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|  |  | Friday, October 10, 2025 | |  | | Samuel Corum/Sipa/Bloomberg | Good morning, Quartz readers! It’s Shannon Carroll with the Daily Brief.
Today, the president’s balance sheet is booming, Delta’s loyalty math is cruising, the IRS’ 2026 brackets are here, and DOGE is still rounding up its “savings.” | | HERE'S WHAT YOU NEED TO KNOW | Jamie Dimon’s doomsday clock is ticking. The JPMorgan Chase CEO told the BBC he’s “far more worried” than his peers about a serious market
correction, citing fiscal bloat and geopolitical risk. | DOGE barked about $2 trillion in cuts — and fetched none. Despite the department’s pledges to slim the budget, government spending climbed
$376 billion this year, while Musk’s “efficiency” drive proved mostly theoretical. | Musk’s long-running Twitter feud just got muted. The CEO of what’s now X agreed to pay four former Twitter executives their promised
severance — the same team he once vowed to “hunt … till they die.” | Flat soda, rising stock. Pepsi’s North American sales slid again as consumers are buying fewer chips and sodas, but global growth and
cost-cutting measures helped it beat expectations and keep investors sipping. | | | Sponsored |  | Lowest Price Vanishes. Do Not Miss. | Audiophiles and remote professionals are rushing to grab this deal. For a limited time, the new Sonos Ace headphones are 25% off their original price. Don't be the only one to miss out on the audio revolution. These headphones deliver superior
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| | AN EXECUTIVE ORDER OF BUSINESS | Donald Trump’s second presidency has been good for business — his own. Forbes pegs his fortune at $7.3 billion, up $3 billion from last year, and The New Yorker calculates that the Trump family has taken in $3.4 billion since his first term. The portfolio spans luxury real estate, crypto, and the new frontier of political finance: “America First” ETFs and a meme coin that buys access to the man himself. Trump has already pocketed an estimated $385 million from the token, even as his
administration loosens crypto oversight.
U.S. conflict-of-interest laws don’t apply to presidents, a carve-out that has turned public trust into private equity. Past presidents sold their businesses to avoid even the appearance of corruption; Trump has built ones. Congress shows no appetite for reform, and the Supreme Court has granted presidents broad immunity for “official acts,” leaving some experts (i.e., Justice Sonia Sotomayor) to describe the modern presidency as a “law-free
zone.”
That legal vacuum has become a business climate. Federal agencies are writing checks to Trump-owned properties, foreign governments are striking deals with Trump-linked firms, and regulators are too understaffed to intervene. The Constitution bars foreign gifts, but enforcement requires impeachment — an option that seems off the table. The result is something new in American history: a presidency that is also a business model, one whose shareholders are watching the stock rise
— and fall. Quartz’s Niamh Rowe has more on the bull market guaranteed by executive order. | | SKY-HIGH RETURNS | Delta Air Lines is cruising above the chaos. As the government shutdown enters its ninth day — with unpaid air-traffic controllers and TSA agents keeping the system aloft — the airline opened earnings season with
record revenue, expanding profit margins, and a premarket jump that had investors reaching for champagne instead of seatbelts. The carrier reported adjusted earnings of $1.71 a share on $15.2 billion in revenue, both up from a year ago, and told Wall Street it expects a smooth landing for 2025. For travelers, the skies remain safe but stretched, a reminder that the infrastructure below is operating on fumes.
Delta’s ascent is largely thanks to loyalty
economics. The airline’s post-pandemic playbook has been simple: trade cheap seats for premium flyers and cardholders. About 60% of its revenue now comes from high-end travel and its lucrative American Express partnership, turning Delta into a hybrid of airline and financial brand. The company’s real engine is now its SkyMiles program — a rewards ecosystem so profitable it’s underwriting the flights themselves.
That strategy also mirrors the economy it flies through — one where
affluent consumers are still spending freely while the rest of the cabin braces for turbulence. Non-fuel costs stayed flat, fuel prices fell 8%, and operating margins rose to 11.2%. With United, American, and Southwest set to report earnings next, the takeaway is clear — for the airlines… and maybe for America: the higher your tier, the smoother the flight. Quartz’s Catherine Baab has more on a business model that keeps climbing. | | | Sponsored | | Lowest Price Vanishes. Do Not Miss. | Audiophiles and
remote professionals are rushing to grab this deal. For a limited time, the new Sonos Ace headphones are 25% off their original price. Don't be the only one to miss out on the audio revolution. These headphones deliver superior precision with hyper-realistic spatial audio and 30 hours of Active Noise Cancellation—perfect for your daily commute or a crucial video call. Industry reviews confirm this is a game-changing personal sound experience. This special Prime Day pricing is the absolute lowest you will find. The opportunity is expiring now
that the sale is underway across major retailers. Secure your pair and elevate your listening before the price returns to normal. | |
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