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It’s Time That The Media Accept What Even Wall Street And Venture Capitalists Have – Crypto Is One Massive Grift. Those Involved With It Should Be Treated Accordingly.

Former Secretary of the Treasury Larry Summers recently learned that making business decisions can be hard even if you’re an economist. Or, alternatively, Summers has again proven to be a real-life embodiment of an economic “rational individual;” willing to do whatever maximizes his personal interests, regardless of broader consequences. If true, this further demonstrates why the press needs to end their reliance on Summers for economic speculation – because his judgment is for sale.

A wealth manager with a history of breaking the rules should not be the authority on bank regulation.

Karen Dynan has been reported as one of a few economists on Biden’s shortlist to replace Lael Brainard on the Federal Reserve Board of Governors. While her proponents have highlighted the Harvard-trained economist’s perfect centrist resume, her recent statements on how best to tackle inflation should concern workers and their allies. And this blithe analysis concerning unemployment should come as no surprise – Dynan, like Biden’s foils in the GOP, believes cuts to Social Security benefits are likely.

There’s a lot to gripe about when discussing the Beltway media class in the United States. Progressives at groups like FAIR and Media Matters have spent years rightfully criticizing the press for access journalism, the ever-present need to equate perspectives from both major parties, and corporate-sponsored PR published under the facade of a news article. But a recent study of biases present in the BBC’s coverage of UK politics may help us understand yet another major failing of our media. Journalists lack an understanding of basic economic principles, leading them to unwittingly flawed reporting.

Sam Bankman-Fried may have been arrested, but his influence campaign in DC is continuing unabated, with Members of the House and Senate looking to use FTX’s collapse to push for SBF’s hand-picked regulatory framework and undermine the work of SEC Chair Gary Gensler. 

Hello everyone, and welcome to a special holiday edition of the RDP Newsletter. Since we’re off for Thanksgiving tomorrow and Friday, this week’s edition will be a bit more off the cuff and includes some material that would normally be in our Hack Watch newsletter. So sit back, relax, and enjoy.

The Internal Revenue Service (IRS) is tasked with ensuring Americans follow tax laws. The IRS not only audits everyday Americans and foreign nationals with US tax liabilities but also maintains the power to investigate wealthy individuals and corporations for tax avoidance or other forms of malfeasance. Despite its crucial role in enforcing federal taxes laws (or, more aptly, because of this role), Republican austerity has systematically dismantled the IRS over the past decade.