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Good Morning. In today’s edition, President Trump drops his efforts to include a citizenship question on the census, we examine the dark side of startup success, and the Consumer Financial Protection Bureau shifts from enforcement to consumer education. |
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President Trump is ending efforts to get a citizenship question on the 2020 U.S. census, a retreat from his public declarations in recent days that he would fight for it after a Supreme Court ruling effectively blocked the move. Mr. Trump said he would instead sign an executive order directing all federal agencies to provide the Commerce Department with “all requested records” on the number of citizens and noncitizens in the country. Also yesterday, the Trump administration dropped a major piece of its plan to curb drug prices, the latest plank to falter. In a “Social Media Summit” at the White House, President Trump bonded with some of his most provocative supporters over shared grievances against large tech companies. Separately, the House Judiciary Committee voted to authorize subpoenas to a dozen people in the president’s orbit, including his son-in-law Jared Kushner, former Attorney General Jeff Sessions, and former chief of staff John Kelly. |
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| From which person in President Trump’s orbit would you most like to hear testimony, and why? Join the conversation. |
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The California legislature delivered a preliminary victory to hedge-fund billionaire Paul Singer and other PG&E bondholders in their monthslong battle with the utility’s shareholders. Mr. Singer’s firm, Elliott Management, is one of the biggest owners of bonds issued by the power company, which filed for bankruptcy protection and estimates it could owe tens of billions of dollars to victims of the state’s deadly wildfires. Yesterday, California lawmakers approved a multibillion-dollar fund to stabilize the state’s largest utilities amid fears of sizable wildfire-liability costs. |
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The dark side of startup success: The swashbuckling creativity that drives many entrepreneurs can come with inner demons. | |
Going public is a cinematic moment for founders, CEOs and early employees. But off camera, the startup world has a dark side. Under the veneer of fancy parties and multibillion-dollar valuations, many founders and early executives are wrestling with issues including anxiety, drug addiction, insomnia, depression and binge eating. |
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From reporter Shalini Ramachandran: Silicon Valley is America’s innovation engine, and at the heart of its successes are its founders. But their creativity and drive to change the world overshadows just about anything else—sleeping, eating, relationships and mental well-being. We need people who will take risks and create out-of-this-world solutions to humanity’s problems. But how do we, as a society, foster this drive and creative energy while also caring for the mental well-being of those who are striving? |
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The Consumer Financial Protection Bureau, set up after the financial crisis to regulate the financial industry, is shifting its mission from enforcement to consumer education. Under Kathy Kraninger, who took over seven months ago, the agency has increased its focus on financial literacy. CFPB’s strategic plan issued last year listed helping consumers make responsible decisions as its top priority, followed by protecting consumers from harmful industry behavior and discrimination. From reporter Yuka Hayashi: Policies set by the CFPB have often been caught in partisan fights, ever since the agency was launched as the brainchild of Sen. Elizabeth Warren (D., Mass.). The latest example is financial education of consumers, a new policy priority pushed by the bureau’s current Trump-appointed leadership. Brian Johnson, the CFPB’s No. 2 official, says the “single best policy” to protect consumers is to give them “the ability to make their best choices in free markets.” Democrats say such a policy shifts the burden of consumer protection from financial companies to ordinary people, particularly when it’s combined with an easing of enforcement activity, as seen in recent months. |
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The Catholic Church is offering alleged abuse victims a wrenching choice: accept a settlement or hold out for the chance to sue. | | Jimmy Pliska, of Scranton, Pa., is one of those who is seeking compensation from the church for sexual abuse that happened many years ago. If he accepts a settlement, he fears he may never know the truth about his alleged abuser. Photo: Alexander Hotz/WSJ. |
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Jimmy Pliska, 55 years old, says he was sexually assaulted by his local parish priest on an overnight fishing trip four decades ago. Now, he has an agonizing decision to make. Mr. Pliska wants to sue the Diocese of Scranton, which employed the priest. But the case is too old to bring to court. Although state lawmakers have proposed lifting the statute of limitations on the sexual abuse of children, it is unclear if that will happen. The diocese, meanwhile, has set up a program to financially compensate victims of clergy sexual abuse. In exchange for money from the program, Mr. Pliska would be barred from suing the church. Also, the diocese wouldn’t have to release any documents that might show what officials knew about the alleged abuse. Mr. Pliska must decide by a July 31 deadline. |
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Glamping is the new backyard camping. | | Jane Maren, 8 years old, peeks out of her family’s 16-foot yurt, accessible by zip line from the deck of their home in Evergreen, Colo. PHOTO: JIMENA PECK FOR THE WALL STREET JOURNAL |
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Glamping—communing with nature while luxuriating in a tent loaded with creature comforts—was once the pastime of kings and sultans. Now some homeowners are acquiring costly tricked-up tents so they can get away from it all without leaving their own property—or their high-thread-count sheets. |
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What We’re Following Tropical Storm Barry: Louisiana officials ordered some residents to evacuate and others to prepare for a storm set to bring intense rain, strong winds and life-threatening storm surges. Jerome Powell Testimony: Senators spent much of the Fed chairman's time before the banking committee asking him about Libra, a cryptocurrency planned by Facebook. |
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Turkish Defense: Turkey starts taking delivery of Russia’s S-400 antiaircraft missile system, risking U.S. sanctions and testing its position in NATO. I Hear You: Google said contractors listen to a small sample of customer audio recordings made by the company’s virtual assistant, adding to privacy concerns. 2020 Race: A new Wall Street Journal/NBC News poll put former Vice President Joe Biden at the front of the pack among Democratic voters, with Sen. Warren not far behind. Dispute in the House: Rep. Alexandria Ocasio-Cortez (D., N.Y.) accused House Speaker Nancy Pelosi (D., Calif.) of singling out women of color in remarks that drew rebukes from some Democrats. |
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Trending Stories at WSJ.com Actor and comedian Awkwafina went from working in a Brooklyn deli to anchoring one of the summer’s buzziest indie films. (Read) The arrest of financier Jeffrey Epstein on sex-trafficking charges has renewed attention on British socialite Ghislaine Maxwell, one of his top aides.(Read) More older people are trying cannabis to alleviate pain and other ailments, but they’re often left taking medical advice from dispensary sales clerks. NiaMedic wants to change that. (Read) |
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What Else We’re Reading Nike said it is setting up a factory in a Phoenix suburb even though Gov. Doug Ducey blocked state money for the facility when the shoemaker pulled a flag-themed sneaker from the market. (Associated Press) One by one, developing countries are refusing to import trash, making it increasingly difficult for wealthy nations to export tons of unwanted refuse. (Bloomberg) |
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Today’s Question and Answer In response to our question about whether the British ambassador to the U.S. should have resigned over leaked cables critical of President Trump: Fernando Bischof, Argentina I presume the ambassador wrote out of frustration because he was prejudiced, unprofessional, irrelevant, inaccurate, unfounded and fundamentally undiplomatic. What was the point of continuing? Jeff Templeton, Pennsylvania Yes, he should resign because he has rendered himself to be ineffective in the future in performing his job. It is as simple as that. Mark R. Lindon, Colorado No, the British ambassador to the U.S. shouldn’t have resigned. His role is to represent the British government in the U.S. He is also charged with providing his on-the-ground assessment of the U.S. and any and all issues that will affect relations. Nothing he said was false or slanderous. It was an honest assessment, one that any government would expect. His resigning only adds fuel to the fire that Trump can get his way on an issue. Chet Gladkowski, Florida The short answer is that the ambassador shouldn’t have resigned. Our currency boldly declares “e pluribus unum” (out of the many, one.) How far we have drifted from this. By its very nature, it means that there are many people with many different opinions, different views, and different experiences. If everyone resigned because they disagreed, there would be no such thing as an organization or governments. Organizations and governments are made up of multiple people, who will have wildly different opinions. It is through respectful disagreement and dialogue that superior ideas and solutions are created. A man wiser than I once wrote, “Iron sharpens iron, so one person sharpens another.” When iron sharpens iron, heat is created and sparks fly, but the results are well worth it. Ellen Freilich, New York Since the ambassador was getting no support from home, he felt he couldn’t do his job, so it made sense to resign. It’s regrettable, certainly, but a logical decision. It’s an ambassador’s job to write frank, confidential reports on what he observes at his post for the “home office.” This seems to be one more episode in the fracturing of relationships between the U.S. and its allies. We could use more reporting on how those supposed-to-be-confidential cables were leaked. Who benefits from this? Question for the next 10-Point: Going back to our article above, from which person in President Trump’s orbit would you most like to hear testimony and why? What would you ask him or her? Email us your comments, which we may edit before publication, to 10point@wsj.com, and make sure to include your first and last name and location. |
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| The 10-Point was the name given to the news column that runs on the front page of The Wall Street Journal. Today’s newsletter was curated and edited by Eleanor Miller in New York and Tracy Gan in Hong Kong in collaboration with Editor in Chief Matt Murray. Let us know what you think by replying to this email. The 10-Point is a WSJ member benefit. If someone forwarded you this email, we invite you to join us and enjoy the full breadth of scoops, analysis and great storytelling from our journalists around the globe. |
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