530 Comments

There are strong grounds for Dr Richardson's positive view of the Biden admin's decisions so far. Its prompt actions are not quick fixes or stopgaps. Biden's team has prepared a long time for this moment, from well before Nov 3. There is a sense of purposeful movement as we set fair to bring at least the federal government into the 21C. There'd be still more progress but for the execrable "transition" of the preceding regime which is worse than useless.

Also important is the sense that Biden's presidency will be consequential. (It could hardly be otherwise given the cascading challenges the country faces.) But there is more than one way to fit the profile. American history reveals a notable pattern of paired presidential administrations with each predecessor worse than their successor. Buchanan was consequential due to his weaknesses and failures, Lincoln for his achievements. Atrocious Andrew Johnson preceded Ulysses Grant; Hoover was consequential in Buchanan's mold as was FDR in Lincoln's; and more recently America was lucky to have Bush II's messes cleaned up by Obama. Trumpsky, whom historians will recognize in future as the Worst President Ever, now has Biden as a successor facing the most threatening internal crises since the Civil War. We shall see what transpires.

As I've said before, Joe Biden could well become the most successful one-term president in US history, and ultimately among the most beloved. We desperately need that kind of success. Make it so!

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Like Obama he's playing a long game but unlike Obama he's not afraid to rattle the right cages.

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I think it would be more accurate to say, “...unlike Obama he doesn’t have the issue of race complicating his actions.”

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...and I believe if Obama had it to do over he would not have made that a consideration. Easy to say with 20/20 hindsight but he learned that Republicans will always treat kindness as a weakness.

Had Obama had more executive experience before he was President he would have had a stronger killer instinct and not tried to appease the opposition.

I should have clarified this point, you're right. Thanks.

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more multiple ❤️s = likes

Could not agree more with everything you are saying. This man has 36 years in the Senate and eight next to Obama. He has seen every move that the Republicans have executed in bad faith, which is actually a recent phenomenon. Where was that . . . ? Ah, here it is:

LA Times

‘Played’ by GOP in the Obama era, wary Democrats and Biden go big on their own

by Janet Hook and Eli Stokols, Jan. 29. Includes a brief history of how Chuck Grassley, among others, jerked Obama around then finally told him he wasn’t going to support him. Infuriating.

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Just finished this RS article on GameStop. https://www.rollingstone.com/culture/culture-features/gamestop-reddit-robinhood-hedge-fund-populism-1120713/

It's much deeper than a David vs Goliath story. It's really about a broken economic system where when times are good the rich do good and when times are bad the rich do good.

This is what's driving the kind of populism I believe in and fight for as opposed to the GOP populism that stirs up hatred and social unrest to distract their base from realizing that the rich always win to the detriment of the working middle class.

I know there's too much going on but I hope the calls by AOC and others to have hearings over the totality of the GameStop awakening can come soon.

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I believe there’s more to the Game Stop Short Squeeze story...hopefully folks will dig deeper to find the truth 🧐

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Forgive the English teacher comment (not directed at your syntax, but at the double meaning possible with 'do good'): I've rarely seen the rich do good, but they always do well.

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EXCELLENT article, as well as your above commentary! Thank You Christopher!

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Christopher, thanks for the article. I'm sure that there will be further analyses of who's playing whom how, but there is little doubt that as the system is currently structured the rich big boys will continue to get richer. For a quick take that includes comments on the use of bots to influence online community investments, see also today's "TalkingPoint Memo":

https://talkingpointsmemo.com/cafe/dismal-reality-wallstreetbets-gamestock-reddit

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I agree. His knowledge of how things work and why they don't is extensive. I would add though, that he also has the character, skills and integrity to accompany this wisdom. He knows how to assemble brilliant leaders, get their best thinking, and turn them loose to get things done. He is a leader of leaders and he sets the standard for treatment of others, commitment to the mission, and truth telling. This is LEADERSHIP at its best. He is the man for the job at the very time we NEEDED a "man" for the job!

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Wow. Ellen. Brilliantly said. Thanks for putting “man” in quotes.

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Leader of leaders. Yes!

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Only 2 ❤️s? Goodness. [Biden a leader of leaders]

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I wonder if he would ever run again? Obama. ❤️

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He can't run for president again, the term limit thing, but wouldn't he make an awesome Supreme Court justice?

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Amen!

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Supreme Court. Put that PhD in Constitutional law to work. Michelle needs a break.

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Mr Obama isn't eligible thanks to the 22nd Amendment, ratified in 1951. 22A states that a person can only be elected to be president two times for a total of eight years. It does not preclude ex-presidents from holding another office. None have officially served since 1951, but there are solid precedents from before then. Taft subsequently was Chief Justice of the SC, and Quincy Adams had a distinguished 18-year career in the House. Obama is younger than either was on leaving the White House., and may be willing to serve.

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He can't. He got his two terms. That's all you get.

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I don't think the fact of racism can be overstated. I for one lived in fear for 8 years that Obama would be assassinated. He did us all, and our country a tremendous favor by staying alive.

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Couldn’t agree more, the racism cannot be overstated. You underestimate the secret service, however. The Obamas have some of the best security on the planet, 2nd only to the Bidens.. You can’t buy that level of security. Putin is doing pretty well too, I imagine, but he has actual enemies, not just racists like DT who despise him. Like the relatives of the opponents he has killed. Like an entire nation of oligarchs/plutocrats he has blackmailed into compliance. Like the Russian people, who don’t want him anymore.

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From the day he was nominated, I had the same fear. T****, however, is fortunate that we lefties are less inclined to fatal criticism of our leaders. (If Oswald was indeed a practicing communist and was indeed the shooter, that would be a notable exception.)

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You are exactly right.

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2 ❤️❤️s

3❤️❤️❤️s

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It definitely complicates things, but not due to Biden's race.

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Yes.

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Yes because only playing the long game meant for Obama that he was shafted by the GOP's tactical short game. If eyes are only on the horizon you tend to trip over the kerbstone!

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However, we need more people playing the long game even if they stubble a bit. We have several existential crises looming right in front of us. We need visionary thinking and leadership. With the technology revolution upon us, we're going to need an entirely new economic system. If technology eliminates more jobs than it creates which can be debated, how do people "make a living"? Do we have a true democracy, not representative, in the future? Or, even, are humans just the pets of the sentient robots who will evolve so much faster than humans? Are we going to have to go through a period of violence and upheaval rather than embrace the future and retool our society now? Where do we find the visionaries and leaders?

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How to earn a living? Guaranteed Universal Basic Income. The means exist; lack of political will is the main obstacle. And it is earned -- by being human, by virtue of our humanity.

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They started to experiment with this in Finland and stopped quite quickly as the impact on motivation to work was highly significant especially amongst younger age groups.

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It might be interesting to know what kind of work was available for the younger folx. If few of the jobs had any prospects for advancement, or creativity, or anything other than a daily grind, that might be an explanation for lack of incentive. Do you know of any articles that discuss this experiment?

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As any good general would tell you...when leading the charge, protect your flanks.

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As a manager I use to devour books about generals. There are a lot of lessons for corporate managers can learn from generals. Tuesday I had the pleasure of having a retired four star and his wife, who I play chamber music with, give me a personal tour of the renovations they are doing on the Nimitz Hotel which is now part of the Museum of the Pacific War which the four star now runs returning to his home town, also the home town of Admiral Nimitz. One evening I had the tremendous pleasure of discussing moral obligation, ethics and character with him over dinner for a couple of hours. I'd recommend the book they use in the Stockdale course at the Naval Academy "Foundations of Moral Obligation" by Professor Brennan to anyone interested in leadership. This is another aspect of leadership that is imperative and largely absent in our politicians. Senator McCain understood this like few will ever have to.

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Quite right we have nolonger any time for politicians saying "do as I say, not what i do" leading by example and care for those following are the first principles of leadership.

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Thanks for the neat metaphor, Stuart.

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Yes! And "Trumpsky" it is. Just saw an article tgat said Russia had been grooming him for 40 years.

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Longtime fan of Craig Unger, here. Book is titled “American Kompromat”. The evidence for it has long been blatantly visible. I’m very grateful to journalists such as Unger who do the hard work of verifying the truth. 🙏

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Good to hear. Thank You.

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I read the same article. I haven’t seen it in other news papers yet but I am wondering if it is true? It seems quite true to me. I have always felt that the Russians had some thing on Trump and I still think that

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I read that yesterday. The Kremlin isn't talking, of course, but a couple of defectors are. Comrade Trumpsky is not a true mole, but 40 years ago the Soviets quickly spotted him as someone who could manipulated through flattery and suggestion. For further proof, release the tax returns, and the Golden Showers videos. Plural!

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Do u think he will repay his Russian Oligarch loans via Deutsche bank? He has secret service protection, so I bet he declares bankruptcy again.

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Deutsche Bank has already said they want nothing to do with any new deals with him, and those loans are coming due so Deutsche Bank has the right to seize any of his assets and property. He will be of no further use to Russia if he can't keep some semblance of power. Two of his FL banks have already severed ties with him. As you sow , so shall you reap and that crop is due for harvest soon.

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Yes, and then there’s reaping the harvest that earns him the orange jumpsuit to match the hair.

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We can but hope. There may be enough co-conspirators that they may need a whole wing just for them

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Guantanamo comes to mind. Give them fishing poles to feed themselves.

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This gives me hope that the QAnon cult will die.

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You have to elaborate, Jeanne, so that we can share in your hope. DT’s financial demise somehow links to the death of QAnon?

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I read an article (I will have to search for it now) about how cults die out when their leader disappears or loses power. w`

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I read that article as well, very chilling and enlightening.

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Wow. Did the article give details? Could I find it easily?

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I came across this interview yesterday. It is like an hour long. Very interesting! https://www.pscp.tv/w/1MnGnlnNdzyxO?t=8s

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Can't speak for the book's veracity, but it sure makes perfect sense.

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Not just Craig Unger, but also Greg Olear has written a book (Dirty Rubles) about Trump’s long history with Putin. Here’s an article.

https://gregolear.substack.com/p/from-trump-to-trump-how-the-mobs

This post is duplicated because I wanted to make sure MaryPat sees it in her email.

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OH!

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I encourage everyone to READ this article Roland posted by Olear!

This is information that, though stomach turning, needs to be spread far and wide. It provides damning confirmation of what many of us could easily surmise by the Russian puppet's behaviors for the past five years.

I was not a fan of Hillary as POTUS but her words to Trump, and the world, at that debate are haunting, early, forboding echoes of the dangers we are confronted with today.

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Thank You!

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This is an enlightening article! Thank you.

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Thank you!

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Not just Craig Unger, but also Greg Olear has written a book (Dirty Rubles) about Trump’s long history with Putin. Here’s an article.

https://gregolear.substack.com/p/from-trump-to-trump-how-the-mobs

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Someone on her FB page linked to a Guardian piece.

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This is from The Guardian who has made the following INCREDIBLE statement:

We believe everyone deserves access to information that’s grounded in science and truth, and analysis rooted in authority and integrity. That’s why we made a different choice: to keep our reporting open for all readers, regardless of where they live or what they can afford to pay. In these perilous times, an independent, global news organisation like the Guardian is essential. We have no shareholders or billionaire owner, meaning our journalism is free from commercial and political influence.

If there were ever a time to join us, it is now. Your funding powers our journalism.

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"one-term president"??

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Biden has stated he doesn't want to run again in 2024. Lots can happen in 4 years, however.

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And, he is 78. My relatives who are 81, if healthy, are enjoying some much-earned relaxation activities, like gardening, reading, traveling for fun, spending time with grandchildren. We shall see!! I am so so grateful Joe was willing to serve at 78!

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I too am so grateful that he gave up his retirement years. What love he has for his country, and not power. He has beautiful grandchildren and no doubt wants to make the country better for him and for future generations of his family whom he may never meet.

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Biden could have taken an easy road by withdrawing from the race as the pandemic engulfed the world, and as racial and economic crises tore apart America. Yet he still sought to lead in these times that try our souls. Biden became a profile in courage even before assuming office.

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In deed, he has given up a lot to serve his country. For security reasons, he has not been able to drive his beloved vintage 1967 Corvette for the last 12 years, except for a few spirited laps at the secret service training course with Jay Leno. Sorry to wander off subject, but I'm also a vintage car enthusiast and appreciate his sacrifice for we the people!

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My husband has just turned me on to Jerry Seinfeld’s show, Comedians in Cars Getting Coffee. You can watch old shows on Netflix and I watched Jerry ride with President Obama around the White House grounds in a corvette! It was a really cool car.

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Keep it in the garage, Joe. That Corvette is a national security threat.

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And he has opened the presidential door for Harris!💙

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Oh Yeah‼️🥰

No one is forgetting that‼️

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Kamala is a gem. We know her and love her here in California 💕❤️

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I doubt he will run again. He will be 82. He will hand the reins to Kamala

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As someone "around his age" who is pretty healthy, he seems to have more energy than many 40 year olds. That happens when you finally get to do the thing you were meant for in your life. It energizes you.

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My father in law will be 82 next and I would confidently vote for him for POTUS. Except......my 25 year old daughter is right when she says it's time for the old white men to make way for the next generation of leaders.

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Yeah, but two terms of Biden followed by two terms of Haris is 16 years - the equal of FDR/Truman, which is what it took to wring out the Republican doo-doo-caca the last time.

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In following the threads of the mysterious TCinLA, he also has a gift of words with his wisdom regarding the republican fiascos.

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That would be the best 16 years...

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I have to admit I am so curious about you! I look for your comments here. In my imagination, you have intelligence background.

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Well, I am intelligent, but the closest I ever got to "an intelligence background" is knowing some former members of Can't Investigate Anything (their term for the organization). But I am perfectly willing to be the dashing "man of mystery" who orders his martinis "shaken, not stirred" in your imagination. :-)

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Thank you! Nobody does it better. 🎶

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I'm curious too!

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Unless Biden wants a second term. It's past time anyway to dethrone James K Polk, often seen as the most successful OTP. He attained his goals by acquiring Texas and the Mexican session. But since then many people have questioned its morality and deplored the civil war that resulted. US Grant later wrote about the Mexican American War, "I was bitterly opposed ... and to this day regard the war, which resulted, as one of the most unjust ever waged by a stronger against a weaker nation."

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Lincoln, then a Congressman, also objected in strenuous moral terms.

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I think he meant “first term” success

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❤️❤️❤️❤️ With you. ❤️🤍💙

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I love the way the wealthy want to work together ... by demonizing small investors, as leeches, of course! Bravo to Biden and team for getting down to business and showing us that good government really does work. I’m hoping the momentum will help with getting that latest relief bill through. I’m so relieved to see progress instead of regress. Thanks, Heather, for another excellent summary!

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Make no mistake, we live in a Plutocracy, which is defined as a society that is ruled or controlled by people of great wealth or income. We would like to believe that Democracy hails supreme in the land, which it does not. Politicians are bought by powerful lobbies and vote not with their consciences but with an eye on getting re-elected. It's time to accept this fact and take our heads out of the sand and address the issue accordingly. When the top1% controls 80% of our nation's capital, the notion that we live in a Democracy is fantasy.

I'm binge-watching a very interesting show this week, called Mr. Robot. It's about a group of computer hackers who take down the world's top corporations and most wealthiest people. The result is that all debts are erased in the world and the super one per centers fall like dominos. The hackers are hailed as heroes, finally sticking it those who have controlled society for hundreds of years.

The Gamestop debacle that has been unfolding is a real life example of redistribution of wealth and fighting a long loaded deck that unregulated hedge funds have always enjoyed. As a former Wall St. trader, it was well-know that when you received an order to buy or sell stock to a hedge fund, they most likely had information not known to the public. They were mostly cheaters. Without getting into the intricacies of short selling, they have lost billions on GameStop for getting caught on the wrong side of a trade; those who made real money were the masses who gladly waved their sticks to shove it up hedge funds', well, you get the picture. It has been an explosive financial revolution. Where the chips, or GameStop shares fall is anyone's guess.

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It is so good to get a insider’s perspective of issues such as this! It’s one of the most valuable aspects of this kind of forum. It’s one thing to find fault with something from the outside, but it carries so much more weight from someone who has lived it on the inside. Thank you for sharing this.

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Hmmm. I question the notion that what has happened here is that the masses made real money while sticking it to the hedge funds. Gamestop has negative earnings and is trading at 5x revenues and 97x EBITDA. I worry about the people who are buying equity now thinking that they are going to make real money. Will the rug can get pulled out from under them when fundamental value comes back to hit everyone on the head? Momentum traders have made money on the way up but it remains to be seen how deep the bid for stock will remain to allow people to continue making profits at a level that doesn’t appear warranted by fundamental value.

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yes but it is nice to see the HFs suffer humiliation once in a while even if it is only in the short term. Such "highlighting" attracts political attention and will double calls for a very close regulatory look at their industry. and that's a good thing.

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I don't know much about the hedge funds involved in shorting Gamestop. As in any industry there are some top professionals and some bad apples in the Hedge Fund community. Hedge funds are still subject to laws on market manipulation. They have also been the focus of regulatory action and scrutiny on how they obtain information on investment opportunities which has led to strict oversight of expert networks etc. I think there is a real potential debate around the question of market manipulation where a well know short seller takes a position in a security and publishes the fact or publishes research to that effect. I have always found Muddy Waters a curious animal for example. They publish research on overpriced companies and take positions in those names.

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Much prefer the musician

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Absolutely on the same page with you!!!!!!!!!!!!

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I absolutely agree with you, Eric. Fundamental stock valuations have no effect during a short squeeze, so they become insane. GameStop lost like 400 million dollars last year so there is no positive P/E ratio. When it gets down to it, a short squeeze is legalized stock manipulation. The trading of the stock is now a game of hot potato. At some points the longs will be tumbling over one another for the exits and just as buyers made a lot of money on the way up, some people will lose everything on the way down. The only solution is to restrict shorting the stock to a much lower percentage of the float.

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❤️

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With calls for unity in the air, Cooperman offered his own definition. Democrats’ suggestion that the rich should pay their “fair share” of taxes is “bullsh*t,” he said. “It’s just a way of attacking wealthy people, and you know I think it’s inappropriate…. We all got to work together and pull together.”

No, Mr. Cooperman, your comment is the definition of "bullsh*t".

"Boohoo", you capitalist snowflake. You got "Borated" by Reddit and Robinhood, and now you're crying in your caviar (oh wait, there's a shortage of caviar!). Hedge fund managers are not true capitalists anyway, as they make their billions betting AGAINST the market.

If Jesus were to return, one can bet that your ass would be one of the first to be thrown from the temple. How about taking some of your $2.5B and feeding the hungry, healing the sick, sheltering the homeless, and clothing the naked?

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Finally. Something fun in the news. Cooperman will forever be the Marie Antoinette of the Stock Market.

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Let Them Trade Cake!

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Haha luv this MP!

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👍🏼👍🏾👍

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