Vanderbilt law prof. Formerly U.S. Treasury (crisis team), Citadel (risk arb), Merrill Lynch (FIG inv. banking), Wachtell (M&A). Read my book The Money Problem
Nashville, TN
Joined March 2015
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Morgan Ricks retweeted
People sometimes say AI is or should be governed as a public utility. What does that mean?
I've spent a lot of time over the last decade studying public utility regulation, historically and across sectors.
Here's my primer on how to think about it. vanderbiltpolicyaccelerator.…
Morgan Ricks retweeted
Fed Chair Kevin Warsh has a task force to reconsider the balance sheet and the Ample Reserves operating system.
My new Brookings paper proposes Elastic Reserves: dependable lending facilities, paired with reforms that reduce banks’ need to hold reserves.
brookings.edu/articles/the-c…
Dispersion of equity ownership has its advantages.
It's interesting to note that, in the nineteenth century, many corporate charters imposed graduated and/or capped voting to prevent anyone from gaining control.
This is what billionaire ownership of the media means:
Mark Zuckerberg’s Meta shut down the No Kings account for hours during the height of their protests.
Meta suppressed accounts supporting Brazil President Lula da Silva in the recent election.
Larry Ellison’s TikTok blocked advertising for a documentary criticizing Elon Musk.
Fight back. Defeat oligarchy. Preserve democracy.
"Oligarchic power is now a clear and present threat to our democracy." -- Bill Kristol (!)
A good summary of how much Meta is in the tank for Trump. And a reminder that the authoritarian threat comes not just from within the Trump administration but from its oligarchic allies. Oligarchic power is now a clear and present threat to our democracy.
open.substack.com/pub/popula…
This idea deserves serious consideration.
Your credit card rewards are funded by a de-facto tax on the poor.
Rewards are financed by "swipe fees" -- the fee stores pay to banks when you use credit. To offset these costs, stores typically raise prices -- even for low-income customers who tend to pay in cash (and get no rewards).
Thus, the system channels money from low-income Americans to the affluent.
We can mitigate this injustice by following the EU's lead and capping swipe fees. vox.com/politics/506417/cred…
The same is true of shareholder activism and of public-to-private buyouts: lots of evidence of transfers to shareholders from workers and others; meanwhile, scant evidence of operational improvements at the firm level.
We must continue to "update our priors" re: whether this degree of concentrated economic power is compatible with democracy.
What a frustrating response.
I asked Sen. Kirsten Gillibrand if it bothers her that her staff trades crypto while she works on legislation that benefits the industry. “This is not a nanny state,” she said.
Profiled crypto’s favorite Democrat for @NYMag:
nymag.com/intelligencer/arti…
During the financial crisis, at the Treasury Department, Perry Mehrling, Gary Gorton, and Paul Tucker were the three thinkers whose work was most useful in helping us reach a deeper understanding of the situation. Later, Perry was
Morgan Ricks retweeted
Excited to share my new article on appropriations law and executive power, forthcoming in the @HarvLRev.
Comments are welcome! (Link below.)
Morgan Ricks retweeted
My latest article, "Evidence Law's AI Problem and the Hearsay Solution" is now available on SSRN. Comments welcome via email! @HarvLRev papers.ssrn.com/sol3/papers.…
ALT Evidence Law’s AI Problem and the Hearsay Solution by Jeffrey Bellin 140 HARV. L. REV. (forthcoming 2027) Abstract As artificial intelligence (A.I.) seeps into our daily lives, A.I. generated evidence and testimony will increasingly appear in court. For the most part, American evidence rules are up to the task. The rules require testifying experts to demonstrate the reliability of any A.I. tools they rely on, and allow courts to deter and detect forgeries, even those generated by A.I. There is a gap in the evidence rules, however, when non-expert witnesses testify about the outputs of artificial intelligence. For example, no evidence rule squarely prevents a victim or police officer from testifying that ChatGPT concluded that the defendant was the perpetrator. Evidence policymakers are scrambling to fill this gap.....
I cannot say whether Breaking Bad is the best TV show of this century but it is hands down the best one that I have watched.
I strongly disagree with this. Last night I was helping my daughter with her algebra homework; they're learning to solve quadratic equations by factoring. Can't really do this if you don't know multiplication tables and square roots.
America's billionaires have real wealth and power and it would be unwise to forget about them.
Forget the billionaires. A new book argues that America’s real wealth and power lies with its business-owner millionaire class. bloomberg.com/news/articles/…
I have seen many times the claim that airline deregulation made air travel accessible to the middle class but that is a considerable overstatement. The best evidence is that deregulation was responsible for a 20%-30% reduction in average fares, certainly substantial but not
The old CAB system was dysfunctional -- it was, in many ways, a particularly poorly designed system of economic regulation -- but when doing comparative institutional analysis we should not overstate the benefits of deregulation. Again,