Juggling Dynamite

All the Presidents’ Bankers, Author Nomi Prins joins Paul Jay and panelists to discuss the economics behind Donald Trump.  Here is a direct video link.

Over the past year, Floridians were pummeled with a $20 million conservative ad campaign designed to trick them into voting against their own best interests and in favor of a proposed Amendment 1 entitled “Rights of Electricity Consumers Regarding Solar Energy Choice.”

Opponents warned that the amendment had been intentionally worded to sound like it was protecting consumers rights, when in fact it was about stifling solar development by prohibiting third-party solar leasing.  In solar leasing, a solar company owns the panels, and then sells the electricity back to the homeowner or contract holder.  Under the amendment, it would be legal for solar owners to use the energy they produce, but not to sell it.

Fortunately, just in time, the Center for Media and Democracy and the Energy and Policy Institute obtained and published an audio recording of a speech by James Madison Institute vice president Sal Nuzzo in an October address to a crowd of conservative state policy wonks where he said the following:

“The point I would make, maybe the takeaway, is as you guys look at policy in your state or constitutional ballot initiatives in your state, remember this:   Solar polls very well…use the language of promoting solar, and kind of, kind of put in these protections for consumers that choose not to install rooftop.”

These remarks were widely reported, and dozens of newspapers in the state published op-eds urging voters to oppose Amendment 1.  Yesterday the people did just that.  See Florida voters reject utility-backed solar amendment:

“The Sunshine State voters have spoken clearly: they want more solar friendly policies and the freedom to harness the sun’s power for the benefit of all Floridians and not just the monopoly utilities.”

Power to the people indeed.  An important step in favor of sustainable, self-sufficiency.

The majority has spoken in America and, as in Britian’s Brexit vote, it has rejected the status quo preference for business as usual. No doubt, Trump seems as disreputable as Obama seemed inspiring in 2008. Still as a leader, Obama has been wholly ineffective at breaking up the log-jam of largesse to corporations that has stifled essential reform and evolution for the past 15 years. Yes Trump appears repugnant. And he could still be the leader America needs today. It didn’t have to be Trump as change agent, it could have been Bernie Sanders. But Democratic power brokers wouldn’t let the people have Bernie on the ballot. In their efforts to control outcomes, they have now been trumped by the unstoppable insistence on change, for better and for worse.

As for the economy, present challenges have been earned over 20 years of reckless, near-sighted policies. The world is due for the next recession and bear market in financial assets, no matter what government had prevailed last night. The truth is that the global economy hit a secular breaking point in 2008 as the consumer debt bubble burst in America. Since then we have lived through 8 years of extend and pretend policies that have only purchased an even deeper cycle of mean reversion, consolidation and write-offs. When in hell, we must keep moving: admit, repent and reform to recover.

In the end, change comes from ground up behavior shifts in individuals, their families and communities. We each must lead the change we wish to see. The responsibility and long-term rewards are ours alone. And because of that, there is great reason for optimism.