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Biden’s final countdown in Afghanistan isn’t really so final

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Today's Agenda

How Final Is the Final Countdown, Really?

Self-imposed deadlines are good motivators for getting things done, such as term papers, holiday shopping and evacuating hundreds of thousands of people from a war you've just lost. But one nice thing about them is that they can be bent a little if you run out of time.

President Joe Biden self-imposed a deadline of August 31 to get everybody out of Afghanistan who wants to get out of Afghanistan. After a less-than-ideal start, this effort has picked up steam lately, with about 88,000 people getting out of Dodge (Kabul) in the past 11 days, with planes leaving every 45 minutes. That is kind of a lot of people. But there are still up to 1,500 Americans and perhaps hundreds of thousands of Afghans who would like to depart. This pace is not fast enough to rescue them all in just six days.

Biden has resisted asking for an extension, and the Taliban says it won't grant one. Here's the thing, though, notes Bloomberg LP founder Mike Bloomberg: Biden chose this deadline. He can and should be allowed to push back on it, if that's what it takes to complete the evacuation. He still has some leverage over the Taliban, which will soon have Afghanistan all to itself, at least until the next foreign invasion. A few more weeks of evacuations won't kill it.

Some say the U.S. should stick to its promises, but those have always been written in sand. Biden's predecessor set a May withdrawal date, which Biden pushed to September 11 and then rolled back to August 31. Of course we can't ignore American credibility, given everything else happening in the world. Some people worry, for example, that China might see this as a good time to try its luck with Taiwan. But Minxin Pei writes Beijing knows the island means much more strategically to the U.S. than Afghanistan and that any attempt to take it will be far too costly. The U.S. still has enough street cred that one blown deadline won't hurt. 

Regulators Bringing Knives to Gun Fight

One feature of the Biden administration that tends to make Wall Street unhappy is its tough talk on business and market regulation. Biden has put aggressive cops on various beats, from Lina Khan at the FTC to Gary Gensler at the SEC. They have big ambitions to crack down on deal-making and risk-taking. 

The trouble is these would-be Eliot Nesses don't exactly have the Untouchables backing them up. And Wall Street is catching on. Khan's FTC, for example, simply lacks the resources to scrutinize every deal, so dealmakers are gearing up to test its limits, writes Tara Lachapelle. The agency is going to have to pick its battles, a lesson Kevin Costner learned after his first run-in (trigger warning for potty language) with Robert De Niro.

Gensler, meanwhile, wants to tame crypto and Chinese stock listings. But Shuli Ren writes his tiny budget is stretched thin regulating the stuff already in the SEC's purview. Without more political backing for such crusades, Gensler may never get the expertise or time he needs to see them through.

What Is the Deal With EV Batteries?

To avoid even more catastrophic global warming than we're already experiencing, we need to electrify a bunch of fossil-fuel-burning stuff, ASAP, starting with cars. To make that happen, though, we need to overcome a key hurdle: making batteries that don't explode. That is harder than you might think, writes Anjani Trivedi. Many of the batteries ubiquitous in today's EVs keep causing recalls over fire risks. These are piling costs on an already expensive industry, making dreams of all-electric fleets more distant. EV makers and the investors that love them should be paying closer attention.

Further Climate Reading:

Telltale Charts

WeWork's SPAC-fueled comeback has been set back by the delta variant and investors' flagging SPAC love, writes Chris Bryant.

Aside from the U.K., markets just aren't preparing quickly enough for the end of Libor, warns Mark Gilbert.

Further Reading

Delta's penalty for the unvaccinated seems shakier than a good old-fashioned mandate. — Max Nisen

The 2022 Olympics will test China's commitment to a zero-Covid policy, which is impossible to maintain. — Adam Minter 

Jay Powell is right to stay cautious about tightening policy. — Dan Moss 

People keep counting Nancy Pelosi out, but she keeps getting Dems to do big stuff despite thin margins. — Jonathan Bernstein 

Why I'm switching from iPhone to Samsung. — Tae Kim 

ICYMI

Corporate vaccine mandates are going, uh, viral

Federal aid is failing to reach renters

OnlyFans drops its plan to drop porn.

Kickers

Census Bureau says Nebraska town has two residents, surprising its lone resident.

Nothing is eating cane toads, so the cane toads are eating each other. (h/t Scott Kominers for the first two kickers)

The science of ant tunnels.

The baby on the "Nevermind" album cover is suing Nirvana.

Notes:  Please send cane toads and complaints to Mark Gongloff at mgongloff1@bloomberg.net.

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