At its most basic essence, selling short is selling an IOU note. There are several variations on how a “short sale” works, but at the end of the transaction, here’s the situation:

• The short seller has cash.
• The short seller owes someone else one or more shares of a specific stock.

That’s it. From the perspective of the short seller, they have effectively sold an IOU (“I owe you”) note denominated in shares of a specific stock. This is true for both “naked” shorts and “covered” shorts. …

On January 6th, 2021, an armed force of Trumpists stormed the United States Capitol Building. Congress was interrupted in the middle of an American ritual that had been completed every four years since 1789: Counting the electoral votes. This has never been interrupted before.

The counting of the electoral votes has been marked by both small and large controversies over the course of American history. Lesser controversies included technical irregularities with Vermont’s electoral votes in 1796 and Georgia’s electoral votes in 1800. Both sets of votes were counted without lasting controversy.

Demographics is not destiny. Moderate politicians are more electable. The Electoral College system is fragile and should be replaced. Each one of these lessons was illuminated clearly in the 2020 elections.

The fragility of the Electoral College is obvious

Trump filed a raft of lawsuits challenging results in individual states and attempted to convince state legislatures to throw the election results out. If Biden dies at any time before electors vote, everything would go haywire. A national popular vote, on the other hand, would be in no danger of reversal and could not be litigated, contested, or easily thrown out.

Moderates are more electable

Democrats went through a large and very public…

The fifty states with their different laws and governments are natural laboratories of democracy. This year, those laboratories of democracy have held an epidemiological experiment. Preliminary results from that experiment are in: Elections are a matter of life and death.

For an American in the year 2020, the risk of death from COVID-19 has varied quite significantly from state by state. Part of the pattern is geographic; population density accounts for a majority of the variation in risk thus far. Part of the pattern can be seen in when governors are elected.

For good or ill, it is governors that…

America has seen the death of presidential candidates; America has seen the death of presidents. Thus far, those two events have happened separately, and America has avoided a major crisis in the presidential succession process. Even after the passage of the 25th Amendment, however, the presidential election system is vulnerable to badly-timed deaths.

Presently, President Donald Trump is in ill health, may have infected rival candidate Joe Biden, and a presidential election is already underway. If he, Biden, or both were to die any time between now and December 14th, it could lead to a major electoral crisis.

The open window in the Electoral College

Ordinary American…

“A good compromise leaves everybody mad.” — Bill Watterson

The Electoral College was a compromise. Most of us know this. As far as I can tell, none of the delegates to the Constitutional Convention thought that the final version of the Electoral College system was the best possible method for electing the president —it was just the compromise that they were willing to agree to.

I will begin by saying what the Electoral College was not.

• It was not intended to protect the interests of small states.
• It was not intended to protect the interests of rural voters.
• It was…

This article was originally written in the lead-up to the 2020 election. For those of you reading it after Election day but before electors meet and vote, see the section about retroactive rules changes.

Reportedly, Trump is exploring plans to appeal directly to state legislators in order to win the appointment of electors in key battleground states. The unfortunate reality is that this line of attack is constitutional. Not only that, this strategy has been employed in the past. State legislatures can and have stolen elections out from under the noses of voters.

There are three different ways in which…

There are forty-four presidents. Thirty-nine were elected (five accidentally became president). Of the thirty nine people elected president, twenty-eight have lived in either New York, Massachusetts, Virginia, or Ohio for at least part of their life. Twenty-one were born in one of those four states.