Libbed Out Fredo

Sen. Elizabeth Warren is about to take the controls of the Senate Banking Committee, giving her the kind of expansive authority over the financial industry she has long sought on.wsj.com/47WqLxT

There's a lot to focus on right now, but "The richest man to ever live just spent $200 million to support the Republican Senate candidate in Texas, and his man lost by double-digits in a statewide wipeout" is a completely insane sentence. Put another way, the most expensive US Senate race before 2020 was $200 million. *One guy* spent that amount in Texas, and it doesn't seem to have made any difference. It might have hurt in a kind of Streisand effect way, in that the spending level was seen as obscene to people sympathetic to the argument that billionaires shouldn't "buy" elections. The implications here seem pretty interesting! Especially re the limits of billionaire political power and/or the diminishing returns of money in politics.