The Daily Valet. - 6/2/23, Friday
✔️ Crisis Averted
Friday, June 2nd Edition
By Cory Ohlendorf, Valet. Editor
Don't forget to stop and enjoy a donut somewhere, sometime today.
Today’s Big Story
Debt Limit Deal Averts Default
With Just days to spare, Senate Passes debt ceiling deal, sending it to Biden’s desk
We've got a deal. After weeks of political wrangling and tense negotiations, the Senate gave final approval to bipartisan legislation Thursday to raise the debt ceiling into 2025 and cut the deficit, sending the bill to President Biden's desk.This means that America will avert a potentially catastrophic default on its debt obligations (which would've occured on Monday), while punting the issue until after the 2024 election. Senators voted 63-36 to pass the bill, with 46 Democrats and 17 Republicans voting for it. Biden tweeted Thursday night that senators from both parties had “voted to protect our hard-earned economic progress and prevent a first-ever default.” He also said he'd sign the measure as soon as possible and address the nation from the Oval Office on Friday evening.How'd it happen so fast? The Senate was able to forgo its usual days-long process for passing major legislation by reaching a time agreement in exchange for votes on 11 amendments, all of which failed. Ultimately, neither party got everything it wanted. Domestic spending will effectively be held at something close to the status quo in nominal terms, which means a cut when accounting for inflation. It's still at a much higher level than Republicans wanted, and lower than Democrats would have preferred (though they do not see the cuts as devastating).According to Vox, the biggest political losers from “this anticlimactic outcome of bipartisan feel-goodery include those whose theories of congressional politics tend toward the confrontational—both the conservatives hoping to use a crisis to force drastic policy changes, and liberals who hoped Biden would take bold executive action to effectively solve the debt ceiling issue.”
Meanwhile:
Biden joked that he got “sandbagged” after he tripped and fell onstage at the Air Force Academy graduation.
America’s Richest Self-Made Women
From Oprah to Taylor Swift, they have a combined wealth of nearly $11 billion
When it comes to entrepreneurship, many women in entertainment are smacking it out of the park these days. Forbes, who just announced their list of the richest self-made women, says it's been a banner year for female business owners.Of course, the ones making headlines are the self-made celebrities. Topping the list, to no one's surprise, is Oprah Winfrey. The media mogul has a net worth of more than $2.5 billion. The name of the game is diversification. No one on this list just does a single thing. Look at Reese Witherspoon, who is the executive producer of several hit series and stars in another. Or Dolly Parton, who's been busy with TV specials, new books and several product lines this past year. And, of course, Rihanna, who ranks No. 2 on the list with a cool $1.4 billion fortune and a multi-faceted career to fuel it.As Robb Report puts it: Whether it's astute business instincts or a deep understanding of how to connect to fans in today's world, these stars are showing the best ways to navigate the modern landscape of media and economics.
Meanwhile:
Elon Musk has reclaimed the title of the richest person in the world.
It’s Donut Day
The surprising History and where to score some free sweets all day today
Did you know that today—and every first Friday in June—is National Donut Day? Typically, we don't pay much attention to these “holidays” which are usually just the result of successful industry lobbying efforts or cheesy marketing ploys. But this day has a long and somewhat valiant history.According to The Takeout, the surprisingly patriotic holiday dates back to 1938, and honors the volunteers with the Salvation Army, known as “doughgirls.” Throughout World War I, the women handed out doughnuts to American soldiers on the front lines. This, by the way, is how the doughnut, a treat of European origin, made its way into the hearts of Americans—after the war, soldiers carried their doughnut cravings home with them.And now, most donut shops, including national chains like Krispy Kreme and Dunkin', are giving away free ones all day. Of course, no one can eat just one, right? That's why the donut business in America alone swelled to $7.3 billion last year. That's a lot of glaze.
FYI:
The official dictionary spelling of the word—if you’re into that sort of thing—is “doughnut.”
Porsche Redesigns Its Iconic Logo
Apparently, it was three years in the making
Here's some good news—because nothing makes me more irrationally angry than when companies redesign historic logos. In my biased opinion, they're rarely ever any better and these new “modern” designs never last. They're often a band-aid for a larger problem. But that's not the case with Porsche, who just refreshed their logo for the brand's 75th anniversary.In fact, Car and Driver says you may need to “pull out your reading glasses to spot the differences.” The historic badge remains immediately recognizable (thankfully). But during an “intensive three-year design process” the automaker widened the top of the crest, and recessed some elements while raising some others for a more three-dimensional design. The company has used some version of the shield crest on its vehicles since it was first introduced in 1952. The trademarked logo has been updated five times since then, but hadn't been refreshed since 2008. Chief marketing officer Robert Ader said the crest “is an unmistakable symbol and simultaneously a central element of our brand identity.” In luxury car speak, I think that means why mess with a good thing?
Cautionary Tale:
Kia redesigned their logo and the confusing shape led to a full on fiasco.
In Other News
The world's most populous country will insteasd focus on its renewables sector.
Have you heard about ...
A Weekend Pairing
‘I Think You Should Leave’ + a Coors
It's goofy and crass, but ultimately clever and highly quotable … I’m not going to ask if you’ve seen I Think You Should Leave, because I’m sure that you have. Or, at least, seen some clips online. The show’s long-awaited third season, which just dropped on Netflix, proves that Tim Robinson and Zach Kanin’s sketch series is so much more than a meme goldmine.The cult-hit show is esoteric and off-kilter and according to InsideHook, it “just keeps getting weirder … and better.” But this is not just low-brow humor. Writing for The New Yorker, Rachel Syme called the show “a love language” and that the comedy “gets stuck in your head, like pop hooks, because of the idiosyncratic phrasing and goofy alliteration.” And the A.V. Club reminds us that the first two seasons were critically acclaimed, racking up WGA Award wins in 2020 and 2022 as well as two Emmy noms last year. So start streaming and repeating the most laugh-out-loud lines as much as you like.
Pair It With
What do you even pair with this wild show? Something easy to drink and not too fancy, that’s what. My choice? Good ol’ fashioned Coors Banquet. Did you know that all Banquet beer is still brewed in Colorado? Balancing a malty, corn sweetness with a hint of hop bitterness, this lager is much more than your everyday lawnmower beer.
Also Worth a Watch:
‘Vortex’ on Netflix and ‘Shiny Happy People: Duggar Family Secrets’ on Prime Video
Partner
Add Some Intrigue With a Necklace
Upgrade a simple summer outfit
Men’s jewelry has never been more popular than it is right now. And as we head into the heart of summertime, the right necklace can be a fool-proof way to add some style and intrigue to an otherwise simple outfit of shorts and a T-shirt. Wear one with an open camp collar shirt and it adds another layer to your warm weather look. 877 Workshop is a German brand that specializes in reinterpreted heirlooms of the past. They use the same techniques and tools like back in the day for an authentic look and feel for their sterling silver necklaces. Herewith, three of our current favorites from their collection.
Stella Maris Necklace, $127
This is the ancient title for the Virgin Mary. She's also the female patron saint of sailors, symbolizing the North Star and guiding you through the “sea of life”.
The Horseshoe Necklace, $127
An old school lucky charm. This one, is solid sterling silver and is finished with Japanese beads on a patinaed rope chain. It looks vintage because it's made the same way it was decades ago.
Widely recognized as the patron saint of travelers, they were popular in the 1960s and '70s with surfers, adventurers and those who liked to drive fast.
Learn More:
Browse all of 877 Workshop's vintage-inspired necklaces.
Morning Motto
Right here. Right now.
▾
Follow:
Share today’s motto:
