Friday, September 10, 2021

BREW WITH AXIOS AND HEADLINES


Daily Brew

TOGETHER WITH

Gryphon

Good morning. 37. That’s the combined age of the tennis players who will compete in the US Open women’s final on Saturday, after 19-year-old Leylah Fernandez of Canada and 18-year-old Emma Raducanu of Britain continued their magical runs with semifinal wins last night.

How improbable is this matchup? 

  • Raducanu is ranked 150th in the world, and booked a flight home for immediately after the qualifying rounds, expecting to not make it further than that.
  • Fernandez, ranked 73rd, beat defending champ Naomi Osaka and then toppled No. 2 Aryna Sabalenka last night.

Make sure you tune in tomorrow for what will certainly be the most fun tennis match you’ve seen in a while. 

Matty Merritt, Sherry Qin, Neal Freyman

MARKETS


Nasdaq

15,248.25

S&P

4,493.28

Dow

34,879.38

Bitcoin

$46,334.27

10-Year

1.303%

Moderna

$455.92

*Stock data as of market close, cryptocurrency data as of 5:00pm ET. Here's what these numbers mean.

  • Markets: Make that four straight days of losses for the Dow and the S&P 500. But Moderna stock popped after it said it was working on a 2-in-1 vaccine that would protect against Covid-19 and the flu. And it’s a conditioner.
  • Economy: In a sign of the labor market’s recovery from the depths of the pandemic, jobless claims fell to a nearly 18-month low of 310,000. The data implies that slower job growth is being limited by a shortage of workers, not a lack of demand for them.

Markets Sponsored by Fidelity Investments
Discover what to know when investing today in the second season of Fresh Invest, our podcast with Fidelity. Listen now.

COVID

Biden's Over Delta

Joe Biden saying "Talk is cheap"

Giphy

To squash the spread of Covid-19, President Biden dialed up a plan that's “mom came home and found an empty Bud Light can under your bed”-level serious. The president announced yesterday that all businesses with 100 or more workers will need to mandate vaccines or administer weekly tests for employees, potentially affecting 80 million US workers. If employers don’t comply, companies could receive fines of up to $14k per violation. 

Those rules were part of a speech in which Biden laid out an agressive approach to finally kick the now 18-month-long Covid-19 pandemic. 

Here’s the abridged version of those efforts

1. Vaccine mandates: One new rule would require large businesses to give employees PTO in order to get vaccinated. And Biden’s not just taking aim at the private sector—all federal workers will need to get vaccinated within 75 days or face losing their jobs. But unlike private sector employees, government employees won’t be able to opt for regular testing in lieu of getting vaccinated.

2. Keeping schools open: The administration said it would beef up free Covid testing around the country and increase the supply of home tests in an attempt to protect children returning to school in person.

  • Almost 30,000 children were hospitalized with Covid in August, the most ever reported to date, according to government health data.

3. Booster shot update: The administration said Pfizer booster shots will be ready as soon as Sept. 20. That news comes a day after the head of the World Health Organization asked rich countries to cool it with the third dose talk until the end of the year to make more doses available for lower-income countries with lower immunization rates.

Zoom out: Congressional Republicans are slamming Biden’s plan as government overreach, and it's also bound to face legal challenges. Biden's response? The government has tried everything else to convince more Americans to get vaccinated, and it hasn't worked. "We've been patient. But our patience is wearing thin, and your refusal has cost all of us," he said.

        

TECH

Facebook, but for Your Face

Facebook's Ray-Ban Smart Glasses

Facebook

A brief history of smart glasses:

  • Google Glass:
  • Snap Spectacles: (so far)
  • Facebook’s “Ray-Ban Stories”: We're about to find out.

Facebook launched its first-ever line of smart glasses in partnership with Ray-Ban yesterday. The glasses, which start at $299, contain tiny microphones, cameras, and speakers to keep ’em stylish.

With the glasses, you can...

  • Listen to music and podcasts and make calls.
  • Take videos and photos using just your voice...then, of course, upload them to the Facebook social media platform of your choice.

What about privacy? For these smart glasses to gain traction, Facebook will have to convince consumers that they’re not unwitting characters in an episode of Black Mirror. The company, which has been criticized for its mishandling of user data, said that the glasses won’t be used to serve ads and won’t access content without permission. The glasses also feature a (very small) front-facing light that alerts others when the camera is recording.

Bottom line: Just as Apple popularized the smartphone, Facebook wants to popularize whatever device will succeed it. To that end, Zuck has more than 10,000 people working on consumer hardware for Facebook.

        

MARKETS

It's Electric: The Stock Market After 9/11

Leading up to the anniversary of the September 11 attacks this Saturday, we’ll feature stories that explore the economic impact of 9/11, 20 years later.

For the final installment in the series, we’re going back to our roots and discussing 9/11’s impact on the stock market.

The attacks on NYC’s World Trade Center struck the US financial industry’s central nervous system, where only blocks away from the towers thousands of traders bought and sold stocks at the New York Stock Exchange.

Following the attacks, the US stock market closed for four trading days, the longest shutdown since the Great Depression. The week trading returned, beginning September 17, was disastrous. The S&P 500 plummeted more than 14% that week, wiping $1.4 trillion off the market’s value. Gold, considered a safe-haven asset, spiked, as did oil.

These days, the stock market looks a lot different, writes the WSJ:

  • With trading mostly done electronically, only a handful of traders work the floor of the NYSE. And most of the critical infrastructure is housed in New Jersey data centers.
  • Stocks are traded on more exchanges than just the NYC-based NYSE and the Nasdaq, providing a backstop in case things go haywire in New York. 

But that doesn’t mean things are safer. Because of the digitization of trading, experts worry that a major cyberattack could be equally—if not more—devastating for the stock market than September 11, 2001. “That is today’s equivalent of a 9/11 attack. There is a potential ‘black swan’ event every single day,” former SEC Chair Harvey Pitt told the WSJ.

        

SPONSORED BY GRYPHON

Get In, Friends, We’re Preventing Cyberattacks

Gryphon

Today isn’t any old Friday, folks. It’s the last day you can invest in Gryphon, a patented solution leading the fight to protect homes and small businesses from swelling cyber threats. 

Between the SolarWinds, Microsoft, and Colonial Pipeline hacks, it’s pretty clear lots of networks out there could use some tightening up. With 12 connected devices in the average household, the global number of connected devices is expected to grow to 74 billion by 2025—about 70% of which are vulnerable to hacks. This, combined with millions of people working remotely, means threats have never been greater and closer to home.

Plus, there’s gold to be mined for those who do the tightening up; did you know the global cybersecurity industry could grow to $270 billion? 

You can get in on that by joining Gryphon—they’ve blocked over 9 million threats across hundreds of thousands of connected devices since launching in 2018. Gryphon also has an experienced, savvy team—cofounder and CEO John Wu was one of the inventors of the MiFi mobile hotspot.

Invest in Gryphon today, and you can start calling yourself a crimefighter. The opportunity closes tonight at midnight EST.

GRAB BAG

Key Performance Indicators

Stat: The top 1% of Americans have failed to pay more than $160 billion in owed taxes per year, according to the Treasury Department. The Biden administration is trying to beef up the IRS’s capabilities to crack down on tax evaders with a plan to spend $80 billion on tax enforcement over the next 10 years; Republicans are skeptical that the money will be put to good use.

Quote: “I want a labor market so tight that you don’t even have to cover up your tattoos to get a job. I want employers camped out in front of my office begging for my help in how to hire people getting out of federal prison.”

US Rep. Brad Sherman of California told the WSJ in colorful terms why he supports the reappointment of Fed Chair Jerome Powell. 

Read: Will we ever get a clear idea about what we should eat? (Aeon)

        

Needpix

Two powerful forces driving food spending—the Chase credit card suite and the restaurant review platform the Infatuation—are becoming one. 

JPMorgan said yesterday it was buying the Infatuation and all its websites and apps, including the restaurant review app Zagat, in an unusual expansion into publishing. 

  • The Infatuation has been helping diners find the best Pad Thai in their neighborhood since its founding in 2009. It has a presence in 50 cities globally, and also hosts the food festival EEEEEATSCON.

Why it matters: You don’t need us to tell you banks don’t typically buy media companies. But JPMorgan wants to lock in foodies and travel enthusiasts who are on a spending spree as they emerge from Covid. Despite the recent Delta-fueled wave, sales at restaurants and bars increased 1.7% in July. And the number of travelers at US airports this summer was triple what it was a year ago. 

Bottom line: While this type of deal is rare, it isn't ~unprecedented~. In 2019, American Express acquired Resy, the restaurant reservation platform, in a bid to hold onto its card members amid fierce competition from other credit-card issuers.

        

QUIZ

Certified Lover Quiz

Weekly news quiz

Getting a 5/5 on the Brew’s Weekly News Quiz has been compared to waking up five minutes before your alarm goes off.

It’s that satisfying. Ace the quiz.

WHAT ELSE IS BREWING

  • The DOJ sued Texas, challenging its new law that bans nearly all abortions in the state.
  • Los Angeles became the largest school district in the US to mandate vaccinations for students 12 and over.
  • Microsoft indefinitely postponed its return to office in the US.
  • 101 NFTs from Bored Ape Yacht Club collectively sold at Sotheby’s for $24.4 million, one of the biggest ever sales in the space.

SPONSORED BY FIDELITY INVESTMENTS

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GAMES

Friday Puzzle

Here's a fun challenge: Match each letter with a different digit to make the equation work. M is not zero. 

Send + more = money


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ANSWER

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 Encyclopaedia Britannica | On This Day

September 10
Arnold Palmer

FEATURED BIOGRAPHY


Arnold Palmer

American golfer

READ MORE
John Smith

FEATURED EVENT


1608

John Smith chosen president of Jamestown

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MORE EVENTS ON THIS DAY

Large Hadron Collider

Andrew Lloyd Webber

Gillian Anderson and David Duchovny in The X-Files

Alex Trebek

Ken Curtis and James Arness in Gunsmoke

Roger Maris

ALSO BORN ON THIS DAY







SEE ALL BIOS ON THIS DAY

Axios AM
By Mike Allen ·Sep 10, 2021

It's Friday, Sept. 10 — beginning a solemn 24 hours as America remembers.

  • Smart Brevity™ count: 1,446 words ... 5½ minutes. Edited by Zachary Basu.
 
 
1 big thing: America's civil war of 2021
President Biden spoke in the State Dining Room. Photo: Kent Nishimura /L.A. Times via Getty Images

Top Republicans are calling for a public uprising to protest President Biden's broad vaccine mandates, eight months after more than 500 people stormed the U.S. Capitol to try to overturn the election.

  • Why it matters: It has been decades since America has witnessed such blatant and sustained calls for mass civil disobedience against the U.S. government.

J.D. Vance — author of "Hillbilly Elegy" and a candidate for the GOP U.S. Senate nomination in Ohio — urged "mass civil disobedience" to Biden's plan to use federal authority to mandate vaccination for roughly two-third of America workers.

  • "I have a simple message for America's business community," Vance wrote. "DO NOT COMPLY."

Biden said in his remarks: "Today, in total, the vaccine requirements in my plan will affect about 100 million Americans — two thirds of all workers." 

  • Several Republican governors say they'll go to court to try to stop the mandate for federal employees, contractors and private employers with 100+ workers (enforced by OSHA).
  • South Dakota Gov. Kristi Noem told Sean Hannity on Fox News: "In South Dakota, we’re going to be free. ... We will take action. My legal team is already working."

A top House Republican aide tells me: "Every Republican in the country — especially those running to the right in primaries — is salivating over Joe Biden [igniting] the vax debate."

  • "Republicans think that he's made even pro-vax conservatives into 'anti-vax mandate' Americans."

An official close to Biden tells me the West Wing "knew there would be strong backlash. But unless someone took this on, we'd be in a pandemic forever."

  • "Biden beat Trump by promising strong action based on science. He can't let Abbott/DeSantis block tough action."

Invoking a civil-rights parallel, the official added: "Basically Biden is staring down Southern governors (and some Northern allies). ... Is America divided? Yes. But Biden is uniting the 75% vs. the 25% that is in opposition."

  • The official's bottom line: "That is unity politics in a divided nation — unifying the overwhelming majority threatened by an unruly minority."

🐦 Twitter's top U.S. trends last night had "#IwillNOTComply" at No. 6 — with the NFL's season kickoff in the top four slots, followed by "Big Brother" on CBS at No. 5.

  • #VaccineMandate was No. 8, with #DoNotComply as a trend.

What's next: Fencing will be reinstalled around the Capitol before a Sept. 18 rally, "Justice for J6," supporting those charged in the Jan. 6 riot. Far-right extremist groups plan to attend.

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2. Inside Biden's call with Xi
Xi Jinping


Xi during a mass gala marking the 100th anniversary of the Communist Party on June 28. Photo: Kevin Frayer/Getty Images

 

President Biden sat in the Treaty Room for 90 minutes late last night speaking on the phone with Chinese leader Xi Jinping, Axios' Jonathan Swan reports.

  • Why it matters: The call, which came at the request of Biden and was the first time the leaders have spoken in seven months, was a test of whether Biden's brand of personal diplomacy could make more progress than tense meetings among subordinates.

Top Chinese officials have snubbed and lectured top Biden aides, and Beijing has used Biden's botched withdrawal from Afghanistan as a propaganda coup.

  • When climate envoy John Kerry visited China last week, senior Chinese officials emphatically rejected Biden's proposal to deal with climate cooperation as a freestanding issue.
  • They would also only speak with Kerry by video call, sending a junior official to meet the former secretary of state. (These officials had no problem meeting a Taliban delegation in person just weeks earlier).

A senior administration official described the tone of last night's call as "familiar," "respectful" and "candid."

  • The two leaders discussed the Biden administration's complaint that Chinese officials have been "playing for the press" rather than engaging seriously in negotiations, the official said.
  • Biden sought to explain U.S. actions towards China "in a way that [is] not misinterpreted as ... somehow trying to sort of undermine Beijing in particular ways."

Keep reading.

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3. What's next for airport screening
Check in sign


Illustration: Sarah Grillo/Axios

 

A possible scenario for airport security in the next decade: Shoes stay on, electronics stay in the bag and pockets don't have to be emptied, Axios transportation correspondent Joann Muller writes.

  • What's happening: New shoe-scanning technology and enhanced, high-definition body scanners will begin deployment at airports starting in late 2022, making it easier for TSA to identify threats while cutting down on false alarms.
  • Other technologies in development can differentiate powders from liquids in baggage or replace bomb-sniffing dogs at security checkpoints.

Keep reading.

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A message from Facebook

Internet regulations are as outdated as dial-up
 

 

Facebook supports updated regulations, including four areas where lawmakers can make quick progress:

  • Reforming Section 230.
  • Preventing foreign interference in our elections.
  • Passing federal privacy law.
  • Setting rules that allow people to safely transfer data between services.
 
 
4. Pic du jour: Who knew?
Photo: Leon Neal/Getty Images

The hands of Big Ben, which has been covered in scaffolding (and largely silenced) since 2017, have been restored to their original Victorian-era color of Prussian blue.

  • During the restoration, set to be completed next year, conservators discovered the hands were blue, not black, when the iconic London clock began striking the hour for Westminster 162 years ago. (Reuters)

Timeline.

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5. Stat du jour: A 9/11 every two days


Dr. Delkhah Shahin checks on a 34-year-old, unvaccinated COVID patient at Providence Cedars-Sinai Tarzana Medical Center in Tarzana, Calif., on Sep. 2. Photo: Apu Gomes/AFP via Getty Images

 

Tomorrow, we commemorate the 20th anniversary of the attacks of Sept. 11, 2001, which killed nearly 3,000 people.

  • At least that many are now dying of COVID in the U.S. every two days, Axios' Tina Reed points out.
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6. 🥊 White House spoils for fight on taxes
Joe Manchin


Sen. Joe Manchin (D-W.Va.), at the center of the Hill's fall fights, near the Senate subway on Aug. 5. Photo: Kent Nishimura/L.A. Times via Getty Images

 

The White House plans to lean into attacks on proposed taxes to pay for President Biden's "Build Back Better" agenda as "an inflection point where leaders need to choose which side they’re on."

  • Why it matters: Both ends of Pennsylvania Avenue are heading into an epic fall debate over the size and funding of transformational social and climate programs. The 2022 midterms are the backdrop, with Democrats running partly on jobs created by infrastructure spending.

White House deputy press secretary Andrew Bates tells me: "If Republicans in Congress favor ... preserving exorbitant tax giveaways for the wealthiest Americans over historic tax cuts for middle class families, ... then they've obviously made their choice."

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7. 2024 watch: Christie's "hard truths" for GOP
Chris Christie


Chris Christie talks to Sunny Hostin on "The View" in 2019. Photo: Heidi Gutman/Disney via Getty Images

 

Chris Christie, returning to the same stage where he was begged to run for president 10 years ago, said in remarks at the Reagan Library:

You already know what some professional political operatives are telling Republican politicians, don’t you? Pander to the lies and the liars, they say. ... Whatever you do, don't upset the truth deniers, the conspiracy propagandists, the QAnoners, the white supremacists and the wild extremists who are making so much noise these days. ... If not, they could easily come for you next.
If timid acceptance is the price of admission, we’re not the party we have always been.
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8. Worthy of your time


Covers: The Economist, Pascal Campion/The New Yorker

 

As we mark 20 years since the world changed, here are a few of the commemorations Axios editors found especially worthy:

  • Reportage: "After 9/11, the U.S. Got Almost Everything Wrong," Garrett Graff writes in The Atlantic. "[B]y almost any other measure, the War on Terror has weakened the nation — leaving Americans more afraid, less free, more morally compromised, and more alone in the world."
  • Voices: The Guardian compiled perspectives from Muslim Americans, including Minnesota Attorney General Keith Ellison, actress Zainab Johnson, and pediatrician Sabiha Hussain. MSNBC host Mehdi Hasan writes: "Muslims do not have thicker skins than everyone else. We're not born with a natural ability to just withstand non-stop criticism and accusations and smears." Keep reading.
  • 📚 The books: Carlos Lozada, nonfiction book critic of The Washington Post, writes in a survey of the literature of 9/11 that America, still "reeling from an attack that dropped out of a blue sky," is now "suffering from a sort of post-traumatic stress democracy. It remains in recovery, still a good country, even if a broken good country."
  • 🎧 Podcast: Axios executive editor Sara Kehaulani Goo recommends "Sacred Ground: A 9/11 Story," from "The NPR Politics Podcast." Journalist Tim Lambert's family owned land in Shanksville, Pa., where United Flight 93 crashed. He went back, 20 years later, with NPR's Scott Detrow. They spent time with families who lost someone in Shanksville. Grieving has been a painful journey: The plane's impact left virtually nothing behind. It was these families that pushed for the release of cockpit voice recordings where you hear the struggle between passengers and terrorists for control of the plane. Episode website.
  • Magazine covers: See eleven 9/11-related covers of The New Yorker from the past 20 years. The latest is shown at the top of this item. As narrated by art editor Françoise Mouly:
Pascal Campion depicts two people, likely too young to have experienced the day firsthand, sharing a moment of comfort and consolation on the rebuilt site of the World Trade Center. ...
Life has gone on. And yet, almost two decades later, the surroundings remain imbued with the memory of the events that took place on that day and by the absence of what was.
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A message from Facebook

Why Facebook supports updated internet privacy regulations
 

 

Protecting privacy means something different than it did in 1996—the last time comprehensive internet regulations were passed.

We’ve introduced tools like Privacy Checkup to help people control their information.

Now we need updated regulations to set consistent data protection standards.

 



Governors Take Issue With Biden Vaccine Order

Special: Veteran Tech Legend: ‘Biggest Investing Event in 400 Years’

Fox News Owner Embraces Climate Change in Key Media

Netanyahu’s Son Yair Speaks Out: Israeli Government Spiraling

 

 

 

 

 

Columnists
Republicans Must Stand with Texas on Abortion Law

Larry O'Connor


Why Would a CNN 'Journalist' Be Concerned with Censorship?

Brad Slager


Chipman Nomination Pulled, But Fight to Protect 2A Isn’t Over

Gabriella Hoffman


Rolling Stone Commits 'Horse Dewormer' Fraud

Tim Graham


The Vaccine Mandate Assault on the Common Good

Josh Hammer


In God We Trust. Government — Not So Much!

Ken Blackwell


20 Years after 9/11 – Are We Better Off?

Pat Buchanan


Liberals Make California the New Alabama

Tom Tradup


Climate Change Is Not a Crisis

David Harsanyi



Tipsheet
RNC Will Sue Biden Over Vaccine Mandates

Leah Barkoukis


House Democrat Comes Out Against Reconciliation Bill

Rebecca Downs


Justice Breyer is Asked the Inevitable in His Latest Interview

Rebecca Downs


'See You In Court': Kristi Noem, Others Blast Biden's Workplace Vaccine Mandate

Scott Morefield


Kamala Harris May Want to Think Twice Before Talking about Medical Decisions to Do with One's 'Own Body'

Rebecca Downs


WH Walks Back After Saying COVID-19 Vaccine Mandate Exemption Was Given to One Federal Agency

Julio Rosas


FLASHBACK: President-Elect Joe Biden Was Against Vaccine Mandates

Rebecca Downs


ADVERTISEMENT
The Feminization of America: What Will It Look Like?

Michael Barone


Hold Biden Accountable Before It’s Too Late

Will Alexander


The Hypocrisy of Statue Removal

Jack McPherrin


Why August 15, 2021, Is as Dangerous as September 11, 2001

Joseph D'Souza


9/11 Twenty Years Later – Much to be Proud of...Reasons for Concern

Timothy Nash


How Wall Street Still Owns Washington, Even with the Socialists in Charge

Neil Patel


Masking Kids and the End of Debate

Gavin Wax


The Progressive Freakout

Erick Erickson


Not Satire: Ethically-Challenged WHO Wants to Take Lead on the Ethics of Human Genome Editing

Edie Heipel



FLASHBACK: Psaki Said Vaccine Mandates Are 'Not the Role' of Federal Government

Spencer Brown


Obama DHS Sec. Johnson Says This Is the Most Pressing Threat Against the US

Julio Rosas


GOP Reps Raise Concerns to DHS Over Vetting Process of Afghan Nationals Entering the U.S.

Madeline Leesman


Political Cartoons
Bearing Arms
Former DA Booked Over Ahmaud Arbery Case | Tom Knighton

Heller III: New Lawsuit Filed Over D.C. Gunmaking Ban | Cam Edwards

Bronx DA Wants 'Gun Violence' Strategy. SCOTUS May Give Her One | Tom Knighton

After Chipman Disaster, What's Left For Biden's Anti-Gun Agenda? | Cam Edwards

Portland Mayor Admits Hands-Off Approach To Riots Was Wrong | Tom Knighton

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