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How to win Nevada

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THE END of America’s election season always coincides with Halloween. That can make for some deeply weird campaigning. Democrats in Las Vegas, Nevada, staged a “Project 2025 haunted house” by decorating their offices with skeletons, tombstones—and a video of January 6th 2021. A huge, fuzzy stuffed spider hangs in a web in one corner. “Look what a mess Trump has made”, a poster in front of it reads, “in his web of LIES!” A cardboard cutout of Kamala Harris (wearing a cape) stands watch over the coffee bar, where exhausted campaign staffers nurse their 6pm brews.

With just six electoral votes, Nevada is the least populous of the seven swing states. It has been the friendliest terrain for Democrats in recent elections. Every other swing state went for Donald Trump in 2016, but the last Republican presidential candidate to win in Nevada was George Bush in 2004. Yet the margin of victory for Democrats is always narrow. Joe Biden won the Silver State by just over two percentage points in 2020. As of November 2nd, The Economist’s presidential-forecast model suggests that Nevada is a toss-up. Democrats are losing ground nationally with Latino and working-class voters, who make up significant parts of Nevada’s electorate. But the party’s ground game in Nevada is strong, thanks in large part to the endurance of the political machine built by the late Harry Reid, a former majority leader in the Senate. Can Democrats eke out another win?

Because Nevada’s population is small and centralised, its political geography is easy to understand. There are three regions, electorally speaking, that matter in Nevada: Clark County, Washoe County and the rural parts of the state. Nearly three-quarters of Nevada’s 2.4m registered voters live in Clark County, which includes Las Vegas. These voters lean Democratic. Rural counties—with about 12% of voters—are heavily Republican. And Washoe County, which includes Reno, is swingy. Slightly more Republicans than Democrats live there, but the area has tended to back Democratic presidential candidates and senators in recent years.

In past elections Democrats have been able to run up the vote enough in Las Vegas and its suburbs to offset the Republican Party’s advantage in rural areas. But according to early-voting numbers, that large lead in Clark County has yet to materialise. In fact, Republican early turnout has surged. “Usually it’s been the Democrats who have [early voting] all to their own, and then the Republicans have had to try to play catch-up on election day,” says David Damore, a political-science professor at the University of Nevada, Las Vegas. “Now it’s a little bit reversed.”

Democrats are trying to stay zen. Campaign operatives suggest that mailed ballots, rather than in-person early voting, take longer to arrive and be processed. Their big lead in Clark County is coming, they argue, and the ground game doesn’t need tweaking. Not everyone is so diplomatic. “The Republicans are kicking our ass at the early voting,” exclaimed Dina Titus, a Democratic congresswoman, at a rally for Ms Harris in North Las Vegas on Halloween night. “We cannot let that happen.”

Three questions haunt the early-voting figures, and will determine whether Ms Harris or Mr Trump can claim victory in Nevada this year. The first is whether non-partisans will break for Democrats or Republicans. In 2020 the state began to automatically register Nevadans to vote when they apply for a driver’s licence. This swelled the voter rolls with non-partisans, the default choice. Unaffiliated voters jumped from a quarter of Nevada’s registered voters in 2020 to a third in 2024, and could swing the election for either candidate. Shelby Wiltz, who runs the co-ordinated campaign for Nevada Democrats, insists that the state party’s network and the Harris campaign were built to reach these voters, which skew younger than members of both major parties.

The second question is whether many Republicans will defect. In recent weeks Ms Harris’s campaign has been courting conservatives who cannot bring themselves to vote for Mr Trump. Vanessa Herbin, a 65-year-old Las Vegas resident, had never been to a political rally before arriving at Ms Harris’s gathering on Thursday evening. Supporters swayed to Maná, a Mexican rock band, and shivered in the cool desert night. Mrs Herbin has long voted for Democrats, but says her husband is a registered Republican who is also supporting the vice-president. That’s not the kind of thing that shows up in early-voting data.

Finally, it is unclear whether the Republicans voting early are new and low-propensity voters, who usually sit out elections but were inspired to go to the polls. Or if, at Mr Trump’s urging, Republicans are just voting early instead of on election day. Democrats have taken to calling this the “cannibalisation” of election-day votes. If the former is true, Ms Harris is in deep trouble and Jacky Rosen, a Democratic senator running for re-election, may have a closer race on her hands than polls suggest. If the latter proves to be correct, then the race will still be tight but Ms Harris could be saved by those slow postal votes in Clark County after all. Halloween may be over, but Nevadans are still in for a scare.

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Economics

Donald Trump chooses hedge fund executive Scott Bessent for Treasury Secretary

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Scott Bessent, founder and chief executive officer of Key Square Group LP, during an interview in Washington, DC, US, on Friday, June 7, 2024.

Stefani Reynolds | Bloomberg | Getty Images

President-elect Donald Trump has signaled his intention to nominate hedge fund executive Scott Bessent as his Treasury secretary, sources tell CNBC and NBC News.

The founder of Key Square Group had been considered a strong favorite for the position along with a few other close contenders.

As head of Treasury, Bessent, 62, will be both the U.S. fiscal watchdog as well as a key official to help Trump enact his ambitious economic agenda. Both a Wall Street heavyweight and advocate for many of the incoming president’s economic goals, he would come to office at a critical time as the U.S. wrestles with a growing economy alongside long-festering debt and deficit issues.

Like Trump, Bessent favors gradual tariffs and deregulation to push American business and control inflation. In addition, Bessent has advocated for a revival in manufacturing as well as energy independence.

The prospective nominee also has deep philanthropic ties through Yale University along with Rockefeller University and Classical American homes Preservation Trust.

One obstacle Bessent will have to overcome is his past affiliation with billionaire investor and global gadfly George Soros. Bessent served as chief investment officer for Soros’ fund.

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Economics

Trump might name Kevin Warsh as Treasury chief then Fed chair later, report says

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Kevin Warsh

Jin Lee | Bloomberg | Getty Images

President-elect Donald Trump is considering naming Kevin Warsh as Treasury secretary then ultimately sending him off to serve as Federal Reserve chair, according to a Wall Street Journal report.

A former Fed governor himself, Warsh would move over to the central bank after current Chair Jerome Powell’s term expires in 2026, according to the Journal, which cited sources familiar with Trump’s thinking.

The speculation comes with Treasury being the last major Cabinet position for which Trump has yet to state his intention.

Various reports have put Warsh as one of the finalists with Apollo Global Management CEO Marc Rowan and hedge fund manager Scott Bessent. Among the potential scenarios would be one where Bessent would lead the National Economic Council initially then go over to Treasury after Warsh takes over at the Fed.

However, Trump is known for the propensity to change his mind, and the report noted that nothing has been finalized.

Read the full Wall Street Journal story here.

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Economics

Matt Gaetz withdraws from consideration as America’s attorney-general

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MATT GAETZ, Donald Trump’s choice for America’s attorney-general, spent November 20th meeting senators and telling reporters it had been “a great day of momentum”. The next day, however, Mr Gaetz withdrew his name from consideration, acknowledging that “my confirmation was unfairly becoming a distraction.” This was not self-effacement from a MAGA firebrand, but a reflection of reality: Mr Gaetz had little chance of being confirmed even by a Republican-controlled Senate. The Republican Party may belong to Mr Trump, but his power is not absolute.

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