Economy

In recent weeks, the world’s richest man and his flailing attempts to figure out what to do with Twitter have dominated the news cycle. However, his unhinged management-by-tweets reality show are nothing compared to an almighty tussle between two crypto-bros. Internet magic money (aka crypto) billionaire Sam Bankman-Fried, better known as SBF, is the man behind FTX, a crypto exchange. He seems to have angered fellow magic money billionaire and fremeny, Changpeng Zhao, better known as CZ and CEO of the rival exchange Binance. It might have to do with FTX cozying up to regulators to get the regulations beneficial to the FTX but not its rivals.

Inflation continues to be the economic story of the day. While Democrats try to divert attention to the job market, and many Republicans seem more interested in appealing to “gut feelings” on issues like crime, the latest polling shows that rising prices remain top of mind for most voters. To the extent that the Biden administration is talking about inflation, it’s generally been to downplay the latest numbers (at least when not accidentally highlighting it with ill-fated tweets that take credit for historically high Social Security cost-of-living adjustments). But there is another talking point that some Democrats are taking as an alternative: big corporations are to blame, and windfall taxes are the solution.

Weekend host Tiffany Cross has been cut from MSNBC. According to Variety, "MSNBC decided not to renew Cross’s contract after two years... and severed ties with her immediately." The trade paper is rather euphemistic in its description of why Cross was shown the door: Executives at the network [were] growing concerned about the anchor’s willingness to address statements made by cable-news hosts on other networks and indulging in commentary executives felt did not meet the standards of MSNBC or NBC News. Allow Cockburn to translate: Cross was becoming burdensome to the network for her regular rash remarks.

As if getting fired from your job isn’t distressing enough, it’s got to hurt a whole lot more when you miss out on $122 million in payouts. Reuters reported that Elon Musk recently fired Twitter chief executive Parag Agrawal, CFO Ned Segal, and legal affairs and policy chief Vijaya Gadde. According to research firm Equilar, these folks were set to receive “golden parachute” payout packages worth up to $122 million in severance and unvested stock options. But according to the New York Times, “Mr. Musk… appears unlikely to pay the golden parachutes that the fired top executives of Twitter were set to receive. Under the merger agreement, those executives… had been set to receive compensation of $20 million to $60 million if they were fired. But Mr.

Cockburn has always had some formidable business rivals to contend with. It's not easy competing with the likes of other thinly sourced gossip rags like Page Six and the Washington Post (even if Cockburn is confident he could drink the staff at all those publications under the table). Yet so far as competition goes, it's Elon Musk who has it the worst this week. Last night, Musk completed his $44 billion takeover of Twitter, a calm and rational discussion site where people like to post helpful gardening tips and delicious recipes. "The bird is freed," Musk tweeted, though there are at least a few people (outside the expected left-wing freak-out) who won't be quite so pleased.

Cockburn keeps up with the Kardashians, so to him, Kanye West’s recent outbursts are not much of a surprise. But over the last few weeks, anyone that didn't previously know that he was, shall we say, in decline, is now fully aware. Ye's antisemitic comments, such as declaring that he would go “death con 3 On JEWISH PEOPLE” and continuously talking about how Jews “own the media,” have resulted in dire financial consequences for him, as the various businesses he works with cancel their contracts and denounce his remarks. The most recent — and arguably the most important — business collab that Ye has watched crumble is his partnership with Adidas. The lucrative multi-year deal to design sneaker brand Yeezy was valued at $1.5 billion.

America’s post-pandemic employment picture is an unsettling paradox. On the one hand, job totals are finally back above pre-pandemic highs — and unemployment rates skirt fifty-year lows. But at the same time, overall work rates are lower than they have been since the 1980s — and millions of workers who dropped out of the labor force during the Covid-19 lockdowns have yet to return. A peacetime labor shortage has erupted, yet vast numbers of men and women are still sitting on the sidelines of the economy. America is renowned for its work ethic — and rightly so. The average worker in the United States clocks more hours each year than those in Canada, Australia, Western Europe and now even Japan. But those are the work patterns of US men and women holding down a job.

The Biden administration’s Department of Labor recently released a new interpretive rule regarding whether workers are classified as employees or independent contractors. The action reverses a Trump-era rule that simplified the classification process, and was dedicated to preserving the gig economy. Employees are much more expensive than independent contractors — possibly by as much as 30 percent. This is, in part, because independent contractors are not subject to federal minimum wage or overtime regulations, among others, and are not protected by the National Labor Relations Act, meaning it is more difficult for them to unionize. This all may seem rather trivial, but the impact on both the consumer and the worker will be significant.

A transatlantic tiff is in the works. During a recent visit to an ice cream shop in Oregon, President Joe Biden lit into British prime minister Liz Truss and her recent (and recently withdrawn) tax proposals. Because this is how we do foreign policy in this country now: spouting off at random while the Chunky Monkey melts all over our hands. "I wasn’t the only one that thought it was a mistake," said Biden of Truss's tax cuts, brandishing a vanilla cone all the while. "I think that the idea of cutting taxes on the super-wealthy at a time when…I disagree with the policy, but it’s up to Britain to make that judgment, not me." And lest the Brits think they were being singled out, Biden also had tough words for the globe's other 193 countries.

Last Thursday, the Biden administration launched what its calling a Chief Diversity Officers Executive Council to help implement strategy for diversity, equity, and inclusion training across the federal government. While researching my book, So You’ve Been Sent to Diversity Training: Smiling Through the DEI Apocalypse, I was plagued by the question: what kind of person aspires to become a diversity czar? Unfortunately, no czars would speak to me, perhaps suspecting I may not have their best interests in mind. Instead, I talked to workers from across the economy about their experiences with DEI training on the job. From our conversations, I drew up a taxonomy of the DEI consultant.

Each year I return to my native Montana, my English husband and our two small children in tow. We try to explore new parts of the state; this summer we decided to check out Beaverhead County. This happens to be where Rupert Murdoch recently bought a 340,000-acre ranch in the biggest land sale in Montana’s history. On our way south to Beaverhead County we inadvertently took the same route as William Clark on his return journey from the Pacific in 1806. It’s hard not to: there are few options for crossing the Bitterroot Mountains. Lost Trail Pass reaches a height of over 7,000 feet and we stop here to eat our ham sandwiches and Cheez-Its.

There’s an automotive parts manufacturer in my hometown. The company has grown over the course of its 19-year life, from around 20 employees two decades ago to 45 full-time employees today. Despite the dirty nature of much of the work, the facility is kept clean, open, airy, and bright. There are no shavings on the floor or fumes in the air. The men who weld, bend, blast, and powder coat the metal parts and send them to the warehouse for packaging and shipment do so energetically. “Honestly, [the work] is very satisfying,” the shop’s lead welder, Joe, told me during a recent tour of the facility. “I’ve always wanted to do things with my hands, and I’ve always enjoyed welding.

Chinese e-commerce is synonymous with one company: Alibaba. With a market cap of $400 billion, the multinational tech giant is responsible for 80 percent of online sales in China. Yet while Alibaba is ridiculously popular in China, it’s not popular in the US. It’s notorious, yes, but it’s not popular. That’s why there’s another e-commerce giant trying to penetrate the American market. As TechCrunch’s Rita Liao recently noted, Pinduoduo, a sort of Alibaba 2.0, “has quickly gained momentum for its first international endeavor in the U.S.” Headquartered in Shanghai, the financial capital of China, Pinduoduo recently launched Temu, an American online shopping site. The site, we’re told, seeks to challenge Amazon, the king of online shopping.

Cockburn was busy vigorously shaking his evening martini, James Bond-style, last night, so he missed the first half of Representative Rashida Tlaib’s insufferably long-winded and self-righteous speech ahead of a really dumb question. Her overly accentuated red lips (a similar shade of blood sported by fellow Squad member AOC) spewed all sorts of nonsense, while her attention-grabbing glasses risked flying from her face as her head gestured dramatically back and forth on screen. Cockburn’s mixology ended just in time to hear Tlaib charge J.P. Morgan CEO Jamie Dimon with: “Please answer with a simple yes or no, does your bank have a policy against funding new oil and gas products, Mr. Dimon?

After three decades of watching Silicon Valley, I have concluded that a company’s slogan is the opposite of its intent. For example, Google used to say, "Don’t Be Evil." Or Facebook’s mission statements — well, they keep changing. Facebook wanted to “make the world more open and connected.” What they really meant was a “closed walled garden.” Adobe wants you to believe they’re a cloud company that sells software on demand. They say it in their every earnings release. Adobe sells desktop software grafted on the “cloud” to turn the old desktop software model that allows you to get paid once into a subscription business. It has turned them into a very profitable company — worth almost $175 billion in market capitalization. It is not a cloud-native company.