@foxjust profile picture
Justin Fox @foxjust

Columnist @opinion. Eater of free snacks. (Snacks are property of Bloomberg L.P. Tweets aren't.)

Joined April 2009
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  • Followers 24,147
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Justin Fox retweeted
Joey Fox@joeymdfox
Jun 12
Alright, now it’s official: super excited to be joining the Politico NJ team later this month!
POLITICO Press@POLITICOPress
Jun 12
NEW: @joeymdfox joins @politico's New Jersey team as a reporter. Welcome Joey!🎉 Read more👇 politico.com/blogs/politico-…
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Where it all began for the Knicks (New-York Evening Post, Oct. 26, 1809)
DISTRESSING Left his lodgings some time since, and has not since been heard of, a small elderly gentleman, dressed in an old black coat and cocked hat, by the name of KNICKERBOCKER. As there are some reasons for believing he is not entirely in his right mind, and as great anxiety is entertained about him, any information concerning him left either at the Columbian Hotel, Mulberry street, or at the Office of this paper will be thankfully received. P.S. Printers of Newspapers would be advancing the cause of humanity, in giving an insertion to the above. Oct. 26

ALT DISTRESSING Left his lodgings some time since, and has not since been heard of, a small elderly gentleman, dressed in an old black coat and cocked hat, by the name of KNICKERBOCKER. As there are some reasons for believing he is not entirely in his right mind, and as great anxiety is entertained about him, any information concerning him left either at the Columbian Hotel, Mulberry street, or at the Office of this paper will be thankfully received. P.S. Printers of Newspapers would be advancing the cause of humanity, in giving an insertion to the above. Oct. 26

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This was the beginning of the publicity campaign for Washington Irving's "A History of New York, From the Beginning of the World to the End of the Dutch Dynasty." Diedrich Knickerbocker (who didn't exist) was listed as the author.
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The book is still in print, while Diedrich Knickerbocker, well, a team of his namesakes is playing the Spurs tonight. Gift link to my column about all this: bloomberg.com/opinion/articl…

The Knicks’ Name Traces Back to a 200-Year-Old Publicity Stunt

bloomberg.com
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Justin Fox retweeted
Ben Casnocha
@bencasnocha
May 4
Tech is not the underdog anymore. It is the dominant global industry and the central cultural force of our time, as @lessin has pointed out. To work in tech today, in the broad macro sense, is no longer inherently rebellious. It is often the act of someone joining the societally dominant consensus. Within tech, of course, there are still relative Davids and Goliaths. Seed-stage startups, Fund 1 VCs, boutique law firms, and upstart service providers are still the pirates. Big Tech, Big VC, Big Law, Big Anything are the navy. So if you work at Google, Sequoia, or Cooley, you are working in the dominant industry in society at the *macro* level, and at a dominant, safe institution at the *micro* level. That is two layers of establishment safety! And yet many people in Big Tech and Big VC still narrate themselves as rebels. As entrepreneurs. They feel misunderstood by the media, by Washington, by the system. But this is mostly self-flattering mythology. I will say that, as ever, it is more fun to be a pirate than to join the navy...
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But "beerflation" has actually been falling pos.toasttab.com/blog/data/b…
Global_Macro
@Marcomadness2
Apr 28
"Beerflation" as food and menu prices are rising due to the energy/fertilizer shock
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The potential US labor force has gotten *a lot* more racially diverse this year, according to @BLS_gov stats. (What happened is that demographic changes recorded in the 2020 Census were finally incorporated into population estimates.) bloomberg.com/opinion/articl…
Table showing change from December to January in the estimated 16-and-older civilian population of various demographic groups. Most of the change was due to population adjustments that belatedly incorporated demographic information from the 2020 Census. The White population was suddenly adjusted downward by 5.6 million, the multiracial population upward by 3.2 million.

ALT Table showing change from December to January in the estimated 16-and-older civilian population of various demographic groups. Most of the change was due to population adjustments that belatedly incorporated demographic information from the 2020 Census. The White population was suddenly adjusted downward by 5.6 million, the multiracial population upward by 3.2 million.

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Justin Fox retweeted
Ernie Tedeschi
@ernietedeschi
Apr 16
New data on 2026 Q1 usual weekly earnings in the US have implications for the K-shaped debate. 1. Measured against pre-pandemic (1st chart), the bottom has done meaningfully better on nominal wage growth than the top. 2. Over last few years (2nd) or last year (3rd), the story is messier, with the middle & 25th percentile doing best but the very bottom & very top lagging. 3. These are household survey data, the best source for distributional & demographic cuts of wages but substantially noisier than measures of wages from the establishment/payroll survey. 4. This is all nominal; ideal would be to inflation-adjust by price indices that vary by income. This is much harder to do well than you might think, and the best effort to date from @BLS_gov currently only runs through the end of 2023.
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RT @JessicaBRiedl: NEW from me: The 2026 version of my chart book. It is 132 pages of charts that defy liberal & conservative conventional…
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Justin Fox retweeted
Bloomberg Opinion
@opinion
Apr 16
Finance's share of the US economy grew rapidly in the 1980s and 1990s but hasn't much since. @foxjust wonders whether that's good or bad bloomberg.com/opinion/articl…

How Much Finance Is Too Much for the US Economy?

During and immediately after the financial crisis of 2008, there was much talk and academic research about the rapid growth of the US financial sector over the preceding decades and whether that was...

bloomberg.com
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Reading enough of posts by people like this it becomes quite clear they've never read Adam Smith
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Justin Fox retweeted
Ernie Tedeschi
@ernietedeschi
Apr 7
Good thread & column by @foxjust. My take: - There are major asterisks with both the DFAs & CEX. - However, many (not all) of the CEX issues have to do with income measurement & won't change the rank ordering of households for these percentile purposes. /1
Justin Fox@foxjust
Apr 7
I have a new column (gift link to come farther down in the thread) on that Moody's Analytics stat attributing nearly 50% of consumer spending to the top 10% of the income distribution, which @LevyAntoine, @ernietedeschi and others have critiqued
Chart showing Moody's Analytics estimate, based on Federal Reserve survey and financial accounts data, of the share of consumer spending attributable to the top 10% of the income distribution. In 2025 it was 45.8%, up from 36.1% in 1990 and 39.8% in 2010.

ALT Chart showing Moody's Analytics estimate, based on Federal Reserve survey and financial accounts data, of the share of consumer spending attributable to the top 10% of the income distribution. In 2025 it was 45.8%, up from 36.1% in 1990 and 39.8% in 2010.

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Justin Fox retweeted
Aaron Freedman@freedaaron
Apr 7
My new masterpiece: vibe-coded chart showing the collapse of the New Deal financial order by the flow of bank deposits to bigger and bigger banks. From 1990 to 2024 NYC banks more than double their deposit share. Small banks and thrifts go from more than half of deposits to <20%.
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I have a new column (gift link to come farther down in the thread) on that Moody's Analytics stat attributing nearly 50% of consumer spending to the top 10% of the income distribution, which @LevyAntoine, @ernietedeschi and others have critiqued
Chart showing Moody's Analytics estimate, based on Federal Reserve survey and financial accounts data, of the share of consumer spending attributable to the top 10% of the income distribution. In 2025 it was 45.8%, up from 36.1% in 1990 and 39.8% in 2010.

ALT Chart showing Moody's Analytics estimate, based on Federal Reserve survey and financial accounts data, of the share of consumer spending attributable to the top 10% of the income distribution. In 2025 it was 45.8%, up from 36.1% in 1990 and 39.8% in 2010.

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But the main direct measure we have of the distribution of consumer spending, the @BLS_gov Consumer Expenditure Survey, which says the the top 10% of the income distribution accounted for 22.9% of spending in 2024, has its problems too.
Table comparing spending as measured by the BLS Consumer Expenditure Survey and the BEA Personal Consumption Expenditures estimates. Certain spending categories, such as alcoholic beverages and gambling losses, are massively underreported in the BLS survey.

ALT Table comparing spending as measured by the BLS Consumer Expenditure Survey and the BEA Personal Consumption Expenditures estimates. Certain spending categories, such as alcoholic beverages and gambling losses, are massively underreported in the BLS survey.

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For much, much more (including Alan Greenspan sketching out the methodology now used by Moody's on a napkin in the 1990s), here's the gift link bloomberg.com/opinion/articl…

The K-Shaped Economy’s Defining Statistic Has Some Problems

The defining statistic of the so-called K-shaped economy is a little hard to define.

bloomberg.com
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Some birthright citizenship commentary from 1866 (by US Senator Lot Morrill of Maine during the Senate debates over the 14th Amendment)
.. Sir, he has forgotten the grand principle both of nature and nations, both of law and politics, that birth gives citizenship of itself. This is the fundamental principle running through all modern politics both in this country and in Europe. Everywhere where the principles of law have been recognized at all, birth by its inherent energy and force gives citizenship. ...

ALT .. Sir, he has forgotten the grand principle both of nature and nations, both of law and politics, that birth gives citizenship of itself. This is the fundamental principle running through all modern politics both in this country and in Europe. Everywhere where the principles of law have been recognized at all, birth by its inherent energy and force gives citizenship. ...

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Morrill was replying to a speech by Garrett Davis of Kentucky, who argued that US citizenship was only for white people. Here's what Morrill had to say about that in particular.
... No proposition could possibly be made here or anywhere else more inaccurate than to say that American society, either civil or political, was formed in the interest of any race or class. ... All the nations of the earth and all the varieties of the races of the nations of the earth have gathered here. In the early settlements of the country, the Irish, the French, the Swede, the Turk, the Italian, the Moor, and so I might enumerate all the races and all the variety of races, came here, and it is a fundamental mistake to suppose that settlement was begun here in the interests of any class or condition or race or interest. ...

ALT ... No proposition could possibly be made here or anywhere else more inaccurate than to say that American society, either civil or political, was formed in the interest of any race or class. ... All the nations of the earth and all the varieties of the races of the nations of the earth have gathered here. In the early settlements of the country, the Irish, the French, the Swede, the Turk, the Italian, the Moor, and so I might enumerate all the races and all the variety of races, came here, and it is a fundamental mistake to suppose that settlement was begun here in the interests of any class or condition or race or interest. ...

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The Congressional Globe page from which these snippets are taken is here: archive.org/details/congress…
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