Hello from New York, where Wall Street is more focused on — you guessed it — inflation and the Fed than the slope toward a partial government shutdown that’s consuming Washington. The effects would hit widely, from longer lines at airports and closed national parks to some quirkier consequences.
Shutdown day would be next Saturday if Republicans in the House can’t halt their infighting and pass some kind of funding measure. For now, President Joe Biden is focusing on his reelection — he’s addressing a Congressional Black Caucus dinner this evening — while also fending off the impeachment inquiry instigated by Republicans.
With the first hearing set for Thursday, Biden’s allies have organized a defense team that’s turning the weapon back on Republicans.
Another Democrat under siege is New Jersey’s Robert Menendez, who is being accused of corruption. At the heart of the case is Mendenz’s relationship with a New Jersey banker and real estate magnate, who prosecutors say tried to improperly influence his 2018 indictment over a loan scheme by bribing the US Senator with gold bars and envelopes of cash.
Wells Fargo, once mired in a series of missteps, is on offense. From a perch in New York, the bank is back in the hunt for wealthy clients, backed by a $1 billion investment in the beleaguered unit. A big-name hire for vice chairman is part of the effort to move forward.
Building wealth on coal hasn’t seemed like an obvious proposition in the US for a while. That didn’t stop two former Goldman Sachs bankers from striking out on their own and building a more than $1 billion commodities firm. Their story fits with the hedge fund manager who explains why a changing world ended his bet against fossil fuels.
Luxury usually finds ways around geopolitics and the first-ever list of the 50 best hotels is no exception. The big winners were in Asia and Europe, with an intimate boutique property on Italy’s Lake Como coming out on top. If you’re looking to rent a bit farther north, get ready for some sticker shock: home prices in Zurich have surged past London and Paris, fueled by hiring from companies such as Google.
All of that seems a world removed from working for Dollar General, where rats, blocked fire exits, expired kids’ food and watermelon-throwing shoppers come with the territory, Josh Eidelson and Brendan Case write for Bloomberg Businessweek. Conditions are so bad at America’s most ubiquitous retailer that investors are worried — let alone the employees who told their stories for the article.
So, what constitutes the American Dream? For many young adults in the post-pandemic US, it’s not turning out the traditional way: almost half of them live with their parents and they aren’t ashamed to say so. It’s the latest evidence that the dream “is more like an American illusion” for many, Paulina Cachero and Claire Ballentine write.
For US labor, the groundswell of resistance at Dollar General coincides with a moment of strength. It’s backed by Biden, who’s running for a second term and says he’ll join striking autoworkers on the UAW picket line on Tuesday.
Have a great Saturday ahead.
