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      The Markets Cheer Trump’s Treasury Pick, Scott Bessent

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      Investors seemed to signal their approval for Scott Bessent as a safe choice to implement the president-elect’s economic agenda.Stocks and bonds are gaining on Monday, as investors seem to cheer the pick of Scott Bessent to run the Treasury Department.Dominic Gwinn/Middle East Images/AFP via Getty ImagesA steady hand Stocks and bonds are rising on Monday, and the dollar is down. On the first trading day since Donald Trump chose the billionaire financier Scott Bessent as his pick for Treasury secretary, investors seem to be signaling they like the choice.The hedge fund mogul is seen as a steady hand to enact the president-elect’s economic vision — and, just as important, oversee the $28 trillion Treasuries market. “Investors prefer orthodoxy, predictability, and coherence from economic policy; there were fears that some of the candidates may not possess those attributes. Bessent does,” Paul Donovan, chief economist of UBS Global Wealth Management, wrote in a research note on Monday.The Key Square Group founder overcame serious opposition from some in Trump’s inner circle. Elon Musk derided Bessent as a “business-as-usual choice” and threw his weight behind Howard Lutnick, the C.E.O. of Cantor Fitzgerald. When Trump tapped Lutnick to lead the Commerce Department instead, Bessent was left to fight it out against the likes of Mark Rowan, the boss of Apollo Global Management, the private equity giant.Bessent won a “knife fight” to get the nod. On Wall Street, a document was circulated suggesting that his Key Square hedge fund had underperformed the booming markets. Bessent’s ascent is notable in that he doesn’t appear to have been on Trump’s radar during his first administration.His background as a former Democratic donor who worked with George Soros, a villain for the right, has also been scrutinized. (Interesting fact: Bessent furnished the progressive billionaire financier with key data that prompted Soros to make one of his most famous trades: shorting the British pound.) Some Trump backers, including Palmer Luckey, the defense tech entrepreneur, worried about Bessent’s commitment to the president-elect’s America-first agenda.Investors appear to have fewer qualms. Bessent gets high marks as a fiscal conservative and a champion of growth — at Key Square, he told clients that Trumponomics would usher in an “economic lollapalooza” — through deregulation and lower taxes.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      New Thanksgiving Classics

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      We’ve got a menu for your holiday. The menus are being planned, grocery lists made, details finalized — it’s nearly go time for Thanksgiving, a time for epic feasting and the one day of the year on which even the most reluctant home cooks wander into the kitchen. Are you ready?I’m here to help. We have Thanksgiving recipes for just about every dish you could think of, but today I’m sharing recipes that have become the new classics of the genre: holiday dishes from Cooking that are simple but imbued with intelligence and spark, recipes that are beloved by our readers and indisputably delicious.The menuRomulo Yanes for The New York TimesButtermilk-Brined Roast TurkeySamin Nosrat’s roast turkey is among the most popular and best we’ve ever published, a supersize riff on her justly famous buttermilk-brined roast chicken recipe. Her method calls for three ingredients and produces a turkey with golden brown skin and juicy meat. She did a version for turkey breast, too.Christopher Testani for The New York TimesCheesy Hasselback Potato GratinThis dish is a Thanksgiving powerhouse with a key innovation: Kenji López-Alt, who wrote the recipe, stands the potato slices up vertically, rather than laying them flat, for a singular presentation that also gives you crisp potato edges in every bite.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      What Bondi Might Do as Attorney General

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      Donald Trump’s new pick to lead the Justice Department fought to overturn the Affordable Care Act, and has lobbied for Amazon, Uber and General Motors.Pam Bondi in 2020. She is seen as a Donald Trump loyalist who may lead a shake-up of the Justice Department.Pete Marovich for The New York TimesNew face, same goals?Heads in Washington are still spinning after Donald Trump named Pam Bondi as his choice for attorney general, just hours following Matt Gaetz’s withdrawal from consideration.Bondi, a former Florida attorney general and close ally of the president-elect, would most likely share his and Gaetz’s goal of shaking up the Justice Department. But the switcheroo also raises questions about how willing Republicans might be to push back against the more divisive elements of the Trump agenda.What to know: As Florida’s attorney general, Bondi participated in efforts to overturn the Affordable Care Act and the legalization of marijuana, as well as a multi-state lawsuit against Purdue Pharma, the maker of OxyContin.Since leaving office in 2019, she has worked for the powerful Republican lobbyist Brian Ballard — where her clients included General Motors (labor and tax policy), Amazon (cloud computing and trade) and Uber (the gig economy) — and a separate right-wing think tank that’s close to the Trump transition team.But while she is a favorite of Trump’s, it’s unclear whether she had been on a vetting list for an administration role. The Times reports that she interviewed for the position only on Thursday.It’s also uncertain how Bondi would steer the Justice Department. She is a longtime loyalist who served on the legal team that fought his first impeachment and publicly criticized the prosecutors and judge in his Manhattan criminal trial. “For too long, the partisan Department of Justice has been weaponized against me and other Republicans — Not anymore,” Trump wrote in announcing her selection.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Dissecting the DOGE Playbook

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      Elon Musk and Vivek Ramaswamy have unveiled their first plans to trim government spending, a blueprint that mirrors how the tech mogul cut costs at Twitter. Layoffs and spending cuts are on Elon Musk’s government agenda.Carlos Barria/ReutersThe Twitter approach to government efficiencyDonald Trump picked Elon Musk and the financier Vivek Ramaswamy to tackle one of his administration’s biggest priorities — reducing the size of the federal government.The two have now shed some light on what Trump has called the Department of Government Efficiency plans to do. They appear to be taking a page from Musk’s playbook for extreme cost-cutting.“We won’t just write reports or cut ribbons,” Musk and Ramaswamy wrote in an opinion piece in The Wall Street Journal, addressing skepticism that their initiative, known as DOGE, can achieve. “We’ll cut costs.”How they plan to do it: Musk and Ramaswamy said they would focus on razing agency regulations, laying off government employees and cutting costs, including appropriations for the Corporation for Public Broadcasting and Planned Parenthood. (That said, Congress created the public broadcasting organization and authorizes its budget.)They’ll lean heavily on two recent Supreme Court rulings, West Virginia v. Environmental Protection Agency and Loper Bright Enterprises v. Raimondo, which together sharply curtailed agencies’ ability to act. “These cases suggest that a plethora of current federal regulations exceed the authority Congress has granted under the law,” Musk and Ramaswamy write.DOGE will present a lengthy list of regulations to gut to Trump, who they say would then be free to use executive action to halt their enforcement and then move to rescind them.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Is the Biden Administration Coming for Chrome?

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      The Justice Department is reportedly targeting Google’s web browser as its antitrust enforcers seek to cement a major win before Donald Trump takes office.Can the Biden administration’s antitrust enforcers succeed in breaking up Google before they leave office?Josh Edelson/Agence France-Presse — Getty ImagesA parting antitrust shot by Biden’s enforcersBefore the Biden administration’s antitrust leaders step down, they’re taking their final shots at Big Tech. That will reportedly include an effort to break up Google as a consequence of the Justice Department’s successful competition lawsuit against the company.A forthcoming request to force the sale of the Chrome browser, according to Bloomberg, would be one of the most sweeping competition demands in years. But it will also be a test of the second Trump administration’s own antitrust agenda.Chrome is a crucial part of Google’s business. The industry’s dominant web browser — it controls about 61 percent of the U.S. market, according to Bloomberg — is a potent data-collection portal, steering people to the company’s search engine. That gives Google the ability to track users when they are signed in, and can be used to for targeted ads.Chrome has also become a gateway for Google’s A.I. services, including its Gemini chatbot, which some say could eventually follow user activity across the web.The Justice Department decided against requesting the divestiture of Google’s Android smartphone operating system, Bloomberg reports. But it wants the company to stop bundling it with services including search and the Google Play app store.If successful, the split would cement a crucial legacy for Biden’s antitrust team. It’s unclear how much of the aggressive approach promoted by Lina Khan of the F.T.C. and Jonathan Kanter of the Justice Department will survive. A Chrome divestiture would achieve the kind of corporate breakup that regulators failed to force upon Microsoft two decades ago.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      What’s Killing Kids?

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      We explore America’s childhood death rate.If I drew you a graph that showed the death rate among American kids, you would see a backward check mark: Fewer kids died over the last several decades, thanks to everything from leukemia drugs to bicycle helmets. Then, suddenly, came a reversal.Child mortality rate More

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      The Race to Lead Trump’s Treasury Dept. Is Becoming a Cliffhanger

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      Howard Lutnick? Scott Bessent? Marc Rowan? Kevin Warsh? The president-elect’s list of candidates has grown longer, clouding the future of the department.Who will get the key to head up the Treasury Department?Kevin Lamarque/ReutersRowan and Warsh shake up Treasury raceFew of the unfilled positions in Donald Trump’s cabinet are as important as Treasury secretary. But the question of who will fill the role is only getting cloudier.Allies of two candidates, Howard Lutnick, the transition co-chair, and Scott Bessent, a top economic adviser, publicly stumped for them this weekend. But The Times reports that the president-elect himself wants somebody “big” for the role and is now considering Marc Rowan, the C.E.O. of Apollo Global Management, and Kevin Warsh, a former Fed governor.Elon Musk, Dan Loeb and others are weighing in. Musk threw his support behind Lutnick over the weekend, calling Bessent “business as usual,” an especially cutting criticism in the Trump camp. That said, The Times reports that Trump has privately griped about Lutnick hanging around too much and potentially manipulating the transition process for his own benefit.Loeb backed Bessent, arguing that choosing Lutnick might rattle investors, including in the $28 trillion market for Treasury bonds and notes. That said, Bessent is also being floated for positions such as chair of the White House’s National Economic Council.Trump has told associates that he is impressed by Rowan, The Times reports. The president-elect tends to value wealth and status on Wall Street, and Rowan, a co-founder of Apollo who helped turn the firm into a $733 billion investment giant, has plenty of both.Rowan would be likely to reassure many on Wall Street, particularly given how unorthodox some of the other cabinet choices have been. But it’s unclear whether he would want to take such a public role, especially given his current work at Apollo. (How hard it would be to extricate Rowan from any “key man” provisions in the firm’s funds is another question.)We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Elon Musk’s Political Influence

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      We explore Musk’s agenda and ideology. Over the course of the 2024 presidential campaign, Elon Musk went from dark-money donor to high-profile surrogate to unofficial chief of staff. He camped out at Mar-a-Lago after the election with the Trump family and hopped on Donald Trump’s call with Ukraine’s president. He’s even played diplomat, meeting secretly in New York with Iran’s ambassador to the United Nations.Last week, the president-elect named Musk to co-lead a department focused on government efficiency, a role that will put him in a position to recommend the hiring and firing of federal workers and the restructuring of entire agencies. But it’s clear that Musk’s influence could reach far beyond even this.He and Trump are in sync on a lot of issues (immigration, trans rights). And although they diverge on some others (climate change and policies that push people toward electric vehicles), the world’s richest person has now allied himself with the leader of the free world whom he helped install in office, creating a political partnership unlike anything America has ever seen.In today’s newsletter, we will look at Musk’s agenda and ideology — and at what his influence in the new administration could mean for both him and the country.Big government dealsMusk previewed plans for his new job on the campaign trail.He said that the federal government’s $6.8 trillion budget should be slashed by at least $2 trillion and acknowledged that such draconian cuts would “necessarily involve some temporary hardship.” Slashing and burning is certainly one of his hallmarks: He laid off 80 percent of X’s staff after buying the company — then called Twitter — in late 2022.Musk has a lot to gain from a second Trump administration. His businesses are already entangled with the federal government, which awarded them $3 billion in contracts across numerous agencies last year. His rocket company, SpaceX, launches military satellites and shuttles astronauts to the International Space Station. Even before the election, Musk asked Trump to hire SpaceX employees at the Defense Department, presumably to further strengthen their ties.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More