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| Presented By AT&T |
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| Axios AM |
| By Mike Allen ·Aug 04, 2021 |
| 🎂 Happy Wednesday! Former President Obama is 6-0 today. Obama communications director Hannah Hankins announced this morning that he's scaling back this weekend's Martha's Vineyard bash: - "This outdoor event was planned months ago in accordance with all public health guidelines and with covid safeguards in place. Due to the new spread of the delta variant over the past week, the President and Mrs. Obama have decided to significantly scale back the event to include only family and close friends."
- Smart Brevity™ count: 1,474 words ... 5½ minutes. Edited by Zachary Basu.
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| 1 big thing: China's big squeeze |
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| Illustration: Annelise Capossela/Axios |
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| China is accelerating a squeeze on its own tech billionaires, prioritizing Communist Party control of the economy over competition from the West, Axios managing editor Scott Rosenberg writes. - Why it matters: China and the U.S. are both playing a long game, with tech as the playing field, companies as the pieces, and domination of the global economy as the stakes.
A state-owned newspaper in China denounced online gaming as "opium for the mind" yesterday, driving down shares of gaming giant Tencent and other Chinese firms, The Wall Street Journal reports (subscription). - "Within hours the article was no longer accessible on the paper's website, before later reappearing with some of its harsher language removed," including the "opium" line, The Journal wrote.
- The move is in line with a range of other steps China has taken over the last eight months to rein in its tech sector, from new restrictions on online tutoring firms to limits on firms' overseas investment deals.
China's own "techlash" kicked off in November, when the Chinese government blocked the IPO for Ant Financial, founded by Alibaba billionaire Jack Ma. - The move was followed in April by a wave of antitrust actions.
Between the lines: Some of these moves were justified on data security grounds. China experts say the thread that ties them together is the party's determination to show tech-sector giants and wealthy moguls who's boss. Chinese leaders fear instability and see online platforms promoting it in two ways: - Allowing social media platforms to grow independently powerful could threaten the party's hold on information in a future crisis.
- Some experts think China worries about U.S.-style wealth inequality.
The big picture: China's role as foundry of the world's tech products gives it strategic power. - But its online platforms and software face an uphill challenge: Users in the U.S., Europe and elsewhere distrust Chinese companies, since laws require them to share data with the government.
The bottom line: China seeks continued economic growth and global power. But if that quest ever threatens to spark opposition to the party or enable dissent, the government will always choose stability. |
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| 2. Cuomo's failed "hug" defense |
Frames from Gov. Cuomo's response video. Collage: N.Y. PostThe scenes above don't come from Andrew Cuomo's accusers and investigators. They come from Andrew Cuomo. - After the release of a damning report finding the New York governor repeatedly harassed women on the job, Cuomo issued a response video arguing that he hugs people all the time, so no big deal.
- Cuomo said: "I do kiss people on the forehead. I do kiss people on the cheek. I do kiss people on the hand. I do embrace people. I do hug people — men and women."
It didn't work. Ominous signs grew for Cuomo after President Biden called on him to resign. - Jimmy Vielkind, who covers New York government for The Wall Street Journal, said on MSNBC that there's now "a preponderance of support for an impeachment vote" by the state Assembly, although the legislative investigation could take several more weeks.
- "There are many people who are saying that a resignation is possible," Vielkind said.
Go deeper: Cuomo under criminal investigation ... Read the report. |
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| 3. Breaking overnight: Ohio upset's '22 clues |
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| Shontel Brown campaigns with Rep. James Clyburn in Cleveland on July 31. Photo: Michael M. Santiago/Getty Images |
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| An upset in Ohio last night is giving moderate, Biden-aligned Democrats momentum vs. the party's vocal left ahead of next year's midterms. - In a special primary for U.S. House in the Cleveland area, Cuyahoga County Council member Shontel Brown pulled out a surprise victory for the Democratic establishment in Cleveland.
- The left's stars had come out for her leading opponent, progressive Nina Turner: Five days ago, Sen. Bernie Sanders campaigned in Akron. Ten days ago, Rep. Alexandria Ocasio-Cortez stumped in Cleveland.
Why it matters: Brown, far behind Turner in polls and money, stayed positive and tied her fate to President Biden. In the end, Brown drew 50% to Nina Turner's 45%. - Matt Bennett of the centrist Third Way said: "Once again, the pundits and the Twitterverse got it wrong, and Democratic voters picked the moderate ... over the candidate ordained by the far left."
Between the lines: Brown's most successful ads — made by SKDK, which had a team on the ground — tied her to Biden. - House Majority Whip James Clyburn (D-S.C.), who helped Biden win the 2020 Democratic primary, backed Brown.
- The Congressional Black Caucus PAC also endorsed her.
🥊 In another special in Ohio last night ... Trump-backed coal lobbyist Mike Carey won a crowded GOP primary in the race to replace former U.S. Rep. Steve Stivers, a Republican. (Columbus Dispatch) |
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| A message from AT&T |
| AT&T is connecting communities to their American Dream |
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| AT&T is making a $2 billion, 3-year commitment to help ensure broadband is more accessible and affordable for more people in the U.S., so low-income families like Susana's have the opportunity to succeed and thrive. Find out how. |
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| 4. Pic du jour: Then and now |
| Photos: Mohamed Azakir/Reuters At left: A grain silo in Beirut's port shortly after one of the largest non-nuclear explosions in history — a year ago today, on Aug. 4, 2020. At right: The scene today — barely changed. |
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| 5. America's pandemic pessimism returns |
 Data: Harris Poll. Chart: Axios Visuals A majority of Americans once again say the pandemic's worst is yet to come, Axios' Caitlin Owens writes from exclusive Harris polling. Why it matters: We took a brief hiatus from worrying about the pandemic. But the Delta variant and the response to it appear to have sent us back to a dark place. - "It's clear we are still far from 'Mission Accomplished' on COVID," said Harris Poll CEO John Gerzema.
Share this story. |
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| 6. 🎧 Officer trauma after Jan. 6 |
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| Officers testify last week about the Capitol attack. Photo: Oliver Contreras/Pool via Getty Images |
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| Four officers who responded to the Capitol attack on Jan. 6 have now died by suicide, with news of the two most recent deaths coming this week. - Steve Hough, a law-enforcement officer in Florida whose organization First HELP supports first responders with mental health issues, tells the "Axios Today" podcast that he has never seen "so many officers from one incident who are taking their own lives."
- People "need to know we're just like them," Hough says. "We get home. We take off our Superman suit. We still have bills to pay."
Listen here. |
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| 7. America's housing mania, in one stat |
 Illustration: Aïda Amer/Axios Americans collectively owe over $10 trillion for their homes — with 44% of that balance originating in the past year, Courtenay Brown writes in Axios Closer. - The last time the share was bigger was about 15 years ago, on the heels of the mortgage refinancing boom in the early aughts.
Why it matters: The fresh data point — courtesy of the New York Fed — illustrates the historic mad dash to buy new homes or refinance existing mortgages. |
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| 8. Why fossil fuels still get lenders |
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| Illustration: Sarah Grillo/Axios |
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| Banks are under fire from all sides for their role in funding fossil fuel companies, even though most have pledged to pull back over the coming decades, Axios business editor Kate Marino writes. - Why it matters: Simple supply-and-demand dynamics mean fossil fuel companies increasingly have to pay up for the privilege of borrowing cash, sources tell Axios.
The bottom line: Investors are driven by returns. As the universe of buyers of fossil fuel debt shrinks, so too does liquidity in the market and the ability to exit a position if things go south — a risk that helps perpetuate the shrinking universe of buyers. - At the same time, the ability to charge higher-than-average interest keeps other investors hooked on lending to fossil fuel companies.
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| 9. Simone Biles brings global attention to mental health |
 Data: NewsWhip. Chart: Axios Visuals Simone Biles' struggles at the Olympics generated massive public interest in mental health, Axios' Neal Rothschild writes from exclusive NewsWhip data. - Why it matters: The Tokyo Games offered the ultimate platform for the topic to get global attention.
Biles sparked a bigger conversation about mental health than either Oprah's interview of Prince Harry and Meghan Markle, or Naomi Osaka's withdrawal from the French Open — both international sensations. - In the week following Biles' withdrawal from the team event, stories about the gymnast and mental health generated more than 2 million social media interactions (likes, comments, shares) — 25% more than Meghan (who turns 40 today, BTW) and Harry.
Between the lines: Biles, Osaka and Markle — all stars from whom much is demanded — each cited the burden of expectations. - Each of the incidents involved Black women who faced blowback following their moments of candor.
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| 10. Ina's Tokyo diary: Skateboarding history |
| Team USA's Bryce Wettstein and Australian Poppy Olsen celebrate between runs at the women's park skateboarding final today. Photo: Ina Fried/Axios Two teenagers and a 12-year-old girl swept the podium for the inaugural women's park skateboarding event, with Japanese 19-year-old Sakura Yosozumi clinching gold, Axios' Ina Fried writes from Tokyo. - Silver medalist Kokona Hiraki of Japan, at 12 years and 343 days old, is the first Olympic athlete to win a medal before turning 13 since 1936.
Axios Olympics dashboard ... In photos: Tokyo Olympics day 12 highlights Britain's 13-year-old bronze medalist Sky Brown. Photo: Ina Fried/Axios |
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| A message from AT&T |
| AT&T is connecting communities to their American Dream |
| |
| |
| |
| AT&T is making a $2 billion, 3-year commitment to help ensure broadband is more accessible and affordable for more people in the U.S., so low-income families like Susana's have the opportunity to succeed and thrive. Find out how. |
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