The Republican Party has gone crazy, and so has the rest of the world

(Bloomberg Opinion) — This is Bloomberg Opinion Today, a total embarrassment of Bloomberg Opinion. Register here.

Three televisions hang from the ceiling to the left of the office desk. Normally, I would give them a few cursory glances. Today is no ordinary day! Every time I look, a new name appears on the chyron: one minute it’s Bill Hwang. Then there is Gautam Adani. A quick review of Jussie Smollett. Then came Matt Gaetz, followed by Pete Hegseth, who was quickly knocked out by Gary Gensler, who (Gary Gensler) got knocked down again by Benjamin Netanyahu. By the time Jair Bolsonaro showed up, my neck was completely cramped.

That’s a lot of news from morning to afternoon – but I had to start writing this newsletter somewhere. So why not start with the US Department of Justice’s 54-page indictment against Adani, the Indian tycoon with a $169 billion empire? Andy Mukherjee called it “an unexpected gift to President-elect Donald Trump and an all-out embarrassment to Prime Minister Narendra Modi”.

The strong and weak point of the whole thing, according to the indictment, is that a questionable solar deal by Adani Green Energy back in 2020 resulted in a $250 million bribery scheme to government officials, making it Investors and banks were left in the dark. Matt Levine pointed out the strangeness of it all: “Kind of weird, isn’t it?” he asked. “An Indian executive of an Indian company listed in India has been charged with a crime in the US for allegedly bribing an Indian government official to win an Indian government contract. Bribery of a government official certainly seems like a crime, but why is bribing in India a crime in the US? ?”Make it count!

It turns out that Adani Green sold hundreds of millions of dollars in bonds in 2021, some of which ended up in the pockets of American investors. Although this was considered a bribery case, Matt said the arguments in a parallel complaint filed by the SEC also contained all the elements of a greenwashing case. “The argument is that investors were deceived because they thought the bonds were ESG, but the bonds were not. Or rather, the bonds were issued to fund solar projects, yes. , but their social and governance credentials are questionable, especially regarding bribery.”

Can’t say we didn’t see this coming: You may recall that New York-based Hindenburg Research issued a scathing report on Adani in January 2023, saying he had implemented “corporate history.” The biggest scam ever”. While Adani, one of Modi’s business allies, was able to escape charges of being a short seller, Andy said a “serious” indictment by the Justice Department could “change everything.” Read the full text for free.

Additional reading in India: Playing politics with government handouts is almost certain to backfire. — Mihir Sharma

Next up, Matt Gaetz: CNN’s Paula Reid told the former congressman she knew he had sex with a 17-year-old a second time in 2017, and 45 minutes later he withdrew his account Trump’s nomination for attorney general. Maybe this means our elected officials can stop worrying about who gets access to the women’s restrooms?

For the past week or so, Republicans have been conducting a smear campaign against Rep.-elect Sarah McBride of Delaware, a Democrat who will become the first openly transgender member of Congress. House Speaker Mike Johnson, who said “women deserve to have women-only spaces,” has officially issued a bathroom ban to the House of Representatives requiring transgender staff to use the restroom associated with their assigned sex at birth. So Rep. Nancy Mace of South Carolina is labeling bathroom signs and tearing down transgender flags, while Georgia’s Marjorie Taylor Greene is letting the feds Some poor guy at Express printed a huge poster that said: “There are two genders: male and female. Trust the science!”

Nia-Malika Henderson said such rhetoric only perpetuates false information and stereotypes. “Transgender Americans do not represent some existential threat to the social order,” she writes (free to read). “Proposals like the bathroom bill only create a divide between us and them,” leading to a raft of anti-trans bills — more than 600 by 2024 — covering “life, sports, education, employment and All Aspects of the Bathroom”.

Throughout, McBride remained calm: “I’m not here to fight about bathroom issues. I’m here to fight for all Delawareans. … Even if I disagree, I’m going to comply.” Rules set by Speaker Johnson,” she wrote on the X. Her AOC colleague, on the other hand, attacked officials on the other side: “They’re not doing this to protect people,” she said. “They’re endangering women, they’re endangering all types of girls and everyone should say no to it, it’s disgusting.”

banana? In this economic climate?

What compels someone to spend $6.2 million on a banana taped to the wall? I have a few ideas:

Although I’ve never met crypto entrepreneur Justin Sun — the proud owner of Maurizio Cattelan’s “The Comedian” — I fear the answer is all of the above. “Over the next few days I will be eating the banana myself as part of this unique art experience, respecting its place in art history and popular culture,” he posted on X after the Sotheby’s auction . But don’t worry, Sun can “show off” his edible art anytime: His purchase includes a starter kit with a detailed instruction manual, a banana and a roll of tape. How generous.

Forgive me if this sounds glib, but I have to think that humans will look back on those $6.2 million for a banana and say that was the moment it all started going downhill. This level of gluttony wouldn’t do the world any good, would it? One might say that the folly of it all may be a sign that we have reached an economic turning point. U.S. stocks are trading at all-time highs, but Neil Kesar says warning signs are flashing red. A look at Warren Buffett’s $325 billion cash hoard gives you an idea of ​​where we’re headed:

Meanwhile, in the real world, none of us mere mortals have millions of dollars to spend on a banana! On the contrary, we are lucky if we can maintain a steady salary. “People are as reluctant to leave their jobs as they were in early 2008,” says John Authers, while bargaining power “is now below what it has been for the past 25 years.”

In today’s context, “it’s easy to romanticize the 1960s, when 30 percent of the workforce worked in manufacturing jobs that provided steady wages, long-term employment, defined benefit pensions and enough income from a single earner to support a family, Alison Schrager writes. But it would be a mistake to return to the economy of the past: “Thriving in an uncertain world and a changing economy has always been difficult, and always will be. But things are no more difficult than before; in many ways, they have become easier. ”

If it’s any consolation, you can go to Safeway tonight and buy a banana (29 cents each) and tape it to the wall. Prosperity! You are almost a millionaire.

Bonus Economics Reading: UK leads the way on regulatory reform for stocks and shares research. This year may mark a welcome turning point. — Chris Hughes

Where can Europe find €500 billion for defense upgrades? —Bloomberg Editorial Board

Three charts debunk China’s alleged debt crisis. — Ren Shuli

The Maori Treaty debate reveals an ugly side of New Zealand politics. — Karishma Vaswani

Mike Tyson and Jake Paul’s fight on Netflix should have been illegal. —Adam Minter

Target and Walmart both suffered setbacks in 2022, but only one rebounded. — Andrea Felsted

Vladimir Putin’s nuclear threat is a magic trick, but a dangerous one. — Mark Champion

Pre-pandemic holiday shipping patterns have been permanently disrupted. — Thomas Blake

Investment banks hoping for deregulation may be disappointed. — Paul J. Davis

RFK’s War on Froot Loops.

American Airlines is shaming passengers.

In Laos, contaminated drinks are deadly.

Amazon opens China portal.

Giraffes are an endangered species.

A headache for clam farmers in Florida.

A 17-year-old passed the California bar exam.

A Georgia city will celebrate New Year’s Eve by blowing up a hotel.

NOTE: Please send sugar cereal and feedback to Jessica Karl at jkarl9@bloomberg.net.

Sign up here and follow us on Threads, TikTok, Twitter, Instagram and Facebook.

This column does not necessarily reflect the opinions of the editorial board or Bloomberg LP and its owners.

Jessica Carr is a Bloomberg Opinion columnist and author of the Bloomberg Opinion Today newsletter.

For more stories like this, visit Bloomberg.com/opinion