Biden makes history again

Hi Global Recap readers,

I write about 6 or 7 stories for the newsletter every day, then discard 2 or 3 to pick the best ones to feature.

And I didn’t realize until I finished, that all of today’s stories are from the USA.

But don’t worry, we’ve got everything—from President Biden’s record-breaking clemency to President Trump being named Person of the Year, and… mysterious drones over New Jersey.

Let’s get started. 👇

🇺🇸 UNITED STATES
Trump Rings NYSE Bell

President-elect Donald Trump made a grand entrance at the New York Stock Exchange (NYSE), ringing the opening bell to a chorus of “USA” chants.

Flanked by his family members and close allies, Trump promised an economic boom like no other.

Trump’s Entourage

• Trump was joined by Vice President-elect JD Vance, incoming first lady Melania Trump, and his children Ivanka and Tiffany.

• Notable attendees included Goldman Sachs’ David Solomon, Citigroup’s Jane Fraser, Verizon’s Hans Vestberg, Target’s Brian Cornell, and Pershing Square’s Bill Ackman.

Economic Promises

Trump laid out his ambitions for a brighter economic future in America.

• He promised an economy “the likes of which nobody’s ever seen before.” Very typical of Trump.

• He plans to cut taxes “very substantially.”

• He promised to ramp up US oil drilling to help bring down inflation and grocery prices.

  • Like he’s been saying for months, he believes more energy production means lower prices, since high fuel costs drive up transportation expenses and, in turn, jack up prices.

Corporate Tax Cuts

Trump’s tax strategy aims to incentivize domestic manufacturing. He hopes this will bring outsourced jobs back to the US, but we will have to wait to see its impact on the US economy.

• Corporate tax rate to be slashed to 15% for companies manufacturing in the US.

• Companies not building in the US will continue to pay 21%.

Market Reactions

Trump credited his election to recent stock market gains.

• Mentioned meetings with influential figures like Meta’s Mark Zuckerberg, Tesla’s Elon Musk, and Amazon’s Jeff Bezos.

• Treasury pick Scott Bessent predicted benefits for both Wall Street and Main Street.

By the way, did you hear that Mark Zuckerberg, of all people, donated a million dollars for Trump’s inauguration? 👇

🇺🇸 UNITED STATES
Meta Donates $1 Million

Meta, the tech giant behind Facebook and Instagram, has donated $1 million to President-elect Donald Trump’s inauguration fund. This generous contribution comes on the heels of a private meeting between Meta CEO Mark Zuckerberg and Trump at Mar-a-Lago.

Big Money Move

• Meta confirmed the $1 million donation on Thursday.

• The news was first reported by The Wall Street Journal.

• This donation follows a private meeting between Zuckerberg and Trump.

Changing Perceptions

Zuckerberg is likely trying to reshape Meta’s image among conservatives, as Meta’s platforms have faced heavy criticism from Republicans over the past few years.

Some say this is due to Zuckerberg’s dabbling into martial arts that changed the man, but some say it’s his PR manager. Who knows.

• Zuckerberg has been working to improve Meta’s relationship with Trump.

• Trump was banned from Facebook after the January 6, 2021, Capitol attack but was reinstated in early 2023.

• During the 2024 campaign, Zuckerberg praised Trump’s response to his first assassination attempt as being “badass.”

Corporate Donations

Meta isn’t alone in supporting presidential inaugurations.

• Corporations have historically been major donors to presidential inaugurals.

• Facebook did not donate to Biden’s 2021 inaugural or Trump’s 2017 inaugural.

• Google donated $285,000 each to Trump’s first inaugural and Biden’s inaugural.

• Microsoft gave $1 million to Obama’s second inaugural but only $500,000 to Trump in 2017 and Biden in 2021.

Political Dynamics

Trump’s relationship with Zuckerberg has been rocky.

• Trump has publicly attacked Zuckerberg during the campaign.

• In July, Trump posted on Truth Social, “ZUCKERBUCKS, be careful!”

🇺🇸 UNITED STATES
Biden's Historic Clemency Move

President Joe Biden just made history yet again with the largest single-day act of clemency ever. He commuted the sentences of 1,500 people and issued 39 pardons, all in one day.

Big Numbers

• 1,500 sentences were commuted for the prisoners who were released and placed on home confinement for at least a year during the pandemic.

• 39 pardons were issued for those convicted of non-violent crimes, such as drug offenses, who have shown “successful rehabilitation.”

Second Chances

Biden emphasizes the importance of second chances.

• “America was built on the promise of possibility and second chances,” Biden said.

• Clemency for those who have shown remorse and rehabilitation.

Notable Pardons

Some of the pardoned individuals have made significant contributions to society.

• A nurse who led emergency response teams during natural disasters.

• A pilot who assists fellow church members in poor health.

• An addiction counselor who helps young people avoid gang involvement.

Advocacy Pressure

Biden faced pressure from advocacy groups to issue broad pardons.

• Advocacy groups urged Biden to pardon those on federal death row as well.

• Biden's administration is considering pre-emptive pardons for Trump critics who may face retribution.

Will Biden heed the advocacy groups?

🇺🇸 UNITED STATES
Mystery Drones Over New Jersey

New Jersey is buzzing (literally) with mystery as large drones have been spotted flying over the state, causing quite a stir among residents and officials alike. The Pentagon has shot down claims of an Iranian “mothership” being behind these sightings, but the mystery remains unsolved.

Crazy times.

Drone Sightings

The skies over New Jersey are busy.

• Since mid-November, large drones have been spotted at night over central and northern New Jersey.

• Sightings include areas near a military installation.

• Reports range from four to 180 sightings per night.

Federal Response

Officials are demanding answers.

• A closed-door meeting was held at the New Jersey State Police headquarters with representatives from the Department of Homeland Security (DHS).

• DHS stated there are no known specific or credible threats related to these sightings.

• New Jersey Assemblywoman Dawn Fantasia expressed frustration, saying, “We know nothing.”

Public Concerns

• Montvale Mayor Mike Ghassali said the federal response has “heightened my apprehensions.”

• New Jersey state Sen. Holly Schepisi called the DHS response “abysmal.”

• State Sen. Jon Bramnick urged the Department of Defense to investigate and called for a limited state of emergency.

Pentagon's Stance

However, as expected, the Pentagon denies foreign involvement. So what is it?

• Deputy Pentagon press secretary Sabrina Singh stated, “There is not any truth to that—there is no Iranian ship off the coast of the United States.”

• Singh added that there is no evidence the drone activity is coming from any foreign entity.

Ongoing Investigation

• The FBI is leading the investigation and is “doing all we can to figure out what’s going on.”

• The Federal Aviation Administration (FAA) has imposed flight restrictions over certain areas in response to drone activity.

• New Jersey Rep. Jeff Van Drew criticized the FAA for its inability to locate the drones.

Calls for Transparency

• New Jersey Sen. Cory Booker called for greater transparency from federal authorities.

• Rep. Josh Gottheimer emphasized the need for public briefings, stating, “People have a right to know what’s going on.”

The mystery of the New Jersey drones remains unsolved, with federal and state officials continuing to investigate and seek answers.