Biden’s Big Chicago Bow

Plus, athletic philanthropy.

August 21, 2024

The Flag

Good morning and Happy Wednesday! Here are the Flag’s Top Five stories that should be on your radar to start the day:

  • US: Final report outlines missed opportunities to stop Maine’s deadliest shooting (AP)

  • World: Netanyahu, accused of 'abandoning' hostages, says cease-fire deal may not happen (USA Today)

  • Business: Harley-Davidson drops diversity efforts after online pressure (CNBC)

  • Technology: Condé Nast Signs Deal With OpenAI (Wired)

  • Sports: Tennis star Janik Sinner says positive steroid tests came from a spray used during a massage (NBC News)

And, of course, some good news: Ukrainian Olympic champion Mahuchikh donated some of her prize money to help animals.

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Left: Harris Has Some Explaining To Do, Eric Levitz, Vox

Left: 4 Things Harris Needs To Pull Off at the DNC, Ed Kilgore, New York Magazine

Left: Democrats Are United and Focused--for a Change, Alexander Nazaryan, MSNBC

Right: Dems Want ID To Get Into Convention But Not To Vote Brianna Lyman, The Federalist

Right: Harris and the Black Swan Summer, Jonathan Alter, Washington Monthly

DNC

Biden’s Big Chicago Bow

Today’s Top Story: On Monday night, President Joe Biden delivered a speech at the DNC in Chicago, which many believe will likely be one of his last major addresses as a sitting president.

Reporting from the Left: Biden says "I gave my best to you" and passes torch to Harris in DNC speech last night (CBS News)

Reporting from the Right: DNC crowd chants ‘we love Joe’ as Biden emotional in torch passing speech (Washington Examiner)

LEFT-LEANING SENTIMENT

A Bitter Sweet Moment

The Top Argument From The Left: The Speech Biden Never Wanted to Give, Peter Baker, The New York Times: “When the crowd members in the United Center first chanted, ‘Thank you, Joe! Thank you, Joe!’ on Monday night, President Biden looked down, fought back tears and soaked in the admiration. But he knew. He might not have wanted to admit it. But he knew. They were thanking him, yes, for what he accomplished during a lifetime in public service. But they were also thanking him, let’s be honest, for not running again. It is hard to think of a more bittersweet moment for a president who spent more than a half-century on the stage only now to be involuntarily shown the exit. The warm bath of affection in Chicago, real as it may have been, could go just so far to salve the wounds of the past few weeks. … While he made a couple of self-deprecating jokes about his age, he barely alluded to his decision to step aside under pressure from fellow Democrats worried that the struggles of the oldest president in the nation’s history would sink the party. When he did, he simply framed it as an act of sacrifice to save American democracy from former President Donald J. Trump. … It was no longer his convention, no longer his party and, soon enough, no longer his time. A new chapter is ahead, and he will have to write a new script.”

Honorable Mention #1: Biden’s crowning moment came before his Monday speech, Editorial Board, The Washington Post.

RIGHT-LEANING SENTIMENT

Biden Put Out to Pasture

The Top Argument From The Right: The Accidental President Shuffles off the Stage, Jim Geraghty, National Review: “Last night, the stage was set for genuine drama, for the rare sight of a sitting president who was effectively strong-armed out of the nomination by other powerful party figures offering his farewell to the party and passing the torch to his handpicked successor. But Joe Biden met the moment with yet another long, shouty stump speech, quite possibly the speech he’d once intended to give on the convention’s fourth night with a handful of minor edits. … Biden pointed, hectored, bellowed, and glared. The president had been done dirty by his own party and the convention organizers, and he wasn’t interested in hiding his peevish mood. … In one final, absurdly shameless insult from his party, Biden took the stage at 11:26 p.m. Eastern time, pushed out of the prime-time window by an inordinately long list of can’t-miss Democratic Party all-stars… The not-so-subtle signal was that Democrats didn’t want anyone to watch Joe Biden’s speech live. And it’s hard to begrudge them that trepidation, as his last appearance in prime time was such an unmitigated disaster that it led to him quitting the race.”

Honorable Mention #1: In DNC swan song, Biden tells the country: ‘I gave my best to you’, Naomi Lim, Washington Examiner.

FLAG THIS

As of last week, Vice President Kamala Harris now leads in key battleground states—Michigan, Pennsylvania, and Wisconsin—though her margins are within the margin of error, according to recent New York Times/Siena College polls.

Notably, Harris's current favorability rating has surpassed Biden's previous levels; she now enjoys a net positive rating (+2) among likely voters in Pennsylvania, compared to Biden’s net negative rating (-20) before he ended his campaign. This represents a significant 22-point net swing in popularity from Biden to Harris in Pennsylvania alone. Additionally, Harris's favorability has improved by 15 points in the past month, highlighting a notable shift in the 2024 presidential race (NBC News).

Some reports have claimed that Biden's speech was scheduled later in the night to minimize his exposure. Do you believe this is true?

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WATERCOOLER

Equal Opportunity, Savoring Sandwiches, Isolated

On This Day in 1974, The Equal Educational Opportunities Act was enacted. The new law addressed civil rights issues in education, barring states from discriminating against students based on gender, race, color, or nationality and requiring public schools to provide for students who do not speak English.

POWERED BY MASTERWORKS

It’s one of the oldest markets in the world, but until recently, the average person would never dream of investing in it. Until a Harvard data scientist and his team cracked the code with a system to identify “excess alpha.”

The best part? Everyday people are already benefiting.

The company that makes it all possible is called Masterworks, whose unique investment platform enables savvy investors to invest in blue-chip art for a fraction of the cost. Their proprietary database of art market returns provides an unrivaled quantitative edge in analyzing investment opportunities.

So far, it's been right on the money. Every one of their 16 exits has been profitable, with recent exits delivering +17.8%, +21.5%, and +35.0% net annualized returns.

Intrigued? The Flag readers can skip the waitlist with this exclusive referral link.

Past performance is not indicative of future returns, investing involves risk. See disclosures masterworks.com/cd

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