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House Speaker Kevin McCarthy meets with President Joe Biden in the Oval Office to discuss the debt limit on May 22, 2023.Alex Brandon/AP
Editor’s note: The below article is a preview of the lead item in the next edition of David Corn’s newsletter, Our Land. The newsletter comes out twice a week (most of the time) and provides behind-the-scenes stories and articles about politics, media, and culture. Subscribing costs just $5 a month—but you can sign up for a free 30-day trial of Our Land here. Please check it out.
Imagine I come home and find a crazy man in my house. He is holding a full gas can and a lit match. “If you don’t sign over the deed to your house,” he screams, “I will burn this place down.” I refuse, and we enter a standoff for days. Neighbors gather around my home. The police arrive. It is a major scene. The media show up. The newspaper and TV reporters see this as a big story and slap it on the front page and lead the evening news with it: “Two local residents caught in fierce negotiations. If their talks don’t succeed, a house will go up in flames.”
That seems to be the general media framing of the debt ceiling debate in Washington, DC. In horse-race style, much of the press has covered this episode as a political battle of two opposing forces: President Joe Biden and House Speaker Kevin McCarthy. And there’s been much breathless and up-to-the-minute reporting of the ins-and-outs of the deliberations between the White House and the House Republicans, with each side treated as equal partners in this tale of high-stakes politics.
Earlier this week, the New York Times front-paged a report on how McCarthy was “attempting a difficult balancing act” in the negotiations, trying to cobble together a budget deal that would win enough Republicans without alienating the most extremist members of his caucus, who—thanks to the agreement that landed McCarthy in the top House post—could easily boot him out of the speakership. Meanwhile, Politico focused on Biden’s negotiating stance, noting he has “prioritized deal-making through much of the debt ceiling talks, laboring to work across the aisle even at the risk of alienating the liberal wing of his own party.”
There was nothing wrong with these stories in and of themselves, but this coverage underplayed the core element of the story: GOP radicals, by refusing to sign off on raising the debt ceiling so the US government could pay bills already accrued (many of which were the results of what Congress voted for), were threatening to trigger a financial crisis and blow up the US economy.
The lead of the Politico article did convey the danger at hand: “The nation stands on the precipice of an unprecedented financial calamity, testing whether the president’s theory of governance can continue to work.” But it did not attribute responsibility for this potential crisis. And it seemed to suggest that Biden would be to blame for this catastrophe—if his theory were crap.
Much of the media has dutifully reported on the disasters likely to occur if the US government defaults on its debt. NPR noted the S&P could plummet by 20 percent, interest rates could soar, and a recession could strike. CBS News reported that financial markets could be in chaos, Social Security checks delayed, Medicaid and Medicare disrupted, and the housing market frozen. The Economist pointed out that “a surge in unemployment” and “panic throughout the global economy” were possible. The New York Times published an explainer that detailed a variety of catastrophes that could ensue.
But none of these stories highlighted the culprit responsible for the doomcasting: the House Republicans. They described the horrific consequences of a default as one would those of a hurricane or some other natural disaster. Yet in this case, the potential destruction is clearly human-made—and teed up by a particular set of humans.
Both-sidesism is deeply ingrained within political journalism. Though Donald Trump has pushed mainstream outlets to reconsider this approach—after all, only one side attempted to overturn an election and incite a violent insurrectionist assault on the US Congress—it remains the default position. (Pun intended.) Consequently, the to-default-or-not-default drama is depicted as a face-off between two political factions, not as an act of political terrorism mounted by a band of extremists. Where is CNN’s Countdown to the Disastrous GOP Default Clock? (The network is certainly not going to do that these days, now that it has pivoted toward a more chummy relationship with the Rs.)
Earlier this week, Jonathan Weisman, a savvy political reporter for the New York Times, tweeted, “From my experience w/ past debt limits, @SpeakerMcCarthy’s problem & the nation’s is a huge chunk of the GOP doesn’t believe a default will cause any problems. They think it’s all liberal claptrap. They want their cuts & they don’t care about consequences.”
That’s true. But shouldn’t that be the dominant story of the moment? Ignorant and cavalier Republicans threaten to cause economic meltdown. And does this problem arise in part because this crisis is mostly presented as two-sided budget negotiations and not as the (nightmare) tale of one extremist party playing chicken with the economy? The Republicans even admit that’s their game. Rep. Matt Gaetz (R-Fla.) has openly described the GOP strategy as hostage-taking. Proclaiming support for the GOP measure that tied raising the debt ceiling to spending cuts that would hurt low-income Americans, he said, “I think my conservative colleagues for the most part support Limit, Save, Grow, and they don’t feel like we should negotiate with our hostage.”
Of course, it’s not entirely the media’s fault. The Biden White House tried and failed to establish GOP recklessness as the dominant narrative. President Biden initially declared he would not negotiate with these terrorists. But then he did, and the White House messaging operation failed in pinning the blame for the crisis squarely on the Republicans. Should the sh*t hit the fan, there was no telling who would be seen as more at fault by the public—Biden or the Republicans. This open question and Biden’s sense of responsibility brought him to the negotiating table.
As of Friday morning, it seemed a deal to avert a default might be within reach. It could well entail budget cuts that impact government programs for middle- and low-income Americans. The GOP position literally was this: We will allow the US government to pay its bills—which includes those run up by the Trump administration and a Republican Congress—and avoid an economic calamity, if you stick it to Americans who need help.
Yet whatever the outcome, the point remains: The Republican assault on rational governance—and the party’s penchant for chaos and destruction—was not sufficiently emphasized within the political media. This strengthened the hand of the hostage-takers in this episode and showed them that they can engage in political terrorism with little cost. What might that mean for the future?
The Official Loch Ness Monster Sightings Register sent the photo to one of their experts ‘who said that it was “compelling evidence” ‘ of the creature
Author of the article:
Published Apr 24, 2024 • Last updated 3 hours ago • 3 minute read
LONDON — Parry Malm and Shannon Wiseman weren’t expecting a “pivotal moment” in their sons’ lives when they visited Scotland’s Loch Ness earlier this month, but that’s exactly what happened.
“Our youngest is turning three next week,” said Wiseman from the family’s home in London, England. “And he tells everyone there have been two pivotal moments in his life: Seeing the world’s largest dinosaur, which he did at the Natural History Museum in January, and seeing Nessie.
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“He tells everyone he encounters. He tells the postman, he tells the guys in the shops and the cafes.”
Malm and Wiseman have been thrust into the limelight after a photo they took during their family vacation showed a shadowy figure poking above the waterline, something that the couple’s children _ and others — firmly believe is the latest sighting of the famed Loch Ness monster.
Malm and Wiseman, who are from Coquitlam B.C., and Calgary respectively, moved to England in 2006.
The couple said the original plan for the spring vacation was to take a boat ride in Loch Ness because their children were “completely captivated by the concept of Nessie.”
“We’d even packed shortbread cookies, which we were told from these books was Nessie’s favourite treat,” Wiseman quipped. “Turned out shortbread cookies were not necessary.”
That’s because the family spotted something sticking out of the water while visiting a lookout at nearby Urquhart Castle.
“We just started watching it more and more, and we could see its head craning above water,” Malm said. “And then it was swimming against the current towards the castle, slowly but surely, like very fastidiously going over the waves (and) coming closer and closer. And then it submerged and disappeared.”
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Malm said the family took a photo of what they saw and decided “for a bit of a laugh” to send the picture to the Official Loch Ness Monster Sightings Register, which he stumbled upon while surfing the internet.
“They got in touch within 24 hours,” Malm recalled. “They were super excited. They sent it to one of their Loch Ness experts who said that it was ‘compelling evidence,’ I believe was the exact phrase.
“And just one thing led to another. I mean, it’s been incredible.”
Since the photo submission, Malm and Wiseman have been featured in British tabloids such as The Sun and the Daily Mirror and digital publication LADbible.
On the Official Loch Ness Monster Sightings Register, the encounter has been recorded as the first Nessie sighting of 2024.
“We’ve both got texts from people who we haven’t heard from in quite some time going, ‘Guess who I just saw on TV?”‘ Malm said.
“I’m just glad that we hit the national media in Canada for spotting the Loch Ness monster and not being on Crime Stoppers.”
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Both Malm and Wiseman said they are happy their experience is bringing some positivity to the daily news cycle, and at least one person they have spoken with thanked them for the picture.
“Our son’s school’s headmaster is Scottish,” Malm said. “And he pulls me aside at pick up one day and he goes, ‘You know what, Perry? You’ve done more for Scottish tourism than anybody else in my lifetime.’
“So, hopefully some people will be inspired to come visit Scotland.”
What isn’t certain, however, is what they actually encountered on that cold April morning on the shore of Loch Ness.
“We don’t know what we saw,” Wiseman said. “Our children believe we saw Nessie, and I believe it for them.
“I believe that we saw something that could be Nessie, and that is a very broad possibility.”
Malm said the wonder that the sighting has inspired in his children, and others resonating with the photo, is more important than the question of what they encountered.
“It’s really charming,” he said of the outpouring of reactions. “Because in a world where the news is about a war here and an atrocity there, it’s just nice that people are interested in something that’s just lighthearted, a little bit silly and a little bit unbelievable.”
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The British Columbia government is putting its proposed online harms legislation on hold after reaching an agreement with some of the largest social media platforms to increase safety online.
Premier David Eby says in a joint statement with representatives of the firms Meta, TikTok, X and Snapchat that they will form an online safety action table, where they’ll discuss “tangible steps” toward protecting people from online harms.
Eby added the proposed legislation remains, and the province will reactivate it into law if necessary.
“The agreement that we’ve struck with these companies is that we’re going to move quickly and effectively, and that we need meaningful results before the end of the term of this government, so that if it’s necessary for us to bring the bill back then we will,” Eby said Tuesday.
The province says the social media companies have agreed to work collaboratively with the province on preventing harm, while Meta will also commit to working with B.C.’s emergency management officials to help amplify official information during natural disasters and other events.
The announcement to put the Bill 12, also known as the Public Health Accountability and Cost Recovery Act, on hold is a sharp turn for the government, after Eby announced in March that social media companies were among the “wrongdoers” that would pay for health-related costs linked to their platforms.
At the time, Eby compared social media harms to those caused by tobacco and opioids, saying the legislation was similar to previous laws that allowed the province to sue companies selling those products.
Eby said one of the key drivers for legislation targeting online harm was the death of Carson Cleland, the 12-year-old Prince George, B.C., boy who died by suicide last October after falling victim to online sextortion.
“In the real world we would never allow a company to set up a space for kids where grown adults could be invited in to contact them, encourage them to share photographs and then threaten to distribute those photographs to their family and friends,” Eby said when announcing the legislation.
The premier said previously that companies would be shut down and their owners would face jail terms if their products were connected to harms to young people.
In announcing the pause, the province says that bringing social media companies to the table for discussion achieves the same purpose of protecting youth from online harm.
“Our commitment to every parent is that we will do everything we can to keep their families safe online and in our communities,” said Eby.
Ryan Cleland, Carson’s father, said in a statement on Tuesday that he “has faith” in Eby and the decision to suspend the legislation.
“I don’t think he is looking at it from a political standpoint as much as he is looking at it as a dad,” he said of Eby. “I think getting the social media giants together to come up with a solution is a step in the right direction.”
On Monday, the opposition B.C. United called for a pause to Bill 12, citing potential “serious legal and economic consequences for local businesses.”
Opposition Leader Kevin Falcon said in a statement that his party pushed Eby’s government to change course, noting the legislation’s vague language on who the province can sue “would have had severe unintended consequences” for local businesses and the economy.
“The government’s latest retreat is not only a win for the business community but for every British Columbian who values fairness and clarity in the law,” Falcon said.
The Greater Vancouver Board of Trade said they are pleased to see the legislation put on hold, given the “potential ramifications” of the proposal’s “expansive interpretation.”
“We hope that the government chooses not to pursue Bill 12 in the future,” said board president and CEO Bridgitte Anderson in a statement. “Instead, we would welcome the opportunity to work with the government to develop measures that are well-targeted and effective, ensuring they protect British Columbians without causing unintended consequences.”
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Donald Trump is set to secure on Tuesday a stock bonus worth US$1.3-billion from the company that operates his social media app Truth Social (DJT-Q), equivalent to about half the majority stake he already owns in it, thanks to the wild rally in its shares.
The award will take the former U.S. president’s overall stake in the company, Trump Media & Technology Group (TMTG), to US$4.1-billion.
While Mr. Trump has agreed not to sell any of his TMTG shares before September, the windfall represents a significant boost to his wealth, which Forbes pegs at US$4.7-billion.
Unlike much of his real estate empire, shares are easy to divest in the stock market and could come in handy as Mr. Trump’s legal fees and fines pile up, including a US$454.2-million judgment in his New York civil fraud case he is appealing.
The bonus also reflects the exuberant trading in TMTG’s shares, which have been on a roller coaster ride since the company listed on Nasdaq last month through a merger with a special purpose acquisition company (SPAC) and was snapped up by Trump supporters and speculators.
Mr. Trump will be entitled to the stock bonus under the terms of the SPAC deal once TMTG’s shares stay above US$17.50 for 20 trading days after the company’s March 26 listing. They ended trading on Monday at US$35.50, and they would have to lose more than half their value on Tuesday for Mr. Trump to miss out.
TMTG’s current valuation of approximately US$5-billion is equivalent to about 1,220 times the loss-making company’s revenue in 2023 of US$4.1-million.
No other U.S. company of similar market capitalization has such a high valuation multiple, LSEG data shows. This is despite TMTG warning investors in regulatory filings that its operational losses raise “substantial doubt” about its ability to remain in business.
A TMTG spokesperson declined to comment on the stock award to Mr. Trump. “With more than $200 million in the bank and zero debt, Trump Media is fulfilling all its obligations related to the merger and rapidly moving forward with its business plan,” the spokesperson said.
While Mr. Trump’s windfall is rich for a small, loss-making company like TMTG, the earnout structure that allows it is common. According to a report from law firm Freshfields Bruckhaus Deringer, stock earnouts for management were seen in more than half the SPAC mergers completed in 2022.
However, few executives clinch these earnout bonuses because many SPAC deals end up performing poorly in the stock market, said Freshfields securities lawyer Michael Levitt. TMTG’s case is rare because its shares are trading decoupled from its business prospects.
“Many earnouts in SPACs are never satisfied because many SPAC prices fall significantly after the merger is completed,” Mr. Levitt said.
To be sure, TMTG made it easier for Mr. Trump to meet the earnout threshold. When TMTG agreed to merge with the SPAC in October, 2021, the deal envisioned that TMTG shares had to trade above US$30 for Mr. Trump to get the full earnout bonus. The two sides amended the deal in August, 2023 to lower that threshold to US$17.50, regulatory filings show.
Had that not happened, Mr. Trump would not have yet earned the full bonus because TMTG’s shares traded below US$30 last week. The terms of the deal, however, give Mr. Trump three years from the listing to win the full earnout, so he could have still earned it if the shares traded above the threshold for 20 days in any 30-day period during this time.
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