Header Ads

Trump’s immigration legacy visible if you squint

Bloomberg Opinion Today
Bloomberg

This is Bloomberg Opinion Today, an immigration policy of Bloomberg Opinion's opinions. Sign up here.

Today's Agenda

Trump's Faint Immigration Footprint

The ship of American state is for the most part a supertanker that takes a long, long time and an awful lot of power to maneuver. For example, try to think back, if you dare, on all the psychic energy we spent on immigration over the past four years. And then have a look at just how little really changed as a result.

Of course, we can't ignore the things about immigration that changed very rapidly and horribly under ex-President Donald Trump, particularly his policy of tearing families apart and then subsequently misplacing of hundreds of children. That and other extreme measures at the border left a humanitarian disaster for President Joe Biden's administration to resolve. That and some scalable border wall.

Otherwise, though, for all the sturm und drang about immigration, you would be hard-pressed to tell that it made any impact on the number of humans immigrating. Try to spot any major policy changes on this chart Justin Fox produced:

And that just covers illegal immigration, which seems merely to have continued pre-existing trends under Trump. Justin has several more charts tracking barely perceptible changes in legal immigration, along with charts showing how American attitudes toward immigrants have improved despite Trump's rhetoric against them. Or maybe we like immigrants more because Trump attacked them. He wasn't very popular, after all. And at least in this case, he also wasn't very effective. Read the whole thing.

GameStop: Game Over?

The Reddit term for holding a stock come hell or high margin calls is "diamond hands," which sounds pretty permanent, because diamonds are forever and whatnot. But did you know diamonds are actually pretty fragile? You can break them with a hammer! And sure enough, many diamond hands in GameStop have been shattered this week, with the stock plunging from $300 to less than $100. Adding insult to injury, the Diamond Dave of this whole circus, Elon Musk, has retreated into uncharacteristic radio silence after rallying his followers to buy GameStop, Dogecoin and other Reddit faves that are now being decimated, notes Lionel Laurent. It just goes to show it's all fun and memes until people start making, or losing, money.

It's sort of a relief to see this episode ending, even if you're not a long-short hedge fund. As Marcus Ashworth notes, there are many more important news stories happening, even in the realm of finance. But hedge funds and anybody else interested in markets should never forget this episode, warns Jim Bianco. Maybe future short squeezes won't come so easily, but a big, surprisingly sophisticated player — the retail hive mind — has gotten a taste of power and probably won't be forever dissuaded by one week of carnage. 

Further Meme Investment Reading:

It's Never Too Late to Get Used to Working From Home

If you're like most of us who have spent the past 11 months working from home, you may not remember much about what you liked about working at an office. But you're probably a connoisseur of the things you hate about working at home. It's only natural. The human brain can only take dodgy wifi and poor lunch options for so long. But guess what, campers? We're going to be doing this for several more months, probably, unless science invents a vaccine replicator like on "Star Trek." In the meantime, Sarah Green Carmichael suggests we can still figure out what we don't like about the WFH experience and how to fix it. Even if we get that vaccine replicator, we'll probably be working from home more often in the future. We might as well enjoy it. 

Further Pandemic Reading: We need much more data on how vaccines affect pregnant women. — Faye Flam

Telltale Charts

We can't let a seemingly high price tag dissuade us from spending on green infrastructure, writes Noah Smith. Like the interstate highway system, it will pay off in the long run. 

On its latest earnings call, Exxon finally acknowledged its chronic problems, writes Liam Denning. It was still short on solutions, beyond hoping for higher oil prices.

Further Reading

Biden should build on Trump's success in strengthening ties between Israel and Arab states to help the Palestinians. — Bloomberg's editorial board 

Republicans are passing laws making it harder for Democrats to win elections, and the courts won't help. — Noah Feldman 

We seem to be rushing to do impeachment the wrong way. — Jonathan Bernstein 

A second stint at the USDA would give Tom Vilsack a chance to fix his mistakes along with Trump's. — Amanda Little 

Instead of punishing scientists, the U.S. government should spend more on R&D at universities. — Anjani Trivedi 

The drive-through could be Chipotle's key to growth in a post-Covid world. — Sarah Halzack 

ICYMI

Amazon will soon have a new CEO.

Democrats look set to go it alone on stimulus.

Oxford's vaccine posted strong trial results.

Sea levels are rising faster than the most pessimistic forecasts.

Kickers

Tech founder charters a seat on a SpaceX flight, raffles it off for charity. (h/t Ellen Kominers)

Science allows spinach to communicate with humans. (h/t Scott Kominers

(For more plant/human communication content, please see "Semiosis" by Sue Burke.)

Myanmar woman dances through coup.

Bees take over an office.

Note: Please send spinach and complaints to Mark Gongloff at mgongloff1@bloomberg.net.

Sign up here and follow us on Twitter and Facebook.

 

Like Bloomberg Opinion Today? Subscribe to Bloomberg All Access and get much, much more. You'll receive our unmatched global news coverage and two in-depth daily newsletters, The Bloomberg Open and The Bloomberg Close.

Before it's here, it's on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can't find anywhere else. Learn more.

 

No comments