No Kings San Francisco

I just came back from the San Francisco No Kings protest.

I went with my husband, who is very much more of a protestor than I am.  He’s been attending protests on a regular basis for months.  He has a bunch of protest shirts, and a big US flag.  Normally he flips the flag upside-down, symbolizing distress.  Today, he flipped the flag right-side up, saying he wanted to dial up the visible patriotism. At the protest, there were of course lots of people with US flags, and other flags as well.

In contrast, I’m the type of person that goes outside once a week.  I freely admit that I do not like being at protests.  But I showed up in my everyday clothes and a backpack.  I enjoyed seeing the immense popular support for democracy, and opposition to everything Trump stands for.

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Why loans cost money

Boots theory

Boots theory is the idea that being poor is expensive. It comes from a Discworld novel, where a character observes that being poor, he can’t afford a good pair of boots. Instead he buys cheap boots that don’t last nearly as long. The cheap boots cost less money upfront, but are ultimately more expensive since they frequently need replacement.

Taken literally, I’m not sure how accurate the story is. Is it really true that cheap boots are less efficient in durability than expensive boots? It could be, but the cost of boots might also be driven by characteristics besides durability, such as comfort or appearance. Hard to say, since I don’t wear boots.

But if we forget about the boots, then boots theory is obviously true. The boots represent capital. Capital is anything that costs resources now, and provides value later. Capital costs money. If you can’t afford to buy capital, then you ultimately lose out on the value of capital. Being unable to afford capital is therefore expensive.

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Macroeconomics with Peter Navarro

Back when I started working in finance in 2020, I remarked to a colleague that I felt pretty ignorant about all this finance stuff. So they suggested a basic online course in macroeconomics. That course: “The Power of Macroeconomics: Economic Principles in the Real World” taught by Dr. Peter Navarro.

In case the name doesn’t ring a bell, Dr. Navarro is currently the senior counselor for trade and manufacturing, in the Trump administration. He is seemingly the only economist in the world who thinks universal tariffs are a good idea. That guy. Even at the time I took the course, Navarro had been the director of the White House National Trade Council during the first Trump administration. But I swear, I didn’t realize who he was until 2022, when he was arrested in relation to the conspiracy to overturn the 2020 election.

No deep dive here–I’m not going back through the course to sift for oddities. This is just storytime, recalling what I can about Dr. Peter Navarro from several years ago.

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Pour one out for the CFPB

Working in the finance industry has given me a great deal of appreciation for the Consumer Financial Protection Bureau (CFPB). Created in response to the 2008 recession, it protects consumers from unfair, deceptive, and abusive practices by financial institutions.

Recently, the Trump administration ordered the CFPB to halt all work, and cease its own funding. It’s a disaster, but more low key and less visible than all the other disasters. So, in mourning the CFPB, I’d like to review what it actually did.

The general case for the CFPB

The finance industry is fairly opaque to the average consumer. This creates an information asymmetry, where consumers can’t tell if a financial institution is being fair and honest. So, if consumers can’t even see when an institution is being fair and honest, it’s a competitive disadvantage to even bother.

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It’s the economy

When playing the blame game for the 2024 presidential election, a lot of people point towards social issues. Not to dispute the importance of white identity politics, but polling suggests that the largest concern among voters was the economy, so let’s at least give that issue the time of day.

The funny thing about the economy is that it tends to lag behind economic policy, or just do its own thing based on external factors. During elections, people blame current economic conditions on the current president, even though those economic conditions might have little to do with the president’s actions, or could even be blamed on the previous president. The nightmare scenario is people blaming Biden for the consequences Trump’s bad policies, and then later crediting Trump for the consequences of Biden’s good policies.

This is why it might help to understand what good or bad economic policy looks like. In general, this is hard. But Trump makes it easy, with his very obviously bad economic proposals.

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No apology

Imagine, if you will, using a public restroom.  After about a minute, a stranger that you were barely paying attention to, pipes up unprompted.  “I’m sorry I haven’t been a proper conversational partner.  I’m just not in the mood for small talk today.”  Awkward silence…

A bit of wisdom from over 15 years hobby blogging: never apologize for an absence.  While I might have a personal commitment to write this or that much, barely any readers will be aware of my commitment, and none will care that I’ve missed it.  Apologizing for absence is a form of self-centeredness–and it’s natural to be self-centered on a personal blog, but let us not express self-centeredness in a way that only serves to make ourselves feel bad.

And that’s not to invalidate feelings of inadequacy.  I have two or three more hobbies than I can reasonably sustain, the pain is real.  But publicly and uncritically expressing those feelings will only reinforce them.  So this is me giving voice to those negative feelings, while being highly critical of same feelings.

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Anti-trans “advice” defies sense

Okay, I’ll talk a bit about the election. In November, many people speculated on why Democrats lost the election. This has largely been an exercise in confirmation bias–everyone thinks reason Democrats lost is because they didn’t adopt *their* preferred politics, whatever those politics may be. I’m sorry to say, that’s not how evidence works.

One of the arguments has been that Harris lost points because she’s pro-trans. This is just another example of confirmation bias, and the evidence is found wanting.

To begin with, is Kamala Harris pro-trans? Where did people get that idea from? Republicans ran political ads attacking Kamala Harris for making pro-trans statements in the past, and the ads may or may not have been effective.

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