A bipartisan pair of senators are pressing Kalshi and Polymarket over prediction markets tied to the Nov. 3 midterm elections. “We write to express concerns about election-related prediction markets and to request specific information about your companies’ efforts to prevent insider trading, market manipulation, and wagers based on material nonpublic information,” Sens. Elizabeth Warren (D-Mass.)…
A bipartisan pair of senators are pressing Kalshi and Polymarket over prediction markets tied to the Nov. 3 midterm elections. “We write to express concerns about election-related prediction markets and to request specific information about your companies’ efforts to prevent insider trading, market manipulation, and wagers based on material nonpublic information,” Sens. Elizabeth Warren (D-Mass.)…
Elizabeth Warren and others joined by unions and industry experts in warning against the weakening of regulations
The senator Elizabeth Warren, the congresswoman Ilhan Omar and several other Democratic lawmakers are calling on the Occupational Safety and Health Administration (Osha) to abandon a rollback of respirator mask regulations, a change the lawmakers say would weaken worker protections against hazardous substances.
Under the proposed rules, employers would face fewer requirements to provide workers with respirators masks when working with substances including “lead, asbestos, formaldehyde and inorganic arsenic, among other chemicals”, the lawmakers wrote in a letter to the Osha assistant secretary, David Keeling, a former UPS and Amazon executive.
Elon Musk is under attack! Countless Democrats are admitting they plan to investigate or even jail him if they take back power on Congress in the midterms. They can't tell you what he specifically did wrong, but they'll come up with something.
Just as bad, or even worse, however, is that some of his critics want to nationalize his companies, including Starlink, which provides crucial infrastructure to Ukraine. Former Labor Secretary Robert Reich, a far-left populist Democrat, thinks Starlink is too important to be left under Musk's control, and that the federal government would do a better job administering it. I doubt that, but let's hear what he had to say:
NEW: Robert Reich calls for the "defunding" of Elon Musk, calls for Democrats to go after Musk's companies.
"Democrats ought to [start] laying the groundwork for nationalizing Starlink & SpaceX… It should be a public corporation."
From the horse's mouth: Reich thinks Democrats should be laying the groundwork to nationalize Starlink and SpaceX. This idea is crazy and reckless—and even dangerous. Here's why.
Now it's important to go over some of the background here. Starlink is a product that Ukraine uses to provide internet to its people, but only for civilian uses. Musk has maintained that while he is very happy to provide internet to Ukraine in the face of unrelenting invasion, Starlink cannot be used for offensive military purposes, because this would make his satellites a legitimate target of Russia in terms of their war effort. We want to avoid that. Separately, Starshield, a different system, is administered by the Pentagon, and Musk claims he has no control over it.
What happened last week is that a slowdown of the Starshield system resulted in reduced effectiveness of Ukraine's counterstrikes against Russia. And look, that was a problem. I traveled to Ukraine earlier this summer as part of a delegation arranged by a pro-Ukrainian nonprofit. I saw up close how important Starshield is to the defense of a free Ukraine. Moreover, there's entirely too much griping about Ukraine coming from some corners of right-wing media. Some people often seem to forget that Russia is invading Ukraine, not the other way around. It's Russia that won't accept a peace deal. When President Donald Trump called for an immediate ceasefire, Ukraine stopped hitting energy infrastructure in Russia—but Russia kept attacking anyway. Ukrainian President Volodymyr Zelenskyy has agreed to immediately stop fighting and freeze the conflict along the current lines, just like Trump wants. It's Russian President Vladimir Putin who won't negotiate.
We don't know for sure who ordered the Starshield slowdown. The U.S. government has denied doing so. Musk has, however, claimed Ukraine violated the terms of service of Starlink, using it for offensive military purposes, and thus that system was slowed down. I understand why that might be frustrating for the Ukrainians, but the fact is that it's Musk's company, so he makes the rules. It belongs to him.
And importantly, it has to stay that way. Nationalizing the company would be an insane step to take in response to a tech owner having a say in how his product is used. Do we really trust the government to operate these companies as efficiently as their founders? Of course not. Moreover, in this specific case, it might bring us closer to a direct confrontation with Russia—and as much as it's a good thing to undermine the Russian conquest of Ukraine, we do not want to start World War III.
And there are the broader philosophical harms. We are experiencing an unprecedented flourishing in the tech space, with AI, driverless cars, robotics, and such. When the government nationalizes a successful tech company, it sends a warning to all the others: If you're too good at what you do, we might take you over. We might punish you. This disincentivizes investment and innovation at a time when they're desperately needed.
Nationalizing Musk's companies is doing Ukraine no favors. But it will hurt America's interests too. We want to encourage Musk, Jeff Bezos, Sam Altman, Mark Zuckerberg, and all the rest to compete with one another to design products that make life better, earning them profits along the way. It doesn't work if the government butts in. Unfortunately, far-left thinkers like Reich, Sens. Bernie Sanders (I–Vt.) and Elizabeth Warren (D–Mass.), and many of the people who are about to be elected to Congress for the first time actually want to slow down the pace of tech. That's how much they hate Musk.
Democrats and outgoing Republican Sen. Thom Tillis (N.C.) are telling banks and ports that Congress may investigate imports of Russian diesel after President Trump said the U.S. would import the fuel. In letters to major banks and several U.S. port authorities, the lawmakers wrote that “any importation of Russian diesel into the U.S. raises significant…
Former Sen. Jon Tester praised the passage of the bipartisan 21st Century Road to Housing Act, noting its success in balancing restrictions on Wall Street investors with incentives for professional housing providers to increase supply.
Democrats on the US Senate Armed Services Committee called on the Pentagon on Monday to reveal how much President Donald Trump’s Iran war is costing American taxpayers, citing “ongoing efforts to hide the true cost.” US Central Command (CENTCOM) told Congress that the war had cost $43.6 billion as of September 3. But in Monday’s […]
This week, editors Peter Suderman, Katherine Mangu-Ward, Nick Gillespie, and Matt Welch discuss the riots engulfing France and whether the country's increasingly unsustainable welfare state has made it ungovernable. They examine competing claims that immigration and austerity are fueling the unrest, the political gains being made by the French right, and why even modest pension reforms provoke fierce resistance.
The conversation turns to the United States, where President Donald Trump's tariffs are losing support among blue-collar voters and Republicans are struggling in traditionally conservative areas like Ohio. The panelists then discuss the abrupt departure of White House press secretary Katie Zacharia after just five days on the job. Later, they examine Sen. Elizabeth Warren's (D–Mass.) opposition to a proposed $45 billion merger involving McCormick and Unilever. Finally, a listener asks why libertarians don't follow the Democratic Socialists of America's example by trying to reshape the Republican Party from within.
0:00—France's riots and the imploding welfare state
21:29—Trump's tariffs lose support among blue-collar voters.
29:41—Zacharia's tenure as White House press secretary
35:45—Listener question on libertarian influence strategy
45:52—Warren's corporate merger opposition
57:07—Weekly cultural recommendations
Cato Innovation Project: Design your own full-time, paid role at Cato. If we fund your idea, you spend two years executing it. Apply here: cato.org/reason
Katherine Mangu-Ward appears on the left. Nick Gillespie appears on the right. An image of a car that's been set on fire by protesters appears in the center. Bold text across the top of the screen reads "FRANCE RIOTS."
With little more than two weeks to go until the midterm elections, it seems increasingly possible that the Democrats, already a big favorite to win control of the House of Representatives, will also take charge of the planet's most elite nursing home, the United States Senate, where the median age is 64 years old. RealClearPolitics' poll aggregator has moved control of "the world's greatest deliberative body" (as its members are grandiosely wont to call it) to "toss up," status and prediction markets are now breaking big toward a blue wave. As of this writing, Kalshi has its Senate odds at 63 percent for the Dems vs. 37 percent for the GOP; Polymarket is at 62 percent vs. 39 percent.
As gratifying as it might be to see unprincipled Trump enablers reduced to minority status after signing off on economy-wrecking tariffs, inhumane immigration detentions, and wars of choice, there's at least one good reason to dread a Democratic majority too: Sen. Elizabeth Warren, the Massachusetts progressive who is spending the run-up to the midterms freaking out over possible consolidation in the condiments business and accusing private equity firms of gutting such shopping-mall favorites as Claire's and Toys R Us. There's every reason to believe that a Senate run by Warren and other economic interventionists will waste time, money, and resources trying to prevent a world in which, per the X wag Iowahawkblog, "a panopticon conglomerate owns two brands of hot sauce."
On October 13, Warren posted this dire warning to X:
Hellmann's mayo McCormick spices Cholula hot sauce Frank's RedHot
What do these products have in common? One company could soon control them all.
I have concerns that McCormick and Unilever's $45 billion merger could increase YOUR grocery prices.
It's hard to think of a more competitive and varied market than the one for hot sauces, which is expected to more than double over the next decade. The barriers to entry are generally low, as are the key ingredients, and new entrants can easily market and sell online, avoiding the costs of buying shelf space in conventional supermarkets. Yet Warren is urging regulators at the Department of Justice and the Federal Trade Commission to halt mergers of both product makers like McCormick and Unilever and grocery stores like Kroger and Giant Eagle.
The latter complaint is particularly picayune. Kroger is one of the country's largest supermarket chains, operating around 2,800 stores under its own name as well as Harris Teeter, Ralph's, and others. Giant Eagle operates about 170 stores. This merger is no more the stuff of nightmares than a single company producing both Cholula and Frank's RedHot. If Warren gains more clout from being in the majority, expect her to butt in more and more on such mergers.
Making it harder for businesses to adapt is not a recipe for making goods and services more affordable. But Warren is keen to blame economic creative destruction not on "new forms of industrial organization that capitalist enterprise creates" (as Joseph Schumpeter would have it), but on pure greed. In a TikTok released earlier this month, she shows a poster board with corporate logos from once-thriving companies that she says have been "gutted" by "private equity" firms.
"Here's your local mall," she piously intones. "Now, private equity wants you to believe that Red Lobster went bankrupt because of their endless shrimp….They want you to believe that Claire's went bankrupt because teens stopped shopping at the mall." In Warren's telling, private equity firms magically take over thriving businesses and then strip them bare. The typical pattern is that private equity enters the picture after a business is failing.
Virtually all accounts of the decline of, for example, Red Lobster, note that the chain had been spiraling for several reasons before the private equity firm Golden Gate Capital got involved in 2014. As this CNN article notes, the chain, which started in 1968, had seen drops in sales as customer desires changed. Management compounded the difficulties with a series of bad decisions, including continuing various all-you-can-eat menu specials, before coming out of Chapter 11 bankruptcy last year.
Similarly, it's true that some teens still go to malls and get their ears pierced at Claire's. But anyone who has spent time in retail America over the past few decades knows that malls are no longer the destination that they once were. As CapitalOne Shopping Research documents, "in 1986, there were 25,000 malls, large and small, nationwide." By 2023, that number had shrunk to just 1,200. While some malls are coming back, most are not, and for reasons that have nothing to do with private equity. Online retails plays a role (though a smaller one than usually imagined, with e-commerce accounting for less than 20 percent of all retail sales). But mostly, it's that people today tend to want a different sort of retail environment. Anchor stores—think Macy's and J.C. Penney—are shadows of themselves, and younger people have less unstructured time in which to prowl food courts and arcades.
For politicians like Elizabeth Warren, though, there can be no financial gains or losses that aren't the result of shadowy, conspiratorial forces. If her party takes control of the Senate, her words will carry more weight. But it will be American consumers that ultimately shoulder the burden of an even-more-regulated economy. The market for hot sauces will almost certainly stay spicy, but many other parts will surely suffer.
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