Friday, May 19, 2017

Thomas E. Patterson — News Coverage of Donald Trump’s First 100 Days

Trump has repeatedly claimed that his treatment by the media is unprecedented in its hostility.
This study suggests that, at least when it comes to recent history, he’s right.
Harvard Kennedy School Shorenstein Center on Media, Politics, and Public Policy
News Coverage of Donald Trump’s First 100 Days
Thomas E. Patterson | Bradlee Professor of Government and the Press

Download PDF of the study


Penguin pop said...

Hey Tom, here's a vid that seems pretty critical of MMT and wanted to get someone's take on it. I asked two other MMTers about it and waiting for a response.

Copy/paste of a comment I wrote to someone asking for their take on the vid:

"It's from the Green News Network. They discuss the differences between "End the Fed!", nationalization, and MMT and at the end, the guy claimed that MMT is just status quo, it's a monetary policy, blah blah blah. He really should listen to your take on all of it because you summarize it much clearer than most and dispel a lot of the myths and misconceptions some people still have about this stuff. Pretty sure Edward Delzio would have a lot to say too.

I was gonna write this comment though looking back, I'm not sure if my own reasoning is correct or if I screwed up.

I said something like I support the idea having ZIRP on US Treasuries, linked to an Ellen Brown article on what China is doing right now with how they are funding their infrastructure, and basically said something like merge the Federal Reserve into the Treasury, but I fear the last point sounded too Schiffbotty. Blech. My reasoning was that it makes no sense to have two bodies have control over stimulus when the more logical way is to either have one entity handle it or actually have a system where Congress and Fed are on the same page.

MMT is a great economic tool as you said, but beyond that, it really is just a simple tool and even the critic in the video even concedes to a lot of the points as well. Anything beyond that is getting into ideology and policy solutions. I've even heard proposals thrown around to have unlimited guarantees on deposits, ZIRP forever, and not having bonds anymore, which makes sense to me. When it comes to bank reform, that's a whole different discussion of its own from what I can tell."

Tom Hickey said...

Not worth arguing with the guy. He thinks that the Fed is a private bank. I've dealt with these people enough to know that they won't budge on it.

His point that MMT may be correct in theory but runs up against political reality is correct to some degree. But sovereign nations can address this politically.

The MMT claim is based on operational realities of the existing monetary system. The trick is getting this understood and passed politically as policy. In many places this may involves removing some obstacles put in place owing to ignorance, such as the debt ceiling in the US. That's not easy.

Penguin pop said...

Good points. I'm still going to leave a comment but only so it will make at least some of the left-wing people who watch that video think a bit outside of the box and not fall into the goldbug trap here.