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Half a billion dollars in GOP spending does little to move polls
Republicans’ massive money advantage has yet to reshape the midterm map, as Democrats keep expanding their ambitions.
Mecklenburg commissioners probe multimillion-dollar Discovery Place agreement
Mecklenburg County commissioners voted Tuesday to investigate the agreement behind a nearly $15 million loan to Discovery Place as questions remain over how the organization will repay the county.
San Antonio tax preparing business owner sentenced to federal prison, ordered to pay $3.8 million
A San Antonio woman convicted of falsifying tax forms on behalf of her clients was sentenced to federal prison and ordered to pay more than $3.8 million dollars in restitution, the U.S. Department of Justice announced Tuesday.
Entertainment: Paramount closes deal with Warner Bros.
Paramount has closed its $81 billion dollar purchase of Warner Brothers Discovery, forming a new Hollywood giant now called "Skydance".
Christian Science church in Lincoln Park gets new life as multimillion-dollar condos
The name of the new development, Beman Lincoln Park, honors Solon Beman, the architect of the early 20th-century church as well as the town of Pullman.
Christian Science church in Lincoln Park gets new life as multimillion-dollar condos
The name of the new development, Beman Lincoln Park, honors Solon Beman, the architect of the early 20th-century church as well as the town of Pullman.
Prince George’s County Council votes to advance billion-dollar entertainment venue project
The Sphere concert and entertainment venue planned for National Harbor is another step closer to reality after an vote Monday by the Prince George’s County Council, but unions looking to secure agreements on construction of the project have been left out.
Euro faces political, fiscal reckoning as it hovers near 17-month low
The euro struggled near a 17-month low on Tuesday, weighed down by political uncertainty and fiscal concerns across the euro zone, while the dollar extended its blistering rally as it rode US Treasury yields higher.
Trump says Super Pac will pay for taxpayer-funded ads that sparked outcry
President’s U-turn comes after Democrats and Republicans condemned use of tax dollars for pro-Trump ads
After bipartisan criticism, Trump says taxpayers’ dollars will no longer be used for TV ads promoting him
The president said the ads, which the White House has defended, will be funded by him and his super PAC, MAGA Inc.
Prince George’s Co. Council votes to advance billion-dollar entertainment venue project
The Prince George’s County Council voted 11-0 authorizing up to $215 million in special obligation bonds to help build the entertainment complex.
Why I Don’t Think Ride Or Die Should Have Been Cancelled (And What Company Should Save It...)
(Welcome to my weekly streaming ratings report, the single best guide to what’s popular in streaming TV and what isn’t. I’m the Entertainment Strategy Guy, a former streaming executive who now analyzes business strategy in the entertainment industry. If you were forwarded this email, please subscribe to get these insights each week.) So…I recently came across a Reddit thread, talking about films on streaming, wondering why there are no reliable sources out there for streaming ratings data. Sigh. Honestly, as annoyed as I am that so many still don’t realize that we have streaming ratings, I somewhat get it. Until now, there was such a long delay between when a show or film came to streaming and when we got its viewership data; I understand why people were confused. (But, as you know, this just changed.) Also, even back in the day, how many people knew how well films did on television? Luckily, as a reader, you’re in the know. Okay, on to this week’s issue. I want to take a look at Prime Video cancelling Ride or Die and whether I agree with that decision. Overall, we didn’t have any breakout hits (no TV shows landed over 20 million hours according to Nielsen) but we have a lot of steady performers on the streaming charts. Plus, we’ll look at where $50 million in missing box office dollars went. (Spoiler: straight-to-streaming.) All that, plus new episodes of The Secret Lives of Mormon Wives, Supergirl heads to streaming, a new YA show does well on Netflix, the viewership for the Daily Wire’s $50 million fantasy show, what TV show hit-maker can’t make streaming hits, CD sales, all the flops, bombs and misses, and a whole lot more. Let’s dive right in! (Reminder: The streaming ratings report focuses on the U.S. market and compiles data from Nielsen’s weekly top ten viewership ranks, Luminate’s Top Ten Data, JustWatch and Reelgood interest data, Samba TV household viewership, company datecdotes, Netflix hours viewed data, Google Trends, and IMDb to determine the most popular content. While most data points are current, Nielsen’s data covers the weeks of September 7th to September 13th, 2026. You can find a link to my terminology here.) Subscribe Television - Ride or Die Is a Hit…But It Got Cancelled? What The Data “Says” I hate the phrase “here’s what the data says”, even though sometimes I find myself using it. If data just told us everything, we data folks would be out of a job! Data is often messy, complicated and nuanced. When it comes to strategy, many of the best decisions can’t actually use “data”, since it’s vastly too complicated to model. Anyways, I’ve been singing the praises of Prime Video’s Ride Or Die this summer, a show that did very well for them. And yet…it got cancelled. Now, usually when a show gets cancelled, a bunch of websites say “a hit show got cancelled”... Here’s the thing, though: in this case, they’re right! The data “says” that this show was a hit. Specifically, out of 522 first seasons to make a week on the Nielsen charts since 2020, it’s the 75th biggest. On Amazon, Ride or Die is eighth out of 41 first seasons: That’s top 15th percentile all time, almost exactly, which is my definition of a “hit”! I mean, outside of Reacher, Amazon needed a hit this summer! (Admittedly, Off Campus did well for Amazon in the spring, but Ride or Die performed even better.) So what happened? Why did Amazon cancel one of their rare 2026 bright spots? Well, Deadline reported a reason—which I’ll get to—but I’d break it down into three relevant questions: What is a given streamer’s reasoning? Is that reasoning sound? Could the stated reason not be the real reason? According to Deadline, Amazon felt the show “over-indexed” in middle-aged women. (This was based on leaks from within Amazon.) The logic is this: Amazon already reaches this demographic because of unlimited two-day shipping bundled with Prime, so they don’t really need more shows like this. Now, it’s my job to ask if that’s a good reason, and I’ll be honest, in this case, I don’t think it is. Sure, this show may “over-index” in middle-aged women—I’ll just assume that’s the case here—but I think folks often oversell how important over-indexing actually is. When a show is a “hit”, it isn’t a bit bigger than its rivals; it’s usually multiples bigger. For example, Elle only made the charts for two weeks at 8.3 million hours each. So Ride or Die was 80% bigger in its first two weeks, and likely had a much stronger hold, with its terrific 13 million hours in week three. Ride or Die was nearly three times bigger than Sterling Point through three weeks too. And that means that _Elle, Sterling Point a_nd other Amazon YA shows need to not just over-index a little with younger women (assuming that’s who Amazon prefers over middle-aged women), but massively over-index. Otherwise, more people in that demo (and a bunch more besides) likely watched Ride or Die. (I’ll try to explore this concept more in a future article.) And don’t get me started on how Ride or Die did compared to a certain (very, very popular, possibly the world’s most popular) YouTuber’s reality show…which didn’t make the charts after its first week and likely cost much, much more than Ride or Die. All to say, Amazon-MGM Studios/Prime Video can tell reporters that this show didn’t reach the right audience, but that excuse feels weak to me. So this leads to the third question: could other reasons have come into play? Yes! Renewal or cancellation decisions rarely (I’m tempted to say “never”) boil down to one variable. At its simplest, it’s two things: budget versus viewership. But often factors like critical acclaim, ownership and, yes, personal opinion come into play. In this case, Amazon has a new executive running things, and this show isn’t owned by Amazon-MGM Studios (unlike Elle). And yes, it may not have indexed with the right target viewers, too. Likely all of those factors came into play.1 My guess is ownership ended up mattering most. Amazon doesn’t own Ride or Die. It’s actually produced by another major studio. Fortunately/allegedly, this show is being shopped around. I can think of one brand new CEO who should consider it for one of his two major streamers…especially if he wants to rebuild goodwill in Hollywood. His name is on this list of exec producers of Ride or Die… If David Ellison needs some goodwill—and he does—rescue this female-led show tomorrow and grab some good headlines for a day. The data justifies it. Quick Notes on TV We’re just getting started with this issue, but the rest is for paid subscribers of the Entertainment Strategy Guy, so if you’d like to find out… How The Secret Lives of Mormon Wives latest season did on Hulu, post-controversy... Whether Supergirl soared on HBO Max... Why the box office is losing money due to the streamers... The viewership for the Daily Wire’s $50 million fantasy show... Updates on The Gentlemen, Lanterns, Outer Banks, King of the Hill and more... What former hit-maker has three streaming flops in a row... Whether The Mandalorian and Grogu popped in week two... All the flops, bombs and misses... And a whole lot more... ...please subscribe! We can only keep doing this great work with your support. If you want an idea of just how much content you’d get in a full issue, check out this older issue. Coming Soon! Oh man, we’re almost caught up! We just have two more issues, then the streaming Ratings Report will be coming out just two weeks after a TV show premieres! Next issue, I’ll be looking at the first two weeks of the NFL Thursday night games on streaming, a huge new spinoff, Reacher’s Neagly on Prime Video, and the latest edition of Monster: The Lizzie Borden Story on Netflix, the return of Slow Horses on Apple and MobLand (quietly one of their biggest shows) on Paramount+, and Dancing with the Stars on both ABC and Disney+. Plus I’ll take a look at animation for adults in 2026. The week after, a ton of movies are coming to streaming: Toy Story 5 on Disney+, Backrooms on HBO Max, Jackass: Best and Last on Paramount+ and The Breadwinner on Netflix, plus a Unabomber film on Netflix and a romcom on Prime Video. Woody Harrelson and Matthew McConaughey have a show on Apple, along with a game show inspired by Willy Wonka that everyone seems to hate. Long term, some crazy (but hopefully crazy like a fox) IP news. FX ordered a new Sons of Anarchy show from Charlie Hunnam, but it’s not about the biker gang. No, it features the show’s cast playing themselves in a new “meta-thriller”. Huh. And a lot of the cast is coming back. Next, Ryan Gosling is producing a Flintstones movie about a “grown-up Bamm-Bamm Rubble”. Also, huh. This one is in “early development” so we’ll see what happens. Both projects are based on IP, but also seem to have crazy takes on the IP, which I like.
'Clearly not working': Sam Altman hits AI industry over political spending
In a wide-ranging interview, the OpenAI CEO criticized the flood of AI dollars swamping the midterm elections and suggested a new liability framework is needed for autonomous hacks.
‘Clearly not working’: Sam Altman hits AI industry over political spending
In a wide-ranging interview, the OpenAI CEO criticized the flood of AI dollars swamping the midterm elections and suggested a new liability framework is needed for autonomous hacks.
An 8-justice Supreme Court to decide whether cities can sue oil companies for climate change impacts
The Supreme Court will hear arguments Monday in one of the most important climate change cases to reach its docket in years, a multibillion-dollar effort to hold major oil companies like ExxonMobil liable for the damages caused by planet-warming pollution.
How Americans’ Financial Health Is Faring In The “K-Shaped” Economy
Hey all, Jason here. Money20/20 is still two weeks away, but I’ve already started packing (not procrastinating for once!). My calendar is already filling up with various sessions I want to catch, meetings, and of course happy hours, dinners, and other side events. If you’ll be in Vegas and want to catch up, let me know by replying to this email, and we can try to find a time amidst the chaos of the Venetian. A big if not totally unexpected piece of news dropped on Friday: the Independent Community Bankers of America, a trade group that represents smaller U.S. banks, filed a lawsuit against the OCC and Comptroller Jonathan Gould, arguing that the regulator’s move to grant trust bank charters to firms seeking to use them to conduct substantial non-fiduciary activities exceeds the authorities granted to the OCC by Congress. I haven’t had time to fully digest the legal filing or speak to folks in my network about it, but you can expect to see coverage and analysis on it in next week’s newsletter. Subscribe or Support by Upgrading The NerdCon agenda just dropped. It’s stacked. Partner content: Nubank built an AI-first bank. Chime built its own banking core. Figure and Valon are rebuilding the mortgage stack. At NerdCon, you’ll hear from the people behind those bets: what they chose, what they learned, and what they’re still figuring out. The agenda is live, with leaders from Nubank, Chime, OpenAI, Remitly, Mercury, Figure, Valon and more. Follow the mainstage conversations, bring the problem your team is wrestling with to a hands-on workshop, or pull up a chair at a roundtable. Pick your quests. Meet us in San Diego, November 18–20. Fintech Business Weekly readers save 20% with code FBW20. Explore the Agenda Things To Know & Other Good Reads Federal Reserve Board finalizes changes to enhance the transparency and public accountability of its stress test and reduce volatility in its stress test-related capital requirements (Federal Reserve Board of Governors) FDIC Announces Conclusion of Independent Monitorship (FDIC) Modernizing Financial Regulation: Initial Observations from eSLR (Fed Vice Chair for Supervision Michelle Bowman) The Data Version of Godzilla versus Kong: FRED Takes on AI (Fed Governor Christopher Waller) Financing the AI buildout (Brookings) Q3’26: Rules for Banks but Not for Crypto (Fintech Takes Banking) The Inevitability of Local Stablecoins (Lombard Notes) Delusions of AI Governance: The Human-in-the-Loop Comfort Blanket (Fintech Snark Tank) Stripe agrees to acquire Parafin to expand revenue opportunities for platforms and help small businesses grow (Stripe) Listen: Fighting Fraud in the Age of AI, with SEON’s Tamas Kadar (Fintech Business Weekly) How Americans’ Financial Health Is Faring In The “K-Shaped” Economy If there is one overarching theme across the economy and politics in the U.S. at the moment, it’s “affordability.” The term is vague enough to encompass a panoply of factors shaping Americans’ day-to-day lives: rising costs for the hallmarks of being “middle class,” including healthcare, housing, childcare, and education, inflation and rising interest rates, and a job market with the specter of AI hovering over it. At the same time, policy shifts under the Trump administration have resulted in reduced subsidies to those who get health insurance under the Affordable Care Act and new restrictions on qualifying for Medicaid and SNAP, the impacts of which have yet to be fully felt. These factors are contributing to declining consumer confidence and general dissatisfaction with the economy, despite continuing GDP growth and stock market records. This divergence is encapsulated in the idea of the “K-shaped” economy, in which a small proportion of Americans have seen their wealth balloon, while the majority of American households struggle to preserve the lifestyle they have. Perhaps the greatest determinant of which branch of the “K” a household is on is whether their wealth and income are primarily derived from employment vs. from assets. Nearly two decades of low interest rates and, more recently, elevated rates of inflation have benefited asset owners, while those whose income is primarily or solely derived from labor have largely seen real purchasing power stagnate or decline. This is reflected in recent Bureau of Labor Statistics data showing that labor share of U.S. GDP — the fraction of economic output that accrues to workers as compensation in exchange for their labor — dropped to just 52.8% in Q2 2026, the lowest since the BLS began keeping records. In 1947, approximately 2/3rds of economic output accrued to workers; even as recently as 2001, labor’s share of GDP was 64.1%. Against this backdrop, we’ve seen the rise of more credit and credit-like products: cash advance apps, “no-fee” overdraft, earned wage access, and buy now pay later, which are often used as small-dollar short-term borrowing mechanisms to meet immediate consumption needs or pay other bills (eg utilities, cell phone, other debt payments). With the markers of a middle class existence and, increasingly, basic financial stability seemingly out of reach for many, it should be no surprise there’s been an increase in “financial nihilism,” something industry peers like Alex Johnson and Frank Rotman have discussed and analyzed the roots of. The explosion of gambling and gambling-adjacent products and services — often marketed under the guise of being an “investment” — is inextricably intertwined with the rise of financial nihilism. Crypto, sports betting, and, more recently, prediction markets offer an escape or even hope of sorts, like a contemporary, digital version of a scratch-off lottery ticket, while leaving the overwhelming number of people who use such products worse off. Share of Households That Are Financially “Vulnerable” Ticks Up The Financial Health Network’s 2026 Financial Health Pulse® report adds context on how American households are faring. (I linked to this report in last week’s newsletter, but wanted to take time to further unpack the data in the report this week.) The Financial Health Network publishes the report annually, providing insight into how Americans’ financial circumstances are changing over time. The 2026 report is derived from a survey fielded in April and May 2026. The report leverages survey responses to assess indicators of financial health across spending, saving, borrowing, and planning/protecting and to determine a zero to 100 “FinHealth” score. Those with scores between 0 and 39 are considered “Financially Vulnerable,” consumers with scores ranging between 40 and 79 are defined as “Financially Coping,” and those with scores of 80 to 100 are “Financially Healthy.” The report found that moderate improvements in 2025 were reversed, with the share of respondents considered financially “vulnerable” rebounding to 17%. The longitudinal data reflect the impact of pandemic-era programs, like expanded unemployment, cash stimulus payments, and pauses of federal student loan payments. The positive impacts of those programs, as reflected in the Financial Health Pulse reports, had largely disappeared by 2023. While pandemic-era inflation — to be fair, in part caused by the various support and stimulus measures — had come down from as high as 9% in 2022, it has rebounded since the start of Trump’s second term, with tariffs and energy market disruptions owing to the war in Iran pushing prices back up. Specific indicators in the survey that deteriorated from 2025 to 2026 include the share of respondents spending less than their income over the past 12 months, the share paying all bills on time over the past 12 months, the share that have a manageable amount or no debt, the share that are “moderately” or “very” confident their insurance is adequate to cover them in an emergency, and the share that “somewhat” or “strongly” agree that their household plans ahead financially. Unsurprisingly, lower- and moderate-income households are more likely to struggle to pay their bills on time and have any funds leftover to save. The share of low-income households whose income exceeded their spending dropped from 35% in 2025 to 31% in 2026, while the share of upper-income households whose income exceeded expenses remained unchanged at 63%. Households with student loans or revolving credit card debt reported having “a bit more” or “far more” debt than was manageable at rates far higher than those not carrying these types of debts. The share of those with student loan debt indicating their debt load was too high to manage increased from 50% in 2025 to 55% in 2026, while the share of those with revolving credit card debt saying the same ticked up from 51% in 2025 to 54% in 2026. Households that had student loans were markedly more likely to be financially “coping” or “vulnerable” vs. those without student loans. In 2026, 27% of households with student loans were considered financially vulnerable, a jump of 6% points vs. 2025. Households without student loans saw just a 1% point increase (not statistically significant) in those considered financially vulnerable. Households’ perception of the affordability of categories of goods and services paints a stark picture, with less than one-fourth considering higher education affordable, about a third deeming childcare affordable, and less than half viewing healthcare as affordable. Fintech Business Weekly is made possible by the generous support of paying subscribers — bringing you independent analysis of banking, fintech, and crypto without fear or favor. You can support my work by becoming a paying subscriber if you aren’t already. Paying subscribers enjoy: access to the entire archive of nearly six years of newsletters extended versions of the weekly newsletter, with additional content and analysis and (for founding member tier) quarterly personal 1:1 fintech Q&A / strategy calls with me, tapping into my unparalleled knowledge of the intersection of banking and fintech and experience working in the sector, including helping to launch Goldman Sachs’ retail bank Marcus Support Fintech Business Weekly You can also support Fintech Business Weekly by sponsoring a newsletter or podcast, putting you in front of 93,000+ of the most influential decision makers in banking, fintech, and crypto. Learn more about sponsor opportunities or request a media kit by dropping me an email. Democratic Senate Report Highlights How Iran Uses Tether to Evade U.S. Sanctions Iran uses stablecoins, specifically Tether, to evade sanctions, fund regional proxies, and to purchase military drones, a report released last week by the Senate Permanent Subcommittee on Investigations says. The report was authored by committee ranking member Senator Richard Blumenthal (D-CT) and the minority staff. Crypto and stablecoin proponents will often push back on criticism that criminals make use of these assets by arguing that, on an absolute dollar basis, far more illicit funds flow through traditional banking systems and payment rails than via crypto and stablecoins. And while that is likely true, it elides the reality presented in news story after news story: whether state actors — Russia, Iran, North Korea — or criminal groups, those looking to engage in illicit transactions increasingly favor stablecoins and, specifically, Tether (USDT). The report from the Senate Permanent Subcommittee on Investigations released last week adds context to how Iran uses Tether has a lynchpin in its shadow banking system. The report analyzed 846 wallets that have been sanctioned or targeted for seizure, finding that 84% of them transacted exclusively or primarily in Tether. The ability to create near limitless, anonymous wallets and to move funds effectively instantaneously and irreversibly have made crypto a favored financial mechanism for bad actors. Stablecoins solved key drawbacks of bitcoin, namely, the original cryptocurrency’s highly volatile value in dollars. And while Tether (the company) has the technical ability to “freeze” or destroy funds, the company is often limited and reactive in its approach to doing so, the Senate report argues. Tether, which is nominally based in crypto-friendly El Salvador, “has stated that its compliance with OFAC sanctions is ‘voluntary’ and that it follows ‘OFAC guidelines,’” the Senate report says. Owing to these favorable attributes, Tether “became a primary cryptocurrency for Iran, Hamas, Hizballah, and the Houthis beginning in 2023 and has expanded in scale since,” according to the report. Tether’s role in Iran’s shadow banking system, the report says, is enhanced by crypto exchanges like Bybit, Kyrrex, OKX, Gate, and Binance, and through “over the counter” exchanges and hawala networks. The consequences of these financial flows aren’t hypothetical. The Senate report links Tether as a funds transfer mechanism to Iranian proxies in the region, including Hizballah, the Houthis, and Hamas. Tether has also been used to make payments to secure components necessary to manufacture drones, the report says. The report concludes by arguing that “[s]tablecoin issuers with a significant nexus to the United States, particularly those that offer dollar-denominated stablecoins, should be subject to American sanctions law rather than being allowed to hide behind foreign jurisdictions.” Stablecoin issuers like Tether must be held accountable for repeated failures to prevent illicit finance and sanctions violations by law enforcement, the Department of Justice, the Securities and Exchange Commission, and OFAC, the report argues. [Paying Subscriber Exclusive] OUSD Goes Live, Make Your Own Neobank, U.S. Sanctions Russia’s A7 Network As “Transnational Criminal Organization” OpenUSD, the stablecoin issued by the Open Standard consortium that includes Stripe, Visa, Mastercard, core providers, crypto firms, and numerous banks, went live last week. Social commerce platform Whop raised eyebrows in fintech by offering creators on its platform the ability to launch their own neobanks, which the company describes as “great businesses that are easy to run,” in just 15 minutes. And OFAC and FinCEN target Russia’s “shadow banking” A7 Network — more on these stories after the paywall.
Sarah Trone Garriott Puts Politics Over Good Paying Jobs
Sarah Trone Garriott just showed Iowans exactly where her priorities lie by voting against the largest steel mill project in American history. The $15 billion steel mill planned for Lee County is expected to create at least 1,750 permanent, good-paying jobs, bring billions of dollars in investment to Iowa, and expand American steel manufacturing. Instead of supporting a […]
A $28B hemp THC industry is fighting to save itself from a looming federal ban
America’s multibillion-dollar market for impairing hemp products faces potential elimination before the end of the year.
Ike Perlmutter helps James Uthmeier stretch fundraising lead in AG race
The business titan and his wife combined to give half a million dollars to the AG's PC.
Governor candidate Bernadette Wilson has been sued repeatedly over unpaid bills, records show
Alaska judges have ordered the Republican candidate to pay thousands of dollars for overdue business and personal debts.
A $28B hemp THC industry is fighting to save itself from a looming federal ban
America’s multibillion-dollar market for impairing hemp products faces potential elimination before the end of the year.
$28B hemp THC industry fights to save itself from looming federal ban
America’s multibillion-dollar market for impairing hemp products faces potential elimination before the end of the year
Trump Negotiators’ Business Ties Collide With Multibillion-Dollar Russian Oil Deal: NYT
Trump’s negotiations with Russia about Ukraine reportedly now include an oil deal involving business figures connected to Steve Witkoff and Jared Kushner.
What we know about Trump’s latest taxpayer-funded ad campaign
The Trump administration has created at least 13 campaign-style ads as part of its controversial taxpayer-funded, multi-million-dollar effort to promote President Donald Trump and his policies. CNN’s Betsy Klein reports.
$7.5B plan for California science agency free from Trump’s influence will go to voters
California could create its own multi-billion-dollar science and health research agency under a bill signed by Gov. Gavin Newsom.
Irish Sea Moss Is Making Waves. The Science is Actually Pretty Murky.
Irish Sea moss supplements are all the rage with a billion-dollar industry that expects consumer demand to continue rising. While the superfood is packed with different nutrients, there is a high risk of ingesting heavy metals.
The Political Recap: President Trump using taxpayer dollars for ads?
Capitol Bureau reporter Tyler Englander breaks down what you missed in Virginia politics this week.
$7.5B plan for California science agency free from Trump's influence will go to voters
California could create a multi-billion-dollar science and health research agency under a new bill signed by Gov. Gavin Newsom.
$7.5B plan for California science agency will go to voters
California could create its own multi-billion-dollar science and health research agency under a bill signed by Gov.
Trump bets big on ‘transactional politics’ in midterm sprint
President Donald Trump is leaning into transactional politics in the final month of the 2026 midterm campaign, tying his administration directly to economic benefits in states that could determine control of Congress. This week alone, Trump has promoted billions of dollars in proposed investments in Alaska and Iowa, redirected $20 million in Department of Homeland […]
Debt-saddled Argentina pitches 'golden passport' scheme to woo wealthy foreigners
Argentina is putting a price on citizenship as President Javier Milei searches for dollars to help the country meet its debts.
Laurels and Darts: Following the political money.
Illuminating campaign finance reporting from LAist on the city’s mayoral race. Plus: A poor choice of words in the Cornell case, and the value of five-dollar obituaries.
AI blurs lines in campaign ads: ‘People are seeing things that didn’t happen’
Political campaigns and groups are spending tens of millions of dollars on ads that employ AI, often without disclosing that they’re using it.
Capitol News Illinois | Optimistic data-center report met with criticism
A new study predicts data centers expected to be built in Illinois over the next decade would create thousands of jobs and millions of dollars in property-tax revenue.
Trump administration shifts funds from human rights to supporting far-right causes
The US State Department directed millions of dollars originally earmarked to promote human rights to promote far-right causes including Afrikaner rights in South Africa, safeguarding “Western civilizational norms,” and documenting “backsliding” in Europe related to mass migration, a source familiar with the matter told CNN.
Anderson retail center sells for $7.14M
The 40,000-square-feet retail center has 13 units and a mix of commercial and service-oriented tenants including Dollar Tree and Great Clips.
CommonSpirit Health grows operating revenue 8.5% to $42.4B in FY2026
CommonSpirit Health grew its revenues by 8.5% during its 2026 fiscal year while trimming its operating losses by $257 million, notwithstanding the multibillion-dollar hit it absorbed earlier this y | The 156-hospital nonprofit chopped its operating losses down by $257 million, notwithstanding the multibillion-dollar impact of its revenue cycle management breakup with Tenet Health.
How Washington Funded the Politicization of Science
Over the last half-decade, the National Science Foundation (NSF) has spent hundreds of millions of dollars on projects designed to influence academic policies, both in the sciences and other disciplines. The aim was to foster a progressive conception of social justice in these fields. In pursuit of this end, the foundation earmarked nearly a million dollars for a project titled “Creating Inclusive Scientific Societies through Policies and Practices,” over a million for a project on “Faculty Online Learning Communities for Gender Equity,” and over $2 million to foster “racial equity focused departmental change.” Through a public records request, I’ve obtained the proposals and progress reports for dozens of NSF grants designed to promote social justice. Although funding for these grants was eventually halted by the Trump administration, the projects illustrate an important facet of recent higher-education policy. Many of the university policies that promised “social transformation” didn’t arise in a vacuum. They were actively encouraged by outside funders—often by the federal government itself. Subscribe Accreditation—the peer-review process which enables universities to receive federal grants and student loans—has recently become a policy battleground, with accreditors wielding significant power over both universities and academic disciplines. In 2020, when Oregon Health and Science University’s medical school issued an extensive diversity action plan—which promised “consequences” for employees who failed to support “DEI, anti-racism and social justice”—it specifically pointed to the Liaison Committee on Medical Education (LCME), the medical-school accrediting body, to justify the overhaul. The NSF actively promoted DEI-focused accreditation policies. The proposal for a $1.2 million program on promoting “community engagement” in STEM, which I obtained through a records request, notes that the Accreditation Board for Engineering and Technology was exploring changes to its criteria “that would incorporate JEDI [justice, equity, diversity, and inclusion].” The proposal promised to “support broader JEDI efforts in the general criteria for engineering.” Another grant funded a conference designed to “identify and share best practices and strategies to integrate IDEA principles in accreditation criteria”—referring to an acronym that stands for “inclusion, diversity, equity, and accessibility.” Scholarly societies have become another flashpoint in debates over higher education. Critics argue that many of these societies, which have the power to shape entire disciplines, have become increasingly politicized. Again, through its giving, the NSF played a role in promoting this politicization. In one million-dollar grant that received funding in 2024, a group of psychologists proposed a series of social-justice reforms to the Society for the Psychological Study of Social Issues. The proposal, which I obtained via a records request, asserts that “[r]edistributing resources (such as moving different people into leadership roles) is not enough” and that the society’s “governance structures do not yet reflect its stated values of diversity, equity, and inclusion.” Its solution: review and rework the society’s criteria for leadership development, academic awards, conferences, and publications. Adjusting review criteria informed by “intersectionality” designed to fight “epistemic exclusion” is an easy way to introduce de facto ideological litmus tests into the peer-review process. For many of the grants I obtained, such litmus tests seem to be the point. “Academic departments are racialized social systems that produce and sustain the byproducts of systemic racism,” a proposal for a $2.7 million project funded in 2024 asserts, promising to develop “departmentally-focused change efforts that cultivate values, assumptions, and behaviors that advance racial equity.” The University of Illinois Urbana Champaign’s million-dollar “I-ADVANCE” project, which effectively created a small DEI bureaucracy on campus, promised to Embed 28 ADVANCE faculty fellows in STEM departments” to amplify its equity goals. Another $1.2 million project promised to create “faculty online learning communities,” made up of scientists at universities around the country, that would eventually build department-level diversity action plans. “Ultimately,” the proposal asserts, perhaps more perceptively than its authors realized, “both organizational change and intersectionality frameworks deal with power.” Indeed, such grants confer a great deal of power to administrators and scholar-activists, who can even use the mere availability of funding as a tool to advance their causes. That history is worth remembering amid today’s debate over federal involvement in higher education: Washington has been shaping university priorities for years, including by financing efforts to instill progressive ideas about race, gender, and equity into academic institutions—and many of the policies those grants encouraged remain embedded within universities long after the federal money has stopped flowing. John D. Sailer is the director of higher education policy and a senior fellow at Manhattan Institute. Share
90 Ideas in 90 Minutes: Blaire Massa
Measure belonging, not just outputCompanies are exceptionally good at measuring transactions. At Ballet Des Moines, we know exactly how many tickets we sell, how many students attend our programs, how many dollars we raise. But those numbers look backward, not forward. We wanted to find out whether people were going to come back. So we…
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Virginia Tech leads multimillion-dollar project for women's health
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How Are Corn Growers Protecting Their Yields From Bird Damage?
Every spring, corn growers face a threat that rarely shows up in a budget until it’s too late: flocks of birds pulling freshly planted seed out of the ground before it can sprout. The resulting stand loss can quietly erase thousands of dollars in expected revenue per field, which raises a practical question for growers […]
Works by van Gogh and Cézanne up for sale in Sotheby's $450 million auction
A dozen Impressionist and post-Impressionist artworks valued at almost half a billion dollars are going up for auction | 1010 WINS
Works by van Gogh and Cézanne up for sale in Sotheby's $450 million auction
A dozen Impressionist and post-Impressionist artworks valued at almost half a billion dollars are going up for auction | WBBM Newsradio 780 AM & 105.9 FM
Works by van Gogh and Cézanne up for sale in Sotheby's $450 million auction
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Millions of dollars are coming for rural health. But thousands are losing Medicaid to pay for it.
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Trump drops plan to detain immigrants at New Jersey military baseNJ Spotlight News
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Ranking Member Markey: SBA Administrator Loeffler, Trump Administration are Refusing to Answer to America’s 36+ Million Small Businesses and Workers, Leaving Main Street Behind
Loeffler canceled her scheduled Sept. 30 appearance before the Senate Small Business Committee, has not appeared before SBC in more than a year (Washington, September 28) – Ranking Member Edward J. Markey (D-Mass.) today released the following statement after Small Business Administration (SBA) Administrator Kelly Loeffler canceled her scheduled Wednesday appearance before the Small Business and Entrepreneurship Committee. Administrator Loeffler has not appeared before the committee in more than a year and has consistently refused to provide substantial answers to committee members in person, in writing, or via requested briefings. In June, Ranking Member Markey led every Democratic member of the committee in calling on Administrator Loeffler to appear before the committee to answer for the Trump administration’s cruel attacks on American small businesses, entrepreneurs, and workers. The Democratic lawmakers still have not received a response from Administrator Loeffler. “It is unacceptable that Administrator Loeffler chose to cancel her appearance before the Senate Small Business and Entrepreneurship Committee. The Trump administration is once again ignoring the more than 36 million American small businesses, entrepreneurs, and workers who drive our economy and enrich our communities by refusing to answer questions about this administration’s reckless economic policies. It has been more than a year since Administrator Loeffler has appeared before our committee and answered questions from both Democrats and Republicans. Since then, the Trump administration’s attacks on Main Street have only worsened. “Small businesses are facing record high gas and diesel prices, skyrocketing healthcare costs, and never-ending uncertainty from Trump’s trade war with the world. Trump has terrorized Main Streets across the country with violent ICE raids, destroying families, communities, and local economies. Meanwhile, Administrator Loeffler and the Trump SBA have been in a Witness Protection Program, ignoring the Pain on Main Street that they have created. They have chosen to make drastic cuts to SBA funding and essential, bipartisan programs, including the closure of the SBA office in Springfield and removal of the SBA office from Boston; directly attacked immigrant small business owners and destroyed the promise of the American Dream; and proposed shortsighted small business size rules that would benefit billion-dollar businesses over actual small businesses. “It’s clear that Administrator Loeffler, President Trump, and their CEO billionaire buddies want to turn the Small Business Administration into the Big Business Administration, tear down our economy, and abandon Main Street. If that is indeed this administration’s goal, Administrator Loeffler must answer to the millions of small businesses, workers, and families in Massachusetts and across the country that this administration is leaving behind.” ###
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Navigating the American Dream: How Integrated Financial Tools, Credit and Rewards Can Help Small Businesses Succeed
(Feature Impact) Owning a small business has been a cornerstone of the “American Dream” for generations. It represents the chance to transform a passion into a livelihood and legacy. However, turning dreams into reality is rarely a smooth or easy process and requires more than ambition alone. Today’s business owners need support and access to tools that enable them to overcome challenges and keep growing.#placement_678081_0_i{width:100%;margin:0 auto;}var rnd = window.rnd || Math.floor(Math.random()*10e6);var pid678081 = window.pid678081 || rnd;var plc678081 = window.plc678081 || 0;var abkw = window.abkw || '';var absrc = 'https://ads.empowerlocal.co/adserve/;ID=181918;size=0x0;setID=678081;type=js;sw='+screen.width+';sh='+screen.height+';spr='+window.devicePixelRatio+';kw='+abkw+';pid='+pid678081+';place='+(plc678081++)+';rnd='+rnd+';click=CLICK_MACRO_PLACEHOLDER';var _absrc = absrc.split("type=js"); absrc = _absrc[0] + 'type=js;referrer=' + encodeURIComponent(document.location.href) + _absrc[1];document.write('');Recent research conducted by the Capital One Insights Center shows 75% of more than 1,000 surveyed small business owners with more than one employee and annual revenues of up to $20 million are confident about the future, and 69% believe their business is actively primed for growth.While this optimism is promising, 47% of business owners still said their operations either stayed the same or became less efficient over the past year, citing issues like back-office friction and fragmented financial systems that make it difficult to get a clear picture of the health of their businesses.If you’re a small business owner eager to grow but not sure how to get there, start with this advice from real small business owners and experts at Capital One.Identify Sources of FrictionBefore you can pour effort into growth, you must understand what barriers are holding you back. Take time to look under the hood of your business to identify where time and energy is being lost.For example, you may be among the 78% of small business owners who feel stressed and uncertain about expense management – think hours spent hunting for receipts, manually entering numbers into software and reconciling accounts. Operational challenges aren’t just a hassle; they also pull attention away from important priorities like serving your customers and planning for growth. “We were focused on making as many candles as possible, especially during the busy season,” said Katie Roering, co-owner of Fontana Candle Co. “A lot of the back-office tasks like procurement, raw material purchasing, forecasting – all the really important things – were done at 3 a.m., 8 p.m. or on Saturday and Sunday, and there really just was not enough time in the day to get everything done that we needed to. We just knew as we continued to grow, we needed to streamline our processes, build out our team and keep moving forward.”Use Integrated Tools to Manage FinancesInstead of balancing 10 different tracking and analysis tools, you can turn to one-stop solutions to improve efficiency. Time gets lost when you’re forced to manually gather and interpret relevant data before you’re able to act. You need a platform that handles the busywork for you.Integrated, or “all-in-one,” financial tools – like accounting and bookkeeping platforms with automation capabilities or business credit cards featuring built-in analytical tools – allow you to easily stay on top of cash flow and day-to-day operations. For small businesses where every hour and dollar makes a difference, consolidating and automating systems can have an immediate impact. In fact, 51% of survey respondents said integrated tools have already fueled their growth.Leverage Credit Access and Rewards WiselyGrowth requires capital, so access to credit is a game-changer for many business owners, with 77% describing it as a key factor in achieving business resilience. Having funds accessible when you need them makes your business more capable of weathering storms such as equipment failures and seasonal slowdowns. It also puts the power in your hands to act when an exciting opportunity presents itself, like an inventory flash sale or the chance to advertise in a new market.Access to credit comes with another advantage: rewards. By using credit cards for your daily business expenses, you can earn cash back, points or travel rewards. Whether you redeem these to cover everyday expenses, book business trips or reinvest in the business, they can act as a bonus source of income. Learn to maximize rewards like the 84% of small business cardholders surveyed so you aren’t leaving money on the table.To learn more about how small business owners can identify obstacles, employ integrated financial tools and use credit as a tool for growth, read the full report at capitalone.com/about/insights-center.Photos courtesy of Shutterstock
Clinic owner stole millions from military health program to buy luxuries like gold-plated Cybertruck, DOJ says
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Democratic lawmakers oppose state dollars for nuclear
They argue that taxpayers and ratepayers should not be asked to subsidize new nuclear projects.
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Homewood BBQ spot improves as 5 other eateries fall below health standards
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SF business owner accused of embezzling over $500K
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Pioneer of China NewCo model sued in US over trade secret misuse, double-dealing
A legal feud unfolding in New York is putting a spotlight on the work of a business development veteran who is credited for pioneering one of biopharma’s hottest dealmaking mechanism: the China “NewCo” model. In a lawsuit originally filed in New York state court and recently moved to federal court, China’s Lepu Medical Technology has alleged that biopharma business development consultant Su Zhang, who was hired to help shop its GLP-1 weight-loss candidates to Western partners, engaged in corporate double-dealing and trade secret leaks. According to the complaint, while acting as Lepu’s primary dealmaking liaison for a group of obesity and metabolic disease drug candidates, Zhang was secretly double-dipping as the acting chief business officer for a direct competitor, BrightGene Pharmaceutical. “She never adequately disclosed the role, never sought Lepu’s consent, and never proposed any safeguard,” Lepu alleged in its complaint, which was filed in July after Zhang’s consulting firm, CoDevCo, sought certain transaction-based success fees from its angry customer through an arbitration process in Singapore. Lepu, the parent company of Lepu Biopharma, has asked Zhang to pay back its $500,000 retainer and disgorge all benefits she received during the alleged breaches of fiduciary duty, plus other damages and relief. The company has also requested the court grant injunctions to protect Lepu’s trade secrets. The ill-fated partnership officially kicked off in December 2024, when Lepu tapped CoDevCo as its “exclusive business development mechanism” to identify collaborators for the company’s drug candidates. According to Lepu’s complaint, Zhang personally negotiated and signed the agreement as managing director for CoDevCo, which used her home address. Before the Lepu deal, Zhang made a name following a short stint as the global head of business development for Hengrui Pharmaceuticals. It was during her tenure that Hengrui signed a landmark deal granting exclusive rights for a portfolio of GLP-1 assets to Hercules, which was at that time newly established by a group of private equity and venture capital firms. In addition to the regular upfront and milestone payments, Hengrui also gained an equity stake in Hercules, which later became Kailera Therapeutics. The Hengrui-Hercules deal opened a new paradigm, where a Chinese biopharma company spins off certain early-stage assets to investors for further development through the creation of a new company abroad. The “NewCo” model quickly came into vogue as it allows Western investors to access high-potential assets originating from China at an early stage while giving the Chinese licensors an opportunity to reap long-term benefits through equity stakes in the new firms. The NewCo model proved its value when Kailera staged a record-breaking $625 million IPO on Nasdaq this April, merely two years into the Hengrui deal. Related Kailera CEO 'knew we were in a good spot' before obesity biotech's record-breaking $625M IPO On her LinkedIn page, Zhang described her work at Hengrui as “[b]uilding team and capability from the ground up,” forming NewCo and major pharma partnerships worth billions of dollars. Lepu clearly wanted that kind of track record to help boost its own cardiometabolic portfolio, which includes a range of assets for obesity, Type 2 diabetes, fatty liver disease and muscle preservation during weight loss treatment. “Lepu’s pipeline is very valuable, but only if Lepu could secure the right international partner to expand into the overseas market during the available commercial window,” the company argued in its complaint. The Chinese biotech said it had little knowledge of U.S. laws, customs or business practices in the business development field, and therefore “needed to rely entirely” on the expertise of Zhang and her team as the firm’s first engagement of a U.S.-based BD consultant. “Zhang’s dominating influence on the business development strategy is further evidenced by the fact that she personally controlled the business-development communications on behalf of Lepu with potential partners,” Lepu said in its complaint. After entering the deal, Zhang introduced Lepu to her four associates. According to Lepu’s version of events, all of them were allegedly employed at different time points to perform similar jobs at other Chinese companies that Lepu described as its competitors, while having access to Lepu’s confidential information. As such, Lepu described Zhang’s team as “a roster of individuals whose primary professional loyalty, by virtue of their concurrent full-time employment, ran to Lepu’s competitors.” As well as the specific examples set out in the case, a look at Lepu’s deals over the period suggests Zhang may have been involved in at least one transaction. During their partnership, Lepu, through its subsidiary Shanghai Minwei Biotechnology, also out-licensed its GLP-1/GIP/FGF21 agonist MWN105 to a NewCo called Sidera Bio in the fall of 2025. The deal included an upfront and near-term payment of $35 million, up to $1.01 billion in milestones, and a 9.99% stake in the Danish startup. It seems likely that Zhang facilitated the Minwei deal given that Lepu is on record as having used CoDevCo as its “exclusive business development mechanism.” The big shock for Lepu came in the form of a news article on June 25, 2025. The article, reporting on phase 2 data for BrightGene’s GLP-1/GIP receptor agonist BGM0504, identified Zhang as acting chief business officer of the Lepu rival. Blindsided by her association with BrightGene, Lepu confronted Zhang in July 2025. “Lepu was given assurances that there was nothing to be concerned about and told that Zhang would explain the matter to Lepu,” Lepu alleged in its complaint. “Zhang never did.” Lepu claimed that Zhang had the motive and opportunity to steer potential prospective partners toward BrightGene or other competitors. Later, in February 2026, one of Zhang’s associates joined BrightGene as the vice president for global business development, according to the complaint. Around the same time, Lepu sent written demand letters asking Zhang to account for her BrightGene role, identify what confidential data were shared with the rival firm, and provide any conflict-of-interest or firewall policies during the engagement. According to Lepu, neither CoDevCo nor Zhang answered the questions in their responses. Related Novo vs. KBP: How a $1.3B deal turned into a fraud accusation and an international legal fight In a motion to dismiss filed with the U.S. District Court in the Eastern District of New York on Sept. 4, Zhang’s legal team argued that Lepu’s agreement was signed with CoDevCo, and that an employee of the contractor does not owe fiduciary duties to the client. In its complaint, Lepu said: “That CoDevCo was the contracting entity does not insulate Zhang from personal liability for duties she personally undertook and personally breached.” Taking the argument one step further, the defending party argued that the consulting agreement “does not create a fiduciary relationship even between CoDevCo and Lepu; instead, it identifies CoDevCo as an independent contractor retained to market Lepu’s business to potential western partners.” Although CoDevCo was Lepu’s exclusive business-development contractor, there were no terms stipulating that the consulting firm should serve only Lepu, Zhang’s lawyer noted. As to Lepu’s claims that Zhang misappropriated trade secrets, the defendant argued that Lepu authorized the use of the information so Zhang’s team could perform their service per the agreement. In a rebuttal filed on Sept. 11, Lepu’s lawyer set out why they believe the Chinese biotech satisfied New York law’s misappropriation definition by alleging that the defendant used a trade secret “in breach of a duty or through improper means.” As an alternative to dismissing the suit, the defendant suggested the action should be stayed pending outcomes from the arbitration of a separate case in Singapore. While NewCo pioneer Zhang is defending her business arrangements, momentum behind the NewCo trend has continued unabated into 2026. Through August, Chinese biotech assets have spurred 15 NewCo deals this year, according to local trade publication PharmaDJ.
Why the U.S. Chamber Shows Up at UNGA: Connecting American Business to the World
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Is metascience being co-opted?
In July, the White House released a report that argued academia is deeply dysfunctional and in need of radical reform.Science: A New Golden Age sets out a litany of problems many academics will recognise: interminable waits for grants; short-term funding rather than support for longer, more ambitious projects; ballooning administrative requirements; pressure to publish, and many more. “The scientific machine is getting bogged down,” it says. At least on the face of it, Science: A New Golden Age is a triumph for the metascience movement, a loose-knit, global group of academics, philanthropists and think tankers that want far more testing and experimentation in how we fund public research and innovation. The report tells US research funders to set up internal metascience units to do just this. But it has also set alarm bells ringing that metascience is being conveniently deployed to help justify the defunding of US universities, which US vice president JD Vance has openly labelled “the enemy.” “Just because you have an issue with your plumbing in your house doesn't mean you light the entire house on fire and burn it to the ground,” said Colette Delawalla, chief executive of Stand Up for Science, a group campaigning against what it says are attacks on scientists by the Trump administration. No one is arguing that academia doesn’t need reform, but there’s debate over how far and how fast the system should be shaken up. Does public R&D need slow and steady evidence-based adjustment, or radical new experiments?One of the key arguments in Science: A New Golden Age is that there’s not enough funding for what it calls “mid-level” science: engineering-heavy projects that require tens of millions of dollars, involve ten to a hundred people, and last around five years. Such a project might develop a brain-computer interface for people with Alzheimer's disease, for example. As such, the US National Science Foundation (NSF) has already announced $1.5 billion to set up so-called X-Labs, effectively new research organisations to pursue breakthroughs in areas such as quantum sensing and new scientific instruments. Funding divertedBut there’s a catch: this money has squeezed NSF budgets for more traditional, fundamental research grants, Science reported in June, likely meaning less cash for university-based scientists. Science: A New Golden Age also makes various swipes at universities, accusing them of extracting overheads from scientists to fund administrative bloat. “We have become dependent on a narrow set of legacy institutions,” it says. The report doesn’t mention it, but the US government is simultaneously seeking greater powers over federal funding, which would allow political appointees at funding agencies to screen or cancel research grants mid-project. The White House is also seeking to slash the NSF’s budget by more than half in 2027, although similar cuts proposed for 2026 were blocked by Congress. Convenient hookThis has worried some that the metascience agenda could be misused as a kind of smokescreen to further weaken universities. James Wilsdon, executive director of the Research on Research Institute at University College London, said that the report contains lots of “interesting ideas” and agrees that in places, academia is a “pretty broken system.” But the risk is that metascience is being deployed as a “convenient hook” to support cuts and a “political land grab” to transfer grant power from scientists to political appointees in US funding agencies.So far, the metascience agenda hasn’t been seized on by radical right parties in Europe. But Wilsdon worries it will cross the Atlantic, politicising research reform efforts and making them more difficult to carry out. The report is already making some in Europe sceptical of the entire idea. “The system is not without flaws, but the metascience discussion is not likely to improve the system but rather to generate munition to undermine it,” said Claes de Vreese, a professor of AI and society at the University of Amsterdam. Peter Thiel protégéOfficially, Science: A New Golden Age has just one named author: Michael Kratsios, the director of the Office of Science and Technology Policy and a former chief of staff to Silicon Valley mogul Peter Thiel. He also served as chief financial officer of Thiel’s Clarium Capital Management. Since the 1990s, Thiel has criticised US universities for moving away from teaching what he views as the classic works of western civilisation, and drifting towards “anti-Western zealotry.” And since 2011, he has offered two-year fellowships of $250,000 to young people to skip or drop out of university, and instead start companies or pursue scientific research. “College can be good for learning about what’s been done before, but it can also discourage you from doing something new,” according to the Thiel Fellowships website. In other areas, the Trump administration has promoted academics with a longstanding interest in metascience. For example, the head of the National Institutes of Health, Jay Bhattacharya, in 2020 co-authored a study arguing the funder backs overly conservative proposals, although he achieved wider prominence as a critic of pandemic lockdowns. Careless talk costs fundingEven before the Trump administration embraced the metascience agenda, some metascientists privately wondered whether they should be careful not to overstate dysfunctions in academia, in case this gets used as ammunition against universities. But others think being cautious with criticism is pointless. After all, last year, the Trump administration sought to cut funding from US universities on an entirely different premise: supposed antisemitism on campus. “I don't think these governments need a technical metascientific excuse to attack the universities, they will want to do so anyway,” said Will Stone, a researcher at Science Works, a new think tank advocating for a “metascience revolution” in the UK. “I think researchers should report what they find, even when the findings may be used to advance policies they disagree with,” echoed Russell Funk, a researcher at the University of Minnesota, who in 2023 co-authored a highly influential paper that argued scientific papers were becoming less disruptive over time. No justificationThat said, Funk thinks that metascientific research certainly doesn’t justify a weakening of universities. Instead, scientists need “time, resources and stability to pursue unfamiliar ideas,” he said. “Taking away those conditions works against the very goal the reforms are supposed to achieve.”The Institute for Progress, a Washington DC-based innovation policy think tank that has championed X-Labs and metascience units, also says that reforms should complement, not supplant, universities. “Unpredictable, unreliable, and reduced federal funding to researchers is destabilising to the very foundations of research and development and is bad,” said Jenn Gustetic, the institute’s director of metascience and R&D policy.Evolution or revolution?This points to a much bigger divide in the metascience community: how far and how fast should public R&D be shaken up? Does it need evolution or revolution? For example, Science: A New Golden Age says the science system relies too heavily on traditional “workhorse” project grants, the type that pay out around $250,000 a year to fund “hypothesis-driven science by small teams on tractable questions.” However, in criticising project grants, the report “decisively picks one side of a debate that is far from settled,” David Hilmer Rex, a metascientist based in Denmark, has written. In June, Pierre Azoulay, a metascientist at the Massachusetts Institute of Technology, defended project grants, saying that the alternative of X-Labs “merits scepticism.”A-B testingOne challenge in metascience is that it’s easier to generate evidence for some types of change than others. Most straightforwardly, research funders can run A-B tests on different ways of awarding money. For example, Germany’s Volkswagen Foundation recently trialled distributed peer review, where applicants rate each other’s proposals, and measured its results against traditional review panels. Distributed peer review made quicker decisions, although awarded money to largely different ideas. However, much of the focus of the metascience movement has been on founding fast-moving and free-acting new research organisations and funders, in contrast to the alleged stodginess of mainstream academia or public innovation grants. A culture of speed and freedom are the animating principles behind Germany’s Sprind or the UK’s Advanced Research and Invention Agency (Aria).Related articlesViewpoint: it's time to experiment with how Europe funds science European researchers sound the alarm that Trump rule changes will hit cooperationHowever, while it’s possible to closely study previously successful bodies, such as the US Defense Advanced Research Projects Agency (Darpa), for historical clues to their secret sauce, it’s impossible to guarantee in advance that the likes of Sprind or Aria will actually work as hoped. But advocates of new organisations say this inherent uncertainly shouldn’t stop us trying. “If we wait for definitive proof that something will work before we try it, I don't know where your proof is coming from,” said Stone. Trade-offsUp until now, experiments in metascience haven’t generally come with hard trade-offs over money. In the US, new ideas such as focused research organisations have often been funded by billionaire philanthropists. In Europe, new innovation agencies such as Sprind and Aria, or the Netherland’s new National Agency for Disruptive Innovation, haven’t needed explicit cuts elsewhere in the research system. But with the $1.5 billion establishment of X-Labs by the NSF, the trade-offs are becoming clearer. Some metascientists privately wonder whether a smaller pilot would have been more appropriate, given that the idea is untested. The Institute for Progress counters that the $1.5 billion X-Labs budget is spread out over a decade, so will account for less than 2% of the NSF’s annual budget. “It’s important to remember that [Darpa] was once an institutional experiment as well. Now it’s one of the most cited innovative funding models in the world,” said Gustetic.As for Europe?The US isn’t the only country placing metascience at the heart of its research strategy. Science: A New Golden Age looks admiringly at the UK, which in 2024 set up a Metascience Unit to scrutinise how it funds research. In Brussels, it’s more of a mixed picture. In 2018, the EU set up the European Innovation Council to funnel grants and equity to start-ups, although it’s sometimes criticised for awarding money too slowly. Recently, the council has started experimenting with challenges, where teams of inventors compete to overcome a technological challenge. The European Commission also wants to experiment with partially randomising grant winners, to cut down on bureaucracy. However, the Commission’s own advisers have said the EU’s own research schemes are too conventional. They want the Commission to establish a new dedicated unit to scrutinise and experiment with funding. But there’s no sign of a such unit emerging in Brussels’ plans for the next Horizon Europe programme, which from 2028 is set to distribute more than €160 billion over seven years. Sam Bogerd, director of breakthrough innovation at the Brussels-based Arq Foundation, an AI-focused think tank that also looks at metascience, says that Europe might have the opposite problem to the US: universities and basic research funding are still reasonably well supported, but there’s not enough experimentation. “We're not taking a close enough look at where this money can achieve the most, and I am worried that the good ideas around metascience will be tainted politically by their association with the Trump administration,” he said. He’s still lobbying for the Commission to set up an experimental unit. But in the meantime, the Arq Foundation plans to do its own research, and is currently hiring two metascience researchers to run the rule over how Brussels spends research funding.
FC Dallas planning to billion-dollar entertainment district around Toyota Stadium
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Trump admin policy would reclassify 114,000 larger businesses as “small” to access small business resources and win federal contracts meant for small businesses Letter (PDF) (Washington, September 23) – This week, the Small Business Administration (SBA) announced its plans to extend the deadline to submit comments on its controversial proposed rule regarding small business size standards until November 20. The Trump SBA’s announcement came shortly after Ranking Member Edward J. Markey (D-Mass.), alongside 12 of his Senate colleagues, sent a letter to Administrator Kelly Loeffler demanding that the Trump SBA rescind a harmful policy that would dramatically redefine what a small business is. The Administration’s proposed policy would change the small business size standard to designate 114,000 larger companies some with annual revenue above $1 billion—as small businesses, giving these businesses access to small business resources and federal contracts typically set aside for actual small businesses. In the letter, Ranking Member Markey and the lawmakers emphasized that small businesses will be shut out of the federal contracting space as government agencies award contracts to larger businesses, causing small businesses to lose revenue, lay off workers, or close their businesses entirely. “For more than 70 years, SBA’s mission has been clear: promote and protect the interests and viability of small businesses. By proceeding with this proposed methodology and rule, SBA moves further away from its mission of facilitating healthy small business participation in the U.S. economy. We urge SBA to rescind these proposals, meet in earnest with small businesses across the country, and discuss the proposal and methodology with congressional committees of jurisdiction. SBA must be committed to developing measured increases to the size standards that do not reward large, billion-dollar companies but instead helps our small businesses survive, grow, and thrive.” The lawmakers highlighted the following points in their letter: Under the Trump SBA’s new size standards, the highest receipts-based standard would exceed $1 billion in annual revenue—more than 20 times the current $47 million maximum—and the highest employee-based standard would reach 3,600 employees—more than twice the current 1,500 employee maximum. Specific increases include an increase in size of nearly 492% for banks, 1,500% for law firms, and more than 2,051% for private equity firms. Of the 114,000 businesses that would be newly classified as small, more than 37,000 of these businesses have collectively won more than 100,000 federal contracts worth approximately $71 billion in Fiscal Year 2025 alone without a small business designation. If SBA included the awards won by these 37,000 businesses in its Fiscal Year 2025 analysis, small business contracts would have accounted for 38% of all federal contracts, instead of the 27% that SBA announced this summer. The letter was co-signed by Senators Mazie Hirono (D-Hawaii), Angela Alsobrooks (D-Md.), Richard Blumenthal (D-Conn.), Christopher Coons (D-Dela.), Elissa Slotkin (D-Mich.), Chris Van Hollen (D-Md.), Jacky Rosen (D-Nev.), Elizabeth Warren (D-Mass.), Tim Kaine (D-Va.), Brian Schatz (D-Hawaii), Mark Warner (D-Va.), and Ruben Gallego (D-Ariz.). Ranking Member Markey is fighting to protect small businesses in Massachusetts and across the country from the Trump SBA’s harmful policies that put big businesses and billionaires over American small businesses, workers, and families. In August, Ranking Member Markey slammed the Trump SBA’s proposal to overhaul its small business size standards to benefit big businesses over small businesses. In July, Ranking Member Markey and House Small Business Committee Ranking Member Nydia M. Velázquez (D-NY-7) introduced a Congressional Review Act (CRA) resolution to rescind the Trump administration’s policy that bans green card holders from accessing essential Small Business Administration (SBA) loans to start and grow their businesses. Also in July, Ranking Member Markey and Senator Hirono submitted a comment letter to the Small Business Administration (SBA) opposing a proposed rule change by Trump’s SBA to the 8(a) Business Development Program that would harm underserved small business owners and entrepreneurs. In June, Ranking Member Markey released a new report highlighting Trump’s drastic reduction in federal contracting dollars awarded to American small businesses. ###
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