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Max Notes

A few friends of the show were kind enough to invite me on their podcasts to discuss the 5 Non-Negotiables of the Left so be on the lookout for drops from Current Affairs, Straight White American Jesus and the HoosLeft podcast from listener and new friend Scott Aaron Rogers. These discussions are extremely valuable because it’s a real-time test of the concepts behind the 5NN. I hope you’ll tune in and share them widely.

 

As we continue to promote this agenda and dig deeper into the current economic climate, there are so many challenges ahead that will test our fortitude as a people. Maintaining any sort of discipline on the “Left” will be enormously difficult as the Trump administration does its best to make life miserable on the lower rungs of the economic ladder.

 

This week’s episode highlights crucial parts of the economy that are beginning to crack. The selloff of American assets is a very real phenomenon that the media and administration are papering over, but it will have a direct impact on our ability to pursue an agenda that puts people ahead of profits. Because they’re going to gut the real economy, Democrats will be in a position to once again put Humpty Dumpty back together. That was one of the core issues coming out of the Global Financial Crisis. People were backburnered in favor of corporate interests and the Democratic establishment sold them as distinct programs; essentially saying that they had to save the corporate class first before they could save the rest of us.

 

This kind of false logic is shaping up to play out once again as Democrats prepare to take back the House in the midterms and set the stage for the next presidential election. You can see it in the so-called “Abundance Agenda,” the Third Way Democrats’ platform and in DNC literature and interviews.

 

The biggest issue we face on the Left is that we’re going to win back the House and take the presidency if Trump vacates the office.

 

The biggest opportunity we have on the Left is the very same thing.

 

But if we don’t speak clearly with one voice then we can rinse and repeat the Obama years. Only next time there won’t be an appetite or ability to pour the full weight of the U.S. Treasury behind an effort to stabilize the economy, because Trump will have already looted it.

 

Other things I’m obsessing over…

  • Elon does so much ketamine (among other drugs, up to 20 pills a day) that it’s affecting his bladder. Money can’t buy happiness, nor can it buy a good pee. And there’s nothing better than a good pee and poo when you get to a certain age. Pity the billionaire pee boy who blows up rockets and crashes driverless cars.

  • Joe Rogan can’t legally do drugs in Texas and has started attending church every Sunday. Why are these right wing grift turns so fucking predictable?

  • No one trolls loser right wing comedians better than Tim Heidecker.

      -Max

      This Week on the Pod

      Credit Risk.

      The Looming U.S. Credit Crisis.

      A miniature figurine looking at a sack with a dollar bill on it

      How much credit risk is in the market? Equities get the headlines but the world runs on credit. Jamie Dimon recently declared that credit was a “bad risk” on the heels of Moody’s downgrading the U.S. credit rating and a spike in the 10 Year Treasury yield. Suddenly, the boring old credit and bond markets are all the rage on the financial news channels, and it goes much deeper than treasuries. Today’s episode examines the scope of the global credit market and unpacks the difference between the systemic threat posed in the global financial crisis (GFC) and the looming credit crisis today. And, it shows how the big corporations prepared for the gathering storm by rewriting the rules of the game after the GFC. The big guys are fairly insulated from any sort of looming credit shock, but the rest of us are pretty much toast.

       

      Here’s a snippet from the pod:

      Max: The biggest players from investment banks to top public companies also spent the decade building up cash reserves from this program, moving garbage off their balance sheets and deleveraging. As a result, the big guys got bigger, more solvent and extremely liquid. And they did it all on the taxpayer dime. This is the first takeaway. The big guys got bigger and are extremely healthy. Even now. That’s why stock buybacks hit record heights thus far in 2025. They have the money to prop up their earnings ratios even as profitability declines. They can weather pretty much any storm that comes their way.

      Read The Essay
      Access Episode Resources
      Watch The Video

      Chart of the Week

      A comprehensive data table revealing foreigners' acquisitions of long-term U.S. securities, showing robust growth in domestic securities sales and foreign investments from 2023 to 2025, with notable increases in gross sales and a significant turnaround in equity investments, indicating strong international confidence in U.S. financial markets despite month-to-month volatility.

      Source: U.S. Treasury

       

      This one will make more sense when you listen to or watch the current episode. What this chart illustrates is monthly inflows and outflows of global capital to and from the United States. What it shows is the selloff that started to occur earlier this year when Trump announced his multifront tariff war. But there’s a hidden gem in the data. Corporations appear to be self-financing bond purchases from offshore subsidiaries. Another prime example of how rigged the system is in favor of the big guys.

      Headlines

      Uphill Both Ways

      As much as I’m a proponent of taking over the Democratic Party apparatus to drag the party to the left, this article illustrates how difficult it is to pull this off. I’m not discouraged, but it’s important to learn what we can from other failed efforts, particularly in a place like Germany that has more robust social democratic roots than the U.S.

       

      From the article:

      “This vicious cycle has already seen the SPD’s electoral average almost halved since the turn of the millennium. But unlike during Angela Merkel’s tenure, Merz’s CDU is gravitating not toward the political center, but toward the Right. If recent history is any guide, this dynamic will likely further fragment the SPD’s already unraveling base and make it harder to form stable governments, whether with the CDU or any other constellation of parties.”

       

      Jacobin: Saskia Esken Failed to Change Germany’s Social Democrats

       

      While We’re on the Subject of Uphill Climbs

      Nathan Robinson brought this to my attention. The Nation Magazine endorsed Zohran Mamdani for NYC mayor because he has demonstrated an ability to build momentum that appeals specifically to urban sentiments. Only three weeks left to see if he can pull off a massive upset in the city so nice they named it twice. (The double endorsement is due to ranked choice voting.)

       

      From the article:

      “Building on his bases—his Astoria district, the Democratic Socialists of America, and the city’s South Asian community—Mamdani has summoned a generation of otherwise disillusioned young activists back to battle. But anyone tempted to dismiss him as a latter-day ‘Bernie bro,’ or his supporters as simply ‘cool kids,’ should take a look at the map of his donors, which shows that his appeal already reaches from Riverdale and the South Bronx to Bay Ridge and Sunset Park—and even into New Dorp and Great Kills on Staten Island. It may not yet add up to a movement, but it already has the ingredients of a new urban politics.”

       

      The Nation: The Nation Endorses Zohran Mamdani and Brad Lander in the New York City Democratic Primary

       

      Now what?

      “Legalistic noncompliance.” I’ve been searching for the term to describe the giant “fuck you” Trump is giving the justice system. This was always one of the great questions of the Trump era…What if he just says no? Outside of military intervention, which is how other countries typically handle this sort of thing, it’s growing increasingly unclear whether or not our institutions are indeed strong enough to withstand a dictatorial presidency. Since Litman is also our book recommendation this week, it seems appropriate to pull her section of this article.

       

      From the article:

      “Leah Litman and Daniel Deacon, both University of Michigan Law professors, have described how the administration has hidden its refusal to obey judges behind a veil of legal argumentation. ‘The administration uses the language of the law as cover to claim that it is complying with court orders when in fact it is not,’ they write in the Atlantic, summarizing a forthcoming paper on the phenomenon. ‘We call this legalistic noncompliance, a term intended to capture how the administration has deployed an array of specious legal arguments to conceal what is actually pervasive defiance of judicial oversight. It is a powerful strategy, as it obscures the substance of what the administration is doing with the soothing language of the law.’”

       

      Mother Jones: The Trump Administration Is Already Ignoring the Supreme Court

      Resources

      Pod Love

      “Nick Hauselman is busy hosting people for Memorial Day, so a beleaguered and sick Jared Yates Sexton holds down the fort. He discusses the GOP House passing Trump’s ‘Big, Beautiful Bill’ and the inherent damage it will do, the DC shooting, the ongoing battle between the administration and Harvard, and the absolute debacle that is the Democratic Party.”

       

      The Muckrake Podcast: A Big, Ugly Disaster

       

      Book Love

      Not yet read but on the list…

       

      “Something is deeply rotten at the Supreme Court. How did we get here and what can we do about it? Crooked Media podcast host Leah Litman shines a light on the unabashed lawlessness embraced by conservative Supreme Court justices and shows us how to fight back.”

       

      Lawless: How the Supreme Court Runs on Conservative Grievance, Fringe Theories, and Bad Vibes by Leah Litman

       

      Unf*cker Comment of the Week

      Watching the current episode on YouTube, this viewer had this (troubling) note.

       

      From @lewieanderson6579:

      “I thought it was a younger Ted Kaczynski (unabomber) at first.”

       

      Yikes. I’m certainly angry, but jeez.

      UNFTR YouTube Highlight

      Credit Risk: What the credit market is telling us
      Watch The Video

      Progressive Corner

      Progressive Organization of the Week:  International Consortium of Investigative Journalists.

       

      “ICIJ retains a network of trusted journalists, which has grown by invitation to more than 290 of the best investigative reporters from 105 countries and territories. The International Consortium of Investigative Journalists tells stories that punch through the noise, showing how the world really works, triggering positive change. We are driven by the belief that citizens have the right to be better informed, that access to independently-sourced facts is not only essential for democracy but is also a fundamental human right.”

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