Thursday, November 5, 2026 · Morning Edition

Today

By StaffNews Desk

Good morning. The 2026 midterms delivered a "blue wave" that landed hardest on the tech bosses, in elections widely seen as a referendum on Trump's second presidency, with control of the Senate and House—both held by Republicans—at stake. Even Florida Governor Ron DeSantis cast blame on Trump and Congress: ["This midterm, no question, was a rebuke of the president and the Congress by Democrats, independents and some Republicans that crossed over."](https://thehill.com/homenews/campaign/6200226-ron-desantis-2026-midterms-result-rebuke-trump-congress)

Don't expect capital to concede. Though tariffs contributed to the defeat, an Atlantic Council scholar argued "Trump will reject any attempt to limit the use of his favorite tool." The war machine runs on the same logic: on the eve of the vote the administration struck Iran's Qeshm Island, with officials calling the limited action defensive. That war now shapes prices too—Bank of England Governor Andrew Bailey, after his bank hiked interest rates Thursday, said the best thing to curb the current supply shock would be a resolution of the war in the Middle East. The bosses' war abroad lands as higher bills at home.

Ballot measures tracked the same class lines. In one of the most expensive ballot fights in California history, opponents heavily outspent supporters and drove Proposition 40—a billionaire tax to mostly fund healthcare—toward defeat, results too close to call. Voters elsewhere rejected AI data centers that drain local water and power to cool servers—public resources burned for private compute.

The administration is entrenching, not retreating. The Justice Department is pressuring Washington to hold back 405 ballots from alleged noncitizens, though its own letter admits some may belong to U.S. citizens. The State Department is handing $1 million to AfriForum to study crimes against white South Africans—a grant that tells you exactly whose grievances this government funds. And when Bloomberg reported a Republican congressman's campaign was accused of stiffing workers of wages, the campaign's answer was to revoke the outlet's press credentials. Power protects power.