Why left wing/MMT analysis has a natural home on Wall Street

In today's @markets newsletter, I wrote about Weird Left Finance Twitter.

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Here's @AlexYablon's piece that started the discussion https://www.businessinsider.com/wall-street-investors-political-left-agree-inflation-debt-mmt-economy-2020-11

I see a lot of people taking a cynical view on this, that Wall Streeters are embracing MMT because it's "good for stock prices" but I think that's off.

For one thing, I'm not talking about policy advocacy here. Just talking about analytical frameworks. Also...

If all you care about is stock prices, you don't need to talk about MMT or anything like that. You can just talk about rate cuts or fiscal expansion. Don't need to couch it in a different worldview.

Furthermore, I really, really don't think that people like @pearkes @naufalsanaullah, Paul McCulley, @jaredwoodard and numerous others who are skeptical of Laissez-Faire economic policies are just talking about this stuff cause they want stocks to go up. I mean, come on.

That being said, making money is important if you're in the industry! And one way to have made money over the last 10 years is, as @MarynBolhuis points out, ignoring all the people who predicted that QE and high deficits would lead to surging inflation.

So even from a standpoint of pure self interest, it's been profitable to ignore many of the dominant dogmas

This is the key thing https://twitter.com/StephanieKelton/status/1337028274212524035

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