It’s Tuesday, November 18. This is The Front Page, your daily window into the world of The Free Press—and our take on the world at large. Today: Former Democratic fundraiser Evan Barker tells all, one year after voting for Trump. Apple’s openly gay CEO becomes an awkward enabler of China’s anti-gay crackdown. Suzy Weiss says body positivity is dead—but will anyone miss it?
But first: Niall Ferguson vs. Tyler Cowen on whether AI is a bubble.
Yesterday in our pages, economic historian and Free Press columnist Niall Ferguson issued a warning: The AI boom, he wrote, “is a house of cards.”
That’s an alarming conclusion to reach, given that the promise of AI is now the principal driver of the stock market and the U.S. economy. And if the reader wasn’t already worried enough, Niall then draws an ominous comparison between today’s AI gold rush and the frenzy that preceded the great crash of 1929. (He also finds a way to get Dr. Seuss into his argument, but I won’t try to explain that here.)
It’s a sobering argument, but is he right? Another Free Press columnist, economist Tyler Cowen, isn’t so gloomy. He writes that it is “premature to write off current AI valuations as a ‘bubble.’ ” Tyler reaches for a more recent historical analogy—the dot-com bubble—and draws encouragement from Amazon. Its stock crashed along with the likes of Pets.com and Webvan, then soared to heights beyond anyone’s expectations.
“The lesson is clear: If you see an investment that looks steady, sometimes the best thing to do is to jump on it,” Tyler writes. “No one can know when the market bottom is going to come, and either way, it’ll probably spike again fairly soon.”
He goes further: Perhaps all this talk of a bubble is really a security blanket, because the alternative—that the AI hype is real—is even more unsettling. Read two of the sharpest thinkers taking either side of perhaps the biggest economic question in the world right now.
—Rick Brooks
Live with Will Rahn and Sam Tanenhaus: Conservatism in ChaosThe conservative movement is at a fork in the road. Fringe figures like Nick Fuentes are being mainstreamed, Tucker Carlson has taken a conspiratorial turn, and the MAGA coalition is at war with itself over Jeffrey Epstein. Few people know the history of this moment better than Sam Tanenhaus, whose long-awaited biography of conservative impresario William F. Buckley was published earlier this year. Sam joins Free Press senior writer Will Rahn for a livestream conversation today on the state of the right—from the Groypers to MTG—and how we got here. They’ll map the movement’s new fault lines and what conservatism might look like after Trump. Don’t miss the livestream conversation at 5 p.m. ET, available to paid subscribers only. Click here to tune in.
Jonathan Haidt: Kids Don’t Need PhonesYou probably know Jonathan Haidt as the guy trying to save your kids from smartphones and social media apps. Bari sat down with the Anxious Generation author in front of a live audience in New York City to talk about how we got to this point—and where we go from here.
President Donald Trump speaks with reporters before boarding Air Force One as he departs Palm Beach International Airport on November 16, 2025. (Jim Watson via AFP)
David Richardson, the acting chief of the Federal Emergency Management Agency (FEMA), resigned yesterday following months of criticism surrounding his handling of July’s Guadalupe River flood in Texas. During the flood, which killed more than 130 people, Richardson was unreachable for “hours and hours,” one official told The Washington Post.
France will send 100 warplanes to Ukraine over the next 10 years, according to a deal signed by the two European allies on Monday. The deal will also include anti-aircraft defenses, munitions, and drones.
Bangladesh’s ousted prime minister Sheikh Hasina was sentenced to death for using lethal force to quell student protests last year. Over 1,400 protesters were killed. Hasina called the verdict “biased and politically motivated,” while families of the victims cheered and other people knelt and prayed.
President Trump said he will provide $2,000 “tariff dividend” checks to “individuals of moderate income, middle income” by mid-2026. But the checks would require congressional approval, according to Treasury Secretary Scott Bessent, and their total cost could exceed this year’s tariff revenue.
Chile’s presidential election is heading to a runoff between its two leading candidates: communist and former labor minister Jeannette Jara and pro-Trump conservative José Antonio Kast. Some voters criticized Jara for calling Cuba a democracy, while others have compared Kast’s hard-right stances on immigration and crime to those of former dictator Augusto Pinochet.
The United Nations Security Council approved a resolution to deploy an “international stabilization force” to disarm Hamas and facilitate the withdrawal of the Israeli Defense Forces from Gaza, a key tenet of President Trump’s Gaza peace plan. “This will go down as one of the biggest approvals in the History of the United Nations,” Trump posted on Truth Social.
Rapper Nicki Minaj will speak about the persecution of Nigerian Christians at the UN’s headquarters in New York City today. “The Barbz & I will never stand down in the face of injustice,” Minaj wrote on X, referring to her fans. “We’ve been given our influence by God. There must be a bigger purpose.”
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