Friday, September 24, 2021

BREW WITH AXIOS AND HEADLINES

Daily Brew

TOGETHER WITH

Vanguard

Good morning and TGIF: Thank God it's fall.

Matty Merritt, Sherry Qin, Neal Freyman

MARKETS


Nasdaq

15,052.24

S&P

4,448.98

Dow

34,764.82

10-Year

1.435%

Bitcoin

$44,623.06

Salesforce

$277.86

*Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean.

  • Markets: Stocks caught a second wind during the back half of the week, ripping higher for the second straight day with the Evergrande crisis not yet materializing and the Fed offering soothing words after its meeting Wednesday. Salesforce got a bump after hiking its revenue forecast.
  • Covid: Boosters are ready for liftoff. Advisers to the CDC recommended that the US administer Pfizer booster shots to people 65 and older, people ages 50–64 with underlying health conditions, and nursing home residents, as long as it’s been at least 6 months since their second Pfizer dose. Next, the CDC will need to endorse the plan, and qualifying Americans could receive booster shots soon after.

TECH

Proposed EU Rule Has Apple All Charged Up

USB-C cord wrapping around apple logo like a boa constrictor

Francis Scialabba

We’re not the only ones singing the praises of the far-superior USB-C cord. The European Commission (EC) proposed a rule yesterday that would require small tech gadgets like phones, tablets, and headphones to have the same, standardized chargers. This small change would have huge ramifications for device makers.

The proposal aims to cut down on e-waste and all the perfectly good charging cables European citizens throw out every year, which the commission estimates is over 11,000 tons worth. If the law is passed (and there’s a very good chance it will be), electronics manufacturers will have two years to make all new devices USB-C compatible so consumers won’t need to buy a new charger with every new device.

  • The EU has been trying to cut down the number of cords in its citizens’ junk drawers since 2009, when there were 30+ different chargers to choose from. It’s slimmed down since then to three popular options.

Tim Cook says get your grubby hands off my ports

The company most affected by the ruling by far would be Apple, the tech company that notoriously does not play well with other devices. While some newer iPad versions have USB-C ports, iPhones still use Apple’s Lightning charger. It could cost the company up to $1 billion to change course.

  • In 2018, 21% of all smartphones sold in the EU had a Lightning port.

Apple released a statement arguing that this rule would stifle innovation and hurt consumers. In the past, Apple has objected to common charger mandates, saying they would create even more waste when everyone dumps their different cords to replace them with the new one.

Big picture: Apple and the EU have been getting along about as well as dairy and a Gen Z’s stomach. Among its other antitrust battles, Apple has been accused by the EU of violating competition laws. —MM

        

AVIATION

Unruly Airplane Passengers Get More Ruly

Scene from the movie Airplane

Giphy

The FAA released fresh numbers yesterday showing that while the problem of unruly passengers on flights remains historically high, it’s on a gradual descent.

The agency has recorded 4,385 unruly passenger incidents this year—more than 70% of which involve masks. And so far in 2021, it’s handed out $1.1 million in fines. But FAA Administrator Steve Dickson said the zero-tolerance policy the agency introduced in January is working: Unruly passenger incidents have fallen 50% from early 2021.

The backstory: Routine flights have devolved into daycare centers during the pandemic, with passengers increasingly lashing out over safety policies like mask mandates. In some extreme cases, exasperated flight attendants have resorted to duct taping the most disobedient passengers to their seats.

  • What they have done: Airlines including Southwest and American have banned alcohol sales on flights until 2022.

Zoom out: Aviation reps testified on Capitol Hill yesterday as lawmakers put more pressure on the industry to make flying less miserable for everyone. —NF

        

WEALTH

That's a Big Bank Account You Got There

household wealth

Francis Scialabba

The net worth of US households rose to a record $141.7 trillion in the second quarter, up 19.6% from a year ago, the Fed reported yesterday.

  • Net worth = your assets (savings, stock holdings, real estate) – your liabilities (loans, credit card debt).

The unprecedented rise in net worth reflects two defining trends of the US economy in 2021: a surging stock market and a white-hot housing market. Of the $5.85 trillion increase in net worth, stocks accounted for $3.5 trillion, and real estate appreciation was responsible for $1.2 trillion.

  • Home equity percentage, or the portion of your home that is actually yours as you pay off a mortgage, rose to 67.7% in April, the highest level since the 2008 financial crisis.

We had a lot of help along the way. The government’s stimulus measures to counter the Covid-induced recession, such as enhanced unemployment benefits, fortified personal balance sheets with the strength of 10 million lentils.

Zoom out: Higher net worth also came with a big surge in IOUs. Household debt jumped 7.9% in Q2, a more rapid pace than in previous quarters, spurred by skyrocketing home prices and cheap borrowing costs. —SQ

        

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GRAB BAG

Key Performance Indicators

An auto assembly line in Germany

Sebastian Kahnert/picture alliance via Getty Images

Stat: The persistent global chip shortage will cost the auto industry $210 billion in revenue, according to consulting firm AlixPartners, nearly double its previous estimate. Automakers are estimated to lose 7.7 million units of production this year as factory shutdowns across Southeast Asia have delayed a return to supply chain normalcy.

Quote: “The worst time in the world we want to shut down the government is in the middle of a pandemic where we have 140,000 people a day getting infected and 2,000 people a day dying.”

Dr. Fauci is one of many prominent figures pressuring lawmakers to work out a deal to keep funding the government past next Thursday. The White House budget office told federal agencies yesterday to prepare for the first shutdown of the Covid era.

Read: The scientist and the AI-assisted, remote-control killing machine. (New York Times)

        

QUIZ

News Quiz, Who Dis

Weekly news quiz

Getting a 5/5 on the Brew’s Weekly News Quiz has been compared to successfully pulling yourself away from TikTok after only three minutes.

It’s that satisfying. Ace the quiz.

WHAT ELSE IS BREWING

  • Twitter is allowing users to get tipped in bitcoin.
  • Nike cut its fiscal 2022 revenue expectations; it's struggling from major supply chain issues.
  • The Gilgamesh Tablet, one of the world’s oldest works of literature at 3,500 years old, was returned to Iraq. It had been smuggled out of the country and purchased by the retailer Hobby Lobby in 2014.
  • Nintendo announced that the Super Mario Bros. Animated Film movie is hitting theaters December 2022. It's-a me, Chris Pratt.
  • Golf’s Ryder Cup begins today in Wisconsin. GO USA.

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BREW'S BETS

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FROM THE CREW

Crypto Investing 101

Illustration for Crypto Crash Course

If you’re interested in dipping a toe into crypto but haven’t yet checked out our Crypto Crash Course, you definitely should. Here’s just a sampling of the content:

  • Everything you need to know about crypto wallets
  • Early crypto investors share their regrets, opportunities, and advice
  • How to choose a cryptocurrency (and a crypto platform)

You may even learn what the heck HODL stands for. Learn all about crypto investing here.

GAMES

Friday Puzzle

It’s nearly the weekend, but don’t turn your brain off quite yet—here’s a fun logic puzzle from the Guardian.

Wittgenstein has been murdered. The culprit is one of either Friedrich Nietzsche, Lou Andreas-Salomé, Karl Marx, or Ludwig Feuerbach. They make the following statements. You have been correctly informed that the guilty person always lies, and everyone else tells the truth.

Nietzsche: Salomé is the culprit.
Salomé
: Marx is innocent.
Feuerbach: Salomé’s statement is true.
Marx: Nietzsche’s statement is false.

Who killed Wittgenstein?

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ANSWER

Nietzsche.

From the Guardian: "If Nietzsche is telling the truth, then Salomé is the culprit and therefore a liar. Thus Marx is not innocent, meaning he is the culprit. We can’t have two culprits, since this is forbidden in the setting of the question, and so we are led to contradiction. Nietzsche must therefore be lying. If he is lying, then everyone else tells the truth, which they can without contradiction. Thus Nietzsche killed Wittgenstein."

Encyclopaedia Britannica | On This Day
September 24
Jim Henson and Kermit the Frog

FEATURED BIOGRAPHY


Jim Henson

American puppeteer


READ MORE
Little Rock Nine

FEATURED EVENT


1957

Federal troops sent into Little Rock, Arkansas


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MORE EVENTS ON THIS DAY

hajj: 2015 stampede
Colin Firth and Jennifer Ehle in Pride and Prejudice
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Nirvana
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USS Enterprise

ALSO BORN ON THIS DAY

SEE ALL BIOS ON THIS DAY


Axios AM
By Mike Allen ·Sep 24, 2021

Happy Friday. Smart Brevity™ count: 1,184 words ... 4½ minutes. Edited by Justin Green.

🗳️ Breaking: In Arizona, private contractors conducting a GOP-commissioned recount confirmed President Biden’s win in Maricopa County. (WashPost)

 
 
1 big thing: Biden's big bet backfires
Two key dealmakers — Sen. Joe Manchin (D-W.Va.) and Sen. Mark Warner (D-Va.) — leave a luncheon in the Capitol yesterday. Photo: Kent Nishimura/L.A. Times via Getty Images

President Biden bit off too much, too fast in trying to ram through what would be the largest social expansion in American history, top Democrats privately say.

Why it matters: At the time Biden proposed it, he had his mind set on a transformational accomplishment that would put him in the pantheon of FDR and JFK.

  • Democrats, controlling two branches of government, saw a once-in-a-lifetime opening. In retrospect, some top advisers say this should have been done in smaller chunks.

An outside White House adviser said: "Reality is setting in that you can’t pass a $3.5 trillion package. It’s going to get scaled back. The question is whether it can be done this year."

  • In branding some Democrats wish had started months ago, White House chief of staff Ron Klain said Sept. 15 at the SALT financial conference in New York: "The net cost of Build Back Better is zero."

The $3.5 trillion price tag covers the 10-year cost of Biden's infrastructure plans, plus massive social spending, including pre-K for all 3- and 4- years olds, and two years of tuition-free community college.

  • Biden needs to show lawmakers on the left he's with him on topics like this, when he's being pulled to the right on immigration.
  • The proposal was always an opening bid. The White House points out that the final figure is still being negotiated.

But the big number stuck and is the near-universal way Biden's plans are described.

  • The New York Times' David Leonhardt said on CNN earlier this month that the price "highlights a political weakness of how the Biden administration ... They haven't given anyone any other way of selling the bill because it's sort of such a hodgepodge of different things."

The White House points to polling showing the components of Build Back Better are popular, and emphasizes $3.5 trillion as a "gross investment figure" that'll be paid for through tax increases.

  • White House spokesman Andrew Bates told us: "The bill’s price tag is $0 because it will be paid for by ending failed, special tax giveaways for the richest taxpayers and big corporations, adding nothing to the debt."

Share this story.

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2. Competence issue undercuts Biden polling
Graphic: Gallup

Sudden doubts about President Biden's competence — on Afghanistan, immigration and COVID — are driving double-digit drops in his approval in private polling in swing House seats, The Cook Political Report's Amy Walter writes.

  • Why it matters: "[T]hese early mistakes go directly to the very rationale of his presidency; that it would be low drama and high competence."

Besides those setbacks, Biden "looks more like a helpless bystander than an experienced Capitol Hill deal maker, watching from the sidelines as his party struggles with internal divisions," Walters writes.

  • "For many voters," Walters adds, "things in Washington look like more of the same; politicians squabbling instead of solving problems."
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3. House issues first 1/6 subpoenas


Image: U.S. House

 

The House committee investigating the Capitol riot is already playing hardball with former aides to President Trump who were in touch "with the White House on or in the days leading up to the January 6th insurrection."

  • The committee last night released letters demanding testimony and documents from former White House chief of staff Mark Meadows ... Dan Scavino, Trump's tweeter ... former Pentagon official Kash Patel ... and former adviser Steve Bannon.

Patel and Bannon are summoned for depositions on Oct 14, followed by Meadows and Scavino on Oct. 15, Axios' Ivana Saric writes.

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A message from Bank of America

Everybody Counts: Report suggests it’s time to diversify diversity
 

 

When it comes to giving everyone in our society a voice in the economy, progress is overdue.

A new report from BofA Global Research makes the case for companies to develop more effective diversity and inclusion policies—which will have a broad impact across business, society, and the economy.

 
 
4. Pic du jour
Photo: @KFILE

The White House was lit up in gold last night for Childhood Cancer Awareness Month, writes CNN's Andrew "KFile" Kaczynski, who fights for his daughter Francesca's legacy through Team Beans Fund.

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5. 5G's slow roll


Illustration: Sarah Grillo/Axios

 

Two years into the 5G era, expensive new cellular networks have blanketed much of the country. But even people who have a 5G-capable device may not have seen much change yet, Axios' Ina Fried writes in her weekly "Signal Boost" column.

What's happening: The current crop of 5G networks are built on-top of the existing 4G LTE networks.

  • Still to come are standalone 5G networks that are needed to deliver on some of 5G's biggest promises, including ultra-low latency — the kind of delay-free responsiveness required for applications like remotely manipulating robots and vehicles.

Plus: iPhones, which have been offering 5G for a year now, only tap 5G networks when they believe the speed boost is needed. That's part of a scheme to save battery life.

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6. Golden age of HR


Illustration: Rae Cook/Axios

 

Human resources departments are gaining clout as companies grapple with return-to-work plans and the war for talent, Erica Pandey writes in Axios What's Next.

  • Listings for HR jobs are spiking — up 53% from before the pandemic, according to data from the jobs site Indeed.
  • C-suites now include chief people officers.

Modern issues that newly muscular HR departments must grapple with include mask and vaccination policies, managing remote teams, therapy pets in the office, gender designations for restrooms, and removing college degree requirements for hiring.

  • This new clout is reflected in new lingo: HR is increasingly known (including @ Axios) as the "People Team."

Keep reading.

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7. New features spread Twitter's wings


Illustration: Aïda Amer/Axios

 

Twitter announced Bitcoin tips and other new features, Axios Media Trends expert Sara Fischer writes.

  • Why it matters: For years, Twitter made few changes to its product, instead relying mostly on ad innovations to grow its business. Now, it's adding new features faster than it ever has.

Twitter rolled out Tips to every user globally, and now allows users to tip with Bitcoin via the payment app Strike.

  • Users can drop links to payment profiles in their bios and Tweets.

Live audio: Twitter also said it'll allow recordings of live audio conversations and events held via its "Spaces" feature.

  • Read more about Twitter Tips ... Share this story.
Share on Facebook Tweet this Story Post to LinkedIn Email this Story
 
 
8. North America's oldest human tracks
Fossilized human footprints at the White Sands National Park in New Mexico. Photo: National Park Service via AP

Fossilized footprints found in New Mexico indicate that early humans were walking across North America around 23,000 years ago, AP reports.

  • The fragile footprints, made of fine silt and clay, were found in a dry lake bed in White Sands National Park in 2009.
  • Scientists at the U.S. Geological Survey recently analyzed seeds stuck in the footprints to determine their approximate age, ranging from around 22,800 and 21,130 years ago.

What happened: Most scientists believe ancient migration came by way of a now-submerged land bridge that connected Asia to Alaska.

  • Based on stone tools, fossil bones and genetic analysis, other researchers have estimated humans arrived in Americas 13,000 to 26,000 years ago or more.
  • The new study provides a more solid baseline for when humans definitely were in North America. They could have arrived even earlier, the authors say.

Based on the size of the footprints, researchers believe that at least some were made by children and teenagers who lived during the last ice age.

💡Ciprian Ardelean, an archaeologist at Autonomous University of Zacatecas in Mexico, tells the N.Y. Times: "I think this is probably the biggest discovery about the peopling of America in a hundred years."

Share on Facebook Tweet this Story Post to LinkedIn Email this Story
 
 

A message from Bank of America

Unequal opportunity carries a price tag
 

 

There is so much work to be done to address the economic inequities faced by communities of color.

A new report by BofA Global Research highlights the need for diversity and inclusion programs, as well as the lost opportunities that result from excluding marginalized groups from the economy.

 

  Donald Trump doubled over with laughter over what Elon Musk just said about Joe Biden

Recently, SpaceX successfully launched four non-astronauts into orbit for three days with the use of the Crew Dragon spacecraft, which was developed by CEO Elon Musk.

Joe Biden made no mention of Musk’s incredible success.


And Donald Trump doubled over with laughter over what Elon Musk just said about Joe Biden.

Click here to read the full story >>


Columnists
The FBI Has Problems

Kurt Schlichter


The New Late-Night King

Larry O'Connor


CNN Host Spoke with an Elite to Understand the Serfs

Brad Slager


Sounding Off on Suppressor Deregulation: Will It Ever Get a Shot?

Gabriella Hoffman


The Moral Perverseness of Democrats' Foreign Policy Priorities

Josh Hammer


Uma Thurman’s Abortion Story Reveals the Tragedy of ‘Choice’

Katie Yoder


Giving a Platform to Ebrahim Raisi Is a Dark Stain on the UN

Ken Blackwell


The Coming Climate Crisis Shakedown in Scotland

Pat Buchanan


The Hunter Biden Cover-Up Is a Scandal

David Harsanyi



Tipsheet
Grassley Makes 4 AM Political Announcement

Leah Barkoukis


Walensky Ignores CDC Advisory Panel's Recommendation Against Boosters for Younger At-risk Workers

Leah Barkoukis


Cook Political Report Has Some Brutal News for Biden and the Democrats

Matt Vespa


How Will OSHA Push An Unpopular Vaccine Mandate?

Sarah Lee


From Fines to Hacking, France is Not Doing So Well with Vaccine Passports

Rebecca Downs


Key Figures Subpoenaed by January 6 Select Committee

Rebecca Downs


Poll Now Shows Joe Biden More Unpopular Than Donald Trump

Rebecca Downs


ADVERTISEMENT
Hillary Clinton Should Apologize for the Biggest Political Hoax Since Titus Oates

Michael Barone


Lawmakers Need To Use Britney Spears’ Case to Save America’s Most Vulnerable

Bernard Kerik


North Carolina is Getting Another Seat in Congress. Here’s How To Make Sure We Can Do Something With It

Katlyn Batts


Regarding Gabby Petito

Erick Erickson


Weaponizing the Minimum Wage

Barney Brenner


Pelosi and Biden Give Human Life a One-Two Punch

Connor Semelsberger


The Coming Dem/Progressive Civil War

Nicholas Waddy


No Matter How One Connects the ‘Green Energy’ Dots, America Needs Pebble’s Copper

Rick Whitbeck


New Report: More Americans Are Choosing Charter Schools Over Failing Government Schools

Chris Talgo


Budget Reconciliation: We Have to Pass the Bill to Find Out What's in It

Wesley Coopersmith



Texas Democrat Explains Why VP Harris' Trip to Central America Was Pointless

Julio Rosas


House Oversight Democrats Will Hold Hearing on State Abortion Laws

Madeline Leesman


Poll: Supermajority of Americans Want EcoHealth Alliance Subpoenaed

Rebecca Downs


Political Cartoons
Bearing Arms
GOA Moves Against Anti-Hunting Proposal | Tom Knighton

IG Audit Expected To Highlight Failure Of Illinois Gun Control Law | Cam Edwards

Should An Argument Lead To You Losing Your Guns? | Tom Knighton

Dems Slip Red Flag Provision Into Military Spending Bill | Cam Edwards

Defensive Gun Uses Happen Far More Often Than Homicides | Tom Knighton

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