This Machine Kills

We dig into Chapter 3 – Theory and Practice – and look at how, in the 1960s and 1970s, theories of finance like random-walk hypothesis and efficient market hypothesis, started leaking out of the university and having real world effects in professional financial practice. Combined with market restructuring caused by the rapid growth of institutional investors in the American economy, these financial theories directly influence the creation of things like index funds, which go on to set financial markets on a totally new pathway. Here’s a free pdf of the book: https://uberty.org/wp-content/uploads/2015/02/MacKenzie-An-Engine-Not-a-Camera.pdf Subscribe to hear more analysis and commentary in our premium episodes every week! https://www.patreon.com/thismachinekills Grab TMK gear: https://www.bonfire.com/store/this-machine-kills-podcast/ Hosted by Jathan Sadowski (www.twitter.com/jathansadowski) and Edward Ongweso Jr. (www.twitter.com/bigblackjacobin). Production / Music by Jereme Brown (www.twitter.com/braunestahl)

We discuss a recent investigation by ProPublica into the convergence of real estate, private equity, and algorithmic pricing as they profile a particularly odious company (RealPage) that is selling a technology (YieldStar) to property management companies, which directly leading to severe upward pressures on rental pricing and vacancy rates. Troubled by real estate companies extracting higher margins out of renters in a tight market in ways that raise red flags of collusion? Well, just blame a guy named Bob. Stuff we reference: ••• Rent Going Up? One Company’s Algorithm Could Be Why. https://www.propublica.org/article/yieldstar-rent-increase-realpage-rent ••• Senator Seeks Antitrust Review of Apartment Price-Setting Software https://www.propublica.org/article/yieldstar-rent-increase-senate-antitrust-apartment ••• Company That Makes Rent-Setting Software for Apartments Accused of Collusion, Lawsuit Says https://www.propublica.org/article/realpage-accused-of-collusion-in-new-lawsuit ••• RealPage Accused Of Price-Fixing In Student Housing Market https://www.law360.com/real-estate-authority/articles/1546168/realpage-accused-of-price-fixing-in-student-housing-market ••• JP Morgan Wants to Make Tenant Data Available to Every Landlord https://www.vice.com/en/article/k7bkyn/jp-morgan-wants-to-make-tenant-data-available-to-every-landlord Subscribe to hear more analysis and commentary in our premium episodes every week! https://www.patreon.com/thismachinekills Grab TMK gear: https://www.bonfire.com/store/this-machine-kills-podcast/ Hosted by Jathan Sadowski (www.twitter.com/jathansadowski) and Edward Ongweso Jr. (www.twitter.com/bigblackjacobin). Production / Music by Jereme Brown (www.twitter.com/braunestahl)

We talk about the chaos at Twitter as Elon drives the company into the ground, merging classic techniques of a private equity takeover with his patented impulsive incompetence. Stuff we reference: ••• Musk’s Trump-style management rattles Twitter workers awaiting layoffs https://www.washingtonpost.com/technology/2022/11/03/elon-musk-twitter-layoffs-silence-blind/ ••• Twitter job cuts begin as Musk warns of ‘massive’ revenue drop https://www.ft.com/content/b9a2a0ec-d3fe-422d-bc62-fa9ddfd3f06c ••• A Layoff Guide for Twitter Workers https://news.techworkerscoalition.org/2022/11/03/issue-16/ ••• Exclusive: Tesla faces U.S. criminal probe over self-driving claims https://www.reuters.com/legal/exclusive-tesla-faces-us-criminal-probe-over-self-driving-claims-sources-2022-10-26/ ••• American Gentry https://www.theatlantic.com/ideas/archive/2021/09/trump-american-gentry-wyman-elites/620151/ Subscribe to hear more analysis and commentary in our premium episodes every week! patreon.com/thismachinekills Grab TMK gear: bonfire.com/store/this-machine-kills-podcast/ Hosted by Jathan Sadowski (www.twitter.com/jathansadowski) and Edward Ongweso Jr. (www.twitter.com/bigblackjacobin). Production / Music by Jereme Brown (www.twitter.com/braunestahl)

We are joined by Jacob Silverman – contributing editor at The New Republic – to discuss his profile of David Sacks, a venture capitalist and right-wing media personality who has been on the vanguard of reactionary culture wars and political influence in Silicon Valley. Follow Jacob: https://twitter.com/SilvermanJacob Stuff we reference ••• The Quiet Political Rise of David Sacks, Silicon Valley’s Prophet of Urban Doom https://newrepublic.com/article/168125/david-sacks-elon-musk-peter-thiel ••• The Neocons and the Woke Left Are Joining Hands and Leading Us to Woke War III | Opinion https://www.newsweek.com/neocons-woke-left-are-joining-hands-leading-us-woke-war-iii-opinion-1748947 ••• The Shadow Crew Who Encouraged Elon Musk’s Twitter Takeover https://www.wsj.com/articles/the-shadow-crew-who-encouraged-elon-musks-twitter-takeover-tesla-jack-dorsey-11651260119 Subscribe to hear more analysis and commentary in our premium episodes every week! patreon.com/thismachinekills Grab TMK gear: bonfire.com/store/this-machine-kills-podcast/ Hosted by Jathan Sadowski (www.twitter.com/jathansadowski) and Edward Ongweso Jr. (www.twitter.com/bigblackjacobin). Production / Music by Jereme Brown (www.twitter.com/braunestahl)

We dig into Chapter 2 – Transforming Finance – and look at how, in the 1950s and 1960s, the economic study of finance started shifting from merely descriptive approaches to engaging in more analytical theories and mathematical models of how finance does (and should) operate. Here’s a free pdf of the book: https://uberty.org/wp-content/uploads/2015/02/MacKenzie-An-Engine-Not-a-Camera.pdf Subscribe to hear more analysis and commentary in our premium episodes every week! patreon.com/thismachinekills Grab TMK gear: bonfire.com/store/this-machine-kills-podcast/ Hosted by Jathan Sadowski (www.twitter.com/jathansadowski) and Edward Ongweso Jr. (www.twitter.com/bigblackjacobin). Production / Music by Jereme Brown (www.twitter.com/braunestahl)

We are joined by reporter Avi Asher-Schapiro who, along with his colleague Fabio Teixeira, has published an investigation into the crypto carbon credits markets. This collision between green finance and crypto economics reveals many of the worst tendencies of both sectors as financiers take advantage of highly profitable opportunities for price arbitrage. Such as bundling low quality “zombie credits” with high quality carbon credits, labeling these subprime assets as premium, and selling the tokens at the highest price. All in the name of making the markets more efficient at saving the planet, of course. ••• Follow Avi: https://twitter.com/AASchapiro ••• Fears of 'subprime' carbon assets stall crypto rainforest mission https://www.context.news/net-zero/long-read/fears-of-subprime-carbon-assets-stall-crypto-rainforest-mission Grab TMK gear: bonfire.com/store/this-machine-kills-podcast/ Hosted by Jathan Sadowski (www.twitter.com/jathansadowski) and Edward Ongweso Jr. (www.twitter.com/bigblackjacobin). Production / Music by Jereme Brown (www.twitter.com/braunestahl)

Take beta blockers before this episode. In a companion piece for our episode on Health Communism, we dig into a concrete case that exemplifies everything we talked about with the production of surplus populations for the purpose of extractive abandonment. The ongoing story we discuss in this episode takes all those dynamics and pushes them to their most horrific logical conclusions. Some references: ••• How a Hospital Chain Used a Poor Neighborhood to Turn Huge Profits https://www.nytimes.com/2022/09/24/health/bon-secours-mercy-health-profit-poor-neighborhood.html ••• They Were Entitled to Free Care. Hospitals Hounded Them to Pay. https://www.nytimes.com/2022/09/24/business/nonprofit-hospitals-poor-patients.html ••• Deaths Linked to Neglect, Error Raise Concerns About Quality of Care at This Safety Net Hospital https://www.propublica.org/article/chicago-roseland-community-hospital-covid-deaths Subscribe to hear more analysis and commentary in our premium episodes every week! patreon.com/thismachinekills Grab TMK gear: bonfire.com/store/this-machine-kills-podcast/ Hosted by Jathan Sadowski (www.twitter.com/jathansadowski) and Edward Ongweso Jr. (www.twitter.com/bigblackjacobin). Production / Music by Jereme Brown (www.twitter.com/braunestahl)

We are joined by Beatrice Adler-Bolton and Artie Vierkant — co-hosts of Death Panel — to discuss their truly excellent new book, Health Communism, which offers a searing analysis of how our conceptions and systems of health are critical to the maintenance of capitalism. Under capitalism we are all human waste: the sick and surplus that are drains on productive society. If you don’t think you are, then just wait long enough and hopefully you’ll live long enough to meet that fate. Health communism is both the reason for tearing down this system and an alternative that reclaims health for all people—not just the bosses and workers, but for those great many subjected to the extractive abandonment of being marked as surplus. ••• Health Communism: https://www.versobooks.com/books/4081-health-communism ••• Death Panel: https://www.deathpanel.net/ ••• Beatrice: https://twitter.com/realLandsEnd ••• Artie: https://twitter.com/avierkant Subscribe to hear more analysis and commentary in our premium episodes every week! patreon.com/thismachinekills Grab TMK gear: bonfire.com/store/this-machine-kills-podcast/ Hosted by Jathan Sadowski (www.twitter.com/jathansadowski) and Edward Ongweso Jr. (www.twitter.com/bigblackjacobin). Production / Music by Jereme Brown (www.twitter.com/braunestahl)

After an extended riff, we kick off the new TMK Book Club on An Engine, Not a Camera: How Financial Models Shape Markets by Donald MacKenzie. In the first chapter we get an intro to some of the big themes, methods, and theories that we’ll get deeper into throughout the book’s sociological analysis of financial economics and market dynamics. This is a foundational book in the social studies of finance. Being an academic text, it is also dense and heady. Read along with us if you have the time and ability. But don’t stress if you can’t. We will, as always, do our best to break things down and add our own discussion of each chapter. Episodes come out biweekly. Here’s a free pdf of the book: https://uberty.org/wp-content/uploads/2015/02/MacKenzie-An-Engine-Not-a-Camera.pdf Subscribe to hear more analysis and commentary in our premium episodes every week! patreon.com/thismachinekills Grab TMK gear: bonfire.com/store/this-machine-kills-podcast/ Hosted by Jathan Sadowski (www.twitter.com/jathansadowski) and Edward Ongweso Jr. (www.twitter.com/bigblackjacobin). Production / Music by Jereme Brown (www.twitter.com/braunestahl)

We check in on our old friends/enemies at the New York Time, then get to some listener mail about effective altruism, all before offering a smart, nuanced, and critical defense of the CIA. You see, it’s not that we are angry, we are just disappointed at the CIA’s continual failure to live up to its own potential for greatness. Stuff we reference: ••• Has the C.I.A. Done More Harm Than Good? https://www.newyorker.com/magazine/2022/10/10/has-the-cia-done-more-harm-than-good ••• The Responsibility of Intellectuals https://chomsky.info/19670223/ ••• It's Lonely in the Metaverse: Decentraland’s 38 Daily Active Users in a $1.3B Ecosystem https://www.coindesk.com/web3/2022/10/07/its-lonely-in-the-metaverse-decentralands-38-daily-active-users-in-a-13b-ecosystem/ ••• ‘The Cash Monster Was Insatiable’: How Insurers Exploited Medicare for Billions https://www.nytimes.com/2022/10/08/upshot/medicare-advantage-fraud-allegations.html Subscribe to hear more analysis and commentary in our premium episodes every week! patreon.com/thismachinekills Grab TMK gear: bonfire.com/store/this-machine-kills-podcast/ Hosted by Jathan Sadowski (www.twitter.com/jathansadowski) and Edward Ongweso Jr. (www.twitter.com/bigblackjacobin). Production / Music by Jereme Brown (www.twitter.com/braunestahl)