Year: 2016

Elizabeth Warren made a speech a week or so back that hasn't gotten a ton of attention. Apologies if this is a repeat here. This speech extended her usual critique of big banks to the entire economy:

The concentration problem—and particularly the idea of “too big to fail” in the financial sector—gets a lot of attention. But the problem isn’t unique to the financial sector. It’s hiding in plain sight all across the American economy. In the last decade, the number of major U.S. airlines has dropped from nine to four. The four that are left standing—American, Delta, United, and Southwest—control over 80% of all domestic airline seats in the country. And man, are they are hitting the jackpot now. Last year those four big airlines raked in a record $22 billion in profits. Eighteen billion alone came from fees for baggage and legroom and pay toilets. Ok, the last one was a joke, but what have passengers received in return for their higher costs? Fewer flights and worse service. Airline complaints rose 30 percent just from 2014 to 2015. The list goes on. A handful of health insurance giants—including Anthem, Blue Cross Blue Shield, United Healthcare, Aetna, and Cigna—control over 83 percent of the country’s health insurance market. Three drug stores—CVS, Walgreen’s, and Rite Aid—control 99% of the drug stores in the country. Four companies control nearly 85% of the U.S. beef market, and three produce almost half of all chicken. Some people argue that concentration can be good because big profits encourage competitors to get into the game. This is the perfect stand-on-your-head-and-the-world-looks-great argument. It says that there’s no competition today, but maybe there will someday be competition. The truth is pretty basic—markets need competition now. So I want to talk about five reasons to be concerned about the decline of competition.

It is worth following the link to read the entire text of her comments.

"But there's another option that is virtually risk-free and carries more upside: Joe Biden. The current vice president is universally known, vetted, and unquestionably fit to serve. As America's affable "Uncle Joe," he is viewed positively by 51 percent of the country and unfavorably by just 36 percent. He's absolutely beloved by Democrats, helping to shore up the Sanders-Warren wing of the party. And he has already proven to be an able complement to a candidate who, like Clinton, sometimes struggles to connect viscerally and emotionally with voters. He also appears to absolutely love being vice president, and is good at the job."

Dylan Matthews makes a provocative point in a recent Vox column: that the American Revolution and independence from England was a mistake! But we will hear him out...

The draft of the Democratic Party platform is inside. The platform won't be finalized until the Platform Committee meets in a week, followed by a vote at the party's convention in Philadelphia. The proposal includes a host of liberal policy ideas, including raising the minimum wage to $15 nationwide; opposing an increase in the retirement age and cuts to Social Security; taxing top earners more to pay into the Social Security trust fund; securing equal pay for women and 12 weeks of paid family and medical leave for all workers; and abolishing the death penalty. Whether the inclusion of a host of progressive policy throughout the document will be enough to appease Sen. Bernie Sanders remains to be seen. If Bernie were a smart tactical politican, he would declare victory. Why? Because look at what he has won in terms of concessions....