Glen: since there are many moving parts to the bailout it is hard to address your question about keystrokes. Trump's checks are pretty easy--keystroke to your bank account, and keystroke to your bank's reserves. Fed direct purchases of assets is also an easy topic: keystroke credits to bank reserves (even if seller is not a bank). 


But much of the "bail out" is done through hired hands--a who's who of Wall Street's cronies who get fees for services and of course funnel the funds to the chosen few. We now know that the "small business relief" was designed so that the biggest banks could funnel most of the funds to the biggest firms--yes, the ones that had used all of their profits (and more) to buy back stocks to enrich CEOs with stock options. 


All of this is done to provide a patina of "free market fairness" rather than having the government pick winners and losers--so let's just mail out checks to almost everyone whether they need help or not, and let bankers dole out the loans and grants. That is much "fairer" than providing help where it is needed and simply letting all the big firms and banks go into bankruptcy (which is where they should be now). The idea that you should save a grossly mismanaged Wall Street bank or airline or fracking oil peddler in order to "save jobs" is ridiculous. Put them through bankruptcy and if there is any plausible business model, someone will start them back up when all this is over. 


Let the firms fail, relieve households and small businesses of all their debts and bills, and hire an army of workers to get us through this crisis and to prepare for the much bigger challenges we face over the next decade.


Provide jobs, now, at good pay, to anyone who wants to work through a JG. Get the economy on the right course--environmentally, socially, politically, and economically sustainable. 


All the neoliberals are following Naomi Klein's dictim of shock doctrine while the supposed liberals are begging for a few of Trump's crumbs. Pelosi's strategy is to give in to whatever republicans want "this time" and then come back later and ask for a few watered-down policies from her wish list. Because, of course, the DNC waters at the same trough as the republicans.


L. Randall Wray
Senior Scholar, Levy Economics Institute

Professor of Economics, Bard College

Emeritus Professor, University of Missouri-Kansas City

Co-editor Journal of Post Keynesian Economics
ISSN 0160-3477 (Print), 1557-7821 (Online)
www.tandfonline.com/toc/mpke20/current

http://www.tandfonline.com/toc/mpke20/current

Recent Books:

A Great Leap Forward: Heterodox Economic Policy for the 21st Century; Randall Wray; Paperback ISBN: 9780128193808; Academic Press; Published Date: 22nd January 2020; https://www.elsevier.com/books/a-great-leap-forward/wray/978-0-12-819380-8

 

Macroeconomics; Author(s): William Mitchell, L. Randall Wray, Martin Watts; Red Globe Press, Macmillan International; February 2019; https://www.macmillanihe.com/page/detail/Macroeconomics/?K=9781137610669.

 

Why Minsky Matters: An Introduction to the work of a maverick economist, Princeton University Presshttp://press.princeton.edu/titles/10575.html

 

Modern Money Theory: a primer on macroeconomics for sovereign monetary systems, Palgrave Macmillan http://www.palgrave.com/page/detail/modern-money-theory-l-randall-wray/?isb=9781137539908 

 



 
Please make note of my new email address as I will be transitioning all email to:



From: AFEEMAIL Discussion List <[log in to unmask]> on behalf of Glen Atkinson <[log in to unmask]>
Sent: Saturday, May 2, 2020 5:20 PM
To: [log in to unmask]
Subject: Re: [AFEEMAIL] More reading and watching
 
Thank you John for the reference to the article by Thomas Frank.  It is a very good, brief account of the rise and mission of Populism.  It also provides a good view of how the anti-Populists, with the help of liberals, have been successful. I look forward to the publishing of his new book, "The People No."  In the meantime I recommend his book "Listen, Liberal."

Brian Eggleston's remark on Randy's focus on the worker/consumer fits Frank's message.  Moore, like most conservative's, believe workers are lazy scoundrels.  His little anecdote about the construction workers walking off the job is typical.  Those lazy people working in hospitals and food banks are all of a sudden heroes. He might have mentioned those workers (productive?) in food processing plants.  

Regarding Randy's debate, that was a clarifying response about helicopter money.  I hope that ends that nonsense.  I do have a question about the keystroke distribution of money though.  Doesn't that continue a problem about monetary policy in general?  Clients with close working relationships with a bank have an advantage?   Congress tried to correct for that in recent actions and seemed to have failed.  I realize policy makers had to act fast.   

Anyway, thanks for providing access to the debate.

Glen    
On Friday, May 1, 2020, 03:59:46 PM PDT, Brian Eggleston <[log in to unmask]> wrote:


I just finished watching the “debate.”  What really stood out to me is the simplicity (in the pejorative sense) of Moore’s thought.  In advancing the old supply-side arguments, he notes that production is paramount; that obviously consumption requires production.  That is surely true.  But what he fails to say is equally true.  Production requires consumption.  Within the capitalistic order, the stuff has to be sold in order to generate profits and the consumers must work to make the stuff.  We can avoid this gnarly “chicken or egg problem” by approaching the problem in general equilibrium terms.  Ladle on adequate mathematics and one might even forget what’s at stake whilst deriving first-order conditions.  Leontieff’s idiots savant  come to mind.

That will however only mask the miasma.  We must ultimately confront the issue of which matters more.  Moore clearly exalts the producer (capitalist class); giving a nod to the need to protect the “old  people” whilst we release the producers from impound in these perilous times.  Randy’s focus is ultimately all about the worker/consumer (and the fate of civilization/planet).  Profits vs. people in stark contrast on this May day.  Schumacher comes to mind.  (I read it when it came out, perhaps making me one of those folks Moore deems worthy of special protection even though I am not old enough to have witnessed the failure of the new deal.)

I am well aware this is not news to any of you but it gives me a way to wish you all a happy May Day.
 

Virus-free. www.avg.com

On Fri, May 1, 2020 at 11:16 AM Wray, Randall <[log in to unmask]> wrote:

Job Guarantee for New Zealand: https://www.rnz.co.nz/news/covid-19/415421/cat-maclennan-post-covid-19-job-guarantee-scheme-a-bold-solution


I debated Steve Moore, Trump's man to reopen the economy. It was fun and surreal. 

You can view the video here: https://twitter.com/linuxie/status/1254035219004481541?s=20. No help for blue states; let them all go bankrupt; open up the Red states and let everyone in the blue states go green with envy. The New Deal was a failure. Lots of other stuff you didn't know.


As an antidote to crazy, Pavlina spoke with the New Yorker on how to reopen the economy:







L. Randall Wray
Senior Scholar, Levy Economics Institute

Professor of Economics, Bard College

Emeritus Professor, University of Missouri-Kansas City

Co-editor Journal of Post Keynesian Economics
ISSN 0160-3477 (Print), 1557-7821 (Online)
www.tandfonline.com/toc/mpke20/current

http://www.tandfonline.com/toc/mpke20/current

Recent Books:

A Great Leap Forward: Heterodox Economic Policy for the 21st Century; Randall Wray; Paperback ISBN: 9780128193808; Academic Press; Published Date: 22nd January 2020; https://www.elsevier.com/books/a-great-leap-forward/wray/978-0-12-819380-8

 

Macroeconomics; Author(s): William Mitchell, L. Randall Wray, Martin Watts; Red Globe Press, Macmillan International; February 2019; https://www.macmillanihe.com/page/detail/Macroeconomics/?K=9781137610669.

 

Why Minsky Matters: An Introduction to the work of a maverick economist, Princeton University Presshttp://press.princeton.edu/titles/10575.html

 

Modern Money Theory: a primer on macroeconomics for sovereign monetary systems, Palgrave Macmillan http://www.palgrave.com/page/detail/modern-money-theory-l-randall-wray/?isb=9781137539908 

 



 
Please make note of my new email address as I will be transitioning all email to:


--
Brian Eggleston, Ph.D.
Department of Economics
Augustana University
Sioux Falls, SD 57197



Expose yourself to your deepest fear; after that, fear has no power and the fear of freedom shrinks and vanishes.  You are free.      Jim Morrison (The Doors)

Virus-free. www.avg.com