THE SHOW NOTES: Welcome Back, Scott Eliminated, & Trump’s Cabinet

Welcome! Is Bitcoin making a run at $100K?

🚨 BREAKING 1: CIA official with top security clearance charged for leaking highly classified docs about Israel’s plans to strike Iran - NY Post

🚨 BREAKING 2: Special counsel Jack Smith plans to step down before Trump takes office - CNN

DATA: Inflation ticked up again in October. - Axios

WORTH READING: Yes, inflation made the median voter poorer - Substack

NEW: Trump expected to 'soon' appoint a Ukrainian peace envoy after promises of negotiating end to war with Russia - Fox News

WHAT: Don’t sit on the toilet for more than 10 minutes, doctors warn - CNN

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🚨 BREAKING BEFORE WE HIT SEND: Rick Scott has been eliminated from replacing McConnell as Senate GOP leader with John Thune and John Cornyn advancing to a second ballot.

“Welcome Back”

Trump’s Cabinet

Donald Trump is tapping Pete Hegseth from Fox News to be Secretary of Defense to the surprise and dismay of some defense officials.

Profile: Pete Hegseth is a decorated Army veteran with multiple deployments ranging from Guantanamo Bay to Baghdad and Samarra. During his service in Iraq, Hegseth received the Bronze Star Medal, Combat Infantryman Badge, and a second Army Commendation Medal for his service.

Hegseth has repeatedly highlighted the wokeness in the US military with this recent clip from podcast host Shawn Ryan:

Elon Musk and Vivek Ramaswamy will lead the brand-new Department of Government Efficiency. In a statement, Trump said, “Together, these two wonderful Americans will pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies.”

Here are the new appointments since yesterday’s email:

• Special Envoy to the Middle East: Steven Witkoff

• Ambassador to Israel: Mike Huckabee

• White House counsel: Bill McGinely

• U.S. Ambassador to Israel: Mike Huckabee

• CIA director: John Ratcliffe

The Beautiful Blame Game

Democrats are worried that Kamala Harris's presidential campaign is leaving behind a massive debt burden that will hamper the party's ability to proactively rebuild for 2026.

The current debt level is unknown because the campaign is still receiving money from donors and collecting bills from vendors. However, the shortfall is so significant that Democratic Party chair Jaime Harrison has privately expressed concern and questioned spending decisions inside the campaign.

While the exact number remains unknown, one party official is claiming the debt will total $20 million which greatly exceeds the scandalous $2 million hole that Obama left behind in 2012.

As the stinging loss begins to fade, grumbling has set in with Harris insiders questioning the effectiveness of the funds used. "How do you raise a historic amount of money and not win a single swing state?" one anonymous Harris aide asked. "The honest answer is: I don't know. It seems we lost the national narrative, and that's what we need to diagnose."

Georgia Democrats

Georgia Senator Jon Ossoff is pressuring the chair of the Democratic Party of Georgia to step down after nearly a dozen statewide Democrats lost last Tuesday.

This is from the AJC:

Williams sent messages to friends and allies about their conversation, writing in texts obtained by The Atlanta Journal-Constitution that Ossoff told her: “As the senior Democrat in the state, I don’t want you leading the party with me at the top of the ticket.”

WSJ: Secret Ballot for Leader Tests GOP Senators in New Trump Era

Republican senators’ secret ballot vote Wednesday for a new leader will test how much lawmakers want to shake things up as they enter an era defined by the populist energy that propelled President-elect Donald Trump back to the White House.

The front runners for the top Republican position—open for the first time in nearly two decades—are Sens. John Thune (R., S.D.) and John Cornyn of (R., Texas), who have both served as top lieutenants to outgoing leader Mitch McConnell (R., Ky.) and are seen as providing continuity for the party. 

The third candidate is Sen. Rick Scott (R., Fla.), who is close to Trump and is mounting a long-shot bid with the backing of a faction of GOP senators who have clashed with McConnell.

Full story at WSJ (paywall).

WSJ: Trump Draft Executive Order Would Create Board to Purge Generals

The Trump transition team is considering a draft executive order that establishes a “warrior board” of retired senior military personnel with the power to review three- and four-star officers and to recommend removals of any deemed unfit for leadership.

If Donald Trump approves the order, it could fast-track the removal of generals and admirals found to be “lacking in requisite leadership qualities,” according to a draft of the order reviewed by The Wall Street Journal. But it could also create a chilling effect on top military officers, given the president-elect’s past vow to fire “woke generals,” referring to officers seen as promoting diversity in the ranks at the expense of military readiness.

Full story at WSJ (paywall).

Tweets That Caught My Eye

Trending news:

• Shapiro’s 2028 prospects rise sharply after Harris defeat - The Hill

• Florida’s crumbling home prices haven’t been this bad since 2011 - NY Post

• Hugh Jackman’s ‘affair’ with Sutton Foster ‘is the reason’ for his divorce from ex-wife - NY Post

• CNN 'will axe top stars in layoffs that'll see hundreds fired as ratings continue to tank' - Dailymail

• ‘Just Talking’ Delays Commitment in Romantic Relationships  - IFS

• A Worldwide ‘Jew Hunt’ - Bret Stephens at NYT (paywall)

• A Drug Gang Stole 3 Tons of Gold in a Scam So Perfect It’s Still Going - WSJ (paywall)

• Ken Griffin Sells Record-Breaking Chicago Penthouse at 44% Loss - WSJ (paywall)

Market snapshot: