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When President Biden announced his reelection bid this week, some Democrats privately expressed worry that some of the president’s flaws could haunt him throughout the campaign.  

While they acknowledge Biden has had a successful couple of years — particularly on the legislative front — they also have some trepidation about whether Biden can ultimately pull off another victory in 2024.  

“Every Democrat is a little freaked out, but no one wants to say it publicly,” one Democratic consultant conceded this week. “We’re in uncharted waters.”  

Here are five of the worries Democrats mention when it comes to Biden.    Age 

The biggest worry Democrats have is the president’s age. Biden will turn 81 in November and would be 86 at the end of a second term.  

He’s already the oldest president in U.S. history, a record he breaks every day in office.  

Strategists in the Democratic Party see it as the main reason for a contradiction in polling: Most Democrats approve of Biden’s first term, but more than half of those surveyed say the president shouldn’t run again.  

Biden’s age is a source of attacks from his would-be rivals.  

Republican presidential candidate Nikki Haley, the former South Carolina governor, this week predicted Biden wouldn’t live until the end of his second term if elected, and “if you vote for Joe Biden, you really are counting on a President Harris.” 

Former President Trump, who is 76, also frequently lashes out at Biden over his age.  

Biden admitted on Wednesday he also “took a hard look” at his age when he considered running for reelection. “And I feel good,” he told reporters at a press conference. “I feel excited about the prospects.” 

Still, some Democratic strategists wonder whether Biden can compete effectively. “Campaigns aren’t made for 81-year-olds,” one operative acknowledged.  

In 2020, Biden largely stayed off the campaign trail because of the COVID-19 pandemic, saying he was choosing to follow the science. He built a television studio in his Wilmington, Del., home and sought to speak directly to the public from there. But in this cycle, he’ll need to crisscross the country, traveling from swing state to swing state.  

“It’s not for the faint of heart,” the strategist said.   Lack of interviews 

Biden had a press conference this week when he welcomed South Korean President Yoon Suk Yeol to the White House.  

But the president has had fewer news conferences than any of his recent predecessors, a fact some Democrats see as a sign the White House wants to keep him out of situations where he might make an unforced public error. 

Mark Knoller, the veteran journalist who covered the White House for decades and keeps detailed records of presidential pressers, said Biden has held 24 news conferences since he took office, 12 of which were joint news conferences with foreign leaders.  

Former President Bill Clinton, by comparison, did 83 news conferences in his first two years in office.  

Compared to his predecessors, Biden also has sat down for the fewest number of interviews with journalists. Knoller said Biden has done 38 interviews since taking office. Earlier this month, he did an interview with “Today Show” host Al Roker at the White House Easter Egg Roll.  

Knoller noted the president hasn’t done any interviews with Fox News, which frequently rails against his policies and politics.  

“The few interviews Biden has done with news anchors have been a festival of softball questions with no follow-up to elicit substantive answers,” said Tobe Berkovitz, a communications professor emeritus at Boston University who worked as a political media consultant. 

But Biden’s reluctance to take questions isn’t just from journalists. He also has done few town halls with voters since taking office. 

“He needs to spend more time interacting with voters,” one strategist said. “That’s a Biden staple: He performs at his best when he’s interacting with regular folks, and we haven’t seen much of it in recent years.”  

The strategist predicted Biden would have smaller, more controlled events throughout the campaign, something that ultimately doesn’t behoove him.   Nimbleness 

To win a modern-day campaign, strategists say a presidential candidate needs to be flexible.  

During the 2016 cycle, for example, Trump frequently called in to radio and television shows to do impromptu interviews while Democratic nominee Hillary Clinton and her team deliberated for hours over a tweet. Some Democrats feel the Biden operation is similar in its inability to move the ship in real time.  

“They can be really slow and too methodical,” the Democratic consultant said.  

Biden, however, showed he can respond quickly and off-the-cuff during the State of the Union address earlier this year when he went off-script to spar with Freedom Caucus members in real time over social programs.  

After Rep. Marjorie Taylor Greene (R-Ga.) called him a “liar” for saying Republicans wanted to cut Social Security and Medicare, he continued the back and forth without missing a beat.   

“He does know how to throw punches,” said Susan Del Percio, a longtime Republican consultant who supported Biden over Trump in 2020.   Proneness to gaffes 

Biden has largely been a stick-to-the-script kind of president, a major departure from his time as a senator when he regularly spoke off the cuff.  

Aides have been particularly stringent about keeping Biden on message throughout his presidency. He often quips he’s going to “be in trouble” with his aides for veering off message and speaking his mind.  

But the campaign trail can be prime for unscripted moments, and even the staunchest Biden supporters worry about his ability to step in it.  

“My biggest fear is that he’ll say something and it’ll be tough for him to recover,” one donor said.  

“Biden’s weakest link is his tradition of placing his foot in his mouth,” Berkovitz added. “He has always been a gaffe machine, and his diminishing cognitive abilities have exacerbated this problem.”   Handling of the economy 

Jobs numbers are the best they’ve been in decades, and consumer spending is robust.  

But Democrats worry one of Biden’s biggest flaws won’t be a personality trait, but rather his handling of the top issue to voters: the economy.  

Biden this week touted an economy that “remains strong,” but many economists suggest otherwise as the Federal Reserve keeps upping interest rates and big banks predict little growth, if any.   MTA ends real-time service alerts on Twitter, says platform is ‘no longer reliable’ Watch live: Jeffries holds weekly press conference

Others hint that a recession is looming as major corporations slash jobs. 

“I’m worried that the economy will turn, and [the Biden administration] didn’t handle it so well the first time,” Del Percio said, pointing to earlier in the presidency as the price of gas, groceries and other goods soared. “They got it all wrong.”

“That’s where he really falls behind,” she added. “He seems like he’s behind on a lot of kitchen table issues. And if it happens again, a serious dip in the economy will hurt him, no doubt.”

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California judge rules DAO members liable under partnership laws

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California judge rules DAO members liable under partnership laws

A16z Crypto’s Miles Jennings posted on X that the ruling is a “huge blow” to decentralized governance. 

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Thousands of farmers to descend on Downing Street to protest against inheritance tax changes

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Thousands of farmers to descend on Downing Street to protest against inheritance tax changes

Thousands of farmers from across the UK are expected to gather outside Downing Street today – in the biggest protest yet against the government’s changes to inheritance tax rules.

The reforms, announced in last month’s budget, will mean farms worth over £1m will be subject to 20% inheritance tax from April 2026.

Farmers say that will lead to land being sold to pay the tax bill, impact food security and the future of British farming.

The Government insists it is “committed” to the farming industry but has had to make “difficult decisions”.

Farmers from Scotland, Northern Ireland, Wales and England will arrive in London to hear speeches from agricultural leaders.

Sky News understands TV presenter and farm owner Jeremy Clarkson, Conservative Party leader Kemi Badenoch and Lib Dem leader Ed Davey will also address crowds.

Protestors will then march around Parliament Square.

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A sign in a field by the M40 near Warwick, protesting the changes to inheritance tax (IHT) rules in the recent budget. Pic: PA
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A sign in a field by the M40 near Warwick, protesting the changes to inheritance tax rules in the recent budget. Pic: PA

‘It’s really worrying’

“It’s unfortunate, as Labour had originally said they would support farmers,” said fourth-generation farmer Will Weaver, who is attending today’s rally.

His 500-acre cow and sheep farm in South Gloucestershire has been in his family since 1939.

“We’ve probably buried our head in the sand a little bit. I think, back of a fag-packet rough estimates, tax is going to be north of half a million [pounds].”

The government is keen to stress that farmers will get a decade to pay the bill – but that comes as little comfort to Will: “It’s more than our profit in any year that we’ve had in the last 10 years. Dad’s saying we’ll have to sell something. I don’t know if we’ll be able to raise that sort of money through a mortgage. It’s really worrying.”

As anger grows, there continues to be disagreement between the National Farmer’s Union and the Government over how many farms will actually be impacted by the change.

The Treasury says only the wealthiest estates, around 500 of them, will have to pay under the new rules – claiming 72% of farms won’t be impacted.

But farmers say that calculation is incorrect – citing that DEFRA’s own figures show 66% of farms are valued at over £1m and that the government has undervalued many estates.

At the same time as the rally, the NFU is addressing 1,800 of its members in Westminster before they lobby MPs.

More on this story:
Farmers warn of food price hikes

Minister downplays risk of empty shelves if farmers strike

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The president of the National Farmers’ Union says farmers are feeling

‘Understanding has been betrayed’

Max Sealy represents the NFU Dairy Board in the South of England.

“We have a detailed job to do to explain why this is wrong not just for farming, not just for the countryside and not just for our families, but for the economy in general,” he said.

“This is a bad tax – it’s been badly implemented because it will affect growth productivity in the country.”

He told Sky News Labour made promises to farmers ahead of the election.

“Both Steve Reed and Keir Starmer came to our conference two years ago and told us farming wasn’t a business like any others and that he understood the long-term nature of farming – that understanding has been betrayed,” he said.

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And the government say:

In a joint statement, Chancellor Rachel Reeves and Secretary of State for Environment, Food and Rural Affairs Steve Reed said: “Farmers are the backbone of Britain, and we recognise the strength of feeling expressed by farming and rural communities in recent weeks. We are steadfast in our commitment to Britain’s farming industry because food security is national security.

“It’s why we are investing £5bn into farming over the next two years – the largest amount ever directed towards sustainable food production, rural economic growth and nature’s recovery in our country’s history.

“But with public services crumbling and a £22bn fiscal hole that this Government inherited, we have taken difficult decisions.

“The reforms to Agricultural Property Relief ensure that wealthier estates and the most valuable farms pay their fair share to invest in our schools and health services that farmers and families in rural communities rely on.”

A Met Police spokesperson said it was “well prepared” for the protest and would have officers deployed to ensure it passes off “safely, lawfully and in a way that prevents serious disruption”.

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Fintech unicorns are watching Klarna’s debut for signs of when IPO window will reopen

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Fintech unicorns are watching Klarna's debut for signs of when IPO window will reopen

Hiroki Takeuchi, co-founder and CEO of GoCardless. 

Zed Jameson | Bloomberg | Getty Images

LISBON, Portugal — Financial technology unicorns aren’t in a rush to go public after buy now, pay later firm Klarna filed for a U.S. IPO — but they’re keeping a watchful eye on it for signs of when the market will open up again.

Last week, Klarna made a confidential filing to go public in the U.S., ending months of speculation over where the Swedish digital payments firm would list. Timing of the IPO is still unclear, and Klarna has yet to decide on pricing or the number of shares it’ll issue to the public.

Still, the development drew buzz from fintech circles with market watchers asking if the move marks the start of a resurgence in big fintech IPOs. For now, that doesn’t appear to be the case — however, founders say they’ll be watching the IPO market, eyeing pricing and eventually stock performance.

Hiroki Takeuchi, CEO of online payments startup GoCardless, said last week that it’s not yet time for his company to fire the starting gun on an IPO. He views listing as more of a milestone on a journey than an end goal.

“The markets have been challenging over the last few years,” Takeuchi, whose business GoCardless was last valued at over $2 billion, said in a CNBC-moderated panel at the Web Summit tech conference in Lisbon, Portugal.

“We need to be focused on building a better business,” Takeuchi added, noting that “the rest will follow” if the startup gets that right. GoCardless specializes in recurring payments, transactions that come out of a consumer’s bank account in a routine fashion — such as a monthly donation to charity.

Lucy Liu, co-founder of cross-border payments firm Airwallex, agreed with Takeuchi and said it’s also not the right time for Airwallex to go public. In a separate interview, Liu directed CNBC to what her fellow Airwallex co-founder and CEO Jack Zhang has said previously — that the firm expects to be “IPO-ready” by 2026.

“Every company is different,” Liu said onstage, sat alongside Takeuchi on the same panel. Airwallex is more focused on becoming the best it can be at solving friction in global cross-border payments, she said.

An IPO is a goal in the company’s trajectory — but it’s not the final milestone, according to Liu. “We’re constantly in conversations with our investors shareholders,” she said, adding that will change “when the time is right.”

‘Stars aligning’ for fintech IPOs

One thing’s for sure, though — analysts are much more optimistic about the outlook for fintech IPOs now than they were before.

'Phantom debt' is flying under the radar — and it could be a problem for the U.S. economy

“We outlined five handles to open the [IPO] window, and I think those stars are aligning in terms of the macro, interest rates, politics, the elections are out the way, volatility,” Navina Rajan, senior research analyst at private market data firm PitchBook, told CNBC.

“It’s definitely in a better place, but at the end of the day, we don’t know what’s going to happen, there’s a new president in the U.S.,” Rajan continued. “It will be interesting to see the timing of the IPO and also the valuation.”

Fintech companies have raised around 6.2 billion euros ($6.6 billion) in venture capital from the beginning of the year through Oct. 30, according to PitchBook data.

Jaidev Janardana, CEO and co-founder of British digital bank Zopa, told CNBC that an IPO is not an immediate priority for his firm.

“To be honest, it’s not the top of mind for me,” Janardana told CNBC. “I think we continue to be lucky to have supportive and long-term shareholders who support future growth as well.”

He implied private markets are currently still the most accommodative place to be able to build a technology business that’s focused on investing in growth.

However, Zopa’s CEO added that he’s seeing signs pointing toward a more favorable IPO market in the next couple of years, with the U.S. likely opening up in 2025.

That should mean that Europe becomes more open to IPOs happening the following year, according to Janardana. He didn’t disclose where Zopa is looking to go public.

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