Insider Finance - Business - All eyes on key midterm races

Nicholas Carlson November 8, 2022

Hello, Insiders. It’s midterm Election Day. All eyes are on key races across the US. So it’s as good a time as ever to remind you: We have the oldest Congress in US history.

Our recent “Red, White, and Gray” project examines how the nation’s gerontocracy — that is, a government run by old people — is weakening American democracy. Our leaders are getting increasingly older, and issues that are profoundly important to the nation's youth and future (technology, civil rights, climate) are left in the hands of those whose primes have passed.

If you have a sec, take our quiz to see how much you know about America's elderly government — and then let’s get right to the news.

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The latest

• Trump aides reportedly scrambled to stop him from announcing his 2024 bid on the eve of the midterms and upending the election. More here.

• More than 400 Russian reservists died in Ukraine after their commanders ran away, a Russian soldier says. Read the story.

• The Twitter manager who went viral for sleeping at the office last week avoided layoffs that eliminated half of Twitter’s staff. Get the rundown here.

The big story

Thomas Peipert/AP Photo

The consequences of today’s midterm elections will reverberate for years to come. Here’s why.

Midterms tend to be bad for the incumbent president’s party — and this election may not be any different.

Control of the House of Representatives is very much up for grabs, as Democrats are confronted by a serious challenge from the GOP. The Senate is split 50-50, and each party wants control of the upper chamber.

There’s also a bounty of gubernatorial elections, including races chock full of contenders for the 2024 presidential election and others that could reshape the number of Black governors holding office in the US.

Notably, whoever wins the governor race in key swing states will have control over the levers of power around elections. Also, with the overturning of Roe v. Wade, a number of these races will end up deciding the legality and availability of abortion in various states.

Insider will be closely monitoring all of this today, tonight, and through the final calls of the race. Follow our live coverage here.

Top reads

Ollie Upton/HBO; Netflix; Disney Plus; Apple TV; Prime Video; Rachel Mendelson/Insider

• TV insiders rank the streamers where they want to sell shows now. Hollywood creatives are dealing with a looming recession, mass layoffs, and shelved TV and film projects. Check out what insiders told us about the most in-demand streamers — ranked from "my favorite place to do business" to "only as a last resort.”

• Airbnb hosts are worrying about an “Airbnbust.” Over the past two years, people have flocked to Airbnb as a way to generate passive income. But now, an oversaturation of hosts has led to booking slowdowns in some areas — and short-term-rental owners may be in for a rude awakening.

• "I run the first Chick-fil-A to offer a three-day workweek." The operator of a Chick-fil-A in Florida designed a schedule that allows employees to work full-time hours in three days (which means 14-hour shifts). Here's how the program is going so far.

• One of the richest self-made women in real estate says it's still a good time to buy. Dottie Herman, the vice chair of Douglas Elliman, says that a 7% mortgage rate is actually average — and buyers have more negotiating power now. Here are the five things she says could give a buyer a competitive edge.

• An interior designer shares 11 things he would never have in his own home. Vicente Wolf, a designer with 40 years of experience, said small coffee tables, mass-produced decor, and fake fireplaces would never make it into his living space. See eight other pieces he refuses to include.

Today’s sound bite

“I keep getting that line from the novelty ‘50s rock-and-roll song ‘The Purple People Eater’ going through my head.” 

Listen to hear which key midterm race Insider’s Dave Levinthal is talking about, and check out the full segment in today’s episode of “The Refresh from Insider.”

Watch this

At the center of many billion-dollar industries are workers who risk their lives making, mining, and moving our products. Here are five of the most dangerous jobs in the world.

Today's team

Nicholas Carlson (@nichcarlson), Lisa Ryan (@lisarya), Jordan Parker Erb (@jordanparkererb), and Shona Ghosh (@shonaghosh).

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