure, piddly deal, economically or politically. Nor is the the financialization of the US economy. If that doesn't interest you, perhaps that says more about you than me.
You're out of touch, tbh
muh financialization bad
Dude, you're all over the place
The intent here is descriptive, not hortatory. It's not like Black Rock being the Fed's administrator for a multi-trillion dollar COVID bailout is some piddly deal either, or a matter of me bucking up and assuming personal responsibility.
what caused Bear Stearns, AIG, Lehman Bros et al to go s up and resulted in trillions of bucks in socialized risk? trad capitalism died that day, tbh.
financialization is inefficient -- a drag on productive investment and intrinsically inflationary. it's based on gatekeeping and fees, it crowds out individual investors and occludes risk. in 2008 it rendered US banks insolvent. it took 14 years of ZIRP and QE to prop the banks up and they're still muddling through, tbh.
what's so great about financialization in your opinion?
the way you keep waving your "I don't care" flag raises questions ostensibly answered by the flag.
You're just boring as . No one gives a about some obscure financial from 2008.
"This is super interesting, this book on the Basal ganglia. For example, did you know ..."
lol your grudges
lol you continually straining to put other posters down.
totally aside, boring is underrated
OK thanks, good luck getting any discussion from anyone not named Boutons, and even then only Rawstory and OccupyDemocrats vomit.
it's a bulletin board, not the hit parade. if one other person read it, got something from it and posted nothing in reply, I'm totally cool with that.
per contra, if no one read it or got anything from it I'm cool with that too, because I got something from it.
btw, how do you like the taste of my crew socks?
Sorry you've been struggling since 2008. Maybe you should have taken advantage of all the opportunity since then. Take some personal responsibility instead of blaming muh financialization.
I'm not struggling at all, too bad you're just another poster who wants to talk about me rather than the topic.
I'm glad financialization has been good for you then.
lol
I don't rely on investments whatsoever, so I don't know what what you're talking about.
Go ahead, keep talking about me.
shocking
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