It’s widely believed on the American left that the Democrats have moved right and that the difference between the parties has nearly vanished. That’s a tempting POV, for sure. But it’s hard to reconcile with Congressional voting habits. Back in the 1950s and 1960s, both parties had liberal and conservative wings. Starting in the 1980s, they began to diverge, and now by one measure, they’ve never been so polarized. This is via ABC’s The Note: “In the long march toward a more parliamentary and partisan Washington, National Journal‘s 2010 congressional vote ratings mark… Read More

Remarkable winning streak

So the trading desks of four big investment banks—Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase—made money every working day last quarter, a 63-day streak. Goldman never made less than $25 million a day, and over $100 million on 35 days. There is no way that anyone could do this just by being clever—it’s mathematically impossible. There’s too much short-term randomness even in strongly trending markets. And they’re probably not just making it up, Bernie Madoff-style. How are they doing it? Maybe Congress, if it’s interested in more than grandstanding to… Read More