The Intelligence from The Economist
The Intelligence: America gets a House speaker
Oct 26, 2023
Adam O'Neill, Washington correspondent, unpacks the chaotic political climate in the U.S. House after Mike Johnson’s election as Speaker, sharing insights on bipartisan cooperation and its impact on national security. Meanwhile, Don Wineland, editor on China’s business and finance, addresses the alarming financial crisis in China's banking sector, highlighting hidden bad loans and the challenges stemming from the pandemic. They also humorously touch on the trend of excessively long films, questioning how this influences audience experience.
23:51
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Quick takeaways
- The election of Mike Johnson as Speaker of the House allows Congress to focus on legislative responsibilities and address important funding requests.
- The Chinese banking sector may face a crisis due to mounting debt and concerns about non-performing loans, posing risks to the economy and small businesses.
Deep dives
Political Paralysis in America's House of Representatives Finally Comes to an End
After several weeks of impasse, Mike Johnson from Louisiana was elected as the new Speaker of the House of Representatives. The Republican party struggled to come up with a candidate who could secure the necessary votes. With Johnson taking up the gavel, the House can now focus on legislative responsibilities, such as passing a bill to fund the government and addressing President Biden's funding requests for Ukraine and national security priorities. Although Johnson lacks a strong platform to unite the fractured Republican party, his advantage lies in starting with goodwill and without the baggage of his predecessor, Kevin McCarthy.
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