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Photo: Mandel Ngan/AFP/Getty Images

"How One Conservative Think Tank Is Stocking Trump’s Government ... By placing its people throughout the administration, the Heritage Foundation has succeeded in furthering its right-wing agenda," Jonathan Mahler writes for the N.Y. Times Magazine cover story.

The bottom line: “The Trump team may not have been prepared to staff the government, but the Heritage Foundation was ... Today it is clear that for all the chaos and churn of the current administration, Heritage has achieved a huge strategic victory.”

  • "Trump had no personal connection to the think tank and had fared poorly on a 'Presidential Platform Review' from its sister lobbying shop, Heritage Action for America, which essentially concluded that he wasn’t even a conservative."
  • "Much like Trump’s, Heritage’s constituency is equal parts donor class and populist base. Its $80 million annual budget depends on six-figure donations from rich Republicans."
  • “The Heritage Foundation is a marketing company, a branding agency — it sells its own Heritage neckties, embroidered with miniature versions of its Liberty Bell logo — and a policy shop rolled into one. But above all, Heritage is a networking group.”

Worthy of your time.

Go deeper

Felix Salmon, author of Capital
Updated 4 mins ago - Economy & Business

How central banks can save the world

Illustration: Aïda Amer/Axios

The trillion-dollar gap between actual GDP and potential GDP is a gap made up of misery, unemployment, and unfulfilled promise. It's also a gap that can be eradicated — if central banks embrace unconventional monetary policy.

  • That's the message from Eric Lonergan and Megan Greene, two economists who reject the idea that central banks have hit a "lower bound" on interest rates. In fact, they reject the idea that "interest rates" are a singular thing at all, and they fullthroatedly reject the idea — most recently put forward by New York Fed president Bill Dudley — that the Fed is "out of firepower."

Why it matters: If Lonergan and Greene are right, then central banks have effectively unlimited ammunition in their fight to increase inflation and employment. They are limited only by political will.

Updated 23 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Large coronavirus outbreaks leading to high death rates — Coronavirus cases are at an all-time high ahead of Election Day — Fauci says U.S. may not return to normal until 2022
  2. Politics: Top HHS spokesperson pitched coronavirus ad campaign as "helping the president" — Space Force's No. 2 general tests positive for coronavirus
  3. World: Taiwan reaches a record 200 days with no local coronavirus cases — Europe faces "stronger and deadlier" wave France imposes lockdown Germany to close bars and restaurants for a month.
  4. Sports: Boston Marathon delayed MLB to investigate Dodgers player who joined celebration after positive COVID test.
Dan Primack, author of Pro Rata
3 hours ago - Economy & Business

Leon Black says he "made a terrible mistake" doing business with Jeffrey Epstein

Photo illustration: Sarah Grillo/Axios. Photo: Rick Friedman/Corbis/Getty Images

Apollo Global Management CEO Leon Black on Thursday said during an earnings call that he made a "terrible mistake" by employing Jeffrey Epstein to work on personal financial and philanthropic services.

Why it matters: Apollo is one of the world's largest private equity firms, and already has lost at least one major client over Black's involvement with Epstein.