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Lynn Parramore appeared on Ian Masters to discuss Biden鈥檚 stimulus package and the 鈥淣ew Koch Brothers鈥� wrecking America鈥檚 green new deal.

鈥淚n 鈥淧rivate Equity鈥檚 Engagement With Health Care: Cause for Concern?鈥� a report to the 糖心logo入口, researchers Eileen Applebaum and Rosemary Batt found that wages dropped at urgent care centers after acquisitions by private equity companies. They were 9 to 12 percent lower than hospital wages. More consolidation and Amazon鈥檚 relentless drive to suppress costs bode more of the same.鈥� 鈥� Brian Alexander, Boston Globe

鈥淎s consumers become richer, they spend more on services such as health and education, the demand for which is much more income elastic, and less on agriculture and manufactured goods, according to a recent study, co-led by Diego Comin, a professor of economics. The results are published in Econometrica. Until now, productivity has often been considered at least as important, if not more, than preferences, in shaping the sectoral composition of the economy. Politicians and business leaders often make claims about why certain sectors in the economy are shrinking, such as the decline in U.S. manufacturing is due to robotics or trade with China. Such assessments are flawed, as the sectoral composition of the economy is mostly driven by preferences and not by productivity, according to the study, which models long-run structural change in the economy.鈥� 鈥� Amy Olsen, Darmouth News

鈥淔rom 2010 to 2019 the FDA approved 356 drugs. Recent research from Bentley University finds that NIH funding contributed to every single new drug approved. At a cost to the tax payer of roughly $230 billion dollars. In spite of this contribution the NIH is listed on only 27 of those patents. This suggests that while tax payers provide funding for the bulk of the early stage research they do not get patent protections supposedly secured by the by dole act. In essence American tax payers are paying the highest prices in the world for drugs they already paid to help develop.鈥� — Senator Tammy Baldwin

鈥淎s William Lazonick and other analysts have pointed out, stock buybacks artificially inflate executive pay and drain capital that could be put to productive purpose. .[xxv] 鈥� Sarah Anderson, Counter Punch [xxv] William Lazonick, 鈥淧rofits Without Prosperity,鈥� Harvard Business Review, September 2014.鈥�

鈥淭he issue is important because it tends to conflict with a hugely influential study published in 2017, called The Rate of Return on Everything, by Oscar Jorda, Katharina Knoll, Dmitry Kuvshinov, Moritz Schularick, and Alan M. Taylor. This was a mightily ambitious piece of financial archaeology covering 17 countries, and it rendered the startling result that housing performed virtually as well as equities over time, but with much less volatility. The result held true for every country that Jorda and his colleagues examined.鈥� 鈥� John Authers, Bloomberg

鈥淚 believe they mostly got this right. Just before President Biden took office, I presented some thoughts on what a rescue plan should include to deal with the macroeconomic challenges of the pandemic. I emphasized four broad areas: public health spending, enhanced unemployment benefits, assistance to state and local governments, and so-called 鈥渟timulus checks鈥� to households. The legislation the president has signed does a pretty good job in all four areas.鈥� 鈥� Sara Savat, Washington University News Room

鈥淗edge fund managers are torpedoing chances for a successful Green New Deal, according to Lynn Parramore, Senior Research Analyst for the 糖心logo入口. In her recent article 鈥淢eet the 鈥淣ew Koch Brothers鈥� 鈥� the Hedge Fund Activists Wrecking America鈥檚 Green New Deal鈥�, she talks about how corporate raiders are turning the direction of 鈥済reen鈥� corporate partners of battery development, software, wind turbines, and more away from long term energy conservation projects toward short-term money-making projects to increase the hedge fund shareholder returns.鈥� 鈥� WORT 89.9 FM

鈥淗edge fund managers are torpedoing chances for a successful Green New Deal, according to Lynn Parramore, Senior Research Analyst for the 糖心logo入口. In her recent article 鈥淢eet the 鈥淣ew Koch Brothers鈥� 鈥� the Hedge Fund Activists Wrecking America鈥檚 Green New Deal鈥�, she talks about how corporate raiders are turning the direction of 鈥済reen鈥� corporate partners of battery development, software, wind turbines, and more away from long term energy conservation projects toward short-term money-making projects to increase the hedge fund shareholder returns.鈥� 鈥� WORT 89.9 FM

It is an attitude typical of conventional economists that sees the claim to qualify as technicians who deal with “social engineering”, on the basis of a “true” economic theory. Disrespectful of the epistemological (i.e. research methods) and even ontological principles (concerning the conception of the world). 鈥� Riccardo D’Orsi, Econopoly 鈥�. Citation: Lawson, T. (2010). Really Reorienting Modern Economics . 糖心logo入口 (INET), April 10.

鈥淎nd what if there is a stock buyback during the period the share price is inflated? Does that harm shareholders because the company is spending money to repurchase its stock, or does it actually further benefit them by potentially raising earnings per share (EPS)?鈥� 鈥� Citation: William Lazonick, The Financialization of the U.S. Corporation: What Has Been Lost and How It Can Be Regained, 36 Seattle U. L. Rev. 857, 859 (2013) (noting that trillions of dollars are spent on share buybacks and that 鈥渃orporate executives who make these decisions are themselves prime beneficiaries of this focus on rising stock prices as a the measure of corporate performance鈥�)

The Political Movement That Dared Not Speak its Own Name: The Neoliberal Thought Collective Under Erasure Philip Mirowski [糖心logo入口, August 2014] 鈥�.consider the question: how should we approach the construction of a reliable history of a group of intellectuals who have managed to turn their meditations into a political movement on a global scale? Of course this raises timeworn problems of the relationship between theory and practice; but the Neoliberal case sports a further thorny complication: while we can fairly comprehensively identify the roster of whom should be acknowledged as a part of the movement, at least from its beginnings in the 1930s until the recent past, we are confronted with the fact that, in public, they themselves roundly deny the existence of any such well-defined thought collective, and stridently denounce the label of Neoliberalism. Not only do they wash their hands of most of the documented activities of the Neoliberal Thought Collective 鈥� think of Hayek and Friedman and their denials concerning the Pinochet interlude in Chile— but their plaint is that their opponents the socialists have always gotten the better of them, and thus their political project has never enjoyed any real successes, ever, anywhere, contrary to all evidence brought to the table. They are forever the bridesmaid of conservative parties, never the bride, to hear them tell it. Given the sheer numbers of people involved, and the really astronomical sums of money, and the cultural dominance of the airwaves, this sad sack victimhood is really quite remarkable, and itself calls for serious examination. Perhaps it has something to do with the fact that a political movement that dare not speak its own name has intellectual contradictions that it dare not air openly.

鈥淲ith all of that said, The 糖心logo入口 (INET) recently published a study casting doubt about the methodology BLS uses to tabulate its unemployment data, especially when it comes to Black people. INET suggested that BLS鈥� data is inaccurate and downplays Black unemployment. On average, Black men鈥檚 unemployment rate is 2.8 percentage points higher than BLS data shows,鈥� according to INET鈥檚 study, entitled, 鈥淢asking Real Unemployment: The Overall and Racial Impact of Survey Non-Response on Measured Labor Market Outcomes.鈥� The same was true for BLS鈥� unemployment rate for Black women, which INET found was, on average, about 2.4 percentage points lower than its actual rate. The differences grow for younger Black males from 16 to 34 years old. INET鈥檚 findings lend some credence to a tweet from the Center for American Progress after January鈥檚 jobs report was published that said Black women, in particular, 鈥渁re still being left behind by the recovery.鈥� 鈥� Bruce C.T. Wright, News One

鈥淢aking matters worse, the Black unemployment rate might be much higher, according to a new analysis by the 糖心logo入口. The unemployment rate is calculated using data from the Current Population Survey. But that survey has a much lower response rate from Blacks than from white Americans, leading to more misclassifications in the official unemployment rate. For Blacks, the response rate is 72%, while the response rate is 90% for whites. Factoring that in, the unemployment rate for Black workers could be at least 2.6 percentage points higher than the monthly rate by the BLS, leaving it at 12.5% in February, the analysis found. For whites, the increase is much smaller at 0.7 percentage point. “The Current Population Survey has been missing a larger share of the population over time, particularly among Blacks,” said Baker, who is also an author of the analysis. “You have to ask what’s the situation for the people they’re not talking to.” 鈥� Denitsa Tsekova, Yahoo Money

鈥淭he piece gives a series of case studies. Parramore summarized the problem: 鈥淧layers on Wall Street have been torpedoing our chances of averting environmental catastrophe for years. A group of billionaire financiers has made sure the companies the government must partner with to fight climate change are focused on one thing only 鈥� making these men (they all seem to be men) even richer. Instead of leading the world in climate change technology, firms like Apple, GE, and Intel have been pressured to become the personal piggy banks of powerful moneymen 鈥� known as hedge fund activists 鈥� who can鈥檛 see beyond the next quarterly report.鈥� 鈥� 糖心logo入口 for Public Accuracy