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Cake day: June 15th, 2023

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  • And if Trump wants to, he can veto laws unless Democrats can get some Republican legislators onboard.

    I think it is very likely for Democrats to get enough Republican votes to sustain a veto on specific issues, particularly on the war and on tariffs. Both bills would have to be crafted with Republican input, and be focused more on asserting Congress’s authority than on punishing past actions. But they should reinforce firm bounds that the President can’t sneak around.

    But, conveniently enough, the threshold for overriding a veto is also more than sufficient for impeachment. So if Trump has constraints placed on him via a veto override, and he ignores them, the next logical step would be to impeach him over it. When drafting the bill, in exchange for the weaker language that Republicans would insist on, Democrats should insist that if Trump ignores even that, that Republicans should support ousting him. At that point, it’s not a matter of party anymore, it’s a matter of whether Congress has any power at all.

    Democrats won’t get this courtesy from Republicans on anything else, so they should make sure to work together on this, as long as I am right and there are enough Republicans now willing to buck the President on this.
















  • The problem isn’t necessarily with the IPOs. If an unprofitable company wants to go public with nothing to offer but empty promises, why shouldn’t they?

    The real problem is how these companies have grown as large as they have with no profits, and are dominating the US economy. In a sane world, ordinary investors wouldn’t be lining up to buy shares of these companies that may never show a profit. What makes it even worse is how indexes are bending their own rules to get these companies in. Many ordinary people might not even realize how much their retirement is tied into these companies at this point.

    Now, educated investors might see these as a lotto ticket. Put a small amount into each one, and maybe one or two hits big and generate outsized returns. But those folks are not gambling with their pensions. I have a bad feeling that when it all falls apart, the country as a whole will be left holding the bag, either because the stock market craters to the point that no one can retire, or the Feds step in and bail it all out