Illustration: Rebecca Zisser/Axios

Elizabeth Warren understands Wall Street better than any other presidential candidate. She studied it in her previous career as a Harvard professor, and she has effectively built her own think tank inside the Senate, coming up with genuinely novel ideas for how to improve financial regulation.

What to watch: Warren has already received the grudging respect of many on Wall Street. Her diagnoses of where the financial services industry falls short are generally accurate, and her proposed regulations would probably give a competitive advantage to financial giants with large compliance departments.

Driving the news: Warren blasted the private equity industry this week. She understands that bankruptcy and limited liability can be good for capitalism and society as a whole, but that they can also be abused. When that happens, private equity companies can end up making profits from portfolio companies that go bust. Employees invariably bear the brunt, alongside trade creditors and even consumers with gift cards.

Our thought bubble: Private equity is the polite term for what used to be called leveraged buyouts. Mike Milken gave buyouts a bad name in the 1980s, and Warren is betting that private equity is similarly unloved today. Axios' Dan Primack says that Warren's proposals would kill much of the private equity industry, especially the turnaround sector. He may well be right. The question is whether it would be mourned.

What's next: Warren's academic research changed the way bankruptcy was thought about. Her proposal for a Consumer Financial Protection Bureau became reality, with broad public support. When she says that the unbanked spend more on interest and fees than they do on food, she touches a nerve. It's easy to see potential profits for smart financial services industry executives who embrace her legitimate criticisms and try to get ahead of these issues.

Go deeper: Elizabeth Warren on the issues, in under 500 words

Go deeper

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 12:45 p.m. ET: 30,838,610 — Total deaths: 958,090— Total recoveries: 21,088,552Map.
  2. U.S.: Total confirmed cases as of 12:45 p.m. ET: 6,777,026 — Total deaths: 199,352 — Total recoveries: 2,577,446 — Total tests: 94,211,463Map.
  3. Politics: Testing czar on Trump's CDC contradictions: "Everybody is right" Trump's health secretary asserts control over all new rules.
  4. Education: What we overlooked in the switch to remote learning
  5. Health: The dwindling chances of eliminating COVID-19.
  6. World: Guatemalan president tests positive for COVID-19 — The countries painting their pandemic recoveries green.
Updated 1 hour ago - Health

7 states set single-day coronavirus case records last week

Data: Compiled by Axios; Map: Danielle Alberti/Axios

Seven states set new highs last week for coronavirus infections recorded in a single day, according to the COVID Tracking Project and state health departments. Wisconsin and Nebraska surpassed records set the previous week.

Why it matters: Problem spots are sticking in the Midwest, although the U.S. is moving in the right direction overall after massive infection spikes this summer.

Murkowski says she opposes voting on Ginsburg replacement before election

Photo: Greg Nash/Pool/Getty Images

Sen. Lisa Murkowski (R-Alaska) said in a statement Sunday that she opposes holding a Senate confirmation vote on President Trump's nomination to replace Supreme Court Justice Ruth Bader Ginsburg before the election.

Why it matters: Murkowski joins Sen. Susan Collins (R-Maine) as one of two Republican senators who have thus far said that they do not support rushing through a confirmation vote before November. Two more defections would likely force Senate Majority Leader Mitch McConnell (R-Ky.) to resort to holding a vote in the lame-duck session, which neither Murkowski nor Collins have addressed.