Category Archives: The Biden Presidency

A Few Things

The Phantasm of Bipartisanship     I really hope that, going forward, President Biden and the Democrats point out the fact that “unity” is not something to be solely accomplished in the well of Congress. I just finished reading Obama’s memoir, and the sections where he details his administration’s attempts to get Republicans—any Republicans—to sign onto any of his early pieces of legislation should be required reading for every congressional Democrat, everyone in Biden’s administration, and, most importantly, every single centrist pundit currently warning Biden not to abandon bipartisanship so soon into his tenure. Obama acknowledges in hindsight that he was naïve, not grasping the depths of bad faith of the Republicans and their willingness to let a nation suffer in the name of political expediency. I’m cautiously optimistic—and so far, my optimism looks like it might be borne out—that Biden will make good-faith gestures toward bipartisanship, but isn’t about to be played like he and his former boss were twelve years ago.

Every time the Republicans, and their media mouthpieces, wail that Biden’s rhetoric of unity was a lie, Democrats should point out that the majority of the nation is on board with the Biden platform—that a plurality of Republican voters want more stimulus rather than less, want larger checks and not smaller, want a bolder roll-out of vaccinations—which can only happen with a significant federal investment—and want a $15 minimum wage. Democrats should also point out that, while the might resort to budget reconciliation to pass the $1.9T bill to sidestep a filibuster, there’s nothing stopping a handful of Republican senators from voting for it. And they should also point to the fact that a significant number of Republican governors and mayors want the relief funds.

They should say: We’re being bipartisan. We’re doing what the country wants. The fact that you, Senate Republicans, don’t want it, is an issue you should perhaps take up with your constituents.

That Whole Gamestop Thing     Trump may be out of office, sulking at Mar-a-Lago while he plots to retain his grip on the Republican party, but we’ll be dealing with Trumpism and the aftershocks of his reign for a long time to come. And I’m not even talking about Marjorie Taylor Greene (though I would be surprised not to see a blog post dedicated to her in the future). No, I mean the tendency during the past four years to have certain things one might have considered law shown to be mere convention, or things we would have assumed to be illegal to be common practice.

I was as schadenfreudistically delighted as anyone to hear and read the laments of hedge fund billionaires about the army of Redditors hoisting their stock-shorting arses by their own petard. At first, the saga had the quality of a virtual storming of the Bastille: humble citizen traders, in numbers large enough to inflict damage, playing the tricks of the ancien regime against them. As Jon Stewart tweeted, “The Redditors aren’t cheating, they’re joining a party Wall Street insiders have been enjoying for years.”

But as Derek Thompson writes in The Atlantic, “Waging war against Big Finance by becoming a day trader is like waging war against the casino industry by becoming a gambling addict.” Sure, there’s the chance you might win big betting on double zero at roulette, but you’re still playing by house rules—and the house always wins. Thompson adds, “trying to punish the rich by buying and selling stocks all day doesn’t make any sense. We’ve seen over and over and over that most day traders lose money; they routinely get smoked by bigger players.” Indeed, “while some Redditors made millions recently, the largest holders of GameStop stock, like the giant asset manager BlackRock, made billions.”

More to my point, Stephanie remarked a day after Gamestop became big news, “I’ve learned more about how the stock market works in the last twenty-four hours than in my entire life until now.” I concurred, and I added my incredulous observation that all of this—the shorting of stocks, the revolt of the Redditors—was perfectly legal. To again cite Obama’s memoir (which, not to belabour a point, is an excellent read), he commented on how much grief he and his justice department received in the aftermath of the financial meltdown when none of the major Wall Street players responsible for it were arrested and tried. Though it was a politically unpalatable answer, Obama dryly acknowledged, the sad fact of the matter is no one went to jail because none of what had caused the meltdown was technically illegal.

This is where I’m at with this whole Gamestop thing. While I’m happy to stick it to billionaires in the short term, the problem is the financial system itself writ large. The strategy of shorting stocks, as well as the dozens of other perfectly legal games traders play of which I am currently ignorant, is reflective of a morally bankrupt system. It makes me think of the moment towards the end of the film The Big Short—in which a handful of small players predict the 2008 collapse and make enormous amounts of money off it—when Brad Pitt’s character rebukes his fellows for being exultant. This is people’s lives, he remonstrates. Their homes. Their savings. Their retirements. You might be able to justify gaming a corrupt system, but corrupt systems impact real people.

The End of The Expanse     Well, not the end. Not yet—there will be one more season before it rides into the sunset, but today the final episode of season five airs. I haven’t yet watched it, as I’m saving it for this evening; but I look forward to it with the combination of anticipation and sadness that always accompanies the final instalment of something you’ve been enjoying.

The Expanse is a show that has gotten steadily better with each season—because with its growing viewership, it has garnered bigger effects budgets, because the writers have settled into a groove, and because the actors have made the characters come into their own.

I will likely have something more expansive to write about it (see what I did there?) at some point in the future—possibly when I have binge-watched the entire season over again—but for now I will be content to note that this season has been the best so far … a remarkable fact considering that the four core characters, the crew of the Rocinante, who have grown from a crew of mutually suspicious misfits into a genuine family, spent this season separated, each of their storylines having taken them on distant and perilous tracks. Some viewers voiced concern early in the season—how could The Expanse pack the emotional punch of previous seasons when Holden, Naomi, Amos, and Alex were scattered across the solar system?

I was not overly concerned (not least because I’ve read and enjoyed the novel Nemesis Games, on which this season was based), but still quite impressed at how well this cast, whose chemistry has been the basis of the show thus far, still shine in their separate (but linked) narratives.

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