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Maybe it’s time to let J.C. Penney go

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Today's Agenda

Why Save J.C. Penney?

Many of us of a certain age feel nostalgic about malls. Maybe it's where we got our first job, kiss or Orange Julius. It's been painful these past few decades watching them slowly die. And the thought of J.C. Penney — an anchor for so many malls — going kaput felt like the final nail in the climate-controlled coffin. So news of its rescue by mall operators may have been a relief. But if we really love malls, which is a totally normal and not at all weird thing to feel, then maybe we should let J.C. Penney go, writes Sarah Halzack. It's just going to keep struggling, and it doesn't really do much for malls but take up space.

There are better, more creative ways to keep malls not only barely alive but relevant to future generations. They could even include giving retail space to Amazon.com, destroyer of malls.

Citi Strikes Back

Ever since the financial crisis, Citigroup has labored in JPMorgan Chase's shadow. It suffered much more in that debacle, losing its status as the nation's biggest bank, along with an eye-watering amount of money. While Jamie Dimon has for 15 years serenely presided over JPMorgan's rise, which not even the London Whale could swamp, Citi cycled through three CEOs and will soon have a fourth.

But about that fourth CEO: She will be Jane Fraser, the first woman ever to run a major U.S. bank. In this very significant way, writes Brian Chappatta, Citi has finally stolen JPMorgan's thunder. The bigger bank last year put two women in position to succeed Dimon, which felt wildly progressive at the time. But Dimon seems in no rush to go anywhere. And in February he will have a formidable rival in Fraser, who has apparently slam-dunked every job she's taken. Running Citi will test that. When a bank accidentally gives away $900 million, it may have some problems. But today it showed it can still surprise in the right way.

Foreign Policy Don'ts

President Donald Trump won the White House partly by criticizing America's presence in Iraq and Afghanistan, and he's seemed eager ever since to leave both countries completely. On Wednesday his administration announced plans to slash already tiny troop counts in them by nearly half. This would be a mistake, warns James Stavridis. Withdrawing from Iraq, for example, will help ISIS, Iran and Russia, while hurting American allies and the Iraqi people. It will make almost no difference to the U.S. in terms of cost or commitment, though it will provide a talking point for Trump's re-election.

Trump is also trying to fulfill campaign promises to be tough on Iran, this time by pushing to use the 2015 nuclear deal — you know, the one he abandoned — to reimpose sanctions on the country. But the other parties to that deal apparently remember that whole abandoning-the-deal thing and don't seem eager to take orders from Trump on how to use it. A better approach, writes Bloomberg's editorial board, would be to build global consensus on what a better agreement would look like and use that newfound global unity to convince Iran to take it.

Further Diplomacy Reading: The EU should back Greece against Turkey or risk sending a message of disunity. — Ferdinando Giugliano 

Figuring Out Trump

Foreign policy probably isn't front of Trump's mind today, though. He's still dealing with Bob Woodward's revelation that he admitted to downplaying the pandemic way back in February, among other embarrassing confessions. Woodward's reporting raises a lot of questions, including why he sat on it for so long. But the simplest question may be why on Earth Trump let himself be taped, on the record, for hours, by Woodward. Tim O'Brien, who also interviewed Trump extensively for a book that created many, many headaches for Trump, has the simple answer: He's obsessed with his image and consistently overestimates his ability to shape it. 

Further Politics Reading: Trump has no virus plan, but Joe Biden's "follow the science" isn't a plan either. — Faye Flam 

Telltale Charts

From the trade gap to factory output, the numbers are clear: Trump's trade war has failed, writes Noah Smith.

U.S. universities are attracting far fewer international students thanks to Covid-19 and Trump's policies, writes Justin Fox. This trend may not magically reverse when the pandemic ends.

Further Reading

Kyle Rittenhouse might walk free because America's broken-brained gun laws give every deference to someone walking around with a huge rifle. — Noah Feldman 

The NFL is taking bigger risks in restarting than other sports, but the teams and TV networks badly need the cash. — Joe Nocera 

Ben Sasse's Senate reform ideas would only weaken it. — Jonathan Bernstein 

Believe it or not, the new ETF for top-rated CLOs is a pretty safe investment. — Brian Chappatta 

The stock market's excesses have not truly been corrected. — John Authers

The discovery of rust on the moon shows how much fascination Earth's closest neighbor still holds. — Stephen Carter 

ICYMI

Stimulus talks seem doomed.

Mortgage rates are at record lows.

Elizabeth Holmes may plead "mental disease."

Kickers

The best virtual leaders have different traits than in-person leaders.

The Chandra X-Ray Observatory has produced some amazing photos.

A postcard stamped in 1920 was just delivered.

FINALLY, you can rent Oscar Mayer's Weinermobile for your marriage proposal.

Note: Please send postcards and complaints to Mark Gongloff at mgongloff1@bloomberg.net.

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