Elections

In Sunday’s decisive runoff election, they have a distasteful choice between Macron and Le Pen. They won’t necessarily back Macron.BONDY, France — Abdelkrim Bouadla voted enthusiastically for Emmanuel Macron five years ago, drawn by his youth and his message of transforming France. But after a presidency that he believes harmed French Muslims like himself, Mr. Bouadla, a community leader who has long worked with troubled young people, was torn.He likened the choice confronting him in France’s presidential runoff on Sunday — featuring Mr. Macron and Marine Le Pen, whose far-right party has a long history of anti-Muslim positions, racism and xenophobia — as “breaking your ribs or breaking your legs.’’Mr. Macron and Ms. Le Pen are now fighting over the 7.7 million voters who backed Jean-Luc Mélenchon, the leftist leader who earned a strong third-place finish in the first round of the election. Were they to break strongly for one of the candidates, it could prove decisive.Nearly 70 percent of Muslims voted for Mr. Mélenchon, the only major candidate to have consistently condemned discrimination against Muslims, according to the polling firm, Ifop.By contrast, Mr. Macron garnered only 14 percent of Muslim voters’ support this year, compared to 24 percent in 2017. Ms. Le Pen got 7 percent in the first round this year. Nationwide, according to Ifop, the turnout of Muslim voters was a couple of percentage points higher than the average.As the two candidates battle it out in the closing days of a tight race, Mr. Macron’s prospects may rest partly on whether he can persuade Muslim voters like Mr. Bouadla that he is their best option — and that staying home risks installing a chilling new anti-Muslim leadership.In Mr. Bouadla’s telling, however, that will take some doing.“If I vote for Macron, I’d be participating in all the bad things he’s done against Muslims,’’ Mr. Bouadla, 50, said over the course of a long walk in Bondy, a city just northeast of Paris. He vacillated between abstaining for the first time in his life or reluctantly casting a ballot for Mr. Macron simply to fend off someone he considered “worse and more dangerous.’’Most polls show that Mr. Macron’s lead, about 10 percentage points, provides a comfortable path to re-election, but it is far narrower than his 32 percentage point margin of victory over Ms. Le Pen in 2017.But as Éric Coquerel, a national lawmaker and a close ally of Mr. Mélenchon said, the turnout by Muslim voters could tip the balance if the race “becomes extremely tight.’’Much of Muslim voters’ anger toward Mr. Macron centers on his pushing a widely condemned 2021 law and the subsequent closing of more than 700 Muslim institutions that the authorities say encouraged radicalization, a charge that many Muslims and some human rights groups dispute. But it remains unclear how this resentment might be transformed into a political force.Mr. Bouadla, third from the left, chatting with local residents in northern Bondy in the Seine-Saint-Denis region outside of Paris.James Hill for The New York TimesFrance’s estimated 6 million Muslims account for 10 percent of the population, but their political influence has long been undermined by high abstention rates and divisions based on class and ancestry. Given that history, Mr. Mélenchon’s strong Muslim backing may have signaled a shift, analysts say.Julien Talpin, a sociologist at the National Center for Scientific Research, said that the mobilization by Muslims behind a single candidate was “something entirely new.’’“In the past, there were only vague calls to vote for candidates favorable to Islam,’’ he said.France’s 6 million Muslims, like these praying at a mosque in Angers last year, have felt under attack my both Mr. Macron and Ms. Le Pen, who are now courting their votes.Dmitry Kostyukov for The New York TimesMr. Mélenchon scored his biggest victories nationwide in Bondy and in the rest of Seine-Saint-Denis, the department just north of Paris that has strong concentrations of the capital region’s poor, immigrant and Muslim populations.The source of much of the service workforce of the capital, the department also inspires fear and anxiety especially among older French people, whose feelings about immigration and crime are fanned by the right-wing news media and politicians. Éric Zemmour, the far-right TV pundit who came in fourth in the first round, following a campaign focused on attacking Islam, described the department as a “foreign enclave’’ suffering from “religious colonization.’’In Bondy, a strong turnout was reported in the first round in neighborhoods with historically low voting levels.“The number of young people, families and especially the people waiting in line — something was happening,’’ said Mehmet Ozguner, 22, a local organizer for Mr. Mélenchon’s party.Campaign posters for Mr. Jean-Luc Mélenchon, the strong preference of Muslim voters, in Bondy in the Seine-Saint-Denis department. How that vote splits could influence Sunday’s election. James Hill for The New York TimesMany imams, social media influencers and other community leaders called on Muslim voters to unite their ballots in favor of Mr. Mélenchon.“There was no formal organization, but many ad hoc alliances, mobilization by union activists and antiracism activists,’’ said Taha Bouhafs, 24, a journalist with a large online following and an ally of Mr. Mélenchon’s party, who is planning to run in the election for Parliament in June.In 2017, Mr. Macron had reassured many Muslims that he would be more open on issues of French secularism, known as “laïcité, diversity and multiculturalism,’’ said Vincent Tiberj, a sociologist at Sciences Po Bordeaux university who has studied the voting patterns of French Muslims. Mr. Macron even called colonization a “crime against humanity’’ during a visit to Algeria.In a major speech on what Mr. Macron described as an Islamist-driven separatist movement in French society, Mr. Macron acknowledged that successive governments had encouraged the trend by settling immigrants in areas of “abject poverty and difficulties,” like Seine-Saint-Denis.But Mr. Tiberj said that there was a gap “between what he said as president and what his government did in his name.”Mr. Macron hardened his positions after the beheading of a middle-school teacher, Samuel Paty, by an Islamist fanatic angry that the teacher had shown caricatures of the Prophet Muhammad in a class on blasphemy.A memorial to Samuel Paty, who was beheaded by a militant Islamist, at the middle school where he taught. Mr. Macron hardened his position on Islamist separatism after the killing.Dmitry Kostyukov for The New York TimesIn response, Mr. Macron pushed forward his anti-separatism law despite widespread criticism from international and national human rights organizations, including the government’s National Human Rights Commission. The law gave the government greater power over religious establishments, schools and other associations.What to Know About France’s Presidential ElectionCard 1 of 4Heading to a runoff. More

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LIVE Updated 10m agoMartin Pengelly (now), Lauren Arataniand Richard Luscombe (earlier)Fri 22 Apr 2022 11.12 EDTFirst published on Fri 22 Apr 2022 09.06 EDT Show key events onlyLive feedShow key events onlyThe Marjorie Taylor Greene hearing on Atlanta is back in session now, with the far-right Republican congresswoma testifying as liberal groups and voters try to bar her from Congress under the 14th amendment to the US constitution, which bars those who have engaged in sedition or rebellion.“Please try to refrain from clapping and shouting,” an official asked attendees, after a raucous opening including clapping and cheering for Greene when she walked in.The judge agreed, saying: “That will not happen.”The hearing opened with a presentation in Greene’s defence. Those seeking to bar her from Congress began with extensive questioning of a historian about what the 14th amendment means and about past rebellions, including the Whiskey Rebellion of 1794, which was quashed by George Washington.The historical conversation continued after the break.Underlining the circus-like aspect of the hearing, the far-right Florida congressman Matt Gaetz was attending and tweeting, at one point criticising the case against Greene and calling the hearing a “Total Kangaroo Court”.House Republican leader Kevin McCarthy spoke with Donald Trump last night about the audio that was leaked to the New York Times that reveals McCarthy was considering telling Trump to resign. Citing anonymous sources with knowledge of the call, the Washington Post reports that Trump told McCarthy that he’s not mad at McCarthy (insert sigh of relief) and that he is glad McCarthy didn’t follow through on that plan. McCarthy has not responded to the leaked audio of his conversations with Republicans. The sources told the Post that House Republicans are waiting for Trump to release his official statement to determine how – and if – they should support McCarthy amid the Times’ report. “If Trump comes out and says [McCarthy] lost my faith and can’t be speaker, that is bold. That will move people. If he puts out a statement complaining — he complains about McConnell all the time and hasn’t threatened his position in leadership,” said one Republican congressional aide who asked for anonymity to discuss private conversations.The far right Republican Marjorie Taylor Greene was cheered into court in Georgia on Friday, for a hearing in an attempt by a coalition of voters and liberal groups to bar her from Congress under the 14th amendment to the US constitution, for aiding the insurrection at the US Capitol on 6 January 2021.Some people in the courtroom cheered and applauded as Greene took her seat.As the hearing began, Greene tweeted: “Only the People have the right to choose who they send to Congress.”The 14th amendment, passed after the civil war, says: “No person shall be a Senator or Representative in Congress, or elector of President and Vice-President, or hold any office, civil or military, under the United States, or under any state, who, having previously taken an oath … to support the Constitution of the United States, shall have engaged in insurrection or rebellion against the same, or given aid or comfort to the enemies thereof.”Supporters of Donald Trump attacked the US Capitol in an attempt to stop certification of his defeat by Joe Biden, an attack mounted in service of Trump’s lies about electoral fraud. A bipartisan Senate committee connected seven deaths to the riot. More than 100 law enforcement officers were hurt. About 800 people, including members of far-right and militia groups, have been charged, some with seditious conspiracy. A House investigation continues.Trump was impeached for inciting an insurrection – and acquitted when Senate Republicans stayed loyal.Organisers of events in Washington on January 6 have tied Greene to their efforts. Greene has denied such links and said she does not encourage violence.In October, however, she told a radio show: “January 6 was just a riot at the Capitol and if you think about what our Declaration of Independence says, it says to overthrow tyrants.”After the riot, Greene was one of 147 Republicans in Congress who went ahead with objections to results in battleground states.An effort to use the 14th amendment against Madison Cawthorn, a far-right Republican from North Carolina, was unsuccessful, after a judge ruled an 1872 civil war amnesty law was not merely retroactive.In Greene’s case, a federal judge said the 1872 law did not apply and allowed the hearing on Friday to proceed.Greene’s full tweet as her hearing began read as follows: “Republicans must protect election integrity. It’s one of the most important issues in our country. When the People lose their right to vote and their freedom to choose their representatives, our country is lost. Only the People have the right to choose who they send to Congress.”The hearing opened with a presentation in her defence. Matt Gaetz of Florida, another far-right Republican congressman, was pictured in the room.The hearing is streaming here.The New York Times just released another clip of Republican House leader Kevin McCarthy telling Republican leaders that he believes Donald Trump was responsible for the January 6 insurrection.In the clip, McCarthy can be heard detailing a conversation he had with Trump where he asked the former president whether he believes he had responsibility for the attack. “Well, let me be very clear to all of you, and I’ve been very clear to the president: He bears responsibility for his words and actions. No if’s, and’s or but’s. I asked him personally today, “Does he hold responsibility for what happened? Does he feel bad about what happened?” He told me he does have some responsibility for what happened and he needs to acknowledge that,” McCarthy said in the clip, which was just played live on CNN. The audio comes from a call that took place January 11, 2021.Seems like the special house panel investigating the January 6 insurrection is planning to hold its public hearings in June. The committee had previously suggested that the hearings would be held next month. Representative Jamie Raskin, a prominent Democrat on the committee, has been making the rounds hyping up the findings of the committee to the press. He recently told NBC News: “The hearings will tell a story that will really blow the roof off the House.” He also said that the committee plans on holding the hearings in June.Earlier this week, Raskin told the Guardian that the committee is “going to tell the whole story of everything that happened. There was a violent insurrection and an attempted coup and we were saved by Mike Pence’s refusal to go along with that plan.” The hearings in June will be televised and will be the first time the public will get a direct look at the investigations into the attack that are underway. About 800 people have been charged with crimes committed in relation to the Capitol attack over the last year.The Washington Post obtained records that show Donald Trump’s former chief of staff Mark Meadows was simultaneously registered to vote in three different states – North Carolina, Virginia and South Carolina – until last week.“The overlap lasted about three weeks, and it might have continued if revelations about Meadows’s voting record had not attracted scrutiny in North Carolina. Meadows is still registered in Virginia and South Carolina,” writes Glenn Kessler, writer for the Post’s “Fact Checker” column. This isn’t the first revelation that Meadows is registered to vote in multiple states. The New Yorker reported in March that the former South Carolina senator and his wife, Debra, submitted voter registration forms that linked to a mobile home in North Carolina, even though the couple did not actually live there. North Carolina recently removed Meadows from its voter rolls and is investigating potential voter fraud. The irony, of course, is that Meadows has become outspoken about the voter fraud that he believed happened in 2020. Meadows has been critical of “lowered” standards for mail-in ballots.Some analysis about the released audio clip of Kevin McCarthy considering telling Donald Trump to resign: The McCarthy tape is the same rolling crisis of bad faith going on since 2016. Large chunks of the party said, or say in private, Trump is unfit and dangerous. Every race features all MAGA candidates, the divide is who’s coded to donors and backers as secretly believing it too.— Benjy Sarlin (@BenjySarlin) April 22, 2022
“The McCarthy tape is the same rolling crisis of bad faith going on since 2016. Large chunks of the party said, or say in private, Trump is unfit and dangerous,” writes Benjy Sarlin of NBC on Twitter. This brings to mind a great piece from New York Magazine by Olivia Nuzzi that was published in October 2020, right before the presidential election. Nuzzi profiles an anonymous Republican source who, like the many anonymous sources who were prolific at talking to the media during Trump’s presidency, privately bashed Trump while publicly supporting him. While McCarthy didn’t hide behind anonymity per se, the leak of the audio clip reveals how pervasive private sentiments against Trump were, just as the breadth of anonymous sourcing that was seen during the Trump presidency demonstrated. The subject of the piece grapples with his anonymous criticism of Trump. “It’s hard to go up against the president of your own party – even if he’s not really a Republican.” And, he notes, “If you don’t like Trump, but you like money, and you’re willing to be vocal about how much we need to reelect him, there’s a lot of money to be made this year.” The source said that while some Republicans may have seen supporting Trump as a way to “prevent the worst stuff from happening”, keeping a close eye on him, he admitted that “it’s definitely self-serving.” “I mean, once you grow up, life is all about contradictions.” Good morning readers of the US politics blog, and happy Earth Day!It’s not such a happy one for the House minority leader and Donald Trump apologist Kevin McCarthy, who appears to have been caught in a lie over whether he said he would seek the former president’s resignation in the aftermath of the 6 January Capitol riot.The backstory is that yesterday, the top House Republican angrily denied claims in a new book by New York Times journalists Alexander Burns and Jonathan Martin that he was so outraged with Trump’s incitement of the insurrection that he said he would push him to quit.Unfortunately for McCarthy, there’s a stunning audio recording of him saying just that to Wyoming congresswoman Liz Cheney, whom he helped oust from party leadership when she didn’t follow the would-be House speaker’s reversal back to Trump acolyte.We’ll have plenty more on that today.Developments in the Ukraine conflict can be found on our 24-hour live blog here.And here’s what else we’re watching in the US today:
Joe Biden travels to Washington state, where he will talk about the climate crisis and reveal steps to “safeguard the nation’s forests”.
Later, in Auburn, the president will deliver another address about his plans to lower healthcare and energy prices.
The extremist Republican congresswoman Marjorie Taylor Greene is set to appear in a Georgia courtroom at a hearing to determine if she should be disqualified from seeking re-election for supporting the 6 January insurrection.
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SEMUR-EN-AUXOIS, France — Marine Le Pen, the leader of France’s far-right National Rally, has worked hard during this election campaign to soften, even detoxify, her image. It seems to be working. “I think she’s full of good ideas,” Cyrielle Bernard, a 19-year-old who lives in this picturesque Burgundy town, told me one afternoon last week, chatting in the tobacconist shop where she works. Of all the candidates, she said, “I think she’s the most logical.”President Emmanuel Macron won in Semur-en-Auxois in the first round of voting this month, but Ms. Le Pen took the larger Burgundy Franche-Comté region, with 27 percent of the vote over Mr. Macron’s 26 percent. Ms. Le Pen’s success comes from casting herself as the defender of the countryside and the working class, focusing on cost-of-living issues and defending social protections. She has also been helped by an image makeover in which she opened up about raising her children as a single mother and now combines tough talk on immigration with social media posts about her cats.The stigma she has long carried in mainstream politics has been quickly wearing off, and people are supporting her more openly than ever before.As I drove around rural Burgundy after the first round of voting this month, I came away with a strong sense that while Mr. Macron may well defeat her in the second round this Sunday, in many ways, Ms. Le Pen has already won. In the first round, she put Mr. Macron on the defensive and convinced almost a quarter of voters that she has their best interests at heart. In the second round, polls predict she could easily win more than 40 percent, potentially 10 points more than in 2017.The election being fought this time is less about change than about protection — who will protect the French: from the rising cost of living, the pandemic, the war in Ukraine, immigrants (for some), as well as who will protect France’s generous social welfare system.Other voters are also seeking protection from the elite. The same winds that brought Brexit and helped elect President Donald Trump are also blowing through France. Ms. Le Pen has positioned herself to appear closer to the people than Mr. Macron, the ultimate technocrat, who has spent five years unable to shake his reputation as “president of the rich.”That was largely the impression of the Le Pen voters I spoke with in Balot, a small village in Burgundy, where Ms. Le Pen won the first round of France’s presidential elections by a landslide. In the 2017 election that brought Mr. Macron into office, Balot, a dot on the map amid flat green farmland and fields of canary-yellow rapeseed, about 80 percent of voters supported Ms. Le Pen.“She’s more frank,” Annabelle Germain, 29, told me when I knocked on the door of a house along the main road. Ms. Germain, who works as a house cleaner, dislikes Mr. Macron. “He always has that smirk,” she said. That smirk is a problem for Mr. Macron. He has a tendency to talk down to people — to say “let me explain to you,” rather than listen.Back in Semur-en-Auxois, Ms. Bernard, who told me that she thought Ms. Le Pen had “good ideas,” seemed evidence of how deeply entrenched Ms. Le Pen’s hard-line views on immigrants have become and how she has successfully recast anti-immigrant rhetoric into practical policy recommendations.“There are a lot of lies,” Ms. Bernard said. “Like that she’s ‘like her dad,’ in quotation marks, but she’s totally the opposite. Her father” — Jean-Marie Le Pen, a former presidential candidate and the longtime leader of the far-right National Front party — “was completely racist. She’s not. She wants everyone to respect our ways. If you go to Africa, you respect African law. Her father just wanted to kick them all out.”Such views are not uncommon, especially in small towns in France with little to no immigration. In fact, 15 years after her father’s last run for president, Ms. Le Pen has not significantly diverged from his views on immigration even though she renamed the party, in what has been seen as an attempt to distance herself from him and broaden the base. She wants asylum seekers to be processed abroad and has said her first act as president will be to propose a referendum on immigration.In La Roche-en-Brenil, a town of almost 900 people, I spoke to a 34-year-old mother of five, Chloé Odermatt, who was pushing a stroller with her 3-month-old baby. She said she’d vote for Ms. Le Pen and liked that she proposed stricter controls on giving immigrants access to state services. “A lot of them take advantage of the system and aren’t integrated in France,” she told me.This election has further scrambled the traditional divide between left and right in France. Ms. Le Pen has managed to widen her consensus by combining far-right positions on immigration with a left-leaning defense of public spending and social welfare. Her message resonates, even with younger voters like Ms. Bernard — she has promised to eliminate income tax for people under 30 — and her once extreme positions appear less so now that the center right has also adopted much of the same rhetoric, especially on national-identity issues. Help came as well from Éric Zemmour, whose firebrand declarations made her seem more moderate.Across Burgundy, Le Pen voters kept telling me they wanted Mr. Macron out because prices kept going up and salaries weren’t keeping pace. In La Roche-en-Brenil, I asked a Le Pen supporter whether that was entirely Mr. Macron’s fault. “Well, it’s not mine,” Thierry Chenier, 50, said. “We’ve tried the right, that didn’t work. We’ve tried the left, that didn’t work. Maybe we need to try the far right, with a woman in power.”Mr. Macron won the election in 2017 telling France it needed to change, pushing through labor reform that makes it easier for businesses to hire and fire. The unemployment rate fell to its lowest in 13 years, but Mr. Macron simultaneously signaled that jobs weren’t as secure as they once were. This heightened anxieties. The Le Pen voters I spoke with said they wanted change, but mostly they seemed to want preservation — keeping their lower retirement age, raising pensions, lowering their cost of living. The change they want may actually be a status quo that Mr. Macron has said is no longer sustainable.And yet he has made great efforts to shore up the economy. During the pandemic, the Macron government pledged to spend “whatever it costs” to support businesses. He quickly started reopening schools and helped employers keep workers on furlough so that they could come back to work when the lockdowns ended. Still, it is hard to win saying, “Imagine how much worse things could have been.”Over the past decade, Ms. Le Pen has pulled her party toward a kind of “social populism,” said Gilles Ivaldi, a researcher at Sciences Po and a scholar of the far right in France and the West. She proposes “reducing VAT tax, raising low salaries and pensions, spending more on health and education.”Mr. Macron, by contrast, has become the embodiment of frightening economic trends, even if they predate him and extend far beyond France.“The era of high growth is gone,” Niels Planel, a city councilor in Semur-en-Auxois and the author of a book on French economic inequality, told me. In his view, the government should “worry about mobility, worry about training, delivering a high-quality education,” so that workers are ready for today’s economy, not yesterday’s. Otherwise Ms. Le Pen is likely to maintain her grip on many of France’s rural and deindustrialized areas, while Mr. Macron will continue to win more-prosperous urban areas.Foreign policy is where Mr. Macron has the advantage. Ms. Le Pen has long expressed her respect for Vladimir Putin. She is no longer saying that she wants France to leave the eurozone, however, which scared off voters in 2017.The other factor potentially working in Ms. Le Pen’s favor is the high abstention rate. Voters who supported the far-left candidate Jean-Luc Mélenchon in the first round appear to be particularly up for grabs. Those opting out entirely reflect the crisis of representative democracy that’s been growing in France at least since the Yellow Vest movement, which began in 2018 with a protest over a proposed hike in fuel taxes and evolved into a broader rebellion. People felt ignored.What remains is discontent. The Le Pen voters in Balot and La Roche-en-Brenil aren’t outliers. Ms. Le Pen’s growing consensus combined with strong anti-Macron sentiment have eroded the traditional alliances that have kept the far right from power. “Lots of voters are tired of voting against their own convictions in order to block the far right — that’s the biggest worry,” said Mr. Ivaldi, the scholar of the far-right in France. That anti-far-right alliance, he added, is “much weaker than 10 or 20 years ago.”In their televised debate this week before the second round, Mr. Macron and Ms. Le Pen offered radically different visions for France. The next day Ms. Bernard told me she thought Ms. Le Pen had won. “Marine knew how to change over the past five years,” she wrote me in a text message. “She understood her mistakes.”“Macron thinks he’s always right,” she added. “And unfortunately in five years he hasn’t changed.” Mr. Macron may not have changed, but France certainly has.Rachel Donadio is a Paris-based writer and journalist, a contributing writer for The Atlantic and a former Rome bureau chief and European culture correspondent for The Times.The Times is committed to publishing a diversity of letters to the editor. We’d like to hear what you think about this or any of our articles. Here are some tips. And here’s our email: [email protected] The New York Times Opinion section on Facebook, Twitter (@NYTopinion) and Instagram. More

These months are historically the weakest for the market in a presidential term. Aside from coincidence, there are several possible explanations.The stock market’s decline and the tightening of financial conditions that have accompanied it since the start of the year are unique to 2022.The effects of the coronavirus pandemic, roaring inflation and Russia’s invasion of Ukraine are emphatically different from anything that had come before.Yet for stock market mavens who have read up on the four-year presidential election cycle, what is occurring in the markets looks quite familiar. This is a midterm election year, after all, and numbers going back more than a century show that the second year has generally been the weakest for the stock market in a president’s term.“Investors may take solace in the fact that the market has been here many times before,” Ed Clissold and Than Nguyen, two analysts for Ned Davis Research, an independent financial research firm, wrote in a recent report on the presidential cycle.The NumbersThe market soared early in Donald J. Trump’s presidency, but it hit a wall in 2018 — the midterm year — and at one point gave up 18.8 percent of its gains, according to Ned Davis Research’s tabulation of Dow Jones industrial average data.Similarly, the Dow rose smartly early in President Biden’s term, only to decline more than 12 percent at its trough so far this year, again according to Dow data.This rough pattern isn’t a constant throughout history, but it has occurred quite frequently in presidencies going back to 1900. After a weak stretch in the midterm year, the stock market has usually rallied.Consider the numbers. These are the median annualized returns from 1900 through 2021, freshly tabulated by Ned Davis Research for the different years of a presidential term, using the Dow:12.7 percent for Year 1.3.1 percent for Year 2, the midterm year.14.8 percent for Year 3, the pre-election year.7.4 percent for Year 4, the election year.The market soared early in President Donald J. Trump’s presidency, but it hit a wall in 2018.Doug Mills/The New York TimesNed Davis Research ran the numbers a second time, for 1948 through 2021, using the S&P 500 and a predecessor index. The S&P 500 is a broader proxy for the overall U.S. stock market than the Dow, but it has a shorter history. While the details were different, the pattern remained the same:12.9 percent for Year 1.6.2 percent for Year 2.16.7 percent for Year 3.7.3 percent for Year 4.But Why?Why the midterm year — and, in particular, the first half of the year — is often a weak period for stocks is unclear. It could be a series of coincidences; establishing cause rather than correlation, especially over such a long period, is impossible.Yet many researchers in the academic world and on Wall Street have examined the numbers and concluded that the pattern of midterm year weakness, and greater strength for stocks later in the presidential cycle, is fascinating enough to merit further study. “The pattern is hard to ignore,” Roger D. Huang wrote in a 1985 paper in the Financial Analysts Journal.A Guide to the 2022 Midterm ElectionsMidterms Begin: The Texas primaries officially opened the 2022 election season. See the full primary calendar.In the Senate: Democrats have a razor-thin margin that could be upended with a single loss. Here are the four incumbents most at risk.In the House: Republicans and Democrats are seeking to gain an edge through redistricting and gerrymandering, though this year’s map is poised to be surprisingly fairGovernors’ Races: Georgia’s contest will be at the center of the political universe, but there are several important races across the country.Key Issues: Inflation, the pandemic, abortion and voting rights are expected to be among this election cycle’s defining topics.He noted another puzzling fact. Although Republicans tend to be portrayed as the party of business, the stock market generally prefers Democrats — an affinity sustained for a long time. From 1901 through February, for example, and adjusted for inflation, the Dow returned 3.8 percent annualized under Democratic presidents, versus 1.4 percent under Republicans, Ned Davis Research found.Furthermore, based on the historical data, the best political alignment for the stock market is one that could arise this November if the Democratic Party has a major setback. Since 1901, a Democratic president combined with Republican control of both houses of Congress has produced annualized real stock returns of 8 percent, using the Dow.Aside from sheer coincidence, there are several possible explanations for the presidential cycle and, specifically, for the typical midterm swoon and recovery in the last half of a presidential term.Presidents as PoliticiansIn an interview, Mr. Clissold, the chief U.S. strategist for Ned Davis Research, noted that the stock market abhors uncertainty. It is well understood that most often, the president’s party loses ground in midterm congressional elections. But that limited insight early in a president’s second year only makes it harder to make bets on the direction of policymaking in Washington.“That could all be weighing on the market in a cyclical pattern,” he said.There is another common theory, one that I find appealing because it does not flatter the political establishment. Yale Hirsch, who began describing the presidential cycle in the annual Stock Trader’s Almanac in 1968, explained it to me more than a decade ago.The theory starts with the premise that even the best presidents are, first and foremost, politicians. As such, they use all available levers to ensure that they — or their designated successors — are elected.The Dow gained 89.2 percent during the first half of President Franklin D. Roosevelt’s first term.Corbis, via Getty ImagesThese efforts often contribute to strong stock market returns leading up to presidential elections, when it is in presidents’ greatest interest to stimulate the economy.In the first half of a presidential term, however, when the White House and Congress get down to the mundane business of governing, there is frequently a compelling need to pare down government spending or to encourage (substitute “pressure,” if you prefer) the nominally independent Federal Reserve to raise interest rates and restrict economic growth. The best time to inflict pain is when a presidential election is still a few years away, or so the theory goes.As Mr. Hirsch told me back then, it’s good politics “to get rid of the dirty stuff in the economy as quickly as possible,” an exercise in fiscal and monetary restraint that tends to depress stock market returns in the second year of a presidential cycle.That would be where we are now.Where Biden StandsThrough March, despite the bad stretch in the market this year, stock returns have been comparatively good during the Biden presidency, with a cumulative gain in the Dow of 12.1 percent, well above the median of 8.1 percent since 1901. In the equivalent period, the Dow under Mr. Trump gained 22.2 percent.Both performances were vastly behind those of the leaders, according to Ned Davis Research. The top three, from inauguration through March 31 of their second year in office, were:Franklin D. Roosevelt in his first term, 89.2 percent.Ronald Reagan in his second term, 48.2 percent.Barack Obama in his first term, 31.1 percent.What are we to make of all this?Well, the pattern of the presidential cycle suggests that the market will begin to rebound late this year and rally next year — the best one, historically. That result is unlikely, though, if the Federal Reserve’s fight against inflation plunges the economy into a recession, as some forecasters, including those at Deutsche Bank, are predicting.I wouldn’t count on any of these predictions or patterns. As an investor, I’m doing my usual thing, buying low-cost index funds that mirror the broad market and hanging on for the long term.But I’ll keep looking for patterns anyway. The pageantry of American politics and stock market returns is a compelling spectacle, even when none of the expected outcomes come true. More

Republican leader Kevin McCarthy considered urging Trump to quit, audio revealsMcCarthy told Liz Cheney he was ‘seriously thinking about having that conversation’ with then president following Capitol attack A new audio clip reveals that House Republican leader Kevin McCarthy considered asking Donald Trump to resign as president in the immediate aftermath of the January 6 Capitol insurrection.The explosive clip was released by the New York Times and played on MSNBC Thursday night, just half a day after McCarthy released a lengthy denial of an earlier Times report that said he and the Republican Senate leader, Mitch McConnell, initially both held Trump responsible for the attack, and both privately expressed anger against him.In the clip, which is a soundbite from a call with House GOP leaders, McCarthy can be heard answering a question from Republican representative Liz Cheney, who was in party leadership at the time. Cheney asked McCarthy if he believed Trump would resign if Congress successfully passed a 25th amendment resolution, which would declare Trump incapable of holding office.“My gut tells me no. I am seriously thinking about having that conversation with him tonight,” he said. “The only discussion I would have with him is I think [the resolution] will pass, and it would be my recommendation that he should resign.“That would be my take, but I don’t think he would take it. But I don’t know.”In a statement on Thursday morning before the clip was released, McCarthy made a blanket denial of the New York Times report saying that it is “totally false and wrong”.“It comes as no surprise that the corporate media is obsessed with doing everything it can to further the liberal agenda,” the statement read. “The corporate media is more concerned with profiting from manufactured political intrigue from politically-motivated sources.“Our country has suffered enough under failed one-party Democrat rule, and no amount of media ignorance and bias will stop Americans from delivering a clear message this fall that it is time for change.”McCarthy has not responded to the release of the audio clip. A spokesperson for Cheney, who is also heard on the clip, said she did not release the tape and does not know who leaked it.The Times story, the reporting for which comes from the upcoming book This Will Not Pass: Trump, Biden and the Battle for America’s Future, by reporters Jonathan Martin and Alexander Burns, detailed scathing comments against Trump that Republican leaders made in the days after the Capitol insurrection.McCarthy reportedly told colleagues in private: “I’ve had it with this guy,” adding: “What he did is unacceptable. Nobody can defend it and nobody should defend it.”Meanwhile, McConnell reportedly told two of his senior advisers: “If this isn’t impeachable, I don’t know what is.“The Democrats are going to take care of the son of a bitch for us,” McConnell said, according to the book.Although McConnell criticized Trump publicly for his role in the attack, he voted to acquit the former president in his impeachment trial. He also said he would support Trump should Trump be the 2024 Republican nominee.McCarthy, for his part, did a more complete about-face: he has claimed that Trump was unaware of the attack until McCarthy broke the news to him that it was happening. He has also condemned the special House panel that is investigating the insurrection and refused to cooperate with its inquiry on conversations he had with Trump after the attack.TopicsRepublicansUS Capitol attackUS politicsnewsReuse this content More

Rachelle Bonja, Kaitlin Roberts and Dan Powell and Listen and follow The DailyApple Podcasts | Spotify | StitcherWhen they go to the polls on Sunday, voters in France will be faced with the same two presidential candidates as 2017: Emmanuel Macron, the president and a polished centrist, and Marine Le Pen, the leader of the far-right National Rally party.Yet the context is different. There is a war in Europe, and the contest is tight.What are the stakes in the runoff election, and how has the race become so close?On today’s episodeRoger Cohen, Paris bureau chief for The New York Times.President Emmanuel Macron, left, and Marine Le Pen, his far-right challenger, squared off in a debate on Wednesday ahead of the runoff.Pool photo by Ludovic MarinBackground readingPresident Emmanuel Macron will face Marine Le Pen, the far-right leader, in the runoff on Sunday. The outcome will be crucial for France and reverberate globally.No French president has been the object of such intense dislike among significant segments of the population as Mr. Macron. How deep that loathing runs will be a critical factor in the election.There are a lot of ways to listen to The Daily. Here’s how.Transcripts of each episode are available by the next workday. You can find them at the top of the page.Roger Cohen contributed reporting.The Daily is made by Lisa Tobin, Rachel Quester, Lynsea Garrison, Clare Toeniskoetter, Paige Cowett, Michael Simon Johnson, Brad Fisher, Larissa Anderson, Chris Wood, Jessica Cheung, Stella Tan, Alexandra Leigh Young, Lisa Chow, Eric Krupke, Marc Georges, Luke Vander Ploeg, M.J. Davis Lin, Dan Powell, Dave Shaw, Sydney Harper, Robert Jimison, Mike Benoist, Liz O. Baylen, Asthaa Chaturvedi, Kaitlin Roberts, Rachelle Bonja, Diana Nguyen, Marion Lozano, Corey Schreppel, Anita Badejo, Rob Szypko, Elisheba Ittoop, Chelsea Daniel, Mooj Zadie, Patricia Willens, Rowan Niemisto, Jody Becker, Rikki Novetsky and John Ketchum.Our theme music is by Jim Brunberg and Ben Landsverk of Wonderly. Special thanks to Sam Dolnick, Paula Szuchman, Cliff Levy, Lauren Jackson, Julia Simon, Mahima Chablani, Sofia Milan, Desiree Ibekwe, Wendy Dorr, Elizabeth Davis-Moorer, Jeffrey Miranda, Renan Borelli and Maddy Masiello. More

As elections approach Sunday, the far-right candidate is linked to the Russian president by a web of financial ties and a history of support that has hardly dimmed despite the war in Ukraine.PARIS — When Europe’s far-right leaders gathered in Madrid in January, they had no problem finding unity on the issues they hold dear, whether cracking down on immigrants or upholding “European Christian ideals.” But as Russian troops massed on the Ukrainian border, they were divided on one issue: the threat posed by President Vladimir V. Putin.Marine Le Pen, the extreme-right challenger for the French presidency, objected to a paragraph in the final statement calling for European solidarity to confront “Russian military actions on the eastern border of Europe.” Even in a gathering of illiberal nationalists, she was an outlier in her fealty to Mr. Putin.Now, on her campaign website, the leaders’ statement appears with that paragraph cut in an unacknowledged change to the text. This little subterfuge is consistent with an embrace of Mr. Putin so complete that even his ravaging of Ukraine has hardly diminished it.Over the past decade, Ms. Le Pen’s party, the National Rally, formerly the National Front, has borrowed millions from a Russian bank, and Ms. Le Pen has supported Mr. Putin’s annexation of Crimea in 2014, as well as his incendiary meddling that year in the Donbas region of eastern Ukraine, where just this week Russia redoubled its offensive.Her support for Mr. Putin is one thing in a time of peace and another in a time of war. Russia, a nuclear power, has invaded a European state, and Ms. Le Pen is closer than ever to her cherished goal of becoming president of France, having narrowed the gap with President Emmanuel Macron before the decisive round of the election on Sunday.Supporters of Ms. Le Pen at a campaign rally in Stiring-Wendel, France, on April 1. She has come closer to Mr. Macron in polls as a decisive election round nears.Andrea Mantovani for The New York TimesWith polls showing Ms. Le Pen gaining about 44.5 percent of the vote to Mr. Macron’s 55.5 percent, she is within range of the shocks that produced Brexit and Donald J. Trump’s victory in 2016. As in Britain and the United States, alienation and economic hardship have fed a French readiness to gamble on nationalist dreams.If Ms. Le Pen wins, which is not likely but possible, her victory will almost certainly fracture the allied unity engineered by President Biden in an attempt to defeat Mr. Putin. It would hand Mr. Putin by far his most important ally in Europe, one he could leverage in his aims to divide Europe from the United States and fracture Europe’s decades-old project of unity.France, a core member of the European Union and NATO, is suddenly the possible soft underbelly of the West.Julien Nocetti, a Russia expert at the French Institute of International Relations, said there was “a complete ideological alignment between Putin and Le Pen” — one that would be deeply worrying to France’s American and European allies.The Ukraine war has caused Ms. Le Pen to pivot a little by saying Mr. Putin crossed “a red line” with the invasion, but she still says her foreign-policy priority is a rapprochement with Russia once the fighting stops.Bodies being loaded onto a truck in Bucha, Ukraine, where evidence of Russian atrocities mounted. Ms. Le Pen said that Mr. Putin crossed “a red line” with the invasion but also that she will seek a rapprochement with Russia.Daniel Berehulak for The New York TimesSince Ms. Le Pen, 53, took over the leadership of her party in 2011, she has only deepened its Putin predilection, making four trips to Moscow and one to Crimea. She would support sanctions against Russia, she says, but not cutting off imports of Russian oil and gas, which she has equated with economic death for France.“We have to think of our people,” she said in a recent TV interview, a position consistent with the strong focus on pocketbook issues that has propelled her campaign. The majority of French people are more focused on getting to the end of the month than getting Russia out of Ukraine.Certainly, Ms. Le Pen vaunted her connection with Mr. Putin until he went to war on Feb. 24. She included a photo of herself shaking hands with him in her election brochure as evidence of her “international stature.” This handout disappeared abruptly from view after the Russian invasion.The photo was taken at the Kremlin on March 24, 2017. That was less than five weeks before the first round of the last presidential election, in which Mr. Macron defeated Ms. Le Pen by 66.1 percent to 33.9 percent. The National Rally leader said then that she would immediately review lifting “unjust” sanctions against Russia if elected.As for Mr. Putin, he said with a knowing smirk that Russia did “not want to influence events in any way.”Shopping at a supermarket in Livry-Gargan, Paris, in December. Most French voters are more concerned about the economy than the Ukraine war.Andrea Mantovani for The New York TimesJean-Maurice Ripert, the French ambassador in Moscow from 2013 to 2017, said in an interview that a fellow European ambassador, a close friend, had asked the Russian leader after the French election why he had backed Ms. Le Pen.“Because I had been told she was going to win,” Mr. Putin said.Certainly that is what he wanted. Ms. Le Pen, committed to “equidistance” between great powers and hostile to “America’s protectorate on European soil,” sees in Mr. Putin the defender of the nation-state, family and Christianity against border-eroding multilateralism and irreligious cultural decay.“It’s all about sovereignty,” said Marlène Laruelle, the French director of the Institute for European, Russian and Eurasian studies at George Washington University. “The sovereign state against international organizations; the sovereign traditional family against L.G.B.T.Q. rights.”Then there is the money. Unable to get a loan from French banks, Ms. Le Pen and several of her top aides scrambled for cash in Russia, accepting a 9.4 million euro loan, then $12.2 million, at a 6 percent interest rate, from the First Czech-Russian Bank in September 2014. It was supposed to be repaid by 2019.A branch of the First Czech-Russian Bank in Moscow, before it collapsed in 2016. Ms. Le Pen received millions in loans from the bank.Dmitry Serebryakov/TASS/Alamy Live NewsWallerand de Saint-Just, who was long the National Rally’s treasurer before leaving the position last year, negotiated the deal in Moscow. In a written answer to a question as to why French banks had refused any loan to the National Rally, he said “My experience with the six big French banking groups is that they obey orders from the political executive.”But given the lack of transparency and accountability in Russia’s financial sector — and Mr. Putin’s sway over it in his pay-to-play system — the sum has long raised hard questions of just how beholden Ms. Le Pen actually is to the Russian president, and whether some of her outspoken backing for him has been a consequence.I asked Ms. Le Pen this month at a news conference whether the outstanding loan did not create at least the impression of dependence on Russia, a liability for any future president?“Absolutely not,” she said. “I am totally independent of any link to any power.”In her current campaign, again unable to get a loan from a French bank, Ms. Le Pen turned to Hungary, where Viktor Orban, the anti-immigrant Hungarian prime minister, has been in power for 12 years. A Hungarian bank has now lent the National Rally another $11.4 million, so if she were to win she would be indebted to both Mr. Putin and Mr. Orban.Hungary’s prime minister, Viktor Orban, center, attending a meeting of far-right and conservative leaders in Madrid, in January.Oscar Del Pozo/Agence France-Presse — Getty ImagesAlready her backing of Mr. Putin has been borderline fawning. Ms. Le Pen visited Moscow and Crimea in June 2013; Moscow in April 2014; and Moscow again in May 2015. She was received by the president of the Duma, the lower chamber of Russia’s Parliament, during the first of these visits, and sprinkled her Russian sojourns with pro-Putin remarks.In 2013, she blamed the European Union for a new “Cold War on Russia.” In 2015, also while in Moscow, she criticized France’s pro-American stance and suggested this would change “in 2017 with Marine Le Pen as president.” In 2021, she recommended Russia’s uncertain Sputnik vaccine for the coronavirus, saying “our anti-Russian ideology should not ruin our capacity to vaccinate our fellow citizens.”The 2014 visit came at a particularly delicate moment, given the Crimea annexation. It was one of several demonstrations of support for Mr. Putin from prominent members of Ms. Le Pen’s party who visited Crimea that year, and the Donbas, the Ukrainian region where clashes kindled by Moscow had begun.Among them was Aymeric Chauprade, her former top diplomatic adviser, who went to Crimea to observe the dubious March 2014 referendum that massively backed the Russian annexation. A United Nations General Assembly resolution declared the vote invalid.“It was the West that began changing European borders with Kosovo’s independence in 2008,” Mr. Chauprade, who has since left the National Rally, said in an interview. “There was an openness to accepting invitations from Russia, a good atmosphere.”Russian troops guarded a Ukrainian marine base in Crimea as Mr. Putin moved to annex the peninsula in March 2014. Le Pen has visited Moscow and Crimea and made remarks that were supportive of Russia.Sergey Ponomarev for The New York TimesMediapart, a French investigative news website, was the first to expose the Russian loan to the National Rally in September 2014. In an earlier interview with Mediapart, Mr. Chauprade said visits to the Donbas that year and in 2015 by Jean-Luc Schaffhauser, a former National Rally member of the European Parliament, had been a “quid pro quo” for the loan.What to Know About France’s Presidential ElectionCard 1 of 4Heading to a runoff. More

Donald Trump Jr to appear before House Capitol attack panel – reportThe meeting comes in the wake of other family members such as Ivanka Trump and Jared Kushner testifying to the committee Donald Trump Jr. has agreed to meet in the near future with the US House of Representatives panel that is investigating the 6 January 2021, attack on the US Capitol, the New York Times reported Thursday, citing a source.Ivanka Trump testifies before panel investigating Capitol attackRead moreTrump, the eldest son of former president Donald Trump, is set to meet with the House committee of his own will and without the threat of a subpoena, the outlet said without reporting when the testimony was scheduled.A request for comment from the House committee investigating the Capitol siege was not immediately returned.The meeting would come in the wake of appearances by other Trump family members before the select committee investigating the events that lead to the deadly raid on the Capitol building in protest against the result of the 2020 presidential election.Ivanka Trump, Donald Trump’s daughter and one of his senior White House advisers, testified for about eight hours earlier this month days after Jared Kushner, her husband and former White House adviser, testified to the committee. TopicsUS Capitol attackDonald Trump JrDonald TrumpUS politicsIvanka TrumpJared KushnernewsReuse this content More