China tweaks Zero COVID rules: https://www.wsj.com/articles/china-eases-some-covid-19-rules-even-as-cases-pass-10-000-11668150369 . These changes are not particularly significant. The Journal, and the Asian market, should limit its enthusiasm for Chinese propaganda.
Global debt levels rose substantially in 2021: https://money.usnews.com/investing/news/articles/2022-11-12/global-debt-levels-rose-substantially-in-2021-world-banks-malpass . And much of this debt requires restructuring. This points toward significant global recession.
Up to $650 million of assets disappear from bankrupt crypto exchange FTX: https://apnews.com/article/cryptocurrency-technology-business-d866be4d1b3b9b88a6e774543a2b6a14 . WSJ: More: https://www.wsj.com/articles/ftx-is-investigating-a-potential-hack-amid-bankruptcy-filing-11668261070 . The repeated security problems at these exchanges is reason enough to not hold any assets in them. Meanwhile, FTX executives knew of the misuse of customer funds: https://www.wsj.com/articles/alameda-ftx-executives-are-said-to-have-known-ftx-was-using-customer-funds-11668264238 . Hopefully legal action will force these criminals to compensate the wronged customers.
WSJ: Ukraine consolidates gains in retaking Kherson: https://www.wsj.com/articles/ukraine-looks-to-cement-full-control-of-kherson-after-russian-retreat-11668255422 .
Democrats retain control of the Senate as Cortez Masto wins: https://www.pbs.org/newshour/politics/catherine-cortez-masto-wins-senate-race-in-nevada-giving-democrats-majority . WSJ: More: https://www.wsj.com/articles/senate-majority-rests-on-nevada-georgia-as-results-trickle-in-11668270190 . Democrats now look to Georgia to limit the influence of co-President Joe Manchin. However, the guarantee of Senate control may hurt fund raising efforts for Warnock’s seat, already in all probability the most expensive seat ever. WSJ: More: https://www.wsj.com/livecoverage/midterms-elections-results-house-congress-senate . Note that so far, only one Senate seat has moved parties, as John Fetterman brought a GOP seat to the Democrats.
In a huge upset, Marie Gluesenkamp Perez defeats Joe Kent in Washington’s 3rd District: https://www.nbcnews.com/politics/2022-election/democrats-defeats-maga-republican-trump-impeachment-rcna56803 . Democrat Perez was a complete unknown. MAGA-maniac Joe Kent defeated Jaime Herrera Beutler, a Republican who voted to impeach Orange Julius, in the primary in this Portland suburb. Perez’ most effective ad, in my view, was a late ad featuring Republican voters in the district stating why they would not vote for Kent (example: his favorite House Republican was Marjorie Taylor Greene). President Biden’s visit to Portland also helped her.
Meanwhile, the reverse may be happening in Oregon’s 5th District: https://centraloregondaily.com/oregon-election-chavez-deremer-mcleod-skinner-5th-district/ . Progressive Jamie McLeod-Skinner defeated incumbent Kurt Schrader in the Democrat primary after redistricting. Schrader would have defeated Chavez-Deremer in the general election.
Even Marjorie Taylor Greene’s houseplants are embarrassed by how dumb she is: https://www.alternet.org/2022/11/marjorie-taylor-greene/ . This article does miss the point that candidate quality is Mitch McConnell’s position, so within the GOP she has just taken McConnell’s position over Orange Julius. Of course, few in her district will understand the irony here. Where are we on the Jewish space lasers?
WSJ: Twitter’s advertising exodus accelerates: https://www.wsj.com/articles/twitters-advertising-exodus-accelerates-despite-outreach-from-elon-musk-11668262920 . Note that Tesla sells to consumers, while Twitter earns revenue from advertisers. Once again, Musk does not understand the basics of the Twitter business model. Again, the worse this gets, the more Tesla stock Musk will have to sell. It’s not a great time to own Tesla.
OJ victim will refile her rape lawsuit: https://www.huffpost.com/entry/e-jean-carroll-new-defamation-suit-donald-trump_n_6370271ce4b029013642c341 . George Conway is absolutely correct. OJ’s repeat of his earlier defamation is a new count made while he is a private citizen. OJ has just made toast of his prior defense. Of course, Jean Carroll will still need to prove her rape allegation.
Metro to open Silver Line to Dulles next week: https://apnews.com/article/health-business-covid-transportation-2ef283f4ca989787539a59cdaf4c0329 . This was the dream when I lived in DC – in the 1970’s. Metro was just being constructed, but transport to this airport was a desirable objective. The stated commute time from Dulles to downtown strikes me as in line with the time from O’Hare to downtown Chicago. Over time, this route will gain utilization.
Note to Readers: The November 11 newsletter is also posted now; please check it out. As always, thanks for reading – Jeff