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Todayâs Agenda
- Itâs time to rethink this whole [Iowa caucus thing](.
- The coronavirus will help [Chinaâs auto industry](, the [stock market]( and [Trumpâs protectionism](.
- Britainâs [high-speed rail project]( is a disaster waiting to happen.
- Alphabet still [isnât transparent enough]( about its business.
Enough, already.
Photographer: Bloomberg/Bloomberg
Io-what on Earth Is Going On?
In these deeply polarized times, itâs refreshing to see a nation come together as one and yell, like weâre in some kind of infomercial, âThereâs got to be a better way!â
For nearly 50 years, America has kicked off presidential elections in Iowa, where the parties hold âcaucusesâ to select nominees. The true origin of the word âcaucusâ has been lost to time, but scholars believe it is derived from the Latin term for âgoat rodeo.â People gather in small groups to repeatedly play musical chairs, followed by arguments over who will cut the most lawns. The winnerâs favorite candidate wins one (1) delegate. Or something. Again, no one really knows. This yearâs caucus was made extra complicated and weird by the introduction of an app â called âShadow,â of all things â that was supposed to quickly tabulate results but instead kept sending Hawaiian pizzas to Pete Buttigieg headquarters. The South Bend mayor [declared]( himself the winner of the caucuses, but as of this writing we are still [awaiting]( results â any results, even partial ones â from the state.
Itâs a colossal omnishambles that follows lesser Charlie Foxtrots in Iowaâs 2012 and 2016 caucuses, notes Jonathan Bernstein. For some reason, America holds Iowaâs status as the first-in-the-nation voting state holy. President Donald Trump, while mocking the Dems for their failings, [promised]( to keep Iowa first. But this latest fiasco makes a strong case, Jonathan writes, for [revisiting either Iowaâs primacy](, or at least that wacky caucus system. And some change has already come of this: Nevada will [not be using]( Shadow for its caucus on Feb. 22.
Further 2020 Reading: Trumpâs growing popularity is a [far bigger problem for Dems]( than any Iowa troubles. â Ramesh Ponnuru
Deadly Virus Has Silver Linings
Itâs been almost a fortnight since China ordered 50 million people not to leave town, trying to stop the spread of the Wuhan coronavirus. Thatâs roughly how long it takes for symptoms to appear, meaning weâll [soon know]( if this mega-quarantine worked. Along with the travel freeze has come a slowdown in business, including automobile production. This sounds bad until you realize China was [making far too many cars](, writes Anjani Trivedi. Lots are full of millions of autos that will never be sold, and yet Beijing kept letting factories crank them out. The virus has been a gift to the industry.
[Stock markets]( have fully embraced the diseaseâs upside, too. Sure, itâs scary, but it also means even more easy money from central banks, so we [might as well buy stocks](, writes John Authers.
The Trump administration apparently also sees opportunity here; Commerce Secretary Wilbur Ross claimed, [wrongly](, it will bring factory jobs to America. Trump wouldnât be the first to use an epidemic as an excuse for protectionism, notes Stephen Mihm. Itâs a not-so-proud tradition going all the way back to the [bubonic plague in the Middle Ages](.
Bonus Virus Reading: Even after the virus peaks, [oil will still struggle]( from oversupply and lack of demand. â Clara Ferreira Marques
Boris vs. the High-Speed Rail
Part of Prime Minister Boris Johnsonâs pitch for both Brexit and for his own premiership is the promise that wealth will spread to the U.K.âs economically struggling north. On paper, the massive HS2 high-speed rail project, which promises to make north-south travel fast and easy, would seem to help with this promise. In reality, the project is [turning out to be an expensive boondoggle]( that wonât help the highlands any time soon, writes Chris Bryant. Johnson, who clearly does not know the [First Law of Holes](, needs to put his shovel down before the U.K. is in too deep.
Further Brexit Reading: Brexit has [brought the EU closer together](, giving it negotiating power against the U.K. â Lionel Laurent
Telltale Charts
This chart of Alphabet Inc.âs revenue breakdown seems to have plenty of detail, until you realize there are many billions of dollars in those pie slices, along with [too much mystery about their composition](, writes Tim Culpan. Googleâs parent is still leaving investors in the dark.
Trump is banning immigration from Nigeria, but Nigerians are among [Americaâs most successful immigrant]( groups, writes Justin Fox. We need more of them.
Further Reading
For historyâs sake, it would be better for Republican senators to explain their Trump acquittal by [falsely saying they donât believe]( the evidence than by saying they think his misdeeds arenât impeachable. â Noah Feldman
After promising to fight corruption, Mexican President [Andres Manuel LopezObrador is breeding it](. â Shannon OâNeil
America must help fight [Georgiaâs slide into authoritarianism](. â Eli Lake
BP can afford to spend more to [shrink its carbon footprint](. Rival Royal Dutch Shell is doing more. â Chris Hughes
ConocoPhillips is being [punished for missing earnings]( when it should be rewarded for managing its balance sheet. â Liam Denning
Mike Ashleyâs gamble on [luxury bag-maker Mulberry]( looks like a good one. â Andrea Felsted
Big green bond funds are favoring [performance over purity]( to attract converts. â Brian Chappatta
ICYMI
Tesla Inc. out-of-the-money call [options rose 10,000%](.
Tesla has [doubled this year]( and is now more [overbought than peak Bitcoin](.
America may soon have the worldâs [oldest nuclear power plants](.
Kickers
Taiwan claw machines are offering [hand sanitizer and masks]( instead of toys. (h/t Mike Smedley)
Scientist gets brain [implants to cure his alcoholism](. (h/t Scott Kominers)
Nervous cheetah gets an [emotional support dog](.
Rare cave salamander, which is not dead, sits [immobile for seven years](.
Note: Please send support dogs and complaints to Mark Gongloff at mgongloff1@bloomberg.net.
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