Good morning. It's Monday, Sept. 21, and the country lost an icon over the weekend, with huge implications for the 2020 election. Have feedback? Let us know at [email protected].

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NEED TO KNOW

Ruth Bader Ginsburg Dies

Supreme Court Justice Ruth Bader Ginsburg passed away from cancer Friday evening at age 87. Despite reports she had been receiving chemotherapy over the summer, the news came as a shock—Ginsburg had survived four separate bouts with cancer dating back to 1999 (among other health issues), lending her an air of invincibility. 

The second woman to serve on the Supreme Court, Ginsburg became a cultural icon for her leadership on women's and civil rights. Throughout her career, the Brooklyn-born jurist was known for attacking legal frameworks with embedded gender discrimination, often created under the pretense that women needed special protections. A student of Harvard and Columbia law schools, Ginsburg argued six women's rights cases in front of the Supreme Court while in private practice, winning five. A number of her scathing opinions attacked the notion of female fragility head on, helping engender her to a younger generation (as did her workout regimen, which became a pop-culture sensation). Read more on her legacy here, along with this interview in which she discusses her early years.

Finally, amid what feels like profound and intractable political division, reflect on Ginsburg's deep personal friendship with former conservative justice Antonin Scalia.

... and The Political Implications

Ginsburg's passing is expected to reshape the 2020 election landscape, with a debate over when her vacancy should be filled—before or after the election, or after the 2021 inauguration—taking center stage along with the pandemic, racial and social unrest, and the economic crisis. 

There are three steps to confirming new justices. First, the president must nominate a candidate. President Trump has signaled a nominee, likely a woman, will be announced early this week. Amy Coney Barrett, a federal appeals court judge on the Seventh Circuit, is the leading contender.

Second, the nominee must be approved by the Senate Judiciary Committee. The panel, with a 12-10 Republican majority, is expected to proceed once a candidate is announced; consideration typically includes a public hearing. Democratic vice presidential nominee Sen. Kamala Harris (D-CA) sits on this committee. Eight members are up for reelection this cycle.

If approved, the nominee is then debated and voted on by the full Senate, where Republicans hold a 53-47 majority. Per rule changes made by Republicans when Democrats threatened to filibuster the 2017 consideration of Justice Neil Gorsuch, only 51 votes are needed to end debate and confirm a nominee. However some Republican senators are seeking to push the vote past the election (or longer). Sens. Susan Collins (R-ME) and Lisa Murkowski (R-AK) have both said they won't support a preelection confirmation; Collins—facing a tight reelection bid at home—said the Nov. 3 presidential winner should fill the slot. With Vice President Mike Pence as a tiebreaker, Senate Majority Leader Mitch McConnell (R-KY) can afford to lose just two other senators. 

Framing the debate is the 2016 consideration of Merrick Garland, nominated by then-President Obama eight months before the election, but blocked by the Republican-controlled Senate until after President Trump's inauguration. The move resulted in Gorsuch's confirmation. Democrats criticized Republicans for flipping positions (compare what each senator said then and now). Conversely, Republicans criticized Democrats after they pushed for a vote for Garland in 2016 (something Ginsburg herself supported), and argued they have a mandate, having retained the Senate majority in 2018. 

In the background, a contested election outcome—for example, questions over disqualified mail-in ballots—could be potentially litigated to an eight-person Supreme Court (assuming the vacancy is not filled beforehand).

There are 43 days until the election; the average time for a nominee to be confirmed to the court is around 70 days. See poll averages in battleground states here.  

TikTok Sign Off

The White House announced it had approved in principle a deal in which the social video network TikTok would sell a significant stake of its operations to Oracle and Walmart. Under the agreement, Oracle would own 12.5% of the newly created TikTok Global at a target valuation of $60B, while Walmart would own 7.5%—combined the two would pay $12B for their shares.  

The news provides clarity on a saga that began after President Trump said he would ban the platform—owned by Chinese parent company ByteDance—over national security concerns (see deep dive). The deal falls short of full divestment, with ByteDance retaining majority ownership of TikTok Global. However, US investors own a substantial stake in ByteDance—sources say the combined stakes will surpass 50% US ownership, placing the new entity under de facto American control.

The decision delayed a ban on the app—used by more than 100 million Americans—set to kick in yesterday. Separately, a judge blocked a similar ban on WeChat while legal challenges were considered.

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$450M?!?!

That's a lot of cash. And no, it isn't a typo. Masterpiece paintings are selling for up to $450,000,000 these days, and with value like that, it's no wonder 86% of wealth managers recommend allocating to art.

Learn exactly how you can diversify your portfolio with one of the oldest asset classes with the art experts from Masterworks. They’ve created the only platform for investing directly in shares of multimillion-dollar paintings from bestselling artists like Picasso and Basquiat. Unconventional—and potentially lucrative—their offerings have returned 8%–30% historically.

1440's readers can skip the Masterworks waitlist of over 25,000 people. Invest in this incredibly valuable asset class today.

Check out Masterworks' important disclaimer here.

Please support our sponsors!

IN THE KNOW

Sports, Entertainment, & Culture

> “Schitt’s Creek” completes historic sweep at Primetime Emmys, winning all seven comedy categories on the night (More) | HBO’s “Succession” wins best drama series; see complete list of Emmy winners (More)

> Milwaukee Bucks star Giannis Antetokounmpo tops LeBron James to win second consecutive NBA Most Valuable Player award (More) | See latest playoff bracket and scores (More)

> Slovenia’s Tadej Pogacar, 21, becomes youngest Tour de France winner since 1904 (More) | American Bryson DeChambeau powers his way to a win at golf’s US Open, his first major title (More)

Science & Technology

> The rhythmic beating of a single layer of brain cells underlies the mental state of dissociation, study finds; the feeling of being disconnected from the surrounding reality is often seen in trauma patients or caused by psychoactive drugs (More)

> Cellular mechanism that determines how quickly embryos develop in different species discovered; key process lies in how quickly proteins can be broken down inside a cell (More)

> Archaeologists uncover dozens of sarcophagi in previously unknown tombs buried under the ancient Egyptian necropolis of Saqqara (More)

Business & Markets

Brought to you by The Ascent

> Rolls-Royce seeking to raise approximately $3B to strengthen balance sheet amid pandemic-induced global economic slowdown (More)

> Video game design software maker Unity climbs 31% in first-day trading to wrap up busy week of IPOs (More)

> Robert Gore, inventor of Gore-Tex outdoor fabric, dies at 83 (More)

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Politics & World Affairs

> Tropical Storm Beta set to make landfall along the Texas and Louisiana Gulf Coast late today; storm names move into the Greek alphabet for the second time on record (More)

> Ricin-containing letter intercepted at the White House mail processing facility, believed to have been sent from Canada; officials arrest suspect trying to enter the US at the Canada-New York border (More)

> California's Bobcat Fire, outside Los Angeles, becomes the latest West Coast blaze, passing 100,000 acres burned at 15% containment (More) | Firefighter dies battling the El Dorado Fire, sparked by gender reveal party; charges possible (More)

A NEW ASSET CLASS

In partnership with Masterworks

Did you know that art prices rose through the 2008 financial crisis? Of the 10 major asset classes, fine art has the lowest correlation score to the S&P 500, meaning when markets go down, your art investments can still appreciate in value. But only multimillionaires can afford to invest in fine art, right?

Not anymore. Masterworks has opened up investment in shares of fine art to the everyday investor, so you can access paintings by Picasso, Basquiat, and many others. You can skip their 25,000 person waitlist today—check it out now.

Check out Masterworks' important disclaimer here.

Please support our sponsors!

ETCETERA

See Ruth Bader Ginsburg's life in photos.

Stunning long-exposure photos of mountain climbing routes.

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How a hillbilly brigade saved one Oregon town from wildfires.

Counterfeit whisky can now be detected without opening the bottle.

Take a video tour inside Apple's new $5B headquarters.

The 2020 Ig Nobel Prizes highlight the strangest-sounding science. 

NASA snaps a beautiful new shot of Jupiter's storms. 

Check out the world's 10 most scenic airport landings.

Clickbait: High on whippits, man launches car over Detroit drawbridge.

Historybook: "The Hobbit" is published (1937); HBD Stephen King (1947); HBD Bill Murray (1950); Sandra Day O’Connor becomes first female Supreme Court justice (1981); RIP track and field legend Florence Griffith Joyner (1998).

"I believe in the impossible because no one else does."

- Florence Griffith Joyner

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