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UNFTR Weekly Roundup

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Max Notes

The government is about to be open for business again. Phew. We owe a debt of gratitude to the Democratic Party for standing its ground and fighting for the American people.

 

(Hang on. I’m getting a call…)

 

Sorry. That was reality checking in. A handful of Democratic senators strategically broke rank—just as GOP insiders predicted they would, exactly when they said they would—and voted on a continuing resolution to keep the government funded through January with exactly zero concessions. Sorry, check that. The Republicans agreed to take a vote in December on Obamacare subsidies. With all of their fingers crossed behind their backs on that one, the Republicans, minus Rand Paul (don’t make me start liking you Rand), voted with the breakaway pack of Ds to open back up.

 

Listen. Don’t be mad. No shutdown has ever elicited a real win for either side. Ever. And this one was never going to work for one simple reason:

 

Republicans don’t give a flying fuck about poor people.

 

They held a literal Gatsby-themed party during the shutdown. Started canceling flights. Actually fought the courts and the states over funding SNAP benefits with money that was literally appropriated for that very use. They don’t care. They’ve never cared. They never will. It was a half-baked plan that was never going to work, but let’s congratulate them for trying to not really succeed but look like they were doing something. The breakaway faction was mostly Democrats who aren’t running for reelection, and John Fetterman who also has zero fucks to give and is basically a Republican at this point.

 

The whole thing was a sham. Schumer is concerned about his job. He’s getting crushed by outlets like The Daily Show on the regular and AOC is nipping at his heels. It’s the worst kept secret that he needed this, which is why he maintained the visual to the very end. Here’s the tell. HE’S THE LEADER. So his calculus was to look tough by looking weak. He started a fight he couldn’t win—that his constituents didn’t even know was possible—to fight for with a shutdown, only to create this theater that ends with him shooting himself in the head because it had to.

 

Ugh.

 

Let’s shift gears outside of the halls of Congress to check in on the power hungry pack of Democratic wolves vying for the spotlight in the anti-Trump attention economy. On opposite coasts, two governors are positioning themselves as the obvious choices to run against Donald Trump. Just ask them.

 

On the left coast we have Governor Handsome Newsome who has become a meme factory. He’s on every program imaginable, has a social post for every occasion and a memoir coming out next year. Nothing says I’m running for president more than a premature memoir of one’s career.

 

On the right coast we have Josh Shapiro who just picked up an early nod from a New York Times opinion writer who I’m about to stop following this instant, even though I really enjoyed his book on economics. Binyamin Appelbaum’s headline says it all: Mamdani Isn’t the Future of the Democrats. This Guy Is.

 

I’ve litigated Governor Handsome before and will be forced to do so repeatedly as the months wear on, but this is my first crack at Shapiro other than laughing at his Obama inspired rhetorical style. I’m familiar enough with Shapiro from the veep vetting he briefly went through and his willingness to support jailing Pro-Palestinian student protestors. And I’m aware that he has a reputation of being a full-blown narcissist and political chameleon with no true belief system other than what the polls show.

 

So because I so thoroughly enjoyed Applebaum’s economic writing before, I was anxious to know what the fuss was about that makes Shapiro so doggarn appealing. And here is his most forceful statement in the piece:

 

“He has a record of delivering clever political compromises, and he’s good at making centrism sound urgent. His political persona is a constant performance of vigor. As he reminds Pennsylvanians at every opportunity, he gets stuff done. His most celebrated achievement is reopening a collapsed highway in just 12 days.”

 

Oh. In other words, the things that people say are his worst qualities as governor of Pennsylvania are exactly what Applebaum is saying we need.

 

The Democratic wins—including but not limited to Zohran Mamdani—that resulted from an intense focus on economic justice pale in comparison to someone who makes centrism sound urgent. This on top of Democrats finally winning the messaging battle, to my great surprise, over the government shutdown only to cave to the Republicans for exactly nothing in return.

 

No party is more capable of snatching defeat from the jaws of victory than this modern Democratic Party.

Other things I’m obsessing over…

  • A-Hole of the week goes to my favorite failed hedge fund manager and professional liar liar pants on fire Treasury Secretary for continuing to lie (badly) every time he opens his smug pie hole. Like he did here with George Stephanopoulos.

  • Shout out to 99 for putting me onto Ziwe and reminding me to watch her latest interview with outgoing NYC Mayor Eric Adams. Do these politicians and celebrities not have “people”? This whole sitdown is a fiasco.

  • Less than 2 weeks until the release of SISU 2.

-Max

Killer Left Take of the Week

KLTW goes to Emma Vigeland as reported by Francesca Fiorentini. The two famous lefty friends aren’t together in this clip but it’s fun watching Francesca break down Emma’s MSNBC appearance as she spits truth bombs about centrism to a bunch of centrist normies. Or as Frani more eloquently puts it, “Emma Vigeland Schools Loser Centrists.”

 

Watch: Emma Vigeland Schools Loser Centrists

This Week on the UNFTR Podcast

The Plumbing of the Financial Markets Is Leaking.

Understanding the U.S. Liquidity Crisis.

A faucet leaking water onto gold coins

Max reports on the growing cracks in the financial markets and the unprecedented lengths the Federal Reserve has already gone to in order to stabilize the global financial system. The U.S. is heading toward a full-blown liquidity crisis that threatens to seize up the financial markets. The situation is worsening daily at this point and Trump’s erratic policy decisions are contributing to the destabilization.

 

Here’s a snippet from the pod:

Max: High profile private credit bankruptcies have revealed shaky lending practices among all those counterparties in the financial markets that we can’t see. That has led the banks that we can see to increase the rates they’re charging these firms despite the Fed’s attempt to lower interest rates by cutting the Federal Funds rate. That’s why people are saying the Fed has “lost control” of rates.

Read The Essay
Access Episode Resources
Watch The Video

Chart of the Week

Car Culture

According to Kelley Blue Book (KBB), the average new vehicle price reached above $50,000 for the first time as Cox noted that car repossessions are at the highest level since 2009, up 43% from 2022 during the inflation crisis.

 

Tariffs are pushing up car parts for sure. And everything is getting more expensive generally, as inflation remains stuck above the Fed target and we’re living with the pain of the inflation spike that proved to be anything but transitory from the consumer’s perspective. And irrespective of what the Treasury Secretary claims (because he’s a liar) gas prices haven’t come down either so keeping a car on the road is still expensive.

This line graph shows the University of Michigan Survey indices for vehicle buying conditions from 2016 to 2025. The black line represents overall vehicle buying conditions (left axis, index scale), while colored bars indicate reasons for poor conditions including price (red), interest rates (orange), and economic uncertainty (blue) on the right axis. The data shows a sharp decline in buying conditions starting in 2021, with price-related concerns becoming the dominant negative factor.

Source: MacroMicro

 

As you can see from the above chart, buying conditions in the auto sector are shitty for all the reasons.

Headlines

Data Driven

GDP measures economic activity that includes the stock market and investing. Everyone is finally coming around to the reality that we’re in a recession and the only reason we have GDP gains is because of the massive spending on AI, which benefits no one other than shareholders of companies who believe that it may someday deliver something that does something for some people somewhere.

 

From the article:

“We are spending $400 billion or more next year on data center build-out, no one seriously doubts that there are far better ways to spend that. For instance, America needs to be able to feed ourselves, clothe ourselves, and make our own medicine, none of which we are able to do now. We need to have a society that is great for families and human flourishing. We need support for kids, for small businesses, and for education. We need cheaper housing, better cars, food processing capacity, more farms, less expensive electricity, a merchant marine, and nicer airports.”

 

Big by Matt Stoller: Last Week’s Elections Were a Huge Loss for AI

 

It Wasn’t Just Zohran

Part of the narrative thread that we need to keep pulling together is how organizations like DSA and Working Families produce results on the ground, and that our urban centers are hotbeds of political innovation. We can win in these areas and begin to forge good government policy alliances between them.

 

From the article:

“This past Tuesday continues a consistent trend over the past five to ten years: of socialist candidates winning elections around the country, and slowly but surely building up their ranks in elected office. The major difference is that in previous years, these downballot victories have often been paired with high-profile defeats. In this case, they have, for a change, come with what is arguably the biggest election victory the socialist Left has ever had in the form of Mamdani’s New York mayoral win.”

 

Jacobin: Socialists Won City Elections Across the Country This Week

 

Lula’s Balancing Act Under a Microscope

President Lula da Silva has made tremendous strides in reducing deforestation in the Amazon. But he’s also facing economic pressures and political challenges in a deeply divided Brazil. Wins aren’t as easy as they once were for Lula, and he’s riding the center left as best he can. Even still, he’s giving up ground to industrialists and fossil fuel companies while trying to lead the COP30. The left can’t afford a rightward slide under Lula and the planet can’t afford to lose the steward of its lungs.

 

From the article:

“While Lula has vetoed some of its most radical plans to eradicate swaths of environmental licensing requirements, he has also appeared more than willing to support other elements of its agenda to carve up the Amazon and other biomes for the production of fossil fuels and monoculture crops.”

 

The Nation: At COP30, Will Lula Be a Rain Forest Champion?

Resources

Pod Love

“This year’s summit in Belém will not only test the durability of the Paris Agreement, now a decade old—it will test whether the world can still come together to confront global threats at a time of fracture and distrust.”

 

Outrage + Optimism: Brazil can lead the world at COP30

 

Book Love

Since I spent time skewering his horrible take on Josh Shapiro I should at least give you the reason that I gave his opinion a shot.

 

“Binyamin Appelbaum traces the rise of the economists, first in the United States and then around the globe, as their ideas reshaped the modern world, curbing government, unleashing corporations, and hastening globalization. Some leading figures in the field are relatively well-known, such as Milton Friedman and Arthur Laffer, while others stayed out of the limelight but left a lasting impact on modern life: Walter Oi, a blind economist who persuaded President Nixon to end military conscription; Alfred Kahn, who rejoiced in the crowded cabins on commercial flights as proof of his deregulation of air travel; and Thomas Schelling, who put a dollar value on human life. Their fundamental belief? That government should stop trying to manage the economy. Their guiding principle? That markets would deliver steady growth and ensure that all Americans shared in the benefits.”

 

The Economists’ Hour: False Prophets, Free Markets, and the Fracture of Society by Binyamin Appelbaum

 

Unf*cker Comment of the Week

From @jpalmer1967:

“I’ve never seen rich people so scared in my life.”

Progressive Corner

Progressive Organization of the Week: Green New Deal Network.

“The Green New Deal Network is a coalition of grassroots organizations, labor, and climate and environmental justice organizations advocating for local, state, and national policies that create millions of family-sustaining union jobs, ensure racial and gender equity, and take action on climate at the scale and scope the climate crisis demands. At its core, the Green New Deal is a vision for the future building grassroots and political power to form a new consensus that supports the massive government investments needed to save our planet, while proactively addressing and making up for discriminatory policies that hurt people of color, working-class communities, and other marginalized groups.”

 

Check Out the UNFTR Directory of Progressive Resources for More

UNFTR Member Question of the Week

Question: What was your favorite part of Zohran Mamdani’s campaign?

 

april_in_fl: The consistency: Fast & Free Buses, Rent Freeze and Free Childcare. Mamdani’s smile is contagious too.

 

WildEyedBob: His victory speech. Beginning by quoting Eugene Debs was a quite purposeful act.

 

pronolagus: His engagement. He went out every day and talked with his future constituents about specific policies that would make their lives better. And he listened to them in return. He asked them for their help and always made it clear he wouldn’t (and couldn’t) do it on his own. And it’s clear he loves his city and loves New Yorkers.

 

StifflersMama: The youth, the optics, the music, the storytelling, the appeal to emotion balanced with stats and numbers, etc.

 

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