Presidential Election of 2024

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      Musk, Trump, A.I. and Other DealBook Summit Highlights

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      The economy, inflation, tariffs, the future of media, pardon politics and other big topics that made headlines this year.Jeff Bezos was cautiously optimistic that President-elect Donald Trump would be more measured in his second term.Michael M. Santiago/Getty ImagesFour takeaways from the DealBook Summit The U.S. election dominated the news agenda this year, and the two people at the center of Donald Trump’s win came up in nearly every conversation yesterday at the DealBook Summit. The president-elect and Elon Musk may not have been in the room, but questions about how they will shape business and politics were front and center.The general view of the day was cautious optimism, even among those who had publicly criticized Trump and Musk — or been targeted by them.But many questions remain. What will Trump and Musk mean for government, business and the economy? Will they succeed in cutting regulation and government spending? And will they go after their perceived enemies and rivals?Here are four big themes from this year’s event.What will happen with the economy?Most of the speakers were willing to give Trump the benefit of the doubt, or at least played down worries about his most disruptive policy ideas.Jay Powell, the Fed chair, addressed one of the biggest questions hanging over the next administration: Will the president-elect go after the central bank’s independence? No, Powell said emphatically. The Fed, he said, was created by Congress and its autonomy is “the law of the land.”“There is very, very broad support for that set of ideas in Congress in both political parties, on both sides of the Hill, and that’s what really matters,” he said.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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      Bitcoin Price Surges to a Milestone: $100,000

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      The price of a single Bitcoin rose to six figures for the first time, an extraordinary level for a 16-year-old cryptocurrency once dismissed as a sideshow.In May 2010, Laszlo Hanyecz, an early cryptocurrency enthusiast, used Bitcoin to buy two pizzas from Papa John’s. He spent 10,000 Bitcoins, or roughly $40 at the time, in one of the first purchases ever made with the digital currency.It has turned out to be the most expensive dinner in history.On Wednesday, the price of a single Bitcoin rose to more than $100,000, a remarkable milestone for an experimental financial asset that had once been mocked as a sideshow and a fad. The total cost of those pizzas today: $1 billion.Bitcoin now stands as arguably the most successful investment product of the last 20 years. The value of all the coins in circulation is $2 trillion, more than the combined worth of Mastercard, Walmart and JPMorgan Chase. The motley assortment of hackers and political radicals who embraced Bitcoin when it was created by an anonymous coder in 2008 have become millionaires many times over. And the invention has spawned an entire industry anchored by publicly traded companies like Coinbase, a cryptocurrency exchange, and promoted by celebrities, athletes and Elon Musk.Even the president-elect says he is a believer. During the campaign, Donald J. Trump marketed himself as a Bitcoin enthusiast, vowing to create a federal stockpile that could push its price even higher.

      Note: As of 10 p.m. Eastern on Dec. 4Source: Investing.comBy The New York TimesBitcoin began as “essentially an experimental hobbyist project,” said Finn Brunton, the author of a 2019 book about the history of cryptocurrency. “To see where it is now is to see a really impressive feat.”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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      Trump Picks Kelly Loeffler, a Top Donor, to Head Small Business Administration

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      President-elect Donald J. Trump chose Kelly Loeffler, a top donor to Mr. Trump’s 2024 campaign and a former Georgia senator, to head the Small Business Administration.“Kelly will bring her experience in business and Washington to reduce red tape, and unleash opportunity for our Small Businesses to grow, innovate, and thrive,” Mr. Trump wrote in a post on Truth Social on Wednesday. “She will focus on ensuring that SBA is accountable to Taxpayers by cracking down on waste, fraud, and regulatory overreach.”Ms. Loeffler has little experience in public service. She was appointed to fill a vacated Senate seat in Georgia by Gov. Brian Kemp, serving from early 2020 until she was defeated in a special election by the Rev. Raphael Warnock in January 2021. In the final days of her Senate career, Ms. Loeffler played a prominent role in Mr. Trump’s effort to overturn his defeat in the 2020 presidential election.Ms. Loeffler underwent a significant political transformation during the first Trump administration. She had been seen as a moderate, business-oriented Republican when she was appointed to the Senate — a move viewed by many as an effort to make the Georgia Republican Party more widely appealing.But Ms. Loeffler made a hard-right turn in office, portraying herself as a fervent supporter of and rubber stamp for Mr. Trump as she prepared to defend her seat in the 2020 race. Mr. Warnock ultimately won by two percentage points in a runoff election.If confirmed by the Senate, Ms. Loeffler would lead an agency that is responsible for delivering billions in loans and disaster assistance to small businesses across the country. The S.B.A. played a major role during the Covid-19 pandemic, when it distributed hundreds of billions of dollars to help businesses stay open and continue paying their employees.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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      Sen. Laphonza Butler Discusses the Election During Her Last Days in Office

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      An interview with Senator Laphonza Butler, Democrat of California, during her final week in the Senate.Laphonza Butler will have served as a senator from California for only about 15 months. But she has been a close ally of Vice President Kamala Harris for 15 years.This week, I spoke with Butler, whose long partnership with Harris — they first met when Butler was a Los Angeles-based union leader — gives her an intriguing perspective on why her party lost the presidential election and how it might rebuild.Harris hasn’t said much publicly about why she lost. In Butler’s view, some of the fault starts with President Biden, who she believes broke what was a clear campaign promise by running for re-election. But just blaming Biden isn’t enough: Democrats, she says, must stop talking and start listening. Really listening.Butler was appointed by Gov. Gavin Newsom to fill the U.S. Senate seat left open by the death of Senator Dianne Feinstein in September 2023. Because she decided not to run for re-election, this week is her last in the body: On Monday, Representative Adam Schiff will be sworn in as the state’s newest senator.This interview was edited for length and clarity.LL: Why do you think Harris lost?LB: The American people wanted a change. They wanted a candidate who they thought represented change. And I think that might simply be it.Should Biden not have run?President Biden said initially that he was going to be a transitional leader. I think that is the expectation that people had. So in that sense, I think that he probably would have been better to remain in that posture. We can’t deny the success of his presidency. When history looks back, his presidency will be one of the most impactful in my lifetime, for sure. But I think once you sort of create an expectation with people, there is the need to hold to that.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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      Trump Donors Who Give at Least $1 Million or Raise $2 Million Get Inaugural Access

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      President-elect Donald J. Trump is raising money for his inauguration in increments as high as $2 million, according to materials from fund-raisers for the inauguration.A flier titled “Trump Vance Inaugural Committee Benefits” lists the perks of donating $1 million or raising $2 million for the event. Donors who reach that elite level receive as many as a half-dozen tickets to eight inaugural events from Jan. 17 to Jan. 20.After a divisive election, donors and corporations typically put big money into presidents’ inaugural committees as a way to support the president and also to curry favor with an administration that will be in power for four years. There are no limits on the donations that can be made to the Trump committee, which is structured as a political nonprofit for tax purposes, but gifts over $200 are disclosed to the Federal Election Commission.Highlights of the schedule of events for the elite donors and fund-raisers include a reception with cabinet picks and a dinner with Vice President-elect JD Vance and his wife, Usha Vance, on Jan. 18, and an “elegant and intimate dinner with President Donald J. Trump and Mrs. Melania Trump” on Jan. 19, described as “the pinnacle event.” Before the dissemination of this flier, Mrs. Trump had not confirmed her plans to attend the inaugural festivities, which include a Sunday morning interfaith service that the materials say she plans to attend with Mr. Trump.On Monday, Jan. 20, the big donors will receive six tickets each to attend the inauguration itself.Mr. Trump’s first inaugural committee, which was investigated by federal prosecutors for illegal foreign donations and resulted in a 12-year prison sentence for one donor, raised $107 million in 2016 and 2017. The current inaugural committee is being led by Steven Witkoff, a billionaire real estate mogul who has given nearly $2 million to Mr. Trump’s political causes over the past decade and who has been named a special envoy to the Middle East, and Kelly Loeffler, a former Republican senator from Georgia.Mr. Trump is continuing to raise money for his political efforts, too. On Dec. 19, he is expected to headline an event at his private Florida club, Mar-a-Lago, for a pro-Trump super PAC, MAGA Inc., where tickets cost $1 million a person, according to a copy of the invitation seen by The New York Times. More

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      Can Rahm Emanuel Flip the Script Again?

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      There’s a buzz around Rahm Emanuel — the former Bill Clinton adviser, former Illinois congressman, former chief of staff to President Barack Obama, former mayor of Chicago — possibly becoming the next head of the Democratic National Committee. The progressive left despises his pragmatism and liberal centrism. He has a reputation for abrasiveness. And his current job, as ambassador to Japan, has traditionally served as a posting for high-level political has-beens like Walter Mondale and Howard Baker.But he also has a gift for constructing winning coalitions with difficult, unexpected partners.More on that in a moment. When I meet him for breakfast this week at a New York City hotel, what he wants to talk about is a looming crisis in Asia. “What started as two wars in two theaters is now one war in two separate theaters,” he says of the conflicts in Ukraine and the Middle East. “We need to ensure that it does not expand into a third theater.”How soon might that happen? I mention 2027, a year that’s often seen as China’s target date for reunification with Taiwan, if necessary by force.“I think it’s actually 2025,” he answers.What Emanuel has in mind are Asia’s other flashpoints, including along the 38th parallel that divides North and South Korea, where Russia is “poking” Kim Jong-un, the North Korean leader, “to do something” and where South Korea’s president briefly declared martial law, and also in the South China Sea, where China and the Philippines are coming to blows over Beijing’s illegal maritime claims. Unlike with Taipei, to which America’s obligations are deliberately ambiguous, with Manila and Seoul our defense commitments are ironclad.That could mean war for the United States on multiple unexpected fronts. Emanuel’s tenure as ambassador was distinguished by his role in engineering two historic rapprochements — last year between Japan and South Korea and this year between Japan and the Philippines — that, along with the AUKUS defense pact with Britain and Australia, form part of a broad diplomatic effort by the Biden administration to contain China.The Chinese, Emanuel says, “have a theory of the case in the Indo-Pacific. We have a theory of the case. Their attempt is to isolate Australia, isolate the Philippines and put all the pressure on that country,” often through abusive trade practices. “Our job is to flip the script and isolate China through their actions.”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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      Trump to Attend Notre-Dame Cathedral Reopening in Paris

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      President-elect Donald J. Trump will travel to France on Saturday for the reopening of the historic Notre-Dame Cathedral five years after it was ravaged by a fire, his first foreign trip since last month’s election and a symbol of how quickly global leaders are turning the page on the Biden presidency.Mr. Trump announced the trip on his online platform, Truth Social, calling it “an honor” to make public his plans to visit the “Magnificent and Historic” building. He credited President Emmanuel Macron of France with doing “a wonderful job ensuring that Notre Dame has been restored to its full level of glory, and even more so.”“It will be a very special day for all!” he wrote.The trip has been in the works for several days, according to people briefed on the planning. Mr. Trump and Mr. Macron have had at least one phone conversation, according to one of the people.President Biden is not expected to attend the reopening, but Dr. Jill Biden, the first lady, will be there, according to one of the people briefed.Mr. Trump has rarely left Mar-a-Lago, his private club and home in Palm Beach, Fla., since he won a second term by defeating Vice President Kamala Harris, who replaced President Biden on the Democratic ticket. The news of the trip was in some ways unsurprising. Mr. Trump loves ceremony and grandeur as it relates to construction sites, especially historic ones. And it marks his return to the world stage.But it is also the latest chapter in what has been a fraught relationship with European allies — and with Mr. Macron in particular.The French leader, who is facing domestic turbulence after a wave of anger from far-right and far-left forces, flattered Mr. Trump early in his first term as U.S. president. Mr. Macron invited Mr. Trump to attend the country’s Bastille Day celebration in Paris in 2017, and Mr. Trump went eagerly.But the relationship soured in 2018, when Mr. Macron endorsed the idea of a true European military defense, one that could counter Russia and China but also the United States. Mr. Macron’s approach chafed against Mr. Trump’s nationalism, at a time when far-right populists generally aligned with Trump were ascending in France and elsewhere in Europe. When the F.B.I. searched Mar-a-Lago for hidden classified documents in August 2022, some of the information federal agents took from the property related to Mr. Macron. More