james22

Sure. Unless you believe Bitcoin has inherent risk anything like MBS (speculation) or ESG (political)? Or you believe he's learned nothing from his experience? Or doesn't wish to go out on top? And even so, if does end in disaster, isn't there money to be made in the runup?

Jared Bernstein (born December 26, 1955) is an American "economist" who is the chair of the United States Council of Economic Advisers. He is a senior fellow at the Center on Budget and Policy Priorities. From 2009 to 2011, Bernstein was the chief economist and economic adviser to Vice President Joe Biden in the Obama Administration. In 2008, Michael D. Shear described Bernstein as a progressive and "a strong advocate for workers". In February 2023, President Joe Biden nominated Bernstein to serve as Chair of the Council of Economic Advisers despite not having a formal background in economics. He was confirmed to be chair on June 13, 2023. He was ceremonially sworn in by Vice President Kamala Harris on July 10, 2023. Bernstein graduated with a bachelor's degree in music from the Manhattan School of Music where he studied double bass with Orin O'Brien. Throughout the Eighties Jared was a mainstay on the jazz scene in NYC. He also earned a Master of Social Work from Hunter College as well as a DSW in social welfare from Columbia University's school of social work. https://en.wikipedia.org/wiki/Jared_Bernstein

Don't be fooled by the first break in inflows into spot bitcoin exchange-traded funds (ETFs) after 71 straight days. The current lull is likely to be followed by a new wave from a different type of investor, said Robert Mitchnick, head of digital assets for BlackRock, the world's largest asset-management company. The coming months could see financial institutions such as sovereign wealth funds, pension funds and endowments start to trade in the spot ETFs, Mitchnick said in an interview. The firm is seeing “a re-initiation of the discussion around bitcoin,” which turns on the topic of allocating to bitcoin (BTC) and how to think about it from a portfolio construction perspective. “Many of these interested firms – whether we're talking about pensions, endowments, sovereign wealth funds, insurers, other asset managers, family offices – are having ongoing diligence and research conversations, and we're playing a role from an education perspective,” Mitchnick said. And the interest is not new: BlackRock has been talking about bitcoin to these sorts of institutions for several years, he said. Pent-up demand for the much-anticipated ETFs has seen more than $76 billion accumulated across these products since their approval in January. So far, some registered investment advisors (RIAs), a decent-sized subset of wealth advisory, are already offering BlackRock’s IBIT ETF, but only on an unsolicited basis. The next step is expected to be the unrestricted offering of bitcoin ETFs to clients of large wealth advisory players like Morgan Stanley. https://www.coindesk.com/business/2024/05/02/blackrock-sees-sovereign-wealth-funds-pensions-coming-to-bitcoin-etfs/

No, but I'm betting Blackrock is targeting higher than 1%.

Can Turning Office Towers Into Apartments Save Downtowns? Nathan Berman has helped rescue Manhattan’s financial district from a “doom loop” by carving attractive living spaces from hulking buildings that once housed fields of cubicles. https://www.newyorker.com/magazine/2024/05/06/can-turning-office-towers-into-apartments-save-downtowns

I believe Ridley really underestimates genetics and culture in favor of his interpretation, but it's good.

Thanks for the recommendation. Just arrived and it's in the line-up. Post a review in the Book forum?

In a bold and provocative interpretation of economic history, Matt Ridley, the New York Times-bestselling author of Genome and The Red Queen, makes the case for an economics of hope, arguing that the benefits of commerce, technology, innovation, and change—what Ridley calls cultural evolution—will inevitably increase human prosperity. Fans of the works of Jared Diamond (Guns, Germs, and Steel), Niall Ferguson (The Ascent of Money), and Thomas Friedman (The World Is Flat) will find much to ponder and enjoy in The Rational Optimist. For two hundred years the pessimists have dominated public discourse, insisting that things will soon be getting much worse. But in fact, life is getting better—and at an accelerating rate. Food availability, income, and life span are up; disease, child mortality, and violence are down all across the globe. Africa is following Asia out of poverty; the Internet, the mobile phone, and container shipping are enriching people's lives as never before. An astute, refreshing, and revelatory work that covers the entire sweep of human history—from the Stone Age to the Internet—The Rational Optimist will change your way of thinking about the world for the better. https://www.amazon.com/dp/0061452068?psc=1&ref=ppx_yo2ov_dt_b_product_details Well-written, encouraging.

I'm keeping a close eye on waitresses and hemlines.

Brooks is, of course, horrified at Trump and his supporters, whom he finds childish, thuggish and contemptuous of the things that David Brooks likes about today’s America. It’s clear that he’d like a social/political revolution that was more refined, better-mannered, more focused on the Constitution and, well, more bourgeois as opposed to in-your-face and working class. The thing is, we had that movement. It was the Tea Party movement. When politeness and orderliness are met with contempt and betrayal, do not be surprised if the response is something less polite, and less orderly. https://www.usatoday.com/story/opinion/2016/03/20/donald-trump-political-establishment-elites-tea-party-bourgeois-working-class-column/82047484/ I still hear the Tea Party invoked by liberal friends as an example of extremism, despite how calm and collected they were. So few of them even knew that it started in Chicago, on the trading floor, with people upset that they were forced to subsidize failure. It was hopeful and enthusiastic, open to anyone – and the Left treated it like the KKK merged with radical anarchists. The Republicans took their support and generally did nothing. So, people tried something different. Romney was the ultimate nice-guy candidate. Unimpeachable ethics, a proven record of success, and moderate credentials. The Left chewed him up and spat him out. If Abe Lincoln or George Washington rose from the grave and ran for president, they would get the same treatment. Thus, after you send in friendly folks with SUV and pickups, then a philanthropist in a limo, might as well send in a tank. Trump refuses to just take it like a proper Republican; he’s not a model of civility and noble citizenship, he’s a brawler. This is why Tea Party conservatives are flocking to his banner. https://ricochet.com/683441/quote-of-the-day-the-tea-party-movement/

If BTC is a new asset class, it cannot also be cash.

This is actually really interesting.

It's not unsophisticated or naive to side with the Western democracy here, guys.

Yeesh.

Yeesh.