Tuesday, September 28, 2021

BREW WITH HEADLINES

 YEA I WALK THROUGH THE VALLEY OF THE SHADOW OF DEATH ,I WILL FEAR NO EVIL.

 

Daily Brew

Capital One

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This week, when you refer 5 people to the Brew, we’ll send a premium pair of joggers straight to your door for a grand total of $0. But because we’re not named Morning Bezos, only the first 2,000 readers to hit the five referral mark will win joggers. (US only.)

Scoop ’em up now. And then, have a wonderful day.

—Matty Merritt, Neal Freyman, Max Knoblauch

MARKETS


Nasdaq

14,969.97

S&P

4,443.11

Dow

34,869.37

10-Year

1.485%

Bitcoin

$43,323.89

Chevron

$102.97

*Stock data as of market close, cryptocurrency data as of 7:00pm ET. Here's what these numbers mean.

  • Markets: The biggest story in the market right now isn’t stocks—it’s bonds. Treasury yields are increasing (indicating a bond sell-off), which is a bullish sign for stocks tied to the economy, like energy, and a bearish sign for high-growth tech stocks.
  • Covid: 55% of the US population is fully vaccinated, ranking #42 in the world and putting it behind countries like the UK, Italy, Canada, Malaysia, and China. President Biden got his Pfizer booster shot yesterday and encouraged everyone who is eligible to follow the leader.

SOCIAL MEDIA

The Insta Kids Are Not Alright

Toy block with instagram logo on top of phone

Francis Scialabba

Facebook, like so many of us after one bad summer camp gig, has pumped the brakes on its plans to work with kids. The head of FB-owned Instagram, Adam Mosseri, announced yesterday that the company would be pausing development for “Instagram Kids,” a version of its platform for users under 13.

If you think babies who can use iPhones are scary, just wait until you hear about how terrified people are of tweens navigating social media.

  • In May, 44 attorneys general asked Mark Zuckerberg to abandon the idea, arguing that 13 was too young to deal with the wide world of targeted ads and internet trolls. The AGs cited studies showing how social media negatively impacted children’s health.

Then, a few weeks ago, a WSJ investigation revealed that Facebook knew Instagram was harmful to its users but decided not to do anything about it. The most relevant insight: Facebook’s internal research showed that Instagram made body image issues worse for one in three teen girls, and called Instagram “toxic.”

  • In a blog post rebutting the investigation, Facebook’s Head of Research Pratiti Raychoudhury pushed back on the WSJ’s accusations, saying that its platforms were not toxic.

It’s not goodbye, just see you later

Instagram’s Mosseri wrote in a blog post that, “While we stand by the need to develop this experience”—a platform specifically geared toward youngsters where parents can monitor who slides into their kids’ DMs—the company wants more time to convince parents, experts, and regulators this is a good idea. It'll be an uphill battle: Some lawmakers are saying that the Instagram for kids concept should be scrapped all together.

Looking ahead...Facebook’s global head of safety, Antigone Davis, will testify Thursday in a Senate hearing addressing Facebook’s research into kids' health and safety on its apps.

+ While we’re here: If Instagram for kids doesn’t work out, Facebook still has the metaverse. And yesterday it announced a $50 million investment into building its metaverse “responsibly.” —MM

        

Fed Leaders Hit the Links

Boston Fed President Eric Rosengren

Boston Fed President Eric Rosengren. Jessica Rinaldi for The Boston Globe via Getty Images

Not one, but two Federal Reserve leaders—Dallas Fed President Robert Kaplan and Boston Fed President Eric Rosengren—announced their retirement yesterday.

Good deal on a Winnebago? Not exactly. Both Kaplan and Rosengren have come under fire after new disclosures showed they were active traders while determining the country’s monetary policy. Kaplan especially was #buyingthedip—he executed big trades in stocks such as Amazon, Apple, and Delta last year as the Fed flooded the market with liquidity.

  • Kaplan directly linked the trading controversy to his retirement: “Unfortunately, the recent focus on my financial disclosure risks becoming a distraction” to the Fed’s work.
  • Rosengren didn’t mention his stock trading. He cited health reasons for his early retirement.

Earlier this month, both Kaplan and Rosengren said they would sell their stocks to avoid any conflicts of interest.

Zoom out: At a press conference last week, Fed Chair Jerome Powell made clear he was not pleased about the stock trading controversy, and pledged to look into the Fed’s ethics guidelines. “I think no one is happy,” he said. —NF

        

Do You Want to Play a 'Squid Game'?

A still shot from the show Squid Game

Netflix

The No. 1 show on Netflix right now isn’t Cocomelon or Sex Education, but instead a South Korean thriller called Squid Game. It’s the first South Korean TV show to hit the top spot on Netflix, and its success highlights the growing influence of K-drama on the global entertainment stage.

What is Squid Game? The prequel to My Octopus Teacher. JK—it portrays a Hunger Games-esque competition where contestants compete in highly dangerous events for the opportunity to win more than $40 million in prizes.

Catching the Squid fever

Some companies with ink in Squid Game are surging in share price. Bucket Studio, which has a stake in an agency representing the show’s lead actor, has exploded more than 70% over the past three trading sessions, per Bloomberg.

Squid hype has even jumped platforms, with fans replicating the show’s deadly competitions in Roblox.

Big picture: From “Gangnam Style” to BTS to Parasite, South Korean culture has gained a foothold in the US over the last decade. One analyst told Bloomberg that Korean companies could pose a “serious competitive threat” to Hollywood powerhouse studios.—NF

        

SPONSORED BY CAPITAL ONE

Career > Job

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GRAB BAG

Key Performance Indicators

Stat: TikTok said it has 1 billion monthly active users globally, a 45% jump from July 2020 and a much bigger jump from January 2018, when it had just 55 million. Here’s where the rest of the social media platforms stack up.

Quote: “This is by far the highest-profile, post-Me Too conviction involving sexual abuse that we’ve seen in the music industry.”

The NYT’s Joe Coscarelli put R. Kelly’s conviction yesterday into perspective. The singer, accused for decades of exploiting young women and children for sex, was found guilty on all charges of racketeering and sex trafficking brought against him. The big question facing the industry now is, will streamers like Spotify and Apple Music remove R. Kelly’s music from their platforms?

Read: Goldman Sachs, Ozy Media, and a $40 million conference call gone wrong. (New York Times)

        

INVESTING

Investing Is So Easy a Hamster Can Do It

A hamster stands next to a chart bearing an upward arrow

A new star investor is turning heads in the world of crypto. Mr. Goxx's portfolio is up about 20% since he started trading in June, outperforming Warren Buffett’s Berkshire Hathaway, bitcoin, and the S&P 500.

Thing is, Mr. Goxx is doing all this with a brain about the size of an Altoid. Because he’s a hamster.

Mr. Goxx works out of a high-tech office in Germany and makes his picks by running on a wheel, which selects a particular crypto, then running through one of two tunnels, which decides whether the asset is bought or sold.

Animal traders, a history: Crypto-picking hamsters are a new addition to a long-standing theory that random chance is as reliable an investment strategy as any expert’s picks. In his 1973 book A Random Walk Down Wall Street, economist Burton Malkiel wrote, “A blindfolded monkey throwing darts...could select a portfolio that would do just as well as one carefully selected by experts.”

The theory was tested in 2018 by Wall Street Journal writers who made stock selections by throwing darts at a board. After a year, the dartboard selections beat the pros by 27%. —MK

        

WHAT ELSE IS BREWING

  • Blackstone sold the Cosmopolitan casino and hotel in Las Vegas for $5.65 billion. With total profits of $4.1 billion, it’s the single most profitable sale in the investment firm’s history, Blackstone said.
  • CAA is acquiring ICM Partners in a big move that will shake up the talent agency landscape.
  • Harvard Business School is moving many MBA classes online due to a rise in breakthrough Covid-19 cases.
  • Polestar, a Swedish electric car maker backed by Leonardo DiCaprio, is going public at a valuation of $20 billion.
  • Heineken is spending half of its US media budget in 2021 on marketing its non-alcoholic beer.

SPONSORED BY CAPITAL ONE

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BREW'S BETS

OK, this is weird: But it’s worth a watch. Someone beatboxes while in an MRI.

Film knowledge: The most difficult shot in movie history (and why it matters).

Tech Tip Tuesday: If you use Google Calendar, look for the “Time Insights” dashboard in the left hand column, which gives you info on how you spend your time. It may be frightening, but hey, knowledge is power.

Need some tips on building your dream team? The Founder’s Journal podcast is covering everything you need to succeed this week—from nurturing your hires to answering the age-old question, “Should I hire my friend?”

Make sure you're subscribed to Founder's Journal wherever you get your podcasts—your career could depend on it.

GAMES

The Puzzle Section

Brew Mini: Here's another opportunity to show your coworkers who's got the best crossword chops on the team. Play the Mini here.

Celeb Investors

These days it’s not enough to walk the red carpet—you’ve also got to get your name on a cap table. Can you match the celebrity to the company they’ve invested in?

Celebrities: Ashton Kutcher, Lizzo, Ryan Seacrest, Bono, Oprah

Companies: Headspace, Facebook, Oatly, rowing startup Hydrow, Airbnb

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ANSWER

Ashton Kutcher = Airbnb, Lizzo = Hydrow, Ryan Seacrest = Headspace, Bono = Facebook, Oprah = Oatly

  

Encyclopaedia Britannica | On This Day
September 28
Brigitte Bardot

FEATURED BIOGRAPHY


Brigitte Bardot

French actress


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Juan Rodríguez Cabrillo

FEATURED EVENT


1542

California “discovered”


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MORE EVENTS ON THIS DAY

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Falcon 1 rocket
Althea Gibson
The Surrender of Lord Cornwallis
William I

ALSO BORN ON THIS DAY

SEE ALL BIOS ON THIS DAY

The number of violent crimes in the U.S. rose by 5.6% in 2020, according to new FBI figures — the first increase in four years.

  • Aggravated assaults rose 12.1%.
Ford electrification plans. Graphic: Ford

Ford Executive Chairman Bill Ford tells Axios' Joann Muller that plans announced yesterday for huge plants in Tennessee and Kentucky will help the U.S. build its own battery supply, rather than depending on Asia.

  • Why it matters: The plan is an all-in bet on the biggest auto-industry transformation since the horseless carriage more than a century ago.

Ford announced twin battery manufacturing plants in Kentucky and a "mega campus" near Memphis that'll include both battery manufacturing and vehicle assembly for electric F-series pickup trucks.

  • The plans total $11.4 billion, with nearly 11,000 new jobs.
Axios AM
By Mike Allen ·Sep 28, 2021

Good Tuesday morning. Smart Brevity™ count: 1,175 words ... 4½ minutes. Edited by Zachary Basu.

🔮 Join Axios' Bryan Walsh tomorrow at 12:30 p.m. ET for a virtual event on AI's Industrial Revolution. Guests include Pittsburgh Mayor William Peduto and Intel #SmartCities expert Sameer Sharma. Sign up here.

 
 
1 big thing: Unpunished crime


Illustration: Megan Robinson/Axios

 

The pandemic slowed the criminal justice system to a crawl in much of the U.S.

  • Now an increase in violent crime is straining the system even further, Axios' Russell Contreras writes.

Why it matters: COVID caused backlogs in criminal cases to swell, forcing district attorneys to focus on the most violent offenses — and decline, delay or deal down a slew of other cases.

  • "The older a case gets, the tougher it gets to prove in a lot of cases," said Billy West, president of the National District Attorneys Association and D.A. for Cumberland County, N.C.

What's happening: Prosecutors in Chicago are pleading out or dismissing cases to help shrink courts' backlog.

  • In Oakland, prosecutors dismissed old cases amid an uptick in violent crime, Alameda County D.A. Nancy O'Malley announced.
  • New Mexico Auditor Brian Colón, who's running for state attorney general in 2022, tells Axios that some experts believe the backlog actually contributed to recent jumps in crime in urban areas.

Case in point: In Charlotte, Spencer Merriweather, the D.A. in Mecklenburg County, N.C., sees "the very real possibility that it could take more than three years before some violent crimes make their way to trial — and even longer for homicide cases."

  • Merriweather stopped prosecuting low-level drug offenses in February to focus on homicides and violent crime, Axios Charlotte's Michael Graff reports.

What to watch: State legislatures and local county governments will consider a variety of proposals — from decriminalization to hiring more prosecutors — to shrink backlogs.

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2. ⚖️ Crime in America, in two graphs
Data: FBI. Chart: Axios Visuals

Murder increased 29% — the highest single-year spike in 60+ years.

  • Property crime dropped.

Go deeper: Our highlights ... Explore the stats ... Data downloads.

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3. Axios-Ipsos: Americans distrust Biden on COVID
Data: Axios/Ipsos polls. Chart: Jared Whalen/Axios

For the first time, President Biden faces a trust deficit on COVID, Margaret Talev writes from the Axios/Ipsos Coronavirus Index.

45% of those surveyed (1,105 U.S. adults, Sept. 24-27, margin of error: ±3.2 points) say they trust Biden a great deal or a fair amount to provide them with accurate information about the pandemic.

  • 53% said they have little or no trust in him.
  • Compare that with the peak of trust in Biden on COVID — 58% to 42% — in our Jan. 22-25 survey, just after his inauguration.

Between the lines: The slide can be seen across the political spectrum, with a net drop of 11 points among Democrats, 17 points with independents and 10 points with Republicans.

  • 81% of Democrats, 42% of independents and 11% of Republicans say they trust Biden on COVID.

Share this story.

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A message from Google

Google protects against cyber attacks with products that are secure by default
 

 

As our nation faces alarming cyber attacks, we’re keeping billions of people safe online with one of the world’s most advanced security infrastructures, including Gmail’s anti-phishing protections, which block more than 100 million phishing attempts every day.

Learn more.

 
 
4. 🔋 Axios interview: Bill Ford on what Henry Ford would say
Rendering of Ford's Blue Oval City complex planned for Tennessee. Image: Ford

Bill Ford told Joann: "My great-grandfather was the ultimate sort of disruptor ... I think if he looked at what we're announcing ... he might just say: 'What took you so long?' And he'd be right."

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5. Inside House Dems' closed-door meeting
Rep. Pramila Jayapal (D-Wash.), chair of the House Progressive Caucus, arrives for House Dems' meeting in the Capitol yesterday. Photo: Alex Wong/Getty Images

House Dems started to coalesce around a deal to pass President Biden's Build Back Better infrastructure package, with progressive opposition weakening, Axios' Alayna Treene and Sarah Mucha report.

  • Why it matters: If enough progressives move, it would open a path to immediate passage of spending for roads and bridges, with a promise of future work on climate change and other progressive priorities.

Inside the room: At a closed-door meeting of House Democrats last evening, several members — mostly moderates facing competitive re-election fights — emphasized the need for the caucus (read: progressives) to accept the political reality of the Senate.

  • "The Senate's not going to go along with $3.5 trillion," Rep. Steve Cohen (D-Tenn.) told reporters after the meeting. "We don't need to sacrifice our transportation infrastructure bill on something that the Senate may never come to an agreement on."

💡 Where things are headed: Rep. Susie Lee (D-Nev.) told MSNBC's Lawrence O'Donnell that the compromise looks like a hard infrastructure vote Thursday ($1.2 trillion), with "a general framework" for a larger package of social spending, "then pass it in the next few weeks after that."

  • 🥊 Rep. Ilhan Omar (D-Minn.), the Progressive Caucus whip, said she believes progressives still have the votes needed to vote down the bill if they don't get what they're looking for.
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6. TikTok hits 1 billion users
Data: Axios research. Chart: Will Chase/Axios

TikTok passed 1 billion monthly active users, despite enormous pressure from regulators and increased competition from copycat products, Axios Media Trends expert Sara Fischer writes.

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7. ⛏️ Obama library includes ball field, vegetable garden
President Obama speaks at an alumni event yesterday. Photo: Obama Foundation via Zoom

President Obama and Michelle Obama will preside over groundbreaking festivities for the Obama Presidential Center in Chicago this afternoon.

  • The Obamas, with Mayor Lori Lightfoot and Illinois Gov. J.B. Pritzker, will make brief remarks in Jackson Park. In a bow to COVID, the audience will be virtual.

The library will be on 19 acres on Chicago's South Side, along Lake Michigan, between the University of Chicago and the Museum of Science and Industry.

  • The complex will include an athletic field, walking trails and a vegetable garden.

During an alumni Zoom yesterday with David Plouffe and others, President Obama, 60, said: "I'm not old enough to want to just ... be in my rocking chair and think back to ... glory years."

  • "There will be an entire section about the campaign in Iowa. ... We’ll have a replica of the Oval Office, and Michelle's gowns and all that stuff and ... discussion of various issues like the economic crisis."
  • "But even in the museum, what we're going to be doing is setting up a series of exhibits showing the degree to which we were just a continuation of a thread — a running thread in American history."

Valerie Jarrett, president of the Alumni Foundation, said she hopes visitors will see the library and museum as "a catalyst for change that each one of us is capable of making, beginning here in Chicago and rippling across the world."

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8. Parting shot


Photo: David 'Dee' Delgado/Reuters

 

New York Gov. Kathy Hochul wore this necklace yesterday as she discussed COVID vaccinations.

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A message from Google

Google’s AI-driven security protects billions of people
 

 

We keep more people safe online than anyone else in the world by blocking malware, phishing attempts, spam messages, and potential cyber attacks.

We’re partnering with public and private sectors to develop and implement security technologies to make us all safer.

Learn more.

 

Trump Says 20K More Haitians on Way to Border: 'Laughingstock of the Globe'

Special: Outrage Over Survival Food

Reagan Foundation Opposes Hinckley Release

Marine Who Spoke Out Against Leaders Jailed Before Hearing

 
 
 
 
 
 
 
 



Today's Top Headline

Neo-Nazis Are Still on Facebook And They’re Making Money

 

From Our Partners

No More Gutter Cleaning. Ever. See How Today!

 

Trending

After 16 Years, Merkel's Time is Up, And Germany's Heading Left

WSJ's Facebook Series: Leadership Lessons About Ethical AI and Algorithms

Why Michael Jordan's Return With The Wizards Was More Impressive Than You Think




Appeals Court: NYC Can Force Vaccine Mandate on Teachers

Senate Republicans Block Dems' Attempt to Expand Debt

SPECIAL: [Yes or No] Will Biden Defeat Trump Again in a 2024 Rematch?

Fed Chair Admits Biden Inflation Is Worse than Expected

Fla. Dem. Candidate Falsely Claims That She's Hispanic
 

BREAKING: AZ State Sen Files S.B. 1487 Against Maricopa County

Senate Republicans Block Government Funding, Debt Ceiling Bill

Watch: Biden Now Says We’ll Get Back to Normal When 98% of US Is Vaccinated

To Keep Tabs on Americans, FBI Is Playing a Dangerous Game with Chinese Hardware

September 28, 2021

Arizona 2020 Vote Audit Finds Election-Shifting Numbers of Illegal Ballots
On Friday, the Arizona State Senate released the final reports on the results of the Maricopa County Forensic Election Audit. While the reports made several significant findings... Read More ›
Refugees Spread Disease and Infect Volunteers
The CDC are losing their minds over this. Over 4 million refugees worldwide have created controversy in the media. The problem that most mainstream news outlets leave out is that these refugees might be…... Read More ›
HUNDREDS of New Yorkers March Chanting “F**k Joe Biden – And DeBlasio” (VIDEO)
Another day – Another “F**k Joe Biden” chant somewhere in the US. Hundreds of New Yorkers marched in Manhattan on Monday against the mandated COVID vaccinations pushed by Joe Biden and Bill DeBlasio.... Read More ›
Poll: Joe Biden’s Approval Tanks to Record Low
President Joe Biden’s approval ratings are continuing to suffer, crating to a record low as half of likely voters “strongly” disapprove of his job performance, Rasmussen’s Presidential... Read More ›
Biden claims his $3.5 trillion spending 'adds zero dollars to debt'
President Biden has stated on social media that his proposed $3.5 trillion in spending on various social welfare programs and green energy projects will not add a single dollar to the national... Read More ›
Report: Hunter Biden Owns Part of Chinese Company Despite Pledge to Sell
Despite White House insistence that Hunter Biden would sever his business ties with Chinese businesses, recent evidence suggests he maintains an indirect connection to a government-linked Chinese... Read More ›
NY Governor Declares Emergency of Her Own Creation, Will Deploy Nat'l Guard to Hospitals

Spencer Brown


ICYMI: Trump Lawyer Will Represent South Dakota in Lawsuit Against Planned Parenthood

Madeline Leesman


'Dozens' of Massachusetts State Troopers Resign Over State's Vaccine Mandate

Spencer Brown


Political Cartoons
Bearing Arms
Man Shoots Himself With "Unloaded" Gun While Cleaning | Tom Knighton

Classics Professor Takes Issue With Gun Owners & "Molon Labe" | Cam Edwards

Are Grocery Store Shootings Really A Concern? | Tom Knighton

Detroit Residents Arming Up For Self-Defense | Cam Edwards

China's Ominous Focus On Second Amendment |
Columnists
Everything Biden Touches Turns to Sh**

Matt Vespa


James Bond Is A Man, Get Over It

Derek Hunter


Jeffrey Goldberg Tries to Build the Adam Kinzinger Myth by Telling Fables

Brad Slager


Who Would Hide a Jew if Nazis Took Over America?

Dennis Prager


Life Along The Border Collapses

Salena Zito


Government of the Unions, by the Unions, for the Unions

Stephen Moore


Abortion Harms Women, Including Athletes

Katie Yoder


Wake Up, Mr. President. We Are in a Cold War

Oliver North and David Goetsch


The Eclipse of Europe

Pat Buchanan



Tipsheet
Gov. Hochul Declares Vaccines 'From God,' Wants People to Be Her 'Apostles' by Getting Jab

Leah Barkoukis


Are We Shocked That This Happened to Liz Cheney?

Matt Vespa


Gov. Kemp Announces Federal Funds Will Be Used to Pay Georgia First Responders $1K Bonuses

Landon Mion


Shaq Does Not Want to be a Celebrity Anymore: 'These People are out of Their Freaking Mind'

Landon Mion


Shepard Smith Asks Dr. Rochelle Walinsky: 'Are Masks With Us For A Long Long Time? Years? Forever?'

Scott Morefield


LA County DA Announces Plans to Dismiss Nearly 60K Cannabis Convictions

Landon Mion


DeSantis Calls on Florida's Secretary of State to Investigate Facebook for 'Alleged Election Interference'

Landon Mion


ADVERTISEMENT
Infrastructure Bill 'Pay for' Jeopardizes American Public Health

Jack Yoest


Who Is the Leading Person of Interest?

Frank Turek


Pro-Life Work Doesn’t Stop With Texas

Nathan Berning


Changing Circumstances, the Same Result. How Congress Can Fix the Unemployment Debacle

Jonathan Bain


Federal Tobacco Tax Could Prove Hazardous to State Budgets

Lindsey Stroud


With Biden, Nothing Is Working. Or Is It?

Will Alexander







 

 

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