Bloomberg Businessweek (November 14, 2022)

Год выпуска: November 14, 2022

Автор: Bloomberg Businessweek Europe

Жанр: Бизнес

Издательство: «Bloomberg Businessweek Europe»

Формат: PDF (журнал на английском языке)

Количество страниц: 64

The likely Republican takeover of the House of Representatives, narrow as it may end up being, will effectively end the legislative period of the Joe Biden presidency and usher in what’s sure to be an even more contentious era.

One of its most important players will be Representative Kevin McCarthy, the California Republican who’s all but certain to become the next House speaker once the 118th Congress is gaveled in on Jan. 3. No figure better illustrates the party’s internal tensions-tensions that, if McCarthy doesn’t manage them, could quickly cause a market crisis or upend geopolitical stability.

Tuesday’s election didn’t produce the red wave many people anticipated, but it still shattered the Democrats’ narrow governing coalition and put McCarthy, who’s long sought the speakership, on the cusp of a personal triumph. Denied the job in 2015, when distrustful House conservatives spurned him in favor of Paul Ryan, McCarthy redoubled his efforts to raise money and win over, or at least appease, the hostile elements in the Republican caucus. This entailed courting not just the likes of Donald Trump but also radical right-wing figures such as Representatives Marjorie Taylor Greene of Georgia and Paul Gosar of Arizona. In the process, McCarthy earned a reputation as a prolific fundraiser and tireless glad-hander, and as a political weather vane willing to sacrifice principle and dignity in service of ambition. “Kevin came down to kiss my ass and wants my help to win the House back,” Trump told journalist Bob Woodward after McCarthy’s controversial pilgrimage to Mar-a-Lago in Florida following the Capitol insurrection.

McCarthy absorbed arrows like this (and many more) because he calculated-correctly, it appears-that winning back the House and securing the speakership required it. He’s maneuvered himself to the top by promising everything to everyone. The gambit worked with Republicans when they were shut out of power and united by their opposition to Biden, but in January the bill will come due. McCarthy, with only the narrowest of majorities to work with, will be expected to deliver on his promises.

“Everything he’s been doing has been geared toward walking the tightrope so that he can win the speaker’s gavel,” says Sarah Longwell, a Republican strategist who worked to defeat Trump. “After that, all bets are off.”

Over the past decade, the job of Republican House speaker has been the most thankless in Washington. The last two people to hold the position, John Boehner and Paul Ryan, were effectively hounded out of it (and out of politics) by the right wing of their caucus, which was impatient for aggressive conservative reforms neither man could deliver. McCarthy’s task will be even harder, for at least three reasons.

High-Maintenance Sanctions

• Seized Russian superyachts cost the US and Europe millions to keep afloat

John RiccitielIo Wants to Mint the Metaverse

• The controversial CEO bets Unity’s future on commercializing virtual worlds

IN BRIEF

• Russian retreat
• Binance bails on an FTX bailout

OPINION

• Data is key to ramping up clean energy investment

AGENDA

• Putin stands up the G-20
• Tencent third-quarter earnings

MIDTERMS SPECIAL REPORT

• Congratulations, I’m sorry Mr. McCarthy
• How a GOP House majority could deepen a downturn
• A tough night for Trump—and a very good one for DeSantis
• Reproductive rights get a boost at the ballot box
• Peter Thiel’s push to reshape the GOP is just beginning

BUSINESS

• In a world where streaming reigns ...Cineworld teeters
• Retailers head into the holidays with way too much stuff
• Rising wages may stall a European profit rebound

TECHNOLOGY

• Al upends the meaning of mastery in chess
• Regulators eye Adobe’s bid to buy back its swagger
• Musk’s Twitter has some very big bills to pay

FINANCE

• An old Wall Street name looks to carve out a new niche
• Meta investors are far from sold on the metaverse

ECONOMICS

• China’s economy will test Xi’s new right-hand man
• Europe’s hunger for gas leaves other countries in the cold

SOLUTIONS

• Women’s sports fans get a barroom of their own
• Businesses using Zelle to dodge the IRS may get zapped
• Can a mix of pingpong and soccer be the next pickleball?

PURSUITS

• Our 2022 holiday gift guide
• Get in touch with your animal spirit
• A bouquet of floral-inspired ideas
• Go for the gold. Or the golden
• Put some wood on the fire—and under the tree
• Dreaming of a green Christmas
• Gifts for your favorite gourmand

LAST THING

• The size of Americans’ cash stash is off the charts

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