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Endless Election Day gives Trump time to stir up trouble

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Today's Agenda

Election Day Will Never Entirely Be Over

The dichotomy paradox, attributed to the Greek philosopher Zeno, is the idea that in order to travel a distance, one must first travel half that distance, and half of that half-distance, and half of that half of a half-distance, et cetera et cetera, and has Nevada finished counting votes yet?

We only thought Zeno's paradox, election version, applied to the interminable wait for Election Day. Now we know it really applies to Election Day itself, now well into its third day, with batches of ballots being counted as slowly as drops of water on a tortured forehead. President Donald Trump, statesmanlike as ever, is soothing the nation's nerves by tweeting such bromides as "STOP THE COUNT!" and "STOP THE FRAUD!" and sending Rudy Giuliani and others to pester vote-counters. He has also launched a fleet of lawyers to challenge the count in the many key states. Already those efforts are starting to be shot down, and Noah Feldman writes there's little likelihood many of them will survive or make a difference. What they will effectively do, however, is delegitimize the outcome in the minds of his followers/future Trump TV audience.

Though former Vice President Joe Biden is still favored to win the presidency, Democrats have some soul-searching to do after an election that went from blue wave to wet noodle, likely denying them the Senate or power in statehouses across the country. The party's big mistake, writes Stephen Carter, was assuming disgust with Trump would be enough to win centrist voters to all of its offerings.

The GOP probably won't engage in any soul-searching, but maybe it should think about why it has now lost the presidential popular vote in a record seven of the past eight elections, writes Jonathan Bernstein. Part of the problem is that it has forgotten how to govern, resulting in unpopular presidents — particularly the one who may be defeated on that day, infinity days from now, when Election Day finally ends.

The Economy May Not Be Entirely Hopeless

Federal Reserve policy makers met today but didn't have much to do. It's too bad we couldn't have handed them a stack of Nevada ballots to count. But they need to save their energy for the months ahead. The prospect of a Biden White House and a Mitch McConnell Senate makes fiscal stimulus a whole lot less likely. That means the Fed will continue to bear most of the burden of supporting the economy, writes Brian Chappatta. Depending on how bad things get with the pandemic, that job may be too much for it to handle alone. 

But there may still be a slim opportunity to get some fiscal relief in the lame-duck interregnum, Karl Smith writes. McConnell has actually said stimulus will be a priority when the Senate returns. House Speaker Nancy Pelosi would be wise to jump on any chance to boost the economy now, Karl writes, rather than hold out for a better deal if Biden takes office. At that point, the Senate will be less inclined to help.

Blue State Not Entirely Blue

Of the many disappointments progressives suffered on Tuesday, several had a surprising source: deep-blue California. As with so much about our politics, it's too simplistic to merely divide voters into red states and blue states, writes Virginia Postrel. Voters in cerulean California rejected several progressive positions on the ballot. Dead-red Florida, meanwhile, voted to raise the minimum wage to $15. Go figure!  

The most famous of California's progressive heartbreakers was Proposition 22, which let Uber, Lyft and other gig economy companies call their workers contractors. This seems to be a short-term win for these companies, but Tae Kim notes they face similar challenges elsewhere, and growing pressure to treat workers better. They can't ignore this forever, and there are solutions the bigger players can easily afford. 

Telltale Charts

Health stocks did very well under Trump, and they'll probably keep doing well under Biden in a divided government, writes Max Nisen. For patients and people who have to buy health care, it may be a different story.

Michael Kors parent Capri has learned it can keep charging high prices for luxury bags even in a pandemic, writes Sarah Halzack.

Further Reading

Ray Dalio advises us to invest in China, but Ant's travails remind us why it's so risky. — Shuli Ren 

Boris Johnson's plans for widespread quick Covid testing could make a difference, but only if accompanied by competent efforts to trace and isolate cases. — Therese Raphael

The FDA will make a mistake if it rubber-stamps Biogen's Alzheimer's drug based on shaky data. — Max Nisen 

Every day is take-your-kid-to-work day now, and it's not healthy for the kids. — Sarah Green Carmichael 

ICYMI

What is the deal with Arizona?

Denmark has a minks-with-Covid problem.

Inside the unraveling of the Ant IPO.

Kickers

Area man discovers it's illegal to cook chickens in a Yellowstone hot spring. (h/t Mike Smedley)

Dutch brewery burns iron as a clean, recyclable fuel.

Florida is unleashing 750 million GM mosquitos.

Humans and Neanderthals may have been at war for 100,000 years.

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

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