Ordinary people solve problems all the time, in life and in work. Politicians make problems, and when they’re not making problems they write stupid stageplays that look like solving problems.
This one is a very old Repooflican game.
“President Biden is prioritizing politics over his own people,” House Speaker Kevin McCarthy said at a signing ceremony for a bill that would nullify a Department of Labor rule that allowed retirement plan investment managers to prioritize environmental or social factors (ESG) over financial benefits when making investment decisions should it pass into law.
First, the pension funds were ALREADY favoring ESG without any federal rules. The administration’s rule “permits” them to do what they were already permitted to do, so it’s irrelevant.
Second. McCarthy knows that the Senate will cancel his fake “bill”. This is the Repoof specialty. Pass a “law” in one house, or in Congress, knowing that the other house or the president will knock it down.
Third, the switch from QE to QT is slowing down the ESG crap along with other nonsense like bitcoin and “innovative disruption”. When money is scarce, investors focus on real profit, not symbolic shit.
If politicians really wanted to help solve problems, they’d stop obstructing Powell and start encouraging him to tighten faster and longer. They’d bring the fiscal side of the government into resonance with the FINALLY SANE central banks.
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Contra: Since I’m bashing TheFederalist for assisting nonsense, I should also unbash TheFederalist for this podcast. Their editor Christopher Bedford gets media history exactly right, and understands the purpose and effects of the Fairness Doctrine. Most of the ‘independents’ (eg Taibbi) are stupidly or intentionally wrong about the history of newspapers and broadcasting.