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Welcome back to The Daily Courant, your afternoon medley of Puck’s
best new reporting.

First up today, Bill Cohan presents his probing conversation with former Treasury secretary and Harvard president Larry Summers about the cascading effects of Trump’s economic dilettantism: the capital flight, lost exports, violent deleveraging, impact on elite institutions, and much more.  

Plus, below the fold: Dylan Byers chronicles former Playbook author Ryan Lizza’s post-divorce showdown with Politico. Leigh Ann Caldwell gathers the latest D.C. chatter surrounding Pete Hegseth’s second Signal scandal. Rachel Strugatz runs the numbers on the beauty industry’s looming “Liberation Day” nightmare. And exclusively for
Inner Circle members, Marion Maneker chats with outgoing Phillips chairman Ed Dolman about his remarkable 11-year run atop the auction house. 

Meanwhile, on the pods: Matt Belloni is joined by LightShed’s Rich Greenfield on The Town to debate whether Netflix can actually become a trillion-dollar company by 2030. And on The Powers That Be, Julia Ioffe
joins Peter Hamby to break down the lethal waffling surrounding the Russia-Ukraine peace negotiations.

Larry Summers, the former Treasury secretary and N.E.C. director and Harvard man, goes “Full Larry”
on the economic fallout under Trump II—capital flight, lost exports, violent deleveraging, declining competitiveness, Argentina comps, etcetera.

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In the dun-colored afterglow of Nuzzi-gate, Ryan Lizza is trash-talking his former employer and
striking out on his own with a Substack and a notable disregard for nondisparagement clauses—while Olivia Nuzzi knuckles down on a book of her own.

Read Now

Disney has been bringing happiness to families and communities for over a century, and continues to
be a powerful economic contributor.

Here’s how: Since 2017, Disney has nearly doubled spending on film and television content, and is spending $23B in FY25.

Explore Disney’s Impact

All the latest chatter on Capitol Hill surrounding Pete Hegseth’s fresh
security snafu as Democrats call for Hegseth to step down and Republicans take their cues from the White House. 

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Nearly every beauty brand is exposed to China, adding to the anxiety that’s keeping industry
executives up at night. But smaller and mid-market brands are feeling the tariff squeeze most of all.

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The auction house leader opens up about grabbing market share from the Big Two, expanding into
Asia, and the Matisse bronze sale that established Phillips as a player in contemporary. 

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Matt is joined by LightShed media analyst Rich Greenfield to talk about Netflix’s latest earning
report, and whether it can reach its lofty goals of 410 million subscribers and becoming a trillion-dollar company by 2030. Matt finishes the show with a prediction on how the new rule for Oscar voting will affect the results.

Listen
Now

Disney has been bringing happiness to families and communities for over a century, and continues to
be a powerful economic contributor.

Here’s how: With more than $30 billion in investments in U.S. parks, Disney is creating nearly ten thousand jobs.

Explore Disney’s Impact

Julia Ioffe swings by the pod to discuss the state of peace negotiations between Ukraine and
Russia—if there are any negotiations to be made at all. As Putin plays coy and Zelensky holds the line, Julia explains why Trump’s mounting frustration could, ironically, be Kyiv’s best hope.

Listen Now

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