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Underrated inequality fact: the US top 1% income share is at an all-time high Here's looking at fiscal income, but it's true also for broader measures (distributional national accounts, realtimeinequality.org) Some stabilization in 2022 but the 2020-21 jump is impressive

You can frequently read articles referencing VC "dry powder" and inferring that these large dollar amounts are "burning a hole" in someone's pocket & will imminently find their way to the market. I totally understand the assumption, but things don't really work this way. [cont]

So enough of the America-was- energy-independent-under-Trump- and-Biden-ruined-it nonsense.

Charted: The Rise and #Fall of #WeWork visualcapitalist.com/rise-and-fall-… #fintech #VC Visual Capitalist

FYI Lev Menand and Josh Younger's paper on the repo market as money financing of treasury securities is out. I appreciate their citations to Stephanie Kelton and I making a similar argument as well as my 2020 piece where I make the same core argument journals.library.columbia.edu/index.php/CBLR…

Start of worst article in modern business history. M. Friedman 9/13/70, NYTimes, “A Friedman doctrine—The Social Responsibility of Business Is to Increase Its Profit” Root of extreme inequality circa2023

Important letter signed by more than 300 economists, policymakers including former presidents and prime ministers, and – yes – many very rich people from all over the world: It’s high time to tax extreme wealth theguardian.com/world/2023/sep…

Payment services are difficult and expensive for lower income Americans — Federal Reserve Gov Barr rightfully points out the high cost of financial services for lower income causing major problems Philadelphia Fed #FinTech conference.

Not much of DeFi is De — Commissioner Christy Goldsmith Romero observation Philadelphia Fed #FinTech conference draws laughs.

Deafening silence when Bank Policy Institute Pres Gregory Baer asks regulators if they are aware of any use case for stablecoins outside of crypto… Philadelphia Fed #FinTech conference making noise in silence.

Exciting to hear about #fintechs using cash flow to lend to small businesses while ignoring FICO (which sucks). Todd H. Baker keeping panelists focused on outcomes and inclusion.

That a federal judge took Facebook's collection of personal info from children to be a form of constitutional "speech" shows how insane First Amendment jurisprudence has become. An unethical ruling that may well be the Hammer v. Dagenhart of our age washingtonpost.com/technology/202…

Application deadline is now 10/10/23. Come join FTC as we enforce antitrust & consumer protection laws. We tackle a host of illegal tactics—from major monopolistic schemes to the daily indignities that waste people’s time, undermine their privacy, and siphon away their money.

The most interesting thing about the FTC's Amazon complaint today is how non-exotic it is -- no fancy theories, just allegations of conduct that raise prices for consumers

We’ve posted the updated “Amazon’s Pricing Paradox.” It examines how Amazon’s search algorithm and interface design influence prices. It’s relevant to the recent FTC antitrust case but adds another layer. Comments welcome! ssrn.com/abstract=44365… Nikita Aggarwal

A must read especially in light of FTC case! It also suggests that the conduct targeted by the FTC is only the beginning

Apple Wallet shows bank balance in UK. As a guy that ran two of the largest online banks the primary retail interaction is to log in check balance pay a bill and leave (3-5 X per week). Card apps are used 2x per month. Removes key touch point 9to5mac.com/2023/09/27/app…

Watching Elon Musk decide to play investigative reporter has made me think that the tradition of aging rich men spending all their time and money racing yachts actually had an important function

pleased to report that my take — that this is first and foremost very funny — turned out to be the Most Correct