Herbert Hoover

Thursday

Christopher Akers

The Wall Street Crash never ceases to fascinate

When Winston Churchill dined with the crème de la crème of American finance in New York on 28 October 1929, a facetious toast was made to ‘friends and former millionaires’. Despite a 13 per cent drop in the Dow after another day of market turmoil, the assembled banking titans felt they wouldn’t just survive the maelstrom, they would make more money from it. Churchill, whose finances were perennially chaotic, had caught stock market fever and lost today’s equivalent of almost $1.5 million. On returning to England, he declared the Wall Street crash ‘only a passing episode in the march of a valiant and serviceable people’. In the end, US stocks fell almost 90 per cent between their 1929 peak and 1932.

Friday

John Steele Gordon

Trump is playing a high-stakes game of international poker

On what he called “Liberation Day,” President Trump announced a new tariff schedule. While the markets had been up in anticipation, they are down sharply, with the Dow dropping 2,200 points, perhaps surprised by the extent of them. Basically, Trump has laid tariffs equal to about half what other countries charge on US exports, inviting them to lower theirs in exchange for reciprocity. What the final result will be is anyone’s guess, for the Trump tariffs are chips in a high-stakes game of international poker. They have already had an effect. Canada has promised retaliatory tariffs while Israel has dropped all tariffs on US goods. A tariff is a tax laid on goods passing through a port.

trump
trump
John Steele Gordon

Trump is playing a high-stakes game of international poker

From our US edition

On what he called “Liberation Day,” President Trump announced a new tariff schedule. While the markets had been up in anticipation, they are down sharply, with the Dow dropping 2,200 points, perhaps surprised by the extent of them. Basically, Trump has laid tariffs equal to about half what other countries charge on US exports, inviting them to lower theirs in exchange for reciprocity. What the final result will be is anyone’s guess, for the Trump tariffs are chips in a high-stakes game of international poker. They have already had an effect. Canada has promised retaliatory tariffs while Israel has dropped all tariffs on US goods. A tariff is a tax laid on goods passing through a port.

Tuesday

Charles Lipson

A consequential, divisive, troubling election about big issues

From our US edition

Republicans and Democrats, who disagree so virulently on so much, at least agree on two things. Both say it is the most consequential election in US history. (They might want to check on 1860.) And both believe the other side’s triumph would be catastrophic. It would have dangerous consequences for decades, they say, and might be impossible to correct. They are half right, perhaps more, and what they are right about is scary. This election is the most consequential since Franklin D. Roosevelt defeated Herbert Hoover amid the Great Depression. That election was consequential because it and the following one, in 1936, locked in the Democratic Party coalition that effectively governed the country for the next seventy-five years.

e pluribus unum election

Sunday

Charles Lipson

Contrasting the candidates’ closing arguments 

From our US edition

It’s easy to summarize the two sides’ closing arguments. For Kamala Harris, the closing argument is “Trump is really, really bad.” Asked to expand, it is “Trump will end abortion rights” and “Trump is a fascist.” For Trump, the argument is, “Things were great when I was president, and I will make them great again.” Asked to expand, it is “I will be better than Washington and Lincoln. Everybody says so.” And “Kamala is a left-wing nut job.”  After discounting the hyperbole (a gargantuan task), how is the final stretch going? Rocky for Democrats, encouraging for Republicans. That’s the message from polling trends and political betting markets. The polls are essentially tied in battleground states, but have moved slightly in Trump’s favor.

donald trump closing arguments

Monday

Charles Lipson

If Joe stays in…

From our US edition

After Thursday’s fiasco in Atlanta, Joe Biden faces two hard choices. The hardest — and grimmest — is whether to stay in the race. Staying in means ignoring the rising chorus of calls to withdraw, not from the opposing party but from flaks on his own side, led by the New York Times. The only groups that haven’t issued that call, so far, are his party’s leadership on Capitol Hill and the two former Democratic presidents. They see the same problems everyone else does, but they probably think it is too late to force Joe out without catastrophic costs — and may be impossible because Joe simply won’t leave.  Second, if Joe does stay in the race, his campaign strategy has to change.

joe biden

Tuesday

David Honigmann

The villains of Silicon Valley

Historians joke that some parts of the world – Crete and the Balkans, for instance– produce more history than they can consume locally. The California town of Palo Alto produces more economics than it can consume, and therefore more politics, and therefore more culture. But this comes at a price. Malcolm Harris, a thirtysomething Marxist writer who grew up there, begins his book by citing the alarming rate at which his high-school classmates committed suicide, and argues that Palo Alto is haunted by the historical crimes on which it is built. He then itemises them across two centuries of history, tracing their influence from Stanford University and Silicon Valley out across the world.