Newsletter Feb 9, 2021

As the second impeachment trial of Trump opens, the government has done one thing to unite us -- on the idea that the government is broken.

3 Things

Order in the court: To convict or not to convict; that is the question facing senators when the second impeachment trial of former President Donald Trump gets under way today on Capitol Hill -- the scene of the crime for his single charge of inciting an insurrection.
The trial is scheduled for opening arguments at 9 a.m. although both sides have already been making their cases to the media and general public. Democrats say that if telling his rally supporters to storm the Capitol on Jan. 6 isn't grounds for impeachment, they don't know what is. Trump's attorneys called the trial "absurd" and unconstitutional just hours before representing their client in court.
"The Senate should dismiss these charges and acquit the president because this is clearly not what the framers wanted or what the Constitution allows," Trump's legal team wrote. "Indulging House Democrats' hunger for this political theater is a danger to our Republic democracy and the rights that we hold dear."
Meanwhile, in the court of public opinion, a new Monmouth University poll shows that more than half of the country has lost faith in the government and the second impeachment trial plays a major factor. The poll shows that 55% of Americans say the government is unsound and 22% believe significant changes are needed to fix it. Only 44% of those polled said that the government was sound.
SEE WHAT AMERICANS ARE THINKING AS THE TRIAL OPENS

Stimulating conversations: With all the talk about a divide in the Republican Party over Trump, the Democrats have a similar split forming over the relief bill, specifically, the $1,400 stimulus checks.
President Joe Biden showed a willingness to compromise with GOP members on a few aspects of his $1.9 trillion American Rescue Plan -- one being the tightening of income levels for eligible recipients.
Although Biden made no firm commitments to decrease the income limits, Democrats are at odds over the idea. The more moderate Dems, like Sen. Joe Manchin, say the aid should go to those who need it most, while the progressive wing is calling out Biden for caving in to the GOP. The issue Dems them going to their corners.
"Unbelievable," Sen. Bernie Sanders sarcastically tweeted. "There are some Dems who want to lower the income eligibility for direct payments from $75,000 to $50,000 for individuals and $150,000 to $100,000 for couples. In other words, working class people who got checks from Trump would not get them from Biden. Brilliant!"
Democrats are internally debating the issue, which could further delay the arrival of relief to millions of struggling Americans.
FIND OUT THE ODDS OF STIMULUS CHECKS BEING LIMITED

China chagrin: U.S.-China relations have always been a tricky subject, but the current climate between the two superpowers chaotic at best, and borderline Cold War conditions at the worst.
Trump's direct approach addressed some of the longstanding economic conflicts between the two nations, such as fair trade agreements and technology copyright policies. But the manner in which the Trump administration handled the issues, through tariffs, embassy closings and even referring to the COVID-19 as the "China virus," has left Chinese President Xi Jinping frustrated.
"A lot to talk about, a whole lot to talk about," Biden said of his upcoming phone call with Xi. "He's very bright. He's very tough. He doesn't have â€“ and I don't mean this as a criticism, just the reality â€“ he doesn't have a democratic, 'small D', bone in his body."
Biden said he hopes to rebuild relations with Beijing, but he is not willing to overlook some serious Chinese abuses, like human rights violations, territorial disputes and unfair trade practices.
HOW BIDEN'S CHINA POLICIES WILL DIFFER FROM TRUMP'S

Markets

DJIA	31,385.76	0.76%
S&P 500	3,915.59	0.74%
Nasdaq Composite	13,987.64	0.95%
Japan: Nikkei 225	29,497.51	0.37%
UK: FTSE 100	6,523.53	0.53%
Crude Oil Futures	58.49	0.90%
Gold Futures	1,843.70	0.52%
Yen	104.93	-0.28%
Euro	1.21	0.25%
* As of market close

GameStop's legacy

By now you think you have a pretty firm grasp of the GameStop saga. Like most casual Wall Street observers, it probably goes something like this: amateur investors outsmart hedge-fund managers at their own game.

While that certainly was one (and the most overplayed) aspect of the story, the SEC and market officials are still trying to wrap their heads around what it all means, and exactly what to do about it. The fallout from the Reddit group's antics continue to haunt investment firms about what the next trick could be that does a number on their bottom lines.

The issue of trust is another underlying danger to the markets. â€œI think this has accelerated unleashing forces that will try to change things because of lack of trust,â€ one analyst said. â€œThis wonâ€™t be the only time.â€

International Business Times freelancer Erik Shurman does a deep dive into the many factors surrounding GameStop's stock manipulation and the blowback that is sure to come, from investor behavior to new regulations.

READ THE REAL STORY BEHIND THE GAMESTOP STOCK SAGA

Crypto trio

What do Elon Musk, Snoop Dogg and Gene Simmons have in common? Despite the diverse trio featuring a rapper, a rocker, and a rocket launcher, they all jumped on the cryptocurrency train and impacted the markets.

Fresh off his brief Twitter break, Musk weighed in on Dogecoin with a not-so-subtle tweet, "Who let the doge out?" Snoop Dogg and Simmons also took to Twitter to tout the cryptocurrency, which saw its price reach record levels. You can't buy publicity like that, at least not with cryptocurrency.

But Musk took matters a step farther Monday by announcing that Tesla purchased $1.5 billion in bitcoin, driving its price through the roof. Musk also said customers will soon be able to use cryptocurrency to purchase a Tesla -- using blockchain technology to buy electric vehicle technology.

"This is probably one of the biggest developments for the cryptocurrency industry," one analyst said of Musk's move. "Tesla is going to be a major player in the auto industry and if it starts accepting bitcoin as a form of payment, it will give the digital currency further legitimacy."

SEE WHAT MUSK HAS TO SAY ABOUT THE FUTURE OF CRYPTO

FOX in a box

FOX News seems to be a taking a page from CBS's playbook with its version of talk-show host "Survivor," but this reality TV show is real.

As part of the fallout from Smartmatic's $2.7 billion lawsuit against media companies for spreading conspiracy theories about election fraud, FOX News took the bold step of canceling "Lou Dobbs Tonight" -- its highest-rated show featuring one of its most popular hosts. Dobbs was one of the targets of the lawsuit, but others are expected to suffer a similar fate.

Other potential hosts headed for the chopping block are Fox anchors Maria Bartiromo, Jeanine Pirro, Sean Hannity, and Tucker Carlson. There was no definitive word on if or when FOX News might make the moves.

Like the Republican Party itself, the FOX News newsroom has been divided over whether to support Trump's claims of voter fraud.Companies like Dominion and Smartmatic have responded with lawsuits that have networks more cautious about what they allow their talent to say on air.

FIND OUT WHO MIGHT BE THE NEXT FOX HOST TO GET THE AX