How CNN Is Cashing In on Trump-Mania
Fox News’s GOP debate last month generated blockbuster ratings — 24 million viewers saw Donald Trump and the other top Republican presidential contenders mix it up, making it the most-watched non-sports cable show ever. Now Fox News rival CNN is poised to cash in on that success.
The news network is asking advertisers to pay 40 times its usual rate, or as much as $200,000 for a 30-second commercial, during the second GOP debate, which it is scheduled to host on Sept. 16, according to Ad Age. CNN is also charging $50,000 to $60,000 for commercials airing that day in the earlier debate between second-tier candidates.
Related: Two New Polls Show Exactly Why Donald Trump Is Winning
Ad Age says CNN isn’t expected to pull in quite the same level of viewership as Fox News did, but even if the next primetime debate fails to match the earlier numbers, it is still likely to be the most-watched debate CNN has ever aired. The network can thank Trump for that, just as it could thank another outspoken and unpredictable GOP phenomenon for helping to set its previous debate record: In 2008, almost 11 million viewers tuned in to the vice presidential debate between Joe Biden and — you betcha! — Sarah Palin.
If the Palin example holds, news networks aren’t going to be the only ones to benefit from the Trump surge. “Saturday Night Live” saw its viewership and buzz soar in 2008 as Tina Fey’s impersonation of Palin became a sensation in its own right. And when the former Alaska governor appeared on SNL in October 2008, the show drew its highest ratings in 14 years.
Related: Trump Is Still Surging — Here’s Who Can Stop Him
The new season of SNL starts Oct. 3, so it’s probably a safe bet that Lorne Michaels — and other executives at NBC, even after the network dumped Trump from The Celebrity Apprentice in the wake of his comments about Mexican immigrants — are rooting for Trump mania to keep going for another month, at least. In the meantime, NBC announced Tuesday that Trump will appear on “The Tonight Show” next week.
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4.2 Million Uninsured People Could Get Free Obamacare Plans
About 4.2 million uninsured people could sign up for a bronze-level Obamacare health plan and pay nothing for it after tax credits are applied, the Kaiser Family Foundation said Tuesday. That means that 27 percent of the country’s 15.9 million uninsured people could get covered for free. The chart below breaks down the eligible population by state.
Takedown of the Day: Ezra Klein on Paul Ryan's Legacy of Debt
Vox’s Ezra Klein says that retiring House Speaker Paul Ryan’s legacy can be summed up in one number: $343 billion. “That’s the increase between the deficit for fiscal year 2015 and fiscal year 2018— that is, the difference between the fiscal year before Ryan became speaker of the House and the fiscal year in which he retired.”
Klein writes that Ryan’s choices while in office — especially the 2017 tax cuts and the $1.3 trillion spending bill he helped pass and the expansion of the earned income tax credit he talked up but never acted on — should be what define his legacy:
“[N]ow, as Ryan prepares to leave Congress, it is clear that his critics were correct and a credulous Washington press corps — including me — that took him at his word was wrong. In the trillions of long-term debt he racked up as speaker, in the anti-poverty proposals he promised but never passed, and in the many lies he told to sell unpopular policies, Ryan proved as much a practitioner of post-truth politics as Donald Trump. …
“Ultimately, Ryan put himself forward as a test of a simple, but important, proposition: Is fiscal responsibility something Republicans believe in or something they simply weaponize against Democrats to win back power so they can pass tax cuts and defense spending? Over the past three years, he provided a clear answer. That is his legacy, and it will haunt his successors.”
Number of the Day: $300 Million
Mick Mulvaney, the acting director of the Consumer Financial Protection Bureau, wants the agency to be known as the Bureau of Consumer Financial Protection, the name under which it was established by Title X of the 2010 Dodd-Frank Wall Street reform law. Mulvaney even had new signage put up in the lobby of the bureau. But the rebranding could cost the banks and other financial businesses regulated by the bureau more than $300 million, according to an internal agency analysis reported by The Hill’s Sylvan Lane. The costs would arise from having to update internal databases, regulatory filings and disclosure forms with the new name. The rebranding would cost the agency itself between $9 million and $19 million, the analysis estimated. Lane adds that it’s not clear whether Kathy Kraninger, President Trump’s nominee to serve as the bureau’s full-time director, would follow through on Mulvaney’s name change once she is confirmed by the Senate.
Why Trump's Tariffs Are Just a Drop in the Bucket
President Trump said this week that tariff increases by his administration are producing "billions of dollars" in revenues, thereby improving the country’s fiscal situation. But CNBC’s John Schoen points out that while tariff revenues are indeed higher by several billion dollars this year, the total revenue is a drop in the bucket compared to the sheer size of government outlays and receipts – and the growing annual deficit.
Bank Profits Hit New Record Thanks to 2017 Tax Law
Bank profits reached a record $62 billion in the third quarter, up $14 billion, or 29.3 percent, from the same period last year, according to data from the Federal Deposit Insurance Corporation. The FDIC said that about half of the increase in net income was attributable to last year’s tax cuts. The FDIC estimated that, with the effective tax rates from before the new law, bank profits for the quarter would have risen by about 14 percent, to $54.6 billion.