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Texas electricity rates are twice the national rate and rising. Texans pay anywhere beteen 13 and 27 cents per kilowatt hour compared to the national average of 9-10 cents and Texas uses more electricity than most other states. Texas deregulated electricity markets in 2002 but prices are higher than before. Higher electricity costs are a result of higher natural gas prices for power generators and congested transmission lines. A $325 million computer redesign is upposed to improve things.

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EU's Leyen recasting environmental change plans to cut bureaucracy regulation and costs to match changes by DJT in the US. Leyen takes up the challenge to make the EU competitive and reduce burden of regulations, spur productivity in the EU.

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More than 50% of Americans believe the government should do more to solve problems. According to a recent Wall Street Journal/NBC News poll by a margin of 53% to 42% Americans want government to "do more to solve problems". But there is lack of confidence in Congress and in companies. According to the National Opinion Research Center only a little more than 10% of the people have a great deal of confidence in Congress and only a little less than 20% have a great deal of confidence in major companies. So the regulation it is felt is better setup through expert packed commissions.

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Not just climate or infrastructure or manufacturing USA, what happens to forever chemicals and PFAS, dangerous chemicals in our food and water supplies under a Reagan style deregulation 2025-2028 that risks the lives of ordinary Americans, asks Erin Brockovich. She talks about the issues at stake to protect our water and food supplies from contamination.

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William Galston in the WSJ says outright for the first time in the WSJ that the years from the last term of Clinton, through the Bush, and Obama administrations were an outright failure for the American people. He documents the losses- 5.7 million job losses in 2000-2010 as Clinton opened China's entry into the World Trade Organization without any precautions taken to prevent abuse of world trading rules after the experience with Japan. Worse no help to the displaced workers which fed into the resentment of workers. Sex scandals weakened the presidency and acted as the major distraction during the last years of Bill Clinton. Over the administrations of Bush and Obama almost the entire US manufacturing base was dismantled and shipped to China. Pharmaceutical companies were allowed to charge recklessly when Bush disallowed Medicare to negotiate prices for pharmacueticals placing additional burdens on the American people. Bush started long wars in Afghanistan and Iraq that cost the US dearly in lives and resources wasted with no vital US interests at stake as in Europe. This distracted attention from problems simmering at home. Obama continued these wars preferring to focus on reelection. The migration crisis, the neglect of infrastructure worsened during this period. The Bush deregulation of banks led to the 2009 world banking crisis that led to large layoffs worsening a bad situation from outshoring and creating a class of unemployed, and shrinking household wealth and savings. The Biden administration, the first Trump administration and now the second have started the process of revival of the US. And yet Biden, DJT are relative outsiders who came to the presidency and were not favored in the established order of the 1990-2016 period. One can say about Blair, Cameron, Boris Johnson in Britain, about Clinton, Bush, Obama in the US, and Schroeder, Merkel in Germany that the leadership was mediocre and failed the people of Europe and the people of America.     ...

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American corporations lost faith in the American worker with a series of missteps by labor in the US by 1999 which were also failures of top management and engineering for quality on the assembly line and wages to compete with low cost outshoring. In losing this faith in the American worker America's corporations lost faith in their own country, in their own people- the people of America. Larry Summers was mentored by Treasury Secretary Rubin from Goldman Sachs. Deputy Treasury Secretary under Rubin, president Clinton. Following Rubin in 1999 as Treasury Secretary. Several key events happened that damaged America and the working people of the Nation -and each time Rubin and Summers are seen as giving wrong advice. The first deregulation of financial markets setup by Clinton-Rubin-Summers in 1999 led to financial crisis of 2009. The second setting up China's entry into the World Trade Organization without safeguards that caused China to use unfair practices to destroy much of America's manufacturing base. The 2009 financial crisis-  The support for repealing the Glass Steagall Act in 1999 and for deregulation of financial markets by Rubin and by Summers led to deregulation that caused the financial crisis of 2009 with overleveraging of US banks and faulty mortgages. This was the first blow to the social and economic fabric of America, to America's workers and families. The second body blow came from decisions made by president Clinton with advice of Larry Summers as Deputy Treasury Secretary and Treasury Secretary in 1999.  Advice that Clinton regrets  and sees as wrong and which have shaken American workers faith in the traditional Republican and Democratic parties of Bush, and of Clinton-Obama 1992-2016, a 20 year period which saw almost the entire industrial base of the US shipped to China  by American corporations working with China. American corporations lost faith in the American worker with a series of missteps by labor in the US by 1999 which were also failures of top management and engineering for quality on the assembly line and wages to compete with low cost outshoring. In losing this faith in the American worker America's corporations lost faith in their own country, in their own people- the people of America.     ...

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Baby Boomers from the FDR Truman era 1950-1965 were offset by the Generation X of the Reagan period 1965-1980. Each generation was making its political affiliation as Democrat or Republican based on its most impressionable years of life. Then come the Millenials till 1996 and Generation Z, who tired of the wars in Afghanistan and Iraq were wary of war, and had seen banking deregulation and laissez fairre lead to the financial crisis of 2008. The younger generations now enter as voters in 2024 and 2028 as Democrats. So big is the gap for Generation Z that it is the highest for all generations 20% Republican to 36% Democrats. This is from the General Social Survey by the University of Chicago every year since 1972.

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Gregory Zuckerman report in the WSJ on Jan 15, 2008 commented on the bets against housing that netted $3 billion to $5 billion for a financial firm that bet against subprime mortgages at the right time. It also commented on Alan Greenspan who joined the firm as an adviser after engineering a period of low interest rates that created conditions in the housing market for such speculative boom bust behaviour. The 2009 financial crisis marked a period of 10-15 years when the US lost its competitive advantage against China as a result of such speculation and poor leadership at the central bank. And leadership from the Reagan presidency in 1980 through 2009 that defunded infrastructure, manufacturing and public goods services in favor of deregulation and financial firms.

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Krugman points to financial deregulation, cross border financial flows, private debt in dollars and depreciating currencies, and the U.S. Federal Reserve's low interest rate policies, as the main culprits for bubbles and the emerging market crises in the 1990's and 2013.

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The CBI Institute of Directors and the British Chamber of Commerce tell The Times that there is no desire for massive deregulation in Britain. Jonathan Portes, professor at Kings College, London, even calls the Singapore comparison, that Britain would even resemble a low cost Asian economy "a fantasy."

Britain spends 35% of GDP on public services, Singapore spends 14% on public services. After Covid experts call this a sheer stretch of the imagination. More likely Britain could enhance growth through its interconnections with a rapidly growing Indian economy, with which it has strong ties of history, immigration and culture.

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Ed Finn, president of Barron's for 19 years from 1998 has observed the economy for decades and comes to the conclusion that the 2007-2008 banking crisis from Reagan style deregulation was the one principal factor the US economy and the people suffered from a lost decade that was extended to 15 years by the pandemic. This has ended under president Biden says Finn, with he says about 10% growth in S&P 500 every year since 2020 and expects growth at that rate for another 4 years under president Biden. What this says about ultra low interest rates is that it was bad for America and a result of the need for tackling the 2009 financial crisis. Interest rates need to be at the moderate level of about 4-5%, the level today, where savers are rewarded, retirees are rewarded, bondholders are rewarded, and excessive risk taking is penalized, says Finn. Moderate interest rates help mortgage holders and new companies start businesses. In short says Finn- this is the way a economy should be run. We were sold the idea of ultra low interest rates because no one wanted to talk about the bad effects of Reagan style deregulation that inevitably lead to lack of the financial oversight of regulatory authorites. Financial oversight by regulatory authorites needed for modern economies to run, whether this is the US, India, China, or any large European economy, it is an essential condition for stable long term growth that serves the needs of the people of every major economy in the world. The idea must be cast aside that economic policy must be determined by the swings in sentiment  every few decades in one direction to too little government from to too much government or reverse, and be determined by essential truths of how a sound and good economy is run. As the US enters 2024 what Powell a Republican, and Biden a Democrat, and the bipartisan group of Senators in the US Congress are saying is that we get it, and are with single minded determination making it happen. ...

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Britain and Britain's parliament now faces some tough choices as the economic costs of Brexit are spelled out by government and Bank of England forecasts. Already GDP per person is below what it would have been without the Brexit vote by some 2%, according to the Centre for European Reform think tank. The main problem is the expected drop in trade with the European Union of as much as 40%. Ending free movement also curbs European immigration, and add to this a drop in foreign investment. The government says the cost of the deal with the EU made by prime minister Theresa May could cost 2.7% in loss for GDP per head. Estimates range from 1.7% to 3%. A loss of 3% comes to an average annual loss at 2016 prices of 1090 British pounds per head. Worse a no deal Brexit could see this jump to 8.1%, according to the government. The Bank of England agrees and says the pound would go down by a quarter. Offsets from Britain making free trade deals are pathetically small of only only 0.2% if at all, and o.1% from likely deregulation. Not a picture that makes Brexit anything but a chaotic option for Britain. ...

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Fei Fei Lee and John Etchemendy co-founders of Stanford Univeristy's Institute for Human-centred Artificial Intelligence the public sector needs to lead AI development.  Acceptance and advocacy by the people at Stanford University that AI is too important to be left to the private sector. That like space exploration conducted by NASA and the Hoover Dam and Tennessee Valley Authority during the Depression, the Erie Canal in the mid nineteenth century, some work is better done by the public sector. For this to happen Stanford needs to accept its position as one of the many great educational and cultural institutions of this country not what Silicon Valley and the Reagan era hand it to being its preeminent beneficiary and representative. This marks a change at Stanford after thinking long and hard about the dangers to America that have emerged from the Reagan era thought that took in its fold Democrats like Clinton and Obama- the 2009 financial crisis fueled by deregulation and defunding of infrastructure and manufacturing, that laid the seeds for America's downward spiral.  ...

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US Treasury Secretary Janet Yellen says president Biden's $2 trillion plan for workers and families is aform of modern supply side economics. Where the old supply side economics failed with deregulation causing environmental damage and tax cuts on capital did not achieve promised gains, she says the new "modern supply side economics seeks to increase economic growth by boosting labor supply and raising productivity, while reducing economic inequality and environmental damage." Biden plan seeks to use common sense ideas that are more likely to work by investing in education, healthcare, child care, helping more women be productive in the workplace and tapping into their skills, investing in social cohesion essential for democracy by giving all sections of the people better opportunity for a better life, and creating a ground for fairness in taxes to finance the public infrastructure that will make the US a leading economy in the world that serves all its people. In that sense it is even wider and deeper in both intent and purpose than any term such as supply side economics that economists and politicians use. ...

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Even though Brexit is seen as bad for the British economy from a a loss of trade with the EU of as much as 40% and the gains from Brexit that were expected from free trade deals and deregulation too small or illusory, the pro Brexiters soldier on unswayed by this. Prime minister Theresa May is seen as being able to take this deal with the EU through parliament in a second vote after losing the first vote. Behind this thinking are thoughts about how the opposition under Labour and gains made by Labour in a future election could bring together disparate parts of the Conservative party to get this through parliament. The abolishing of free movement between the EU and Britain, is cited as a gain from Brexit. Yet it is this loss of free movement and losses in trade with the EU that are expected to lead to a loss of 3% in GDP per head for every British person, making ordinary British people poorer. In the absence of a Brexit vote Britons would have an additional 2% of GDP per head, according to the Centre for European Reform, a think tank.    ...

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Warnings by state and city officials that were ignored by federal agencies and their officials. Efforts to protect homeowners from oppressive lending were thwarted by federal officials when state attorney generals took up the issue in Washington DC. Not a pretty picture and says a lot about what went on in that period when federal officials were too close to lenders way of seeing things or ideologically blind because lenders played the deregulation music to perfection.

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Franklin Roosevelt said at Madison Square Garden in NY City on October 31, 1936- "In 1932 I said give me your help not to win votes alone, but to win in this crusade to restore America to its own people." The recent legislative achievements of president Biden can be compared to Franklin Roosevelt's first term that laid the ground for the recovery from the events of 1929. The events of 2009 and the events of pandemic in 2019 together amount to the magnitude of 1929. This includes the assistance to families in the pandemic, and the CHIPS and Science Act, the Inflation Reduction Act to get America back on its feet. These are the seeds of a major uplifting of the American people from the lost decades of the post Reagan era- the ravages of wars in the Middle East following star wars preparation, "free to choose" deregulation that creating financial crises,  tech and other monopolies with companies paying less in taxes than teachers and nurses leaving scant revenues to rebuild the aging infrastructure, and the shipping of supply chains overseas leaving factories and communities across America abandoned. FDR said at Madison Square Garden in 1936 - "In 1932 the issue was the restoration of American democracy and the people were in a mood to win. In 1936 the issue is the preservation of their victory. In 1932 I said give me your help not to win votes alone, but to win in this crusade to restore America to its own people. The banners of that crusade still fly in the van of a Nation that is on the march." ...

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In this report November 29, 2019 Jeanna Smialek in the NYT raises the cautionary flag on the Randy Quarles  period as Fed's vice chair of supervision. The Fed and FDIC report issued April 29th 2023, puts the fault for the lax supervision of Silicon Valley Bank on the culture that sees the less regulation the better.  Smialek shows the meetings Randy Quarles had including with a former employer Davis Polk Wardwell- Republican Senators 29, Democratic Senators 17  Davis Polk  law firm 22,                     Daniel Tarullo his predecessor 0 Goldman Sachs 24, JP Morgan Chase 22                   Daniel Tarullo his predecessor had this to say about Quarles role at Fed- It is he said "A kind of low intensity deregulation, consisting of an accumulation of non-headline grabbing changes and an opaque relaxation of regulatory vigor." To which Quarles reply is- "The argument that it is a drip-by-drip erosion: the quantification of that, they can't really demonstrate any quantifiable reduction in the overall resilience of the industry." The Silicon Valley Bank and Signature Bank crisis could have damaged the US banking system, and the capacity of the US to make the huge needed investments in the country, without the strong action of the Biden administration. It showed the very erosion of banking supervision that Smialek pointed out in the NYT in 2019. The costs of a weakening of the banking system and the US capacity to invest in the country are borne by the American people, by workers and families in the US. Which is why the Biden administration acted quickly and decisively to limit the ripples from this crisis.       ...

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Katsuya Okada is elected leader of the Democratic Party of Japan in Jan 2015. He is from a prominent business family. His brother is CEO of Aeon, a supermarket chain in Japan, which was founded in 1758. Okada says he supports Abenomics, saying: "I have no intention of completely rejecting Abenomics. On the contrary, there are many areas where I'd like to tell him, 'Go for it. Step up the pace.' " Policies he backs are deregulation to improve productivity, and Abe's policies to increase worker wages. He also supports being better prepared for regional conflicts, and said the DPJ would study Abe plans for legislation to strengthen the role of Japan's defense forces. Okada's comments reflects the changing sentiment in Japan about Abenomics since Abe's win in the snap election, and winning credibility for his economic policies.

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Foreign investment in the electricity generation industry has be encouraged by Russia. Ane Eni the Italian electricity generating company is a big investor acquiring one of the 5 OGK companies when its investments are complete of about $6 billion. And other European companies are following suit. E.ON a German utility has bought 47% of another wholesaler OGK-4 one of the five companies of the former UES parent of these 5 generation companoies and will acquire 70%. And a Finnish utility has invested in a regional generator. Gaz France and Korea Electric Power Corporation are looking at making investments. Russia's electricity generating business is growing at 6% and Russia is the world's fourth biggest power market. Though profits are small at present it is hoped that with deregulation profit margins will be good. The market to businessusers is already being deregulated.