Would You Buy Stock in a Trump IPO?

Not I.  Too afraid that any anyone anti-US would attack the hotels, damage the golf courses, whatever.

Hikikimori

A Japanese phenomenon, young men who don't work and don't play with others, instead withdrawing from social contact.  Hat tip: Marginal Revolution.

I've some sympathy with them--I wasn't that extreme but I also used to withdraw, at least outside work. 

It strikes me that it's something which can exist only in a wealthy society, where people have enough to support unproductive members of the society.  As such it's a bit related to the US decline in labor force participation by men in the prime working ages.  Whether it's society's safety nets or the informal workforce, it's a measure of how far we've changed from a rural agrarian society. 

Where You Stand Affects Your Opinion

Because you see different things:  Ran across this instance this morning:

Every set I’ve been on has had an ethnically diverse crew. I see how directors might not clue in to the lack of diversity of their work because they look out onto an inclusive set. The principal actors onscreen are only a small percentage of the entire body of employees. What they forget is that the rest of the world only sees who is put in front of the camera, and they are hoping to look into a mirror.
From a Vox post by a Chinese-American actress.

This sort of thing occurs with race more generally, dating back to antebellum days:  Most blacks lived on large plantations with large numbers of other blacks and small numbers of whites; most white slave owners lived with small numbers of slaves; most whites weren't slave owners.  

The Trump Administration: Drama

Since I failed to predict Trump's win, why not predict what I expect from the administration?  Basically, I'm relying quite a bit on the Reagan history here:

• Drama.  We'll go from "no drama, Obama" to the drama king himself.  Lots of t.oing and froing, changes of direction, suspense over decisions.  I expect this because Trump himself doesn't seem to have firm beliefs in a lot of areas, because he's new to government, and because likely many of his appointees will be new.  Compare this to Obama, whose big four appointees (State, DOD, Justice, and Treasury) were all old hands, with Clinton being the only one new to her responsibilities. 
• Scandal. Despite the Republicans best efforts, Obama didn't have significant scandals.  Trump is likely to.  Think of Reagan: Interior, HUD, and Iran-contra spring to mind very readily. That's partly the same factors as for drama, but it's also appointing true believers who are more likely to follow their beliefs across the lines of ethics and legality.
• Economy growth or inflation.  I can go a couple ways here:  I believe Trump is inheriting a good economy, one which likely would continue to improve.  So maybe he gets really lucky and has four solid years of growth despite himself (i.e., he doesn't carry out his promises).  Alternatively, he carries out promises which results in inflation and rocky economics by disrupting trade, increasing inflationary pressures, promoting inefficiencies in the economy.

We'll see.

Congressional Research Reports

This site has Congressional Research Service Reports.

A couple recent ones:

Farm Bill  "The new five-year estimated cost of the 2014 farm bill, as of August 2016, is now $466.5 billion for the four largest titles, compared with $484 billion for those same titles two years ago. This is $17 billion less than what was projected at enactment. SNAP outlays are projected to be $24 billion less for the five-year period FY2014-FY2018 than was expected in February 2014. Crop insurance is projected to be $4.4 billion less for the five-year period and conservation nearly $4 billion less. In contrast, farm commodity and disaster program payments are projected to be nearly $15 billion higher than was expected at enactment due to lower commodity market prices (which raises counter-cyclical payments) and higher livestock payments due to disasters. 

Conservation Compliance

Why Farmers Went for Trump

Modern Farmer has a post listing five reasons.

I've lost my memory of how the "waters of the US" issue might relate to swampbuster rules.  I know NRCS, EPA, and Corps of Engineers all get involved.  I also remember in 1991 getting an earful in Kansas about SCS handling of sod/swamp. I assume that's still a sore spot.

History and Jawboning

An excerpt from the Politico tipsheet:

"TRUMP’S AMERICA -- @realDonaldTrump: “I am working hard, even on Thanksgiving, trying to get Carrier A.C. Company to stay in the U.S. (Indiana). MAKING PROGRESS - Will know soon!” … @Carrier: “Carrier has had discussions with the incoming administration and we look forward to working together. Nothing to announce at this time.” … @justinamash (Republican Rep. Justin Amash of Michigan, one of the staunchest libertarians in Congress): “Not the president(-elect)’s job. We live in a constitutional republic, not an autocracy. Business-specific meddling shouldn’t be normalized.”
  
I remember JFK and LBJ, both believed in jawboning.  JFK had a famous blowup with a steelmaker, ending with something like:  My father told me businessmen were all SOB's but I didn't believe him until now.  LBJ of course gave the Johnson treatment to everyone, not just business.  

The difference is Trump is jawboning/dealmaking? presumably to help Carrier, where JFK and LBJ were usually IIRC working to keep down inflation and settle strikes.

How the Free Market Works

An article on how prices for chicken are set.  Not so much by the free interplay of supply and demand among willing buyers and willing sellers, but by negotiations between big consumers (supermarkets, fast food chains) and big suppliers (Perdue, Tyson), using a reference price supplied by the Georgia Department of Agriculture.

Sort of reminds me of the scandal over LIBOR, where a handful of bankers collaborated to set rates which didn't reflect reality.

Lesson:  just because something is denominated in money, doesn't mean the market economy is operating.

Happy Thanksgiving

To all.  Thankful for all the progress the world has made during my lifetime, despite the setbacks along the way. 


Also thankful for a body and mind not too much diminished by age, so I anticipate the events of the next 4 years with interest.

How To Evade Trump's Two for One Regulation Cut

One of Trump's promises is "so important" in his words--the idea of eliminating two regulations for every new one.  In my words, so stupid.

First, there's a lot of definitions to be written:

• what's "new"? Is it a brand new subject area--would all the regulations issued to implement ACA be considered "new"?  Trump's not proposing many new programs, so that would cut the impact.  But he does have to implement his infrastructure bank and his replacement of ACA and..  Or when FSA issues new regulations or revises old regulations to implement the new farm bill, will those be considered "new"?  That definition would greatly expand the impact. What is the distinction between substantive newness and editorial newness?
• who's the actor, at what level will the balancing have to be done?  In the case of USDA, is it at the agency level, FSA? How are cross-agency regs handled (like sodbuster/swampbuster applying both to ASCS and SCS)? Or will it be USDA as a whole?  Or maybe the government as a whole?
• who's the enforcer?  Obviously if it's the government as a whole, then only OMB's regulatory shop can enforce, but if it's at a lower level you could also delegate the enforcement responsibility.  But with delegation comes discretion to interpret the rules.
• when does a document become a regulation?  Is it when the final rule is published, or do you have to be identifying the regs to be eliminated back in the proposed rulemaking document? Or can you publish a final rule Z with the promise that reg X and Y are being eliminated?  
• finally, what is a "regulation"?  Are we focused on the paperwork or the legal substance?  The two are not the same--one document may cover several parts (a "part" is a subdivision of the Code of Federal Regulations, representing some legal substance) or only a subpart or subsection of a part.  Or will the definition limit the applicability to "significant" regulations, the ones exceeding $100 million in impact (a threshold which has never been adjusted for inflation)?

Once you tell me how these definitions are written, then it's child's play to lay out a plan to game the system to do what needs to be done.