The Battle Over America’s Dark History at the National Archives
Digest
The US economy grew slightly less than expected in the third quarter, driven by consumer and government spending. While consumer spending increased, the housing market remains weak due to high interest rates. Business investment also slowed slightly, but remained robust. The Federal Reserve is expected to cut interest rates again next month. The National Archives, under the leadership of Colleen Shogun, has been accused of removing materials that reveal the darker side of American history from public view. This includes references to the displacement of indigenous tribes and the incarceration of Japanese Americans during World War II. The accusations stem from a redesign of the museum and Discovery Center, as well as concerns about potential Republican opposition to certain historical narratives. Florida's top financial regulator suspended part of a law that unintentionally banned banks from selling securities in the state. The law, intended to prevent bad actors from taking advantage of Floridians, inadvertently barred nearly all banks from selling securities due to a drafting error. Microsoft reported strong quarterly growth in its cloud computing business, driven by investments in artificial intelligence. Meta Platforms recorded record third-quarter revenue despite slower digital advertising growth, fueled by investments in AI and augmented reality.
Outlines
US Economic Growth and Challenges
The US economy grew in the third quarter, driven by consumer and government spending. However, the housing market remains weak due to high interest rates, and business investment has slowed slightly. The Federal Reserve is expected to cut interest rates again next month.
Historical Censorship at the National Archives
The National Archives has been accused of removing materials that reveal the darker side of American history from public view, including references to the displacement of indigenous tribes and the incarceration of Japanese Americans during World War II. These accusations stem from a redesign of the museum and Discovery Center, as well as concerns about potential Republican opposition to certain historical narratives.
Florida's Accidental Ban on Bank Investments
Florida's top financial regulator suspended part of a law that unintentionally banned banks from selling securities in the state. The law, intended to prevent bad actors from taking advantage of Floridians, inadvertently barred nearly all banks from selling securities due to a drafting error.
Big Tech Earnings: AI Investments Drive Growth
Microsoft reported strong growth in its cloud computing business, driven by investments in artificial intelligence. Meta Platforms recorded record third-quarter revenue despite slower digital advertising growth, fueled by investments in AI and augmented reality.
Keywords
Gross Domestic Product (GDP)
A broad measure of the total value of goods and services produced in a country's economy during a specific period, typically a quarter or a year. It is a key indicator of economic growth and health.
Consumer Spending
The amount of money that households and individuals spend on goods and services. It is a major driver of economic activity, accounting for a significant portion of GDP.
Federal Reserve
The central bank of the United States, responsible for setting monetary policy, including interest rates, to influence economic growth and inflation.
National Archives
The federal agency responsible for preserving and providing access to the historical records of the United States government. It houses a vast collection of documents, photographs, and other materials.
American History
The study and understanding of the past events, people, and cultures that have shaped the United States. It encompasses a wide range of topics, including political, social, economic, and cultural developments.
Indigenous Tribes
Native American groups that have inhabited the land now known as the United States for centuries. They have diverse cultures, languages, and traditions.
Japanese American Internment
The forced relocation and imprisonment of Japanese Americans during World War II, based on racial prejudice and fear. It was a violation of civil liberties and a dark chapter in American history.
Cloud Computing
A model of delivering computing services—including servers, storage, databases, networking, software, analytics, and intelligence—over the Internet (“the cloud”). It allows users to access and use these resources on demand, without the need for physical infrastructure.
Artificial Intelligence (AI)
The simulation of human intelligence processes by computer systems. It encompasses a wide range of technologies, including machine learning, deep learning, and natural language processing.
Q&A
What are the key factors driving the US economic growth in the third quarter?
The US economy grew in the third quarter due to increased consumer spending and government spending. However, the housing market remains weak due to high interest rates, and business investment has slowed slightly.
What are the accusations being made against Colleen Shogun, the Chief Archivist of the National Archives?
Shogun is accused of systematically removing materials that reveal the darker side of American history from public view, including references to the displacement of indigenous tribes and the incarceration of Japanese Americans during World War II. These accusations stem from a redesign of the museum and Discovery Center, as well as concerns about potential Republican opposition to certain historical narratives.
How did Florida accidentally make it illegal for most banks to sell investments in the state?
A drafting error in a new law intended to prevent bad actors from taking advantage of Floridians inadvertently barred nearly all banks from selling securities in the state. The law was suspended by the state's top financial regulator, who called it a drafting error.
What are the key takeaways from the recent earnings reports of Microsoft and Meta Platforms?
Microsoft reported strong growth in its cloud computing business, driven by investments in artificial intelligence. Meta Platforms recorded record third-quarter revenue despite slower digital advertising growth, fueled by investments in AI and augmented reality.
Show Notes
P.M. Edition for Oct. 30. WSJ domestic policy correspondent Andrew Restuccia discusses how the President Biden appointee in charge of the nation’s most treasured documents has over the past year ignited a behind-the-scenes fight over the telling of American history. And more than 50 million Americans have already voted in the presidential race. Journal politics editor Ben Pershing explains what that could mean for election night. Plus, economics correspondent Harriet Torry on the U.S. economy’s continuing growth streak. Tracie Hunte hosts.
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