Rolling US Economy Into The Shitbin Thread

WV Governor Jim Justice's coal company is just the most hearbreaking noun phrase

the financing arrangement described in the complaint seems absolutely insane, still trying to get my mind around it tbh

must be 4/4 #onethread

I'm not completely sure I understand this, but it sounds like Greensill was both (1) paying Bluestone's (the WV gov's coal company) suppliers (supply chain finance) and (2) purchasing Bluestone's "future receivables," i.e. basically just pumping cash into Bluestone left and right and passing the IOUs along to Credit Suisse and GAM. Greensill just kept rolling over these obligations until it couldn't anymore (because CS turned off the capital spigot). Now Bluestone is complaining that it can't survive without Greensill's injections, and Greensill is in insolvency. So Bluestone is fucked, and I'm guessing some of its suppliers will get hurt as well.

Even crazier, Greensill arranged business between Bluestone and Sanjeev Gupta's GFG group -- Greensill's main client, who was responsible for the largest part of Greensill's bad loans that it sold off -- and had Bluestone start selling to GFG, with GFG getting "extended payment terms" (that it still failed to meet).

Of course everyone involved, including Jim Justice, is a complete POS. Bluestone owes $3 million in penalties for not complying with a water pollution settlement, just reported a few days ago.

https://www.propublica.org/article/this-billionaire-governors-coal-companies-owe-millions-more-in-environmental-fines

this story doesn't make any sense, it needs a Redwall

🤮

Hillbilly Eligy guy JD Vance, who advised the Mercers about fundraising for Parler AFTER the deadly insurrection, is running for Senate. There's already a super PAC for him that's got tons of cash from the Mercers and Peter Thiel. https://t.co/v59PsqWPk1

— Alex Kotch (@alexkotch) March 16, 2021

uhh wrong thread sorry

at least it doesn't involve Yellowcake (that we know of)

xp

lol I bet we could get from JD Vance's PAC to Greensill in like two steps if we tried.

this story doesn't make any sense, it needs a Redwall

― map ca. 1890 (map), Tuesday, March 16, 2021 12:51 PM (twenty-two minutes ago) bookmarkflaglink

I mean, IIRC, Greensill made an arrangement with Bluestone where it said "We will pay your suppliers for you and you can pay us later" and AT THE SAME TIME also said "We will advance you money on coal you don't have a contract to sell yet." And of course didn't give a shit if that made any sense because it was just passing off the loans onto Credit Suisse. And Credit Suisse in turn passed this off on a bunch of pension funds claiming it was all "fully insured" when it actually wasn't.

I don't think this is 2007/08-sized, but it def has a similar flavor.

*IIUC

I expected the Hillbilly Elegy guy to look more like the rapist SEAL Missouri governor and less like an adult baby tbh

yeah he looks like he'd be the jared kushneresque failson of a tobacco exec or something

adult baby is quite a common scots-irish genotype #calipers

You mean phenotype

he looks a little like mike lee. chubby little chins

xp. oh yeah, phenotype caused by genotype.

that the sort of NPR chin stroking liberal op ed set took (takes?) this guy seriously is nearly as galling to me as ‘intellectual’ conservative MAGA apologia

and over the long haul may be more damaging

I expected the Hillbilly Elegy guy to look more like the rapist SEAL Missouri governor and less like an adult baby tbh

that book was fucking awful, and even its polical-economic antipode (Neel's 'Hinterland') is racist trash afaic.

A much more informative (and funnier) Matt Levine column on Greensill today, with details from the Bluestone complaint. Good line on the payday loans analogy: "Greensill basically gave Bluestone a payday loan for a job Bluestone hadn’t yet applied for."

Yeah, that is pretty wild.

usa! usa!

Wealth concentration at the very top now exceeds the peak of the Gilded Age pic.twitter.com/ElmqWUXp13

— Gabriel Zucman (@gabriel_zucman) July 6, 2021

A 1972 MIT study predicted that rapid economic growth would lead to societal collapse in the mid 21st century. A new paper shows we’re unfortunately right on schedule.

https://www.vice.com/en/article/z3xw3x/new-research-vindicates-1972-mit-prediction-that-society-will-collapse-soon

I’m not sure people appreciate just how quickly rents are rising right now. There was a lot of chatter about rent drops during the early pandemic, but look at THIS.

+14% (!!) since January!@lszini and I wrote some words this week about why this is happening.

(1) pic.twitter.com/IIaaepbnwW

— Rob Warnock (@robnock_) August 27, 2021

good thread

What's going on with global supply chains? (aka "why are we running out of everthing," "why is shipping so slow," "why are things more expensive"). A link roundup thread:

— Matthew Hockenberry (@hockendougal) September 16, 2021

That is a good thread. The (admittedly luxury brand) deodorant that I've been wearing for the past decade is out of stock everywhere in the US due to shipping delays, and on eBay, sellers from Hong Kong are marking it up 200%, in some cases.

It's going to be a bit of an adjustment getting used to a new scent on my body, because I can't wait another month until those delays clear up.

small potatoes, of course, but yknow.

Just stop wearing deodorant that stuff is useless

Maybe for you, stinky

maybe if everyone stops wearing deodorant the proletariat will rise and seize the means of production and expropriate all private property

silby jobs over here

that's a good thread but i realllly would've preferred to not read something that dense on twitter

Antiperspirant changed my life.

I will not use the stuff, way too many weird chemicals that make me feel squeamish. I'm not an unhairy guy, but the deodorant i've been using really works for me.

would you say it hirsutes you

https://www.lexisnexis.com/LegalNewsRoom/resized-image/__size/550x0/__key/telligent-evolution-components-attachments/13-07-00-00-00-00-14-94/ContentImage_2D00_GradeAPlus.jpg

Ban the stuff

the 35th Director of the United States Mint loves coins!

Got a very nice email and follow-up from former Mint Director @PhilipNDiehl, which I reproduce here with his permission, that provides useful context on the underlying legislative intent behind 31 USC 5112(k) and reinforces the case for #MintTheCoin. pic.twitter.com/FGIhSgtaoQ

— Rohan Grey (@rohangrey) October 6, 2021

ha i don't really understand all the context of this but it is super refreshing and pleasing to see a bureaucrat with a passion for their particular thing! have to assume this guy was a major numismatist (i admit i looked it up) before getting into it as a career

😘

Private quits rate 🚀 pic.twitter.com/sJb2ZrvAX9

— Conor Sen (@conorsen) October 12, 2021

pardon the dumb Q but what are "quits"?

people quitting their job

YES

https://www.washingtonpost.com/business/2021/10/12/jolts-workers-quitting-august-pandemic/

Jennifer Booth quit her information technology job at a national retailer in August, after months of working as many as 90 hours a week during the pandemic to help the company revamp its e-commerce system.

i mean 90 hrs a week is insane and borderline illegal in a lot of countries so it’s “good” that people are fed up but i’m not sure this is a story about progress

2 of my friends in low-level positions put their two weeks notice in on friday so SSS but yeah quit them jobs bros!

I quit a couple months ago myself. BS got made a supervisor over 5 people with 3 open positions in other states with no title and no raise - still having to do all had in my regular job. IT staff was down to 21 from 34 and ticket count went from like maybe a total for everyone of maybe 100 or so a day to pretty much hundreds open at all times. Literally some days I was having to update 100+ tickets in a day as there was so many device return tasks from the constant churn of people entering and exiting posts.

Had many days I would get up at 5am to get to work at 7am work 9-10 hours then have to go home and do BS billing work until like 11pm or midnight then wake up and do it again. Coup de grace was stupid offshore SCCM team had not tested shit for over a year and broke literally over 100+ devices that had never gotten updated to w10 on top of the mess. I thought I was going to have a breakdown by the end. Going through that last year at work pretty much had me wishing the f'ing sun would go supernova and wipe this grease stain of a planet out of the heavens. I'm a bit better now but have been busy as heck at home doing all the crap I never had time to do for the past year.

holy shit, i feel like absolute dogshit when i work more than 6 hours a day lol

unless i'm doing outdoor work, then i have no problem going for longer, because there's always some time to "rest" and take a nice long toke

but office jobs? fuck, i think the longest i ever worked at an office-type job was the week i pulled 37 hours, and that was because my manager had the flu. most weeks in my life i've managed to do about 32 or so. any more is absolute bullshit afaic, a job can go fuck itself.