Hundreds of mayors implored Congress earlier this year to take "immediate action" on a massive COVID-related relief package that included billions of dollars to invest into their communities. However, since receiving the initial funding in the spring, very little has been used, according to an analysis from the Associated Press.
The big picture: As of this summer, a majority of the states that benefited from the economic package had spent just 2.5% of their initial allotment while large cities had spent about 8.5%, according to financial reports obtained by AP.
An increasingly vocal chorus of commentators is saying that the U.S. Treasury should #MintTheCoin — issue a small platinum token, give it a face value of $1 trillion, and deposit it at the Federal Reserve.
Why it matters: The gambit, if successful, would prevent the potentially catastrophic debt default that, thanks to Congressional intransigence on both sides of the aisle, is looming fast.
Facebook executive Nick Clegg said in a defiant internal memo that a former employee will accuse the company of contributing to the U.S. Capitol riot, the New York Times first reported Saturday.
Why it matters: Facebook appears to be launching a pre-emptive strike against the whistleblower with the memo, also shared with Axios, ahead of her CBS "60 Minutes" interview airing Sunday and her scheduled appearance at a Senate hearing Tuesday.
Property owners are now seeing the real, personal cost of climate change, as some homes are in danger of becoming increasingly expensive to insure — forcing property values to plummet and turning interested buyers away.
Starting this month, new National Flood Insurance Program policieswill no longer include subsidized plans that for decades helped prop up home values in some of the most dangerous flood zones.
Good afternoon, and welcome to our Axios AM Deep Dive on the extreme weather that's making the impact of climate change real to all of us.
This edition is led by Andrew Freedman, co-author of our daily Generate newsletter (subscribe here), and Kia Kokalitcheva, author of the Saturday edition of our Pro Rata newsletter (subscribe here).
For decades, companies have helped Wall Street, large retailers, major industries and other clients anticipate weather fluctuations, and the subsequent price and inventory volatility.
But the new era of extreme weather events has created a market for a different approach — and startups are filling it.
The downfall of Ozy Media and its charismatic founder Carlos Watson will go down as one of the most sudden media collapses of all time.
Why it matters: The story of Ozy became so viral so fast because it highlighted the worst parts of every industry in America: naive investors throwing money at poorly run companies, digital media outlets faking their numbers and over-zealous startup founders toeing the line between dishonesty and delusion.
The Broadway hit “Aladdin” announced Friday it temporarily put Genie back in the lamp and canceled all future shows until Oct. 12 because of breakthrough COVID-19 cases among cast members.
Why it matters: The show had just reopened Tuesday after being dark for 18 months because of the coronavirus pandemic.
