Monday, September 20, 2021

BREW WITH HEADLINES



Daily Brew

TOGETHER WITH

Fidelity Investments

Good morning. Considering that we just finished the final weekend of the summer, take 30 seconds to revisit the past three months. What were the highlights? Who were the people you met? What are the experiences you hope to build upon? 

...

I hope that put a smile on your face—it did for me. Enjoy the news and have a great day.

Neal Freyman

MARKETS: YEAR-TO-DATE


Nasdaq

15,043.97

S&P

4,432.99

Dow

34,584.88

Bitcoin

$46,045.87

10-Year

1.371%

Oil

$71.41

*Stock data as of market close, cryptocurrency data as of 11:00pm ET. Here's what these numbers mean.

  • Markets: While stocks have been in a mood lately, the September sell-off hasn’t been that steep. All three indexes remain within 3% of their all-time highs. 
  • World: Canadians head to the polls today to vote in the country’s federal elections. Prime Minister Justin Trudeau’s Liberal Party and the Conservatives are running neck and neck.

ECONOMY

Raising the Debt Roof

Office characters raising the roof

Giphy

House Democrats will make moves this week to suspend the $28.5 trillion debt ceiling as an October deadline fast approaches. 

Without suspending the debt ceiling, the US wouldn’t be able to borrow money to pay its bills—and things would get ugly if that happened. The federal government would have to slash spending for programs like Medicaid, local governments would find it harder to borrow, and financial markets could go haywire. In short, a failure to act would “produce widespread economic catastrophe,” Treasury Secretary Janet Yellen wrote in the Wall Street Journal. 

This one’s going to be on the Dems. Senate Republicans, led by Mitch McConnell, are saying they won’t vote to suspend the debt ceiling in order to make a statement about the level of spending Democrats have proposed. “Republicans will not facilitate another reckless, partisan taxing and spending spree,” McConnell tweeted last week. 

What is the debt ceiling? 

A cap on how much the US government can borrow to finance its operations. 

  • It was introduced during World War I so that Congress wouldn’t have to approve every bond issuance by the Treasury Department as it had done previously—freeing up more time for name-calling. 
  • The debt ceiling has been suspended dozens of times over the years, including 3x during the Trump administration. 

Important note: The debt ceiling doesn't account for new spending, like the $3.5 trillion proposal the Democrats have on the table. Instead, it’s about spending Congress has already authorized, such as paying out Social Security. 

Over the years, the debt ceiling has become a “political weapon,” according to the AP, as each party tries to blame the other for their spending habits and for heaping more debt on the US. 

Bottom line: Business leaders don’t care who’s in charge—they just want someone to take care of the problem. The Business Roundtable, an influential group of top executives, wrote that a failure to suspend the debt ceiling could “produce an otherwise avoidable crisis and pose unacceptable risk” to the country’s economy and markets. 

        

Giphy/The Crown

The Emmy Awards aired last night during a funny moment in entertainment history: Streaming TV shows have never been more popular, but the awards shows about them are sliding out of relevance. Still, the Emmys were relevant enough for the newsletter, so here are the highlights.

Obligatory pandemic disclosure: The Emmys were held in-person, but with a much smaller live audience. Cedric the Entertainer was the host.

The Crown gets crowned. The Netflix show brought home seven wins, the most of any show. The Crown also became the first Netflix show to win outstanding drama series (typically dominated by HBO).

Stache + Beard = winning combo: Ted Lasso won best comedy, becoming Apple TV Plus’s first series Emmy. 

Hulu who? The streaming service came away with zero wins despite 21 nominations for The Handmaid’s Tale

Conan to the rescue: Conan O’Brien channeled his inner class clown and stole the show multiple times, like crashing the stage for Stephen Colbert’s win. 

+ Final fun fact: The SNL episode hosted by Elon Musk won an Emmy for outstanding contemporary makeup for a variety, nonfiction or reality program (non-prosthetic). 

        

LABOR

The Child Care Job Crisis

Baltimore, Maryland United States - January 12: Shanikia Johnson, a thre...

The Washington Post/Getty Images

Of all the sectors desperate to fill jobs, the child care industry is sending the most urgent SOS signal, according to the Washington Post.

Child care is down 126,700 employees since before the pandemic, a drop of more than 10%. And more than 10,000 workers have left for other industries since June, per the Department of Labor. 

Why? “The pay is absolute crap,” one former child care worker told the WaPo.  

  • The median income for the industry is $25,460, putting it in the bottom 2% of all professions. 
  • Child care workers regularly make less than $15/hour, lower than most retail jobs at this point.
  • College graduates who major in early childhood education earn the least out of 137 majors, according to a report from Georgetown University.

Big picture: The Treasury Department has called the child care system “unworkable” in its current form. More than one-third of child care providers are considering quitting or closing down within the next year, per a recent survey. 

Looking ahead...the Biden administration is proposing a ~$450 billion investment in child care as part of its budget bill—the largest federal investment in child care in history.

        

SPONSORED BY FIDELITY INVESTMENTS

Trade, Responsibly

Fidelity Investments

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Spoiler: It’s all about being smart. Do your best to make a plan and stick to it. 

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Download Episode Two, Season Two, of Fresh Invest to help you become a smart, active trader here.

GRAB BAG

Key Performance Indicators

The whitest paint in the world

Purdue University/Jared Pike

Stat: A white paint created at a Purdue University lab has been named the whitest paint ever made by the Guinness World Records. There is a madness to the whiteness: This paint reflects 98.1% of solar radiation, keeping whatever it’s coating cooler than the surrounding temperature. Researchers are calling it an important tool for energy conservation.

Quote: “I don’t think they made a mistake.”

Dr. Fauci supports the FDA panel’s decision on Friday to not recommend a third Covid-19 vaccine booster shot for the general public. He said he could eventually get behind boosters as more evidence rolls in.

Read: How Lil Nas X mastered the art of attention. (GQ)

        

Michael Nagle/Getty Images

UN: World leaders will once again clog the streets of New York City for the United Nations General Assembly this week, after last year’s meeting went virtual. They’ll discuss Covid-19, climate change, and how to cheer up a salty France.

Economy: After the Fed wraps up its meeting on Wednesday, Chair Jerome Powell will give an update on plans for winding down pandemic-era stimulus measures.

Earnings: FedEx, Stitch Fix, Nike, and Costco all report earnings this week. Expect to hear about supply chain woes.  

Everything else: 

  • Fall officially begins on Wednesday. 
  • Golf’s Ryder Cup starts Friday, pitting the US vs. Europe.
  • TV shows returning this week: Survivor, The Great British Bake Off, The Voice, Dancing With the Stars
        

WHAT ELSE IS BREWING

  • The four civilian crew members of SpaceX’s Inspiration4 mission splashed down safely Saturday night.
  • The Senate parliamentarian, a nonpartisan official charged with sorting out the chamber’s rules, said Democrats can’t include their immigration measure in their $3.5 trillion budget bill.
  • Natural gas prices are soaring, raising concerns around availability for the winter.
  • Facebook said the WSJ’s recent investigations into the company contained “deliberate mischaracterizations” and assigned false motives to employees.

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BREW'S BETS

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GAMES

The Puzzle Section

Kriss Kross: Today's puzzle asks you to identify famous American landmarks. Solve it here.

Nutritional Facts

We’ll give you the ingredients for a popular food product. Can you name the product? 

Chili, Sugar, Garlic, Salt, Distilled Vinegar, Potassium Sorbate and Sodium Bisulfite as preservatives, and Xanthan Gum.

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ANSWER

Sriracha sauce 

 

Encyclopaedia Britannica | On This Day
September 20
Upton Sinclair

FEATURED BIOGRAPHY


Upton Sinclair

American novelist

READ MORE
Rome: Piazza Navona

FEATURED EVENT


1870

Rome incorporated into Italy

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MORE EVENTS ON THIS DAY

Hurricane Maria

Barack Obama: repeal of “Don't Ask, Don't Tell”

Cal Ripken, Jr.

“Battle of the Sexes”

Cannes film festival


ALSO BORN ON THIS DAY







SEE ALL BIOS ON THIS DAY

 


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Axios AM
By Mike Allen ·Sep 20, 2021

🗽 Good Monday morning. It's the first day of New York City's Climate Week. President Biden speaks to the UN in New York tomorrow.

  • Smart Brevity™ count: 1,174 words ... 4½ minutes. Edited by Zachary Basu.

🚀 Launching today: Axios Chicago ... Axios D.C. ... Axios Nashville. Sign up here.

 
 
1 big thing: Travel revolution
Data: TSA. Chart: Jared Whalen/Axios

Airbnb CEO Brian Chesky will argue this week that the world is undergoing a "travel revolution," in which some parts of the industry stay shrunk but the sector ultimately comes back "bigger than ever."

  • Why it matters: Chesky, who faced the abyss when the world shut down last year, foresees a significant shift in how people move around, with more intentional gatherings of family, friends and colleagues — even if routine business travel is never what it once was.

Chesky will unveil his "revolution" this week at the Skift Global Forum, a gathering of travel-industry leaders (in-person, of course — vaccinated-only, near JFK airport). Among Chesky's top points:

  • Travel will be back bigger than ever — just not like it was in 2019. After isolating, he'll say, people want to come together.
  • The flexibility created by remote work is driving this shift. Zoom is the latest to disrupt travel, following revolutions by steam engines, mass-produced cars and commercial air travel.

A factor helping the travel business, Chesky will argue:

  • Extended weekends are on the rise. Airbnb says bookings for three- and four- day weekends with families were up 70% from Q2 2019 to Q2 2021.
  • Long-term stays (28+ nights) were Airbnb's fastest-growing trip-length category in Q2 data. Airbnb says its surveys show people plan to continue extended getaways.

✈️ Reality check: New data out today will show the Delta variant is derailing fall travel plans, Hope King reports for Axios Markets.

  • Thanksgiving domestic flight bookings in August were 18% lower this year compared with 2019, according to the Adobe Digital Economy Index.

The big picture: Domestic flight demand remains far off pre-pandemic levels.

  • Online bookings last month reached $4 billion, a decline of 35% from August 2019.

Share Chesky's preview.

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2. Governments hold upper hand online


Illustration: Aïda Amer/Axios

 

Governments around the world are finding it easier than ever to make the internet, and the companies that run it, knuckle under, Axios managing Scott Rosenberg reports.

  • On Friday, Russia forced Apple and Google to remove an app that supporters of dissident leader Alexei Navalny had created to coordinate opposition votes in Russian elections.
  • Also last week, China's government removed nearly all online content connected with one of its top movie stars, as part of a broader campaign against the power of celebrities. "Erased from the Internet," as The Wall Street Journal put it (subscription).

The big picture: Governments are limiting or banning applications, content and connectivity itself — and Big Tech companies, rich and powerful as they are, can't or won't fight back.

  • From the Arab Spring to Black Lives Matter protests, the internet helped organizers build popular movements and even overthrow governments.
  • But the tables have turned: Technology is giving entrenched leaders and parties an effective lever to bolster their power.

Share this story.

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3. Roadblock for Dems' immigration plan
List of Biden's headaches


Screenshot: CNN

 

The Senate parliamentarian ruled last night that Democrats can't include pathways to citizenship in the $3.5 trillion budget reconciliation package, Axios' Stef Kight reports.

  • Why it matters: It's a blow to Democrats' hopes of providing pathways for millions of undocumented immigrants in the U.S.

At issue was how tightly the provision relates to the budget.

  • "Changing the law to clear the way to [legal permanent residence] status is tremendous and enduring policy change that dwarfs its budgetary impact," the parliamentarian wrote in the ruling.

The reconciliation route would have allowed Democrats to pass politically contentious immigration changes with only 50 Senate votes, as opposed to the usual 60 required.

  • The plan would have provided green cards for Dreamers, Temporary Protected Status holders and undocumented essential workers.

Context: It's the second time since President Biden took office that the parliamentarian has clipped Democratic efforts to push the limits of reconciliation. The first time stopped efforts to raise the minimum wage.

What to watch: Democrats plan to go back to the parliamentarian to see if there are other routes.

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A message from Bank of America

Lessons from Ali for today
 

 

Ken Burns discusses Muhammad Ali’s background and how the journey of boxing’s greatest champion is more relevant today – in sport, culture and beyond.

“He is speaking to us with a kind of force and clarity...that to me is just so enduring.” - Ken Burns

 
 
4. Pic du jour
Photo: Al Drago/Getty Images

Seen from atop the Washington Monument, 660,000+ white flags form the "In America: Remember" art installation, commemorating Americans lost to COVID.

  • The flags will be on the National Mall through Oct. 3.

Go deeper ... Dedicate a flag.

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5. U.S. flies migrants back to Haiti


Migrants board a Coast Guard plane yesterday at Del Rio International Airport in Texas. Photo: Marco Bello/Reuters

 

300+ Haitians returned home after the U.S. flew them back from Texas, leaving would-be migrants angry about their failed search for a better life outside their impoverished country, Reuters reports from Port-au-Prince.

  • 12,000+ migrants are packed under — and beside — International Bridge in Del Rio, Texas, after wading across the Rio Grande, CNN reports.
Drone's-eye view of the bridge yesterday. Photo: Adrees Latif/Reuters

Plants from the Rio Grande are being used for roofs on the makeshift city sprawling out from the bridge, NBC's Morgan Chesky reported.

  • Border Patrol agent Brandon Judd told ABC News near the bridge: "We’ve never seen anything like this. This is completely and totally out of the norm of anything that we've ever seen."
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6. 📊 Stat: Vax-hostile Alabama is literally shrinking


A vaccination event in Birmingham, Ala., on Aug. 28. Photo: Andi Rice/Bloomberg via Getty Images

 

Alabama, which has one of the country's lowest COVID vaccination rates, recorded more deaths in 2020 than births — a first in state history.

  • Alabama State Health Officer Dr. Scott Harris says it could happen again in 2021 — the state is literally shrinking, Alabama News Network reports.
  • The Yellowhammer State had 65,000 deaths last year, compared to 58,000 births — a gap of 7,000.

Harris said: "We’re going to have around six or seven thousand more people who died in our state this past year than any year we have ever had, going back to the year 1900. That’s how far I’ve asked our staff to go back." (AL.com)

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7. Alabama tries again on racist constitution


Two female African American students arrive at West End School in Birmingham, Ala., on the first day of the city's desegregation of schools — Sept. 4, 1963. Photo: Michael Ochs Archives/Getty Images

 

Alabama lawmakers are working to strip racist language from the state constitution. Voters will get their say in '22 if the process keeps moving.

  • Efforts to rewrite the constitution have failed twice in the past 20 years. But "jolted partly by racial justice protests across the country," a committee of lawmakers and lay people began the redrafting process this month, The New York Times reports (subscription).

Nearly 70 years after the Supreme Court ruled out segregation in public schools, this language remains in Alabama's governing document, AP notes:

  • "Separate schools shall be provided for white and colored children, and no child of either race shall be permitted to attend a school of the other race."

Alabama's "Committee on the Recompilation of the Constitution" meets again Oct. 13.

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8. Streamers win the Emmys
"Ted Lasso" winners (from left): Jeremy Swift, Phil Dunster, Brett Goldstein, Hannah Waddingham, Jason Sudeikis, Juno Temple, Nick Mohammed, Brendan Hunt. Photo: Rich Fury/Getty Images

Netflix's "The Crown" and "The Queen's Gambit" combined with Apple TV+'s "Ted Lasso" to sweep top series honors at the Emmy Awards, a first for streaming services that cemented their rise to prominence in the television industry, AP reports.

  • Netflix led with 44 awards, equaling the broadcast network record set in 1974 by CBS.

Reality check: "No performers of color won in any of the comedy, drama or limited series categories despite some of the strongest contenders in years," L.A. Times TV critic Lorraine Ali notes.

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A message from Bank of America

Exploring Muhammad Ali’s legacy
 

 

One of America’s greatest documentarians tells us what he and his team discovered exploring the life of an American icon.

“Looking back over the nearly 40 films I’ve made...in the end they’re all about love, and that’s what I think Muhammad Ali was about.” - Ken Burns

 

  _______SUBSCRIPTION INFO_______

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Would Jesus Wear A Mask?

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Biden Sinking in Virginia Could Spell Bad News for Virginia Democrats

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The Radical Communist Takeover of Our Country: America is Finished ... Unless We Move Quickly

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A Quick, Compelling Bible Study Vol. 79: Jesus, Money and Pop Culture

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The Busler Single Rate Tax Plan Ensures All Americans Pay Their "Fair Share"

Michael Busler



Tipsheet
Democrats Dealt 'Crushing Blow' to Immigration Plan in $3.5 Trillion Package

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Biden Has Lost the Middle...But a Lingering Question Remains

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'This Is Insane': Elites Gather for Emmys in L.A. Where Apparently COVID Doesn't Exist Anymore

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Democrats Really Won't Like Manchin's Latest Stance on Biden's $3.5T Budget Bill

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FBI Says Body Found in Wyoming Matches Description of Gabby Petito

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'President Unity' Failed to Unite America

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Military Aircraft Crashes into Texas Neighborhood, Causing Injuries, Damaging Homes

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I Knew It Would Be a Disaster, But This?

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Biden Afghanistan Fiascos Demand Accountability

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Political Hypocrisy, the War on Churches, and COVID

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Ida Nudel - Petite Giant of the Soviet Jewry Movement

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Silly General Milley Is a Woke Joke

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Replacing Joe Biden with Leon Panetta Could Save America

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Will the Vienna Talks and the Return to Joint Comprehensive Plan of Action Prevent Khamenei from Acquiring the Atomic Bomb?

Cyrus Yaqubi



WATCH: Even Mainstream Sunday Shows Slam Biden's Blunders

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Ted Cruz Blasts Biden's Vaccine Mandate, Says Administration Wants to 'Change the Topic from Afghanistan'

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Former Obama Joint Chiefs of Staff Chairman Says There Needs to be Accountability for Botched Drone Strike

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Political Cartoons
Bearing Arms
Salon's Latest Hit Piece On Gun Makers Misses The Mark | Cam Edwards

New York AG: Easier In Some Places To Find A Gun Than An Apple | Cam Edwards

Shooting In China Illustrative Of Gun Control's Failures | Tom Knighton

Louisiana Parishes Rebuke Governor With 2A Sanctuary Votes | Cam Edwards

Gun Grabbers Outraged At Suggestion Asian-Americans Should Get Guns | Tom Knighton

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