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Economics journalist, editor @MauldinEcon, consumer of supply and producer of demand. Married/Catholic/Dad. Opinions mine. Mastodon: @patrickw@journa.host
Dripping Springs, Texas
Joined December 2007
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Right here, right now
Watching the world wake up from history invidious.fdn.fr/MznHdJReoeo?t=11
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Yellen getting criticized for this but she's simply restating current law: bank deposits are insured up to $250K, unless (as happened with SVB) she makes a "systemic risk" determination jointly with the Fed and FDIC. msn.com/en-ca/money/topstori…
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Jerome Powell is the one who's wrong. Saying "all" deposits are safe goes beyond his power. He's promising something he can't deliver. marketwatch.com/story/powell…
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Here's what I think *should* happen, but it would require legislation which is unlikely in the current political climate.
So practically speaking, we are stuck with this really dangerous uncertainty.
That we even have to wonder about this is a giant policy failure. They should either:
✅Make $250K FDIC coverage a hard limit with no exceptions at all, OR
✅Unlimited FDIC coverage for every bank, all the time.
The economy can adapt but needs certainty.
bloomberg.com/news/articles/…
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Making critically ill people worry about their bills is a policy choice unique to the US.
Cheers to the woman at the ER with the brain bleed who, after being told she was being airlifted to a better equipped hospital, told the doctor 'I'm not getting no $100k bill for a helicopter, I'll drive myself or let me die.'
Take a bow, US healthcare.
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Patrick W. Watson retweeted
A swan feeds some fish. Video by nishikigoilovers on IG.
Reg Saddler
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Right. The CEOs and CFOs who left millions of corporate cash at SVB are terrible fiduciaries and their boards should fire them.
This is what drives me nuts. The $250k limit simply isn’t an issue for normal people.
The whole discussion is being driven because multimillion dollar companies and their billionaire backers couldn’t be bothered to so basic financial management
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This won't end well for some Russian tank crews. Their best bet is to sabotage their own tanks before getting near any Ukrainians.
As Russia continues to demothball the T-62 tanks from the 1960s, the Russian OSINT group @CITeam_en reports that even older Soviet tanks - T-54/T-55 from the late 1940s - were spotted in transit by rail
euromaidanpress.com/2023/03/…
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Fed hikes rates a quarter-point.
Bank issues didn't make them pause, but the statement now says "some additional" firming may be needed instead of "ongoing." A slightly looser stance. federalreserve.gov/newsevent…
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I feel like it should get more attention that the Federal Reserve Board of Governors hasn't held a single open meeting in 2 1/2 years, while holding 82 closed meetings in that same period.
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The senator seems unaware poverty buys quite a lot, according to Jesus:
“Blessed are you who are poor, for yours is the kingdom of God.” (Luke 6:20)
Dems have outraised Republicans in the past two cycles. Republicans' possible solution: Find candidates who are filthy rich.
“In politics as in life, money doesn’t buy happiness, but poverty doesn’t buy a damn thing,” said GOP Sen. John Neely Kennedy. politico.com/news/2023/03/22…
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I wrote about how the labor market has changed in ways many employers don't understand, or don't *want* to understand. mauldineconomics.com/connect…
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One such person is Steven Rattner, who in this NYT piece seems weirdly wistful about Marx's labor theory of value. Though of course, he doesn't call it that. nytimes.com/2023/03/22/opini…
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The Mar-a-Lago docs case suddenly seems on hyperdrive. I wonder what's brewing.
Having set an insane briefing schedule —Trump, by midnight, DOJ by 6 AM— have to imagine the DC circuit will be ruling today, maybe even mid day, on Evan Corcoran crime fraud exception decision. The evidence—esp tapes, emails—cd become the centerpiece of Mar-a-Lago prosecution.
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This same dynamic remains even if GOP nominates DeSantis. The problem is Trumpism, not just Trump.
A short 🧵on why the @GOP will continue to pursue authoritarian strategies in America:
The @GOP, as constructed, can’t fire up its base & expand the appeal of the party at the same time.
Why? The biggest driver of base turnout for them is an ethnic nationalist culture war.
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Patrick W. Watson retweeted
“The speed with which sports gambling has become a ubiquitous, stigma-free, multibillion-dollar industry tells us something about both the state of the country and the condition of the American Right. Something we may not want to hear.” @continetti in @NRO nationalreview.com/2022/02/a…
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