Avert your eyes! My Sunday morning look at incompetency, corruption and policy failures:
• America’s gullibility crisis: In the heat of this historic election, educated elites who should know better — billionaires, elected officials, journalists — keep falling for fakes, conspiracy theories and outright lies. Why it matters: Human gullibility is not a new phenomenon. But social media and polarized politics are exposing it at industrial scale, fueled by a poisonous cocktail of bad actors, media illiteracy and plummeting trust in traditional news. (Axios)
• How Intel Got Left Behind in the A.I. Chip Boom: Intel was for decades Silicon Valley’s dominant chip company. But missed opportunities and poor execution left it on the sidelines in tech’s latest gold rush. (New York Times)
• What Elon Musk Really Wants: The Tesla and X mogul has long dreamed of redesigning the world in his own extreme image. Trump may be his Trojan horse. (The Atlantic)
• How the Media Can Escape Its Doom Loop of Distrust: Former New York Times executive editor Bill Keller argues that news needs more transparency and accountability to regain public trust. Greater media literacy is also essential (Bloomberg)
• Senate report: How private equity ‘gutted’ dozens of U.S. hospitals: Thanks to modern tricks of financial engineering, investors can prosper even when the underlying business is failing..(Washington Post)
• Boeing’s Breakup Is Not If, But How And When: The latest announcement—taken in line with other developments such as a 10% workforce cut and management changes—underpin how the next Boeing probably will not be an aerospace and defense conglomerate. (Aviation Week Network)
• The hidden NIL economy of college sports: For autographs, $60,000 to an Illinois men’s basketball player. For a Nerf endorsement, $20,000 to a UCLA softball player. For working a camp, $2,000 to a Minnesota volleyball player. For merchandise royalties, $122 to a Colorado women’s soccer player. For a public appearance, $10 to a Maryland gymnast. Yes, college athletes are getting paid. But how? And how much? A Post analysis of $125 million in payments reveals the patterns and disparities of a murky NIL market. (Washington Post)
• Inside the abortion case that prompted a federal judge to call Florida officials ‘stupid.’ “To keep it simple for the State of Florida: it’s the First Amendment, stupid.” This warning from federal Judge Mark Walker of Tallahassee, Fla., to Gov. Ron DeSantis and his quack state surgeon general, Joseph Ladapo, may not be the most scathing denunciation of a litigant by a judge in judicial history, but it will do for now as a contemporary standard. (Los Angeles Times)
• The Very Real Scenario Where Trump Loses and Takes Power Anyway: If Trump overturns the 2024 election, here’s how it could happen. (Politico)
• Her billionaire marriage broke up. Her VP campaign fizzled. Now she’s a Trump-world star. With a massive divorce settlement from Google co-founder Sergey Brin, Nicole Shanahan is remaking herself as a pro-Trump wellness guru — raising alarm in Silicon Valley. (Washington Post)
Be sure to check out our Masters in Business interview this weekend with Toto Wolff, Principal and CEO of the Mercedes-AMG Petronas Formula-1 Team, and 33% owner of the team.
U.S. Deficits Election Outcome Dependant 14%-39%
Source: Jim Reid, Deutsche Bank
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