#a deference

[artcalledgames]

Have You! Have you ever had a Lemon Meringue Pie Drink on a long Summer day? Limited for a time Samual Adams’s Summer Ale Lemon Meringue in mouth Drink Responsibly for taste One bottle add bottle water per hour That taste will still be there Drink irresponsibly All taste goes to waste Now your just drinking The taste was the beginning Not to be drunk Have you Drank today Decipher this code before 2050

It will leave the fridge faster than food allowing the refillable refrigerator that extra space, I’m only speaking, for my six pack bought! This is not apart of code, sorry but you still have until 25.5 approximate years to solve! :( or :) you still have time.

“As I burp, it’s just like you’ve eaten lemon.”

Stated a drinker

[fulltacs]

PriceGaz x Reader something something Gaz tells you to thank daddy for being so nice to you but when you turn to Price the younger man scruffs your neck—“wasn’t talking about him, baby”

[whatareyoureallyafraidof]

[b0tster]

If someone gave you a Tesla Cybertruck for free, how would you destroy it?

exoding hammer

[mostlysignssomeportents]

Marshmallow Longtermism

The paperback edition of The Lost Cause, my nationally bestselling, hopeful solarpunk novel is out this week!

My latest column for Locus Magazine is "Marshmallow Longtermism"; it's a reflection on how conservatives self-mythologize as the standards-bearers for deferred gratification and making hard trade-offs, but are utterly lacking in these traits when it comes to climate change and inequality:

https://locusmag.com/2024/09/cory-doctorow-marshmallow-longtermism/

Conservatives often root our societal ills in a childish impatience, and cast themselves as wise adults who understand that "you can't get something for nothing." Think here of the memes about lazy kids who would rather spend on avocado toast and fancy third-wave coffee rather than paying off their student loans. In this framing, poverty is a consequence of immaturity. To be a functional adult is to be sober in all things: not only does a grownup limit their intoxicant intake to head off hangovers, they also go to the gym to prevent future health problems, they save their discretionary income to cover a down-payment and student loans.

This isn't asceticism, though: it's a mature decision to delay gratification. Avocado toast is a reward for a life well-lived: once you've paid off your mortgage and put your kid through college, then you can have that oat-milk latte. This is just "sound reasoning": every day you fail to pay off your student loan represents another day of compounding interest. Pay off the loan first, and you'll save many avo toasts' worth of interest and your net toast consumption can go way, way up.

Cleaving the world into the patient (the mature, the adult, the wise) and the impatient (the childish, the foolish, the feckless) does important political work. It transforms every societal ill into a personal failing: the prisoner in the dock who stole to survive can be recast as a deficient whose partying on study-nights led to their failure to achieve the grades needed for a merit scholarship, a first-class degree, and a high-paying job.

Dividing the human race into "the wise" and "the foolish" forms an ethical basis for hierarchy. If some of us are born (or raised) for wisdom, then naturally those people should be in charge. Moreover, putting the innately foolish in charge is a recipe for disaster. The political scientist Corey Robin identifies this as the unifying belief common to every kind of conservativism: that some are born to rule, others are born to be ruled over:

https://pluralistic.net/2020/08/01/set-healthy-boundaries/#healthy-populism

This is why conservatives are so affronted by affirmative action, whose premise is that the absence of minorities in the halls of power stems from systemic bias. For conservatives, the fact that people like themselves are running things is evidence of their own virtue and suitability for rule. In conservative canon, the act of shunting aside members of dominant groups to make space for members of disfavored minorities isn't justice, it's dangerous "virtue signaling" that puts the childish and unfit in positions of authority.

Again, this does important political work. If you are ideologically committed to deregulation, and then a giant, deregulated sea-freighter crashes into a bridge, you can avoid any discussion of re-regulating the industry by insisting that we are living in a corrupted age where the unfit are unjustly elevated to positions of authority. That bridge wasn't killed by deregulation – it's demise is the fault of the DEI hire who captained the ship:

https://www.axios.com/local/salt-lake-city/2024/03/26/baltimore-bridge-dei-utah-lawmaker-phil-lyman-misinformation

The idea of a society made up of the patient and wise and the impatient and foolish is as old as Aesop's "The Ant and the Grasshopper," but it acquired a sheen of scientific legitimacy in 1970, with Walter Mischel's legendary "Stanford Marshmallow Experiment":

https://en.wikipedia.org/wiki/Stanford_marshmallow_experiment

In this experiment, kids were left alone in a locked room with a single marshmallow, after being told that they would get two marshmallows in 15 minutes, but only if they waited until them to eat the marshmallow before them. Mischel followed these kids for decades, finding that the kids who delayed gratification and got that second marshmallow did better on every axis – educational attainment, employment, and income. Adult brain-scans of these subjects revealed structural differences between the patient and the impatient.

For many years, the Stanford Marshmallow experiment has been used to validate the cleavage of humanity in the patient and wise and impatient and foolish. Those brain scans were said to reveal the biological basis for thinking of humanity's innate rulers as a superior subspecies, hidden in plain sight, destined to rule.

Then came the "replication crisis," in which numerous bedrock psychological studies from the mid 20th century were re-run by scientists whose fresh vigor disproved and/or complicated the career-defining findings of the giants of behavioral "science." When researchers re-ran Mischel's tests, they discovered an important gloss to his findings. By questioning the kids who ate the marshmallows right away, rather than waiting to get two marshmallows, they discovered that these kids weren't impatient, they were rational.

The kids who ate the marshmallows were more likely to come from poorer households. These kids had repeatedly been disappointed by the adults in their lives, who routinely broke their promises to the kids. Sometimes, this was well-intentioned, as when an economically precarious parent promised a treat, only to come up short because of an unexpected bill. Sometimes, this was just callousness, as when teachers, social workers or other authority figures fobbed these kids off with promises they knew they couldn't keep.

The marshmallow-eating kids had rationally analyzed their previous experiences and were making a sound bet that a marshmallow on the plate now was worth more than a strange adult's promise of two marshmallows. The "patient" kids who waited for the second marshmallow weren't so much patient as they were trusting: they had grown up with parents who had the kind of financial cushion that let them follow through on their promises, and who had the kind of social power that convinced other adults – teachers, etc – to follow through on their promises to their kids.

Once you understand this, the lesson of the Marshmallow Experiment is inverted. The reason two marshmallow kids thrived is that they came from privileged backgrounds: their high grades were down to private tutors, not the choice to study rather than partying. Their plum jobs and high salaries came from university and family connections, not merit. Their brain differences were the result of a life free from the chronic, extreme stress that comes with poverty.

Post-replication crisis, the moral of the Stanford Marshmallow Experiment is that everyone experiences a mix of patience and impatience, but for the people born to privilege, the consequences of impatience are blunted and the rewards of patience are maximized.

Which explains a lot about how rich people actually behave. Take Charles Koch, who grew his father's coal empire a thousandfold by making long-term investments in automation. Koch is a vocal proponent of patience and long-term thinking, and is openly contemptuous of publicly traded companies because of the pressure from shareholders to give preference to short-term extraction over long-term planning. He's got a point.

Koch isn't just a fossil fuel baron, he's also a wildly successful ideologue. Koch is one of a handful of oligarchs who have transformed American politics by patiently investing in a kraken's worth of think tanks, universities, PACs, astroturf organizations, Star chambers and other world-girding tentacles. After decades of gerrymandering, voter suppression, court-packing and propagandizing, the American billionaire class has seized control of the US and its institutions. Patience pays!

But Koch's longtermism is highly selective. Arguably, Charles Koch bears more personal responsibility for delaying action on the climate emergency than any other person, alive or dead. Addressing greenhouse gasses is the most grasshopper-and-the-ant-ass crisis of all. Every day we delayed doing something about this foreseeable, well-understood climate debt added sky-high compounding interest. In failing to act, we saved billions – but we stuck our future selves with trillions in debt for which no bankruptcy procedure exists.

By convincing us not to invest in retooling for renewables in order to make his billions, Koch was committing the sin of premature avocado toast, times a billion. His inability to defer gratification – which he imposed on the rest of us – means that we are likely to lose much of world's coastal cities (including the state of Florida), and will have to find trillions to cope with wildfires, zoonotic plagues, and hundreds of millions of climate refugees.

Koch isn't a serene Buddha whose ability to surf over his impetuous attachments qualifies him to make decisions for the rest of us. Rather, he – like everyone else – is a flawed vessel whose blind spots are just as stubborn as ours. But unlike a person whose lack of foresight leads to drug addiction and petty crimes to support their habit, Koch's flaws don't just hurt a few people, they hurt our entire species and the only planet that can support it.

The selective marshmallow patience of the rich creates problems beyond climate debt. Koch and his fellow oligarchs are, first and foremost, supporters of oligarchy, an intrinsically destabilizing political arrangement that actually threatens their fortunes. Policies that favor the wealthy are always seeking an equilibrium between instability and inequality: a rich person can either submit to having their money taxed away to build hospitals, roads and schools, or they can invest in building high walls and paying guards to keep the rest of us from building guillotines on their lawns.

Rich people gobble that marshmallow like there's no tomorrow (literally). They always overestimate how much bang they'll get for their guard-labor buck, and underestimate how determined the poors will get after watching their children die of starvation and preventable diseases.

All of us benefit from some kind of cushion from our bad judgment, but not too much. The problem isn't that wealthy people get to make a few poor choices without suffering brutal consequences – it's that they hoard this benefit. Most of us are one missed student debt payment away from penalties and interest that add twenty years to our loan, while Charles Koch can set the planet on fire and continue to act as though he was born with the special judgment that means he knows what's best for us.

On SEPTEMBER 24th, I'll be speaking IN PERSON at the BOSTON PUBLIC LIBRARY!!

If you'd like an essay-formatted version of this post to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:

https://pluralistic.net/2024/09/04/deferred-gratification/#selective-foresight

Image: Mark S (modified) https://www.flickr.com/photos/markoz46/4864682934/

CC BY 2.0 https://creativecommons.org/licenses/by/2.0/

[my-midlife-crisis]

[foldingfittedsheets]

My mundane super power is that I love blue heelers so much that every time I see them I ask to pet them and their owners always warn me they’re not overly friendly which I know because my boy Sly was also very aloof but every time the dog feels my infinite love and always greets me warmly.

[bemusedlybespectacled]

I don't understand the chevron law thing, could you explain it like I'm five? Should we be working towards fixing whatever the courts just fucked up?

So, okay, I am condensing like a semester of a class I took in 2017 into a very short explanation, but:

It would be really annoying for Congress to individually pass laws approving every new medicine or listing out every single poison you can't have in tap water, so instead there are agencies created by Congress, via a law, to handle a specific thing. The agencies are created by Congress but overseen by the executive branch (so, the president), which is why we say things like "Reagan's EPA" or "Biden's DOJ" - even though Congress creates them, the president determines how they do the thing Congress wants them to do, by passing regulations like "you can't dump cyanide in the local swimming pool" and "no, you can't dump strychnine, either."

However, sometimes people will oppose these regulations by saying that the agency is going beyond the task they were given by Congress. "The Clean Air Act only bans 'pollutants,' and nowhere in the law does it say that 'pollutants' includes arsenic! You're going beyond your mandate!" To which the experts at the EPA would be like, "We, the experts at the EPA, have decided arsenic is a pollutant." On the flip side, the EPA could be like, "We, the experts at the EPA, have decided that arsenic isn't a pollutant," and people would oppose that regulation by being like, "But the Clean Air Act bans 'pollutants,' and it's insane to say that arsenic isn't a pollutant!" So whose interpretation is correct, the government's or the challengers'?

Chevron deference basically put heavy weight onto how the agency (i.e. the government) interpreted the law, with the assumption that the agency was in the right and needing pretty strong evidence that they were interpreting it wrong (like, blatantly doing the opposite of a clear part of the law or something). If there was any ambiguity in how the law was written, you'd defer to the agency's interpretation, even if that interpretation was different depending on who was president at the time.

(Note: there are other ways of challenging regulations other than this one, like saying that they were promulgated in a way that is "arbitrary and capricious" – basically, not backed by any evidence/reasoning other than "we want it." Lots of Trump-era regulations got smacked with this one, though I think they'd be better at it if Trump gets a second term, since they've now had practice.)

Chevron deference wasn't all good – remember that the sword cuts both ways, including when dickholes are in power – but it was a very standard part of the law. Like, any opposition to a regulation would have some citation to be like "Chevron doesn't apply here" and every defense would be like "Chevron absolutely applies here" and most of the time, the agency would win. Like, it was a fundamental aspect of law since the 80s.

The Supreme Court decision basically tosses that out, and says, "In a situation where the law is ambiguous, the court decides what it means." That's not completely insane – interpreting law is a thing judges normally do – but in a situation where the interpretation may hinge on something very complicated outside of the judge's wheelhouse, you now cannot be like, "Your Honor, I promise you that the experts at NOAA know a lot about the weather and made this decision for a good reason."

The main reason it's a problem is that it allows judges to override agencies' judgements about what you should do about a thing and what things you should be working on in the first place. However, I don't think there's really a way of enshrining that into law, outside of maybe adding something to the Administrative Procedure Act, and that would require a Congress that isn't majority Republican.

I will say that kind of I expected this to happen, just because IIRC Gorsuch in particular hates Chevron deference. IMO it's a classic case of "rules for me but not for thee" – Scalia and other conservatives used to rely on Chevron because they wanted their presidents to hold a ton of unchecked power (except for the EPA), but now that we've had Obama and Biden, now conservatives don't like Chevron because it gives the presidents they don't like unchecked power.

[inter-volve]

[laurapetrie]

The girls were addicted to perfumes, and when they bathed at night, the water was perfumed and softened with almond bran. They always used Coty. Tatiana favoured Jasmin de Cors; Olga, Rose Thé; Marie constantly changed her perfumes, but was more or less faithful to Lilas, and Anastasia never deviated from Violette.

Lili Dehn, The Real Tsaritsa (1922)

[trailerparkbubbs]

Julian being nervous + Ricky talking them out of situations

[exfil]

one of soap's defining character traits is righteousness. be it helping his comrades in al mazrah over the mission objective (are you saying we shouldn't have helped?) or walking into a cartel villa unarmed to bring down el sin nombre (we came here to stop a missile, so let's stop it), it is clear that his main motivation is to do the right thing. so is the protection of innocent people - soap is almost always the one who articulates the involvement of civilians (what happened to the families here? / they're innocent people. / he's killing civilians - his own people.)

for soap, in this righteousness, and in the protection of these innocent people, the threat and execution of violence is the right thing. killing is not the avoidable means to an end, but the objective - as long as the people killed are evil (my job is to kill the enemy. guess what you are). he shows a clear favoritism for vigilante justice (you're going down for what you did / makes me want to commit a few war crimes of my own / you will hang for this) and has to be actively dissuaded from executing people instead of having them face due process on multiple occasions (you can't be serious he is right here / i will blow your brains out i swear i will do it).

and it is soap who decides who is evil and who is not. while he and ghost condemn graves' killing civilians as putting himself above the law (he is jury judge and executioner now) soap justifies the killing of dozens of mexicans without jurisdiction as part of a foreign army due to their cartel involvement (there are no civilians here). he never judges the violence of his own allies, only the lack of it (should have killed him when we had the chance).

a seargant hell-bent on doing the right thing but operating with both a brutal reverence to violence as the only option and a morality of black and white that does not survive closer scrutiny. he is clearly not a good person - if the amount of people he killed in cold blood is any indication - but he not only thinks that he is good but can tell whether a person is good or not to the point that he sees himself as a rightful executioner. now that's a character!

[whatareyoureallyafraidof]

Jack Posobiec advocates treason, and the people at CPAC cheer him! Pay attention, America!

[odinsblog]

Elena Kagan issued a devastating dissent to the decision of her hard-right fellow supreme court justices to overturn the Chevron doctrine that has been a cornerstone of federal regulation for 40 years, accusing the majority of turning itself into “the country’s administrative czar”.

Kagan said that in one fell swoop, the rightwing majority had snatched the ability to make complex decisions over regulatory matters away from federal agencies and awarded the power to themselves.

“As if it did not have enough on its plate, the majority turns itself into the country’s administrative czar,” she wrote.

For 40 years, she wrote, the Chevron doctrine, set out by the same supreme court in a 1984 ruling, had supported regulatory efforts by the US government by granting federal experts the ability to make reasonable decisions where congressional law was ambiguous. She gave a few examples of the work that was facilitated as a result, such as “keeping air and water clean, food and drugs safe, and financial markets honest”.

Now, the hard-right supermajority had flipped that on its head.

Instead of federal experts adjudicating on all manner of intricate scientific and technical questions – such as addressing the climate crisis, deciding on the country’s healthcare system or controlling AI – now judges would make those critical calls.

Kagan, displaying no desire to pull her punches, portrayed Friday’s ruling as a blatant power grab by the chief justice, John Roberts, and his five ultra-right peers, three of whom were appointed by Trump – Neil Gorsuch, Brett Kavanaugh and Amy Coney Barrett.

“A rule of judicial humility gives way to a rule of judicial hubris,” she wrote.

Not for the first time, her most caustic comments relate to stare decisis – the adherence to legal precedent that is the foundation stone of the rule of law. Respect for the previous judgments of the supreme court is a reminder to judges that “wisdom often lies in what prior judges have done. It is a brake on the urge to convert every new judge’s opinion into a new legal rule or regime.”

By contrast, she went on: “It is impossible to pretend that today’s decision is a one-off, in its treatment of precedent.”

It has become an unquestionable pattern: the new hard-right supermajority has a fondness for tearing up their own court’s precedents stretching back decades. They did it when they eviscerated the right to an abortion in 2022, upending 50 years of settled law; they did it again last year when they prohibited affirmative action in university admissions, casting out 40 years of legal precedent; and now they’ve done it once more after 40 years to Chevron.

“Just my own defenses of stare decisis, my own dissents to this court’s reversals of settled law, by now fill a small volume,” Kagan said, her final words as plaintive as they were defiant.

(continue reading)

[mostlysignssomeportents]

There’s no such thing as “shareholder supremacy”

On SEPTEMBER 24th, I'll be speaking IN PERSON at the BOSTON PUBLIC LIBRARY!

Here's a cheap trick: claim that your opponents' goals are so squishy and qualitative that no one will ever be able to say whether they've been succeeded or failed, and then declare that your goals can be evaluated using crisp, objective criteria.

This is the whole project of "economism," the idea that politics, with its emphasis on "fairness" and other intangibles, should be replaced with a mathematical form of economics, where every policy question can be reduced to an equation…and then "solved":

https://pluralistic.net/2023/03/28/imagine-a-horse/#perfectly-spherical-cows-of-uniform-density-on-a-frictionless-plane

Before the rise of economism, it was common to speak of its subjects as "political economy" or even "moral philosophy" (Adam Smith, the godfather of capitalism, considered himself a "moral philosopher"). "Political economy" implicitly recognizes that every policy has squishy, subjective, qualitative dimensions that don't readily boil down to math.

For example, if you're asking about whether people should have the "freedom" to enter into contracts, it might be useful to ask yourself how desperate your "free" subject might be, and whether the entity on the other side of that contract is very powerful. Otherwise you'll get "free contracts" like "I'll sell you my kidneys if you promise to evacuate my kid from the path of this wildfire."

The problem is that power is hard to represent faithfully in quantitative models. This may seem like a good reason to you to be skeptical of modeling, but for economism, it's a reason to pretend that the qualitative doesn't exist. The method is to incinerate those qualitative factors to produce a dubious quantitative residue and do math on that:

https://locusmag.com/2021/05/cory-doctorow-qualia/

Hence the famous Ely Devons quote: "If economists wished to study the horse, they wouldn’t go and look at horses. They’d sit in their studies and say to themselves, ‘What would I do if I were a horse?’"

https://pluralistic.net/2022/10/27/economism/#what-would-i-do-if-i-were-a-horse

The neoliberal revolution was a triumph for economism. Neoliberal theorists like Milton Friedman replaced "political economy" with "law and economics," the idea that we should turn every one of our complicated, nuanced, contingent qualitative goals into a crispy defined "objective" criteria. Friedman and his merry band of Chicago School economists replaced traditional antitrust (which sought to curtail the corrupting power of large corporations) with a theory called "consumer welfare" that used mathematics to decide which monopolies were "efficient" and therefore good (spoiler: monopolists who paid Friedman's pals to do this mathematical analysis always turned out to be running "efficient" monopolies):

https://pluralistic.net/2022/02/20/we-should-not-endure-a-king/

One of Friedman's signal achievements was the theory of "shareholder supremacy." In 1970, the New York Times published Friedman's editorial "The Social Responsibility of Business Is to Increase Its Profits":

https://www.nytimes.com/1970/09/13/archives/a-friedman-doctrine-the-social-responsibility-of-business-is-to.html

In it, Friedman argued that corporate managers had exactly one job: to increase profits for shareholders. All other considerations – improving the community, making workers' lives better, donating to worthy causes or sponsoring a little league team – were out of bounds. Managers who wanted to improve the world should fund their causes out of their paychecks, not the corporate treasury.

Friedman cloaked his hymn to sociopathic greed in the mantle of objectivism. For capitalism to work, corporations have to solve the "principal-agent" problem, the notoriously thorny dilemma created when one person (the principal) asks another person (the agent) to act on their behalf, given the fact that the agent might find a way to line their own pockets at the principal's expense (for example, a restaurant server might get a bigger tip by offering to discount diners' meals).

Any company that is owned by stockholders and managed by a CEO and other top brass has a huge principal-agent problem, and yet, the limited liability, joint-stock company had produced untold riches, and was considered the ideal organization for "capital formation" by Friedman et al. In true economismist form, Friedman treated all the qualitative questions about the duty of a company as noise and edited them out of the equation, leaving behind a single, elegant formulation: "a manager is doing their job if they are trying to make as much money as possible for their shareholders."

Friedman's formulation was a hit. The business community ran wild with it. Investors mistook an editorial in the New York Times for an SEC rulemaking and sued corporate managers on the theory that they had a "fiduciary duty" to "maximize shareholder value" – and what's more, the courts bought it. Slowly and piecemeal at first, but bit by bit, the idea that rapacious greed was a legal obligation turned into an edifice of legal precedent. Business schools taught it, movies were made about it, and even critics absorbed the message, insisting that we needed to "repeal the law" that said that corporations had to elevate profit over all other consideration (not realizing that no such law existed).

It's easy to see why shareholder supremacy was so attractive for investors and their C-suite Renfields: it created a kind of moral crumple-zone. Whenever people got angry at you for being a greedy asshole, you could shrug and say, "My hands are tied: the law requires me to run the business this way – if you don't believe me, just ask my critics, who insist that we must get rid of this law!"

In a long feature for The American Prospect, Adam M Lowenstein tells the story of how shareholder supremacy eventually came into such wide disrepute that the business lobby felt that it had to do something about it:

https://prospect.org/power/2024-09-17-ponzi-scheme-of-promises/

It starts in 2018, when Jamie Dimon and Warren Buffett decried the short-term, quarterly thinking in corporate management as bad for business's long-term health. When Washington Post columnist Steve Pearlstein wrote a column agreeing with them and arguing that even moreso, businesses should think about equities other than shareholder returns, Jamie Dimon lost his shit and called Pearlstein to call it "the stupidest fucking column I’ve ever read":

https://www.washingtonpost.com/news/wonk/wp/2018/06/07/will-ending-quarterly-earnings-guidance-free-ceos-to-think-long-term/

But the dam had broken. In the months and years that followed, the Business Roundtable would adopt a series of statements that repudiated shareholder supremacy, though of course they didn't admit it. Rather, they insisted that they were clarifying that they'd always thought that sometimes not being a greedy asshole could be good for business, too. Though these statements were nonbinding, and though the CEOs who signed them did so in their personal capacity and not on behalf of their companies, capitalism's most rabid stans treated this as an existential crisis.

Lowenstein identifies this as the forerunner to today's panic over "woke corporations" and "DEI," and – just as with "woke capitalism" – the whole thing amounted to a a PR exercise. Lowenstein links to several studies that found that the CEOs who signed onto statements endorsing "stakeholder capitalism" were "more likely to lay off employees during COVID-19, were less inclined to contribute to pandemic relief efforts, had 'higher rates of environmental and labor-related compliance violations,”' emitted more carbon into the atmosphere, and spent more money on dividends and buybacks."

One researcher concluded that "signing this statement had zero positive effect":

https://www.theatlantic.com/ideas/archive/2020/08/companies-stand-solidarity-are-licensing-themselves-discriminate/614947

So shareholder supremacy isn't a legal obligation, and statements repudiating shareholder supremacy don't make companies act any better.

But there's an even more fundamental flaw in the argument for the shareholder supremacy rule: it's impossible to know if the rule has been broken.

The shareholder supremacy rule is an unfalsifiable proposition. A CEO can cut wages and lay off workers and claim that it's good for profits because the retained earnings can be paid as a dividend. A CEO can raise wages and hire more people and claim it's good for profits because it will stop important employees from defecting and attract the talent needed to win market share and spin up new products.

A CEO can spend less on marketing and claim it's a cost-savings. A CEO can spend more on marketing and claim it's an investment. A CEO can eliminate products and call it a savings. A CEO can add products and claim they're expansions into new segments. A CEO can settle a lawsuit and claim they're saving money on court fees. A CEO can fight a lawsuit through to the final appeal and claim that they're doing it to scare vexatious litigants away by demonstrating their mettle.

CEOs can use cheaper, inferior materials and claim it's a savings. They can use premium materials and claim it's a competitive advantage that will produce new profits. Everything a company does can be colorably claimed as an attempt to save or make money, from sponsoring the local little league softball team to treating effluent to handing ownership of corporate landholdings to perpetual trusts that designate them as wildlife sanctuaries.

Bribes, campaign contributions, onshoring, offshoring, criminal conspiracies and conference sponsorships – there's a business case for all of these being in line with shareholder supremacy.

Take Boeing: when the company smashed its unions and relocated key production to scab plants in red states, when it forced out whistleblowers and senior engineers who cared about quality, when it outsourced design and production to shops around the world, it realized a savings. Today, between strikes, fines, lawsuits, and a mountain of self-inflicted reputational harm, the company is on the brink of ruin. Was Boeing good to its shareholders? Well, sure – the shareholders who cashed out before all the shit hit the fan made out well. Shareholders with a buy-and-hold posture (like the index funds that can't sell their Boeing holdings so long as the company is in the S&P500) got screwed.

Right wing economists criticize the left for caring too much about "how big a slice of the pie they're getting" rather than focusing on "growing the pie." But that's exactly what Boeing management did – while claiming to be slaves to Friedman's shareholder supremacy. They focused on getting a bigger slice of the pie, screwing their workers, suppliers and customers in the process, and, in so doing, they made the pie so much smaller that it's in danger of disappearing altogether.

Here's the principal-agent problem in action: Boeing management earned bonuses by engaging in corporate autophagia, devouring the company from within. Now, long-term shareholders are paying the price. Far from solving the principal-agent problem with a clean, bright-line rule about how managers should behave, shareholder supremacy is a charter for doing whatever the fuck a CEO feels like doing. It's the squishiest rule imaginable: if someone calls you cruel, you can blame the rule and say you had no choice. If someone calls you feckless, you can blame the rule and say you had no choice. It's an excuse for every season.

The idea that you can reduce complex political questions – like whether workers should get a raise or whether shareholders should get a dividend – to a mathematical rule is a cheap sleight of hand. The trick is an obvious one: the stuff I want to do is empirically justified, while the things you want are based in impossible-to-pin-down appeals to emotion and its handmaiden, ethics. Facts don't care about your feelings, man.

But it's feelings all the way down. Milton Friedman's idol-worshiping cult of shareholder supremacy was never about empiricism and objectivity. It's merely a gimmick to make greed seem scientifically optimal.

The paperback edition of The Lost Cause, my nationally bestselling, hopeful solarpunk novel is out this month!

If you'd like an essay-formatted version of this post to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:

https://pluralistic.net/2024/09/18/falsifiability/#figleaves-not-rubrics/a>

[swkbiggestdefender]

-Au idea??

wukong dying (somehow) in mk's arms and his last words is comforting mk and tell him it's okay and that's he's glad he lived long enough to meet him

and after that mk keeps wukong scarf and always wear it and he became cold and closed off bc a part of him blame himself that if he was stronger he could've protected him

meanwhile macaque being a stubborn asshole doing everything illegal both in heaven and the underworld to find a way to bring wukong back not caring who he have to destroy to bring him back he'll cross every line becoming more dangerous and deranged than he ever was