ECONOMY

2:00PM Water Cooler 1/23/2025 | naked capitalism


Bird Song of the Day

Brown Thrasher, Finger Lakes National Forest; Dunn Road, Tompkins, New York, United States.

* * *

In Case You Might Miss…

  1. Trump readies Schedule F assault.
  2. Energy in the executive.
  3. George R.R. Martin back in print.

* * *

Politics

“So many of the social reactions that strike us as psychological are in fact a rational management of symbolic capital.” –Pierre Bourdieu, Classification Struggles

* * *

Capitol Seizure

“Trump freed a Jan. 6 defendant charged with assaulting police. DOJ had him arrested again on a gun charge” [Politico]. “A Jan. 6 defendant whose felony assault charges were dismissed a day earlier was arrested Wednesday on federal gun charges that have been pending for nearly two years in Florida…. But Ball’s charges for being a felon in possession of a firearm remained pending and unconnected to his Jan. 6 case. According to that indictment, Ball has previously been convicted of domestic violence battery by strangulation in June 2017, resisting law enforcement with violence and battery of a law enforcement officer in October 2021. It’s unclear if U.S. marshals executed the arrest warrant on Ball prior to his release on the Jan. 6 charges. However, it’s the first docketed federal criminal case in Washington since Trump’s inauguration.” • Amusing!

Biden Administration

“Joe Biden Clearly Thinks Donald Trump Isn’t Bluffing” [Slate]. “Biden issued a second round of preemptive pardons, as stunning as the first. They were granted to five members of his immediate family. The recipients are his brothers and sister, James Biden, Frank Biden, and Valerie Biden Owens, and their spouses, John Owens and Sara Biden. None of them is well known to the public. None has been a prominent critic of Trump. That he would feel the need to protect them tells us how deeply fearful Biden is about the lengths to which Trump will go to punish any member of what Trump and his allies label the ‘Biden Crime Family’.” • Or they were all wetting their beaks.

Trump Administration

“Trump hires fed-firing mastermind” [Politico]. “President-elect Donald Trump is bringing back a senior White House official who led his first-term push to make it easier to fire civil servants. James Sherk, who served as a special assistant on domestic policy during Trump’s first term, will return to serve in the White House Domestic Policy Council, Trump announced Saturday. Sherk has worked at the Trump-aligned America First Policy Institute during the Biden administration. Sherk was central to the Trump administration’s efforts to make it easier to fire some federal employees using a classification called Schedule F. That effort generated an outcry from civil servants, and the Biden administration moved quickly to reverse course. The incoming Trump administration has made it clear that it plans to pursue drastic reforms to the federal workforce, and Sherk is poised to be central to those efforts. Trump has vowed to “shatter the deep state” and make it easier to fire ‘rogue bureaucrats.’”

The dude wouldn’t know a Communist if [insert joke here]:

Nevertheless, institutionally he’s quite right; that’s what the NGOs will do.

* * *

“Gabbard’s nomination on shaky ground” [Semafor]. “Tulsi Gabbard’s bid to become Donald Trump’s director of national intelligence is on shaky ground, with Republican lawmakers raising private concerns and the president urging her to get aggressive. Republicans are particularly hesitant about her past statements that some have read as too warm toward Vladimir Putin and former Syrian regime leader Bashar al-Assad, whom Gabbard met with in 2017. She’s also questioned some intelligence-gathering tools, though she recently endorsed a provision of the Foreign Intelligence Surveillance Act that allows warrantless surveillance of foreign targets and has the power to sweep up domestic US communications.” • Gabbard shifted position on Section 702 to appease national security goons, and then a Federal District Court struck it down, as we saw yesterday. If Gabbard gives these people the vapors, she’s the right person for the job.

“Senate panel sets hearing on Tulsi Gabbard nomination” [The Hill]. “The Senate Intelligence Committee has scheduled a hearing to review the nomination of Tulsi Gabbard to serve as director of national intelligence. The Jan. 30 hearing comes after Democrats resisted the scheduling of an earlier hearing, saying they still didn’t have the full slate of background checks, ethics disclosures and paperwork on a candidate whose overall qualifications have sparked their concern. She has also been seeking to explain her past support of Snowden, saying she didn’t feel the intelligence community had sufficient channels for raising concerns. That explanation has not rested well with all Intelligence Committee lawmakers, however, who have called the National Security Agency leaker a traitor.” • Would have been helpful if Trump pardoned Snowden immediately. That would put the cat among the pigeons. (Of course, the real reason Gabbard is a “traitor” in these people’s minds is that she left the Democrat Party.)

* * *

Energy in the executive:

“Doocy: Biden Staff Would Be In Such A Hurry To Get Us Out, ‘Trump Seemed Willing To Talk About Anything’” [RealClearPolitics] “Anytime that we would go into the Oval Office, for example, like I was for almost an hour last night with President Biden, the staff would be in such a hurry to get us out. And President Biden would just smile, and there were people yelling [(!!)]. They didn’t want him off script. They wanted him telling us whatever was on a note card that they had printed for him. Whereas last night, President Trump seemed willing to talk about anything. You could have asked him stuff from the news page, the gossip page, the sports page. He wants to put his fingerprints on everything, and his staff seemed like they were happy just to sit back and let it happen?” • People yelling?! Like “No Joe! Don’t go there!”?

“Trump warns he’ll adjourn Congress to make recess appointments. How would that work?” [CBS]. “President Trump is threatening to use his powers to adjourn Congress so he can make recess appointments for at least some of his top Cabinet nominees and their deputies, enabling them to begin running the largest federal departments. Mr. Trump most recently raised the prospect of plunging the executive and legislative branches into uncharted constitutional territory during his White House meeting Tuesday with Senate Majority Leader John Thune and House Speaker Mike Johnson, mulling the option if Democrats opt to slow-walk or delay his top national security and public health nominees, according to two people familiar with the meetings. ‘This remains a significant possibility in the eyes of the White House,’ one of the people familiar with the meetings said, emphasizing this is not expected to happen this week, but remains under active consideration.” Article II, Section 3: “And in Case of Disagreement between [both Houses], with Respect to the Time of Adjournment, [the President] may adjourn them to such Time as he shall think proper.” Amusingly, since the Republicans control both Houses, it would be easy for Johnson and Thune to engineer a disagreement! But: “It is unclear how long Mr. Trump would recess Congress, given that a possible government shutdown looms in mid-March and Republican leaders have set an April goal of passing massive economic, tax and immigration legislation that would authorize Mr. Trump’s plans to cut inflation and taxes and dramatically overhaul border security policy.” • Trump would adjourn Congress for as it took to make the recess appointments. They would then reconvene. Of course, this would “make a mockery,” etc. etc. but here we are!

“Trump’s Rush List for Security Clearances Poses Risks, and Congress Will Have No Oversight” [NOTUS]. “In an unprecedented move experts say could present a major national security risk, Donald Trump is handing out temporary top secret security clearances to White House staff without any of the usual background checks. ‘It seems unnecessary given that interim clearances can go through the normal procedure and be done in just a few days,’ especially with a White House request for expedited processing, the president of the Federal Clearance Assistance Service, William Henderson, told NOTUS. ‘If you’re the clearance authority and somebody gives you a name and says, ‘Give this person a clearance,’ you don’t know if his brother is working for the Mossad. You don’t know anything about it,’ Henderson added. Republican Senators either ceded trust to President Trump or deflected questions about security concerns — ranging from Sen. Rick Scott’s, ‘I believe the president’s going to do the right thing to keep our country safe,’ to Sen. Thom Tillis’ ‘I haven’t looked at it, I think due diligence is pretty important.’ Democrats pointed to a more nefarious reason than pure convenience: Trump could be slipping people into top positions that wouldn’t otherwise pass security muster.” • Russians, no doubt.

“Trump’s blizzard of orders gets pushback, questions from GOP lawmakers” [The Hill]. “President Trump’s blizzard of executive orders during the first few days of his presidency has sent Republican lawmakers scrambling to make sense of what impact they’ll have on the country, and some GOP senators are already raising questions and concerns. Republicans were surprised by Trump’s order to immediately pause the disbursement of funds under the Inflation Reduction Act and the Infrastructure Investment and Jobs Act, which they fear would stop funding to key projects in their home states. ‘Some of it is not helpful,’ said a senior Republican aide who noted Trump’s team would have been wise to provide more detail about the scope of the orders or could have waited until some of his nominees cleared Senate committees before taking actions that were likely to prompt legislative pushback.” • Hmm.

* * *

“RFK Jr. plans to keep a financial stake in lawsuits against the drugmaker Merck” [NPR]. “Even if Robert F. Kennedy Jr. is confirmed as the next Health and Human Services secretary, he still plans to collect fees from Wisner Baum, a law firm suing Merck over claims that the pharmaceutical company failed to properly warn consumers about risks from its HPV vaccine, Gardasil, according to new filings with the Office of Government Ethics. Kennedy will only collect the fees if Wisner Baum wins, and only for cases that aren’t against the United States or in which the United States isn’t a party and doesn’t have ‘a direct or substantial interest,’ according to the filings. ‘Pursuant to the referral agreement, I am entitled to receive 10% of fees awarded in contingency fee cases referred to the firm,’ Kennedy wrote in his signed ethics agreement. ‘I am not trying these cases, I am not an attorney of record for the cases, and I will not provide representational services in connection with the cases during my appointment to the position of Secretary.’”

DOGE

“Maybe We Do Need DOGE” (interview) [Jennifer Pahlka, The Atlantic]. Interesting example of the hiring process, but too long to quote. Search on “we say we’re going to hire on the basis of merit.” Worth a read.

Our Famously Free Press

“Three Disturbing Signs of Fourth Estate Failure” [Bill Scher, Washington Monthly]. The first: “David Marchese, co-host of The New York Times’s podcast The Interview, conducted a friendly chat with a pro-dictatorship political theorist, Curtis Yarvin, whom Vice President J.D. Vance once cited to argue in favor of a purge of civil servants. Marchese asked, ‘Why is democracy so bad, and why would having a dictator solve the problem?’ Yarvin replied by arguing Franklin D. Roosevelt operated as a dictator: ‘Just read the last 10 paragraphs of F.D.R.’s first inaugural address, in which he essentially says: ‘Hey, Congress, give me absolute power, or I’ll take it anyway.’ So did F.D.R. actually take that level of power? Yeah, he did.’ The problem with Yarvin’s response is that Roosevelt, upon becoming president in the depths of the Great Depression, did not ‘essentially’ take power against the will of Congress or threaten as much. He merely raised the possibility of asking Congress to give him emergency powers if the legislative process ran aground. • Scher then cites to the speech, and is correct (although my recollection is that Yarbin is not “pro-dictatorship” but monarchist (!!), which is supported by Wikipedia). Pretty amazing to watch the Times allow the chief spokeshole of the “neo-reactionary movement” throw FDR under the bus!

Realignment and Legitimacy

Those who made Sanders impossible made Trump inevitable:

“The Second Trump Presidency, Brought to You by YouTubers” [Bloomberg]. “As Donald Trump was sworn in as the 47th US President on Monday, he was surrounded by his family, donors and wealthy tech executives. Just a few feet farther away stood a political newcomer who’s been credited with encouraging lots of votes: Joe Rogan. The fact that Rogan, the host of the world’s most popular podcast, watched from the Capitol Rotunda as Republican luminaries like Florida Governor Ron DeSantis were confined to overflow speaks volumes about the new dynamics at play in Washington and the media writ large. Over the past two years, a set of massively popular podcasters and streamers cemented themselves as the new mainstream source of information for millions of young men, and, according to a new Bloomberg analysis, used their perch to rally these constituents in support of Trump and the political right.” Handy guest chart:

And: “Yet even as the podcasts have tried to brand themselves uniquely, similar themes and characters appear across the network. Bloomberg’s analysis of 2,002 episodes across the shows reveals how closely interconnected the podcasters’ relationships are, and how much the shows’ talking points overlap. Over the past two years, 152 guests made an appearance on at least two of the shows. Recurring characters are common, not just as guests, but as “friends of the shows,” including the UFC CEO White and comedian Shane Gillis. The effect gives viewers a sense of being inducted into a virtual, close-knit friend group from home.” • So, if I have this right, politics were being practiced?

Syndemics

“I am in earnest — I will not equivocate — I will not excuse — I will not retreat a single inch — AND I WILL BE HEARD.” –William Lloyd Garrison

* * *

Covid Resources, United States (National): Transmission (CDC); Wastewater (CDC, Biobot; includes many counties; Wastewater Scan, includes drilldown by zip); Variants (CDC; Walgreens); “Iowa COVID-19 Tracker” (in IA, but national data). “Infection Control, Emergency Management, Safety, and General Thoughts” (especially on hospitalization by city).

Lambert here: Readers, thanks for the collective effort. To update any entry, do feel free to contact me at the address given with the plants. Please put “COVID” in the subject line. Thank you!

Resources, United States (Local): AK (dashboard); AL (dashboard); AR (dashboard); AZ (dashboard); CA (dashboard; Marin, dashboard; Stanford, wastewater; Oakland, wastewater); CO (dashboard; wastewater); CT (dashboard); DE (dashboard); FL (wastewater); GA (wastewater); HI (dashboard); IA (wastewater reports); ID (dashboard, Boise; dashboard, wastewater, Central Idaho; wastewater, Coeur d’Alene; dashboard, Spokane County); IL (wastewater); IN (dashboard); KS (dashboard; wastewater, Lawrence); KY (dashboard, Louisville); LA (dashboard); MA (wastewater); MD (dashboard); ME (dashboard); MI (wastewater; wastewater); MN (dashboard); MO (wastewater); MS (dashboard); MT (dashboard); NC (dashboard); ND (dashboard; wastewater); NE (dashboard); NH (wastewater); NJ (dashboard); NM (dashboard); NV (dashboard; wastewater, Southern NV); NY (dashboard); OH (dashboard); OK (dashboard); OR (dashboard); PA (dashboard); RI (dashboard); SC (dashboard); SD (dashboard); TN (dashboard); TX (dashboard); UT (wastewater); VA (wastewater); VT (dashboard); WA (dashboard; dashboard); WI (wastewater); WV (wastewater); WY (wastewater).

Resources, Canada (National): Wastewater (Government of Canada).

Resources, Canada (Provincial): ON (wastewater); QC (les eaux usées); BC (wastewater); BC, Vancouver (wastewater).

Hat tips to helpful readers: Alexis, anon (2), Art_DogCT, B24S, CanCyn, ChiGal, Chuck L, Festoonic, FM, FreeMarketApologist (4), Gumbo, hop2it, JB, JEHR, JF, JL Joe, John, JM (10), JustAnotherVolunteer, JW, KatieBird, KF, KidDoc, LL, Michael King, KF, LaRuse, mrsyk, MT, MT_Wild, otisyves, Petal (6), RK (2), RL, RM, Rod, square coats (11), tennesseewaltzer, thump, Tom B., Utah, Bob White (3).

Stay safe out there!

Elite Maleficence

* * *

TABLE 1: Daily Covid Charts

Lambert here: I don’t like a lot of this week’s charts. In wastewater, too many red dots concentrated in the Midwest and the Atlantic coast, so I started circling areas in red, again. New York’s weirdly persistent higher hospitalization rate continues. Traveler positivity is up, and worse, the dominant traveler variants are JN* and KP*, which, while present in the national variants, are very low. And in the two death charts, the projected deaths seem to have leveled out, when in the past they decreased. Nothing earth-shattering, but it does make me queasy, and it’s well after the holiday bump.

Wastewater
This week[1] CDC January 10 Last week[2] CDC (until next week):

Variants [3] CDC January 18 Emergency Room Visits[4] CDC January 11

Hospitalization
New York[5] New York State, data January 16: National [6] CDC Janurary 16:

Positivity
National[7] Walgreens January 13: Ohio[8] Cleveland Clinic January 4:

Travelers Data
Positivity[9] CDC December 30: Variants[10] CDC December 30

Deaths
Weekly Deaths vs. % Positivity [11] CDC January 11: Weekly Deaths vs. ED Visits [12] CDC January 11:

LEGEND

1) for charts new today; all others are not updated.

2) For a full-size/full-resolution image, Command-click (MacOS) or right-click (Windows) on the chart thumbnail and “open image in new tab.”

NOTES

[1] (CDC) Seeing more red and more orange, but nothing new at major hubs.

[2] (CDC) Last week’s wastewater map.

[3] (CDC Variants) XEC takes over. That WHO label, “Ommicron,” has done a great job normalizing successive waves of infection.

[4] (ED) A little uptick.

[5] (Hospitalization: NY) Definitely jumped.

[6] (Hospitalization: CDC). Leveling out.

[7] (Walgreens) Leveling out.

[8] (Cleveland) Continued upward trend since, well, Thanksgiving.

[9] (Travelers: Positivity) Leveling out.

[10] (Travelers: Variants). Positivity is new, but variants have not yet been released.

[11] Deaths low, positivity leveling out.

[12] Deaths low, ED leveling out.

Stats Watch

Employment Situation: “United States Initial Jobless Claims” [Trading Economics]. “Initial jobless claims in the US rose by 6,000 from the previous week to 223,000 in the period ending January 18th, slightly ahead of market expectations of 220,000, to mark the sharpest rise in six weeks.”

Manufacturing: “United States Kansas Fed Manufacturing Index” [Trading Economics]. “The Kansas City Fed’s Manufacturing Production Index fell by three points from the previous month to -9 in January 2025, the lowest level since September 2024. The latest data revealed a modest contraction in regional factory activity, marking the third consecutive month of decline.”

* * *

Manufacturing: “Trump DOT secretary pick pledges to maintain Boeing 737 MAX production cap” [Aerotime]. “[Sean Duffy,] nominated by President Donald Trump to head the US Department of Transportation (DOT) has pledged to maintain a cap on Boeing 737 MAX production that was put in place following the Alaska Airlines incident last year when a door plug separated from a plane midflight.” And: “‘The cap will be maintained and will be lifted when I, in consultation with the career safety experts at FAA and the Administrator, have confidence that a production increase will not reduce the quality of the aircraft being produced,’ wrote Duffy.”

Manufacturing: “Union investigates claims that Boeing is sending work to non-union locations” [Reuters]. “Boeing’s engineering union is formally investigating claims from its members that the company is moving work to non-union locations in the United States and overseas.

The Society of Professional Engineering Employees in Aerospace (SPEEA) formally began investigating the allegations in December, when it requested relevant information from Boeing, the union’s Director of Strategic Development Rich Plunkett said Wednesday…. In October, Boeing CEO Kelly Ortberg said the company would cut roughly 10% of its workforce, or 17,000 jobs… In November and December, Boeing issued layoff notices to more than 4,000 U.S. workers, including 660 to SPEEA members, according to publicly-available state employment records and the union. Soon after the first round of notices went out, SPEEA officials started hearing from members that ‘at least some of the work that was being performed by those subject to layoffs is now being sent to other Boeing locations,’ Plunkett said.” • Boeing management just can’t help itself, can it?

* * *

Today’s Fear & Greed Index: 46 Neutral (previous close: 43 Fear) [CNN]. One week ago: 34 (Fear). (0 is Extreme Fear; 100 is Extreme Greed). Last updated Jan 23 at 1:51:17 PM ET.

News of the Wired

“George R.R. Martin has co-authored a physics paper” [Ars Technica]. “bestselling sci-fi/fantasy author George R.R. Martin has instead added a different item to his long list of publications: a peer-reviewed physics paper just published in the American Journal of Physics that he co-authored. The paper derives a formula to describe the dynamics of a fictional virus that is the centerpiece of the Wild Cards series of books, a shared universe edited by Martin and Melinda M. Snodgrass, with some 44 authors contributing…. [Author] Tregillis acknowledges that this might not be a good exercise for the beginning physics student, given that it involves multiple steps and covers many concepts that younger students might not fully comprehend. Nor does he suggest adding it to the core curriculum. Instead, he recommends it for senior honors seminars to encourage students to explore an open-ended research question.” • Anything to avoid finishing Game of Thrones. (Wild Cards, however, seems on point.)

* * *

Contact information for plants: Readers, feel free to contact me at lambert [UNDERSCORE] strether [DOT] corrente [AT] yahoo [DOT] com, to (a) find out how to send me a check if you are allergic to PayPal and (b) to find out how to send me images of plants. Vegetables are fine! Fungi, lichen, and coral are deemed to be honorary plants! If you want your handle to appear as a credit, please place it at the start of your mail in parentheses: (thus). Otherwise, I will anonymize by using your initials. See the previous Water Cooler (with plant) here. From :

A lovely rosebush, with a bonus….

* * *

Readers: Water Cooler is a standalone entity not covered by the annual NC fundraiser. Material here is Lambert’s, and does not express the views of the Naked Capitalism site. If you see a link you especially like, or an item you wouldn’t see anywhere else, please do not hesitate to express your appreciation in tangible form. Remember, a tip jar is for tipping! Regular positive feedback both makes me feel good and lets me know I’m on the right track with coverage. When I get no donations for three or four days I get worried. More tangibly, a constant trickle of donations helps me with expenses, and I factor in that trickle when setting fundraising goals:

Here is the screen that will appear, which I have helpfully annotated:

If you hate PayPal, you can email me at lambert [UNDERSCORE] strether [DOT] corrente [AT] yahoo [DOT] com, and I will give you directions on how to send a check. Thank you!

Print Friendly, PDF & Email

This entry was posted in Water Cooler on by .

About Lambert Strether

Readers, I have had a correspondent characterize my views as realistic cynical. Let me briefly explain them. I believe in universal programs that provide concrete material benefits, especially to the working class. Medicare for All is the prime example, but tuition-free college and a Post Office Bank also fall under this heading. So do a Jobs Guarantee and a Debt Jubilee. Clearly, neither liberal Democrats nor conservative Republicans can deliver on such programs, because the two are different flavors of neoliberalism (“Because markets”). I don’t much care about the “ism” that delivers the benefits, although whichever one does have to put common humanity first, as opposed to markets. Could be a second FDR saving capitalism, democratic socialism leashing and collaring it, or communism razing it. I don’t much care, as long as the benefits are delivered.

To me, the key issue — and this is why Medicare for All is always first with me — is the tens of thousands of excess “deaths from despair,” as described by the Case-Deaton study, and other recent studies. That enormous body count makes Medicare for All, at the very least, a moral and strategic imperative. And that level of suffering and organic damage makes the concerns of identity politics — even the worthy fight to help the refugees Bush, Obama, and Clinton’s wars created — bright shiny objects by comparison. Hence my frustration with the news flow — currently in my view the swirling intersection of two, separate Shock Doctrine campaigns, one by the Administration, and the other by out-of-power liberals and their allies in the State and in the press — a news flow that constantly forces me to focus on matters that I regard as of secondary importance to the excess deaths. What kind of political economy is it that halts or even reverses the increases in life expectancy that civilized societies have achieved? I am also very hopeful that the continuing destruction of both party establishments will open the space for voices supporting programs similar to those I have listed; let’s call such voices “the left.” Volatility creates opportunity, especially if the Democrat establishment, which puts markets first and opposes all such programs, isn’t allowed to get back into the saddle. Eyes on the prize! I love the tactical level, and secretly love even the horse race, since I’ve been blogging about it daily for fourteen years, but everything I write has this perspective at the back of it.













Source link

MarylandDigitalNews.com