I had a couple conversations today which turned on the role of private equity in today’s economy and the importance of business models that align with a company’s purpose. Both of them were relevant to our soon to be completed drive for the TPM Journalism Fund. In the new episode of the TPM Social Club podcast Joe Ragazzo and TPM head of product Derick Dirmaier talk about the impact of private equity on sports. This involves caricatures of course but I think of Venture Capital and Private Equity as sort of twin players, often with perverse and deleterious effects on the lives of companies, the first on the ascent of the rocket, the second on the descent. Both have had deeply negative impacts on the news and journalism industry. In both cases that’s because scale and market dominance don’t play the same role in the news business as they do for social media or the production of widgets and many other kinds of business. Most require being rooted in the lives of particular communities, often geographical communities, or having a more than transactional relationship with an audience.

A follow up to last night’s post on Mike Huckabee, now U.S. Ambassador to Israel. Axios reports that Donald Trump is pretty conspicuously declining to endorse Benjamin Netanyahu for Israel’s October election. I would be remiss I didn’t explicitly note that it is unprecedented and outrageous that a U.S. president is even considering a formal endorsement in the election of an allied country. They’ve often had preferences of course. But we used to have respect for the internal affairs of foreign governments, especially allied ones. In any case, we don’t now. And here we are.

This appears to be part of Trump’s deliberate move away from Israel and the closely related annoyance that Israel continues to complicate his other priorities, which are one part conventional geopolitics and one part corrupt deals with various Gulf States. But there’s another factor Axios points to which we’re familiar with from the U.S. endorsement game. Netanyahu’s polls look bad. And Trump doesn’t want to back a loser.

Here’s something to keep a close eye on. Mike Huckabee, who as part of Trump’s fun house diplomacy is now the U.S. ambassador to Israel, went on X yesterday and called the siege of a Palestinian family’s West Bank home by a group of Israeli settlers a “horrific act of terror.”

Now what’s happening there is that and worse. In many ways, what’s been happening in the West Bank for the last year and a half is worse than what is happening in Gaza, though the death toll is orders of magnitude less. But this doesn’t sound like Huckabee. He’s one of the biggest supporters of the settler movement and the most violent and nationalistic parts of it.

So what’s up here?

Please contribute today to get us over the finish line. Out of $500,000 we needed to raise this year for the TPM Journalism Fund, we have only $27,789 to go. Just 5% more to go. Amazing. We thank you so much. If you’ve been waiting for the right moment to contribute this is it. Just click here. Thank you.

Update: Just $431 to go before we hit $475,000!

I noted a few days ago how many of the news stories of the day are knock-on effects of earlier episodes of Trump’s cupidity or grandiosity. Airport Food Truck-Gate goes back to the wildly corrupt and unconstitutional personal gift of a plane; the Reflecting Pool prosecutions go back to his whim and rushed decision to make the bottom of the Reflecting Pool blue and then the way in which he was embarrassed when his no-bid contractors messed it up. I want to return to one aspect of the plane story.

Yes, it’s corrupt, silly, stupid, etc. But Trump got the gift from the royal family of Qatar. Qatar isn’t any gulf state. It’s not UAE or Saudi or Kuwait. Qatar’s regional brand, their niche in the complex geopolitics of the Gulf, is that they’re close to both sides. They host a U.S. military base. They have decent relations with the U.S. They also have close relations with Iran. They were until recently the host of Hamas.

We’re almost to the critical goal we need to hit in this year’s Annual TPM Journalism Fund Drive. We have only $37,866 to go. If you’ve been planning on contributing please make it today. We’re almost there. It’s super important. Click here.

Update: Now just $33,853!

Update II: Now just $31,600!

Over the last few days as we’ve been discussing Francesca Hong’s campaign, Thanksgiving abolition and “defunding the police,” I’ve made the same argument a number of times — most recently with TPM Reader AB whose email dispatch you can read below. I wanted to share it with you because it informs my way of understanding these things.

After Zohran Mamdani won the Democratic primary last year, there were so many powerful people eager to take him down and so many ways it would be easy to do it. It’s very, very challenging to navigation the transition from a lefty/social democratic/identity politics milieu to a broader society-wide electorate. Obviously New York City is a very blue city. It’s not Wisconsin or Michigan, let alone Texas or Ohio. But the same general point remains. It’s an incredibly challenging needle to thread, one that requires immense, innate political skill. Mamdani fielded all the standard attacks, some fair, some very unfair, and again and again he was able to finesse them. This, to me, was the biggest signal. He’s an immense political talent. Some have it; most don’t; he does.

Of course I have my own issues with him on Israel/Palestine. But even on that issue, perhaps especially on that issue, I saw how he was able to navigate a super challenging electoral thicket. Again and again.

Which brings me to Francesca Hong.

From TPM Reader AB …

I am but one anecdotal data point from Wisconsin, but as a politically engaged liberal in Madison, I’ve had plenty of conversations in the last week that align with your suppositions of how Crowley won.   

While I don’t really identify as a Socialist, I am highly motivated to support ‘socialist’ projects and see them implemented.  I put ‘socialist’ in quotes, because public education, fire dept, and public libraries are all socialist projects — but also pretty basic services. 

That said, for much of the primary, I was all in for Hong — she campaigned relentlessly and leveraged social media deftly, and she was meeting the moment with the piss and vinegar and fight that so many of us crave in this moment. She was also the first and only candidate on the Dem side to take a stand on Data Centers, calling for a 1 year moratorium (ironically, the only candidate in the gubernatorial race to support a 100% ban on data centers was Tom Tiffany’s opponent in the Republican Primary, Andrew Manske). 

Having discussed the results and prediction markets, let me address a different question I saw brought up last night. If the polls have been this wildly off in Wisconsin and Michigan, how can we be confident that Democrats are set for a banner showing in November?

The best answer to this is that you shouldn’t be confident, or, at the very least, certain of anything. But the comparison is mostly apples to oranges. Midterm elections are fairly high turnout affairs and we have lots of historical data about turnout patterns. So the composition of the electorate is fairly predictable. Fairly. Primaries are quite different. It’s a bit like saying you have a hundred kids who are going to be in the school lunch room — a table with the jocks, one with the nerds, one each for the goths (dating myself), the richies and the stoners — and they’re going to vote for student body president. But now let’s say only 20 students are going to show up. It’s a very different result if it’s the goths and nerds who show up vs. the jocks and the richies.

We went late into the evening waiting for absentee ballots in Milwaukee County last night. But Milwaukee County executive David Crowley will become the Democratic nominee for governor in Wisconsin, despite it seeming like a certainty that Francesca Hong would be the winner. As of yesterday, every recent poll had shown Hong at least 20 points ahead. The two most recent public polls had her 22 and 25 points ahead. (The most recent poll from Crowley’s own camp showed Hong 19 points ahead!) We’ll come back to the question of why these polls have been so wildly off. But there was a different casualty from the night’s results that I personally enjoyed witnessing because it’s a hobbyhorse or pet peeve of mine — and it seems to be as well of the numbers crunchers/data nerds whose Twitter feeds I watch on elections night. I’m talking here about the “prediction markets.”