Nancy Pelosi to step down from leadership role, FTX crypto currency fiasco: 5 Things podcast

On today's episode of the 5 Things podcast: Nancy Pelosi to step down from leadership role

USA TODAY Washington Bureau Chief Susan Page explains what's next. Plus, Money Editor Riley Gutiérrez McDermid looks at celebrities and others who are under fire for working with the FTX crypto currency exchange.

Podcasts: True crime, in-depth interviews and more USA TODAY podcasts right here.

Hit play on the player above to hear the podcast and follow along with the transcript below. This transcript was automatically generated, and then edited for clarity in its current form. There may be some differences between the audio and the text.

Taylor Wilson:

Good morning. I'm Taylor Wilson and this is 5 Things you need to know Friday, the 18th of November 2022. Today, House Speaker Nancy Pelosi will move on from her leadership role in Congress, plus Britain works to fight recession, and mass resignations continue at Twitter amid fears the platform might not last much longer.

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House Speaker Nancy Pelosi announced yesterday that she would step down from her leadership role, ending a 20-year reign leading House Democrats.

Nancy Pelosi:

For me, the hour has come for a new generation to lead the Democratic caucus that I so deeply respect, and I'm grateful that so many are ready and willing to shoulder this awesome responsibility.

Taylor Wilson:

Producer PJ Elliott spoke with USA TODAY'S Washington Bureau Chief Susan Page to talk about what the speaker's legacy leaves behind and more.

Susan Page:

I think you'd have to say that Nancy Pelosi is the most consequential speaker in modern times, the most consequential since Sam Rayburn, and they built a building and named it after Sam Rayburn up on Capitol Hill. And her legacy includes pushing through that unpopular bank bailout that helped rescue the economy during the 2008 financial meltdown, she was instrumental in the passage of the Affordable Care Act, and she, of course, became the face of the Democratic resistance to Donald Trump.

PJ Elliott:

Susan, do you think that she has any regrets during her time as the leader of the party?

Susan Page:

I've spent a lot of time interviewing Nancy Pelosi and I have never heard her express a regret about anything. I think that doesn't mean she doesn't have any regrets, but it means she doesn't acknowledge any regrets. She was asked if, with the benefit of hindsight, could she have done something different to ameliorate this toxic partisanship that we have in the country today, and she said that what she could have done was elect more Democrats. That would be her solution. So it's a sign of what a fierce partisan she can be.

PJ Elliott:

Susan, that's a good story. I want to look ahead now and what the future holds for the party. Hakeem Jeffries is believed to be the one tapped to replace Pelosi now as Minority Leader. What do we know about his leadership style and how might that impact Democratic led legislative efforts?

Susan Page:

Hakeem Jeffries has been close to Pelosi, he's served in the leadership with her. He is a respected figure, has got a low key style. And like Nancy Pelosi, he'll be a groundbreaker if he gets this job. He will be the first person of color to lead one of the major parties in either House of Congress.

Taylor Wilson:

You can read Susan's full story with a link in today's show description.

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Britain continues to face a recession. Budget forecasters said that the country has seen a record hit to living standards this year and Finance Minister Jeremy Hunt announced new plans yesterday with tax raises and spending cuts down the road. He says the moves will save the country $55 billion a year.

Jeremy Hunt:

We are not alone in facing these problems, but today we respond to an international crisis with British values.

Taylor Wilson:

Almost half of Hunt's measure involves tax hikes. He's lowering the threshold for the top income tax rate and cutting tax-free allowances for income from dividends. He's also slapping a new tax on oil and gas companies profits. Analysts though say some of these changes may not come until after the 2024 election. Britain's economy was already hurting, with high inflation and a slowing global economy, even before former Prime Minister Liz Truss' policies sent markets into a tailspin. Reuters writes that it's the only G7 economy, including countries like the US and Germany, that has not recovered to its pre-COVID size, and inflation there last month was at a 41 year high. Britain's Office for Budget Responsibility says the country is already in a recession and predicts that the economy will contract by 1.4% next year.

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A slew of Twitter employees appeared to resign yesterday after Elon Musk gave workers a Thursday night ultimatum to decide whether they wanted to continue at the company. Musk told employees this week that they will need to be, "extremely hardcore," to build what he's called a breakthrough Twitter 2.0, involving long hours and a high intensity environment. Those who did not reply to a link on an email by 5:00 eastern yesterday were set to receive three months of severance. It appears many did not reply to that link and internal communications channels at the company were also filled with the salute emoji, an apparent symbol of leaving the company. Ahead of the deadline, Musk did appear to soften his stance on working from home and is reportedly now trying to convince some employees at the company to stay on the social media app itself. Hordes of users last night posted links to their accounts on other social media platforms in an apparent plan in case Twitter crashes. As of early this morning, it was still up and running.

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The FTX crypto collapse story has exposed connections and interdependencies, raising questions about a potential vortex of corruption. That runs through the crypto trading market, political fundraising, along with obvious conflicts of interest, and in how one ethically flawed business leader can cause a billion dollar company to unravel so quickly. FTX founder Sam Bankman-Fried and a number of FTX celebrity endorsers now face a class action lawsuit from US crypto investors. And they're not the only ones now facing a reckoning, as USA TODAY Money editor Riley Gutiérrez McDermid is here to discuss. Riley, thanks for being here.

Riley Gutiérrez McDermid:

Sure. Always happy to be here with you guys.

Taylor Wilson:

So who's involved with this lawsuit?

Riley Gutiérrez McDermid:

It's like any other lawsuit, right? It's going to seem very nuts and bolts, and boring at the beginning, but when you hear names like Tom Brady, Gisele Bündchen, Kevin O'Leary, David Ortiz, Steph Curry, Shaquille O'Neal, Larry David, Naomi Osaka, and the Golden State Warriors NBA basketball team, you're going to start asking yourself what on earth was going on there. FTX was very aggressive and very muscular in getting its brand out there. They were the name of a stadium in Miami, which now has to rename at the very least, but certainly unravel those commitments that they've made; very involved in philanthropy, heavy donors to both political parties, but particularly to the Democratic party. And this lawsuit alleges that the people involved and hurt the most by this were the customers of the FTX, the depositors, the people who held their money on deposit and trusted it to be safe.

Taylor Wilson:

Riley, who else has been involved with FTX, whether it be in the political world or beyond?

Riley Gutiérrez McDermid:

It's going to be very hard to ignore how many legislative members of both parties, both sections of Congress, were very, very involved in this particular business and had close friendships with Bankman-Fried themselves. That also extends to certain media organizations.

Taylor Wilson:

Riley, thanks so much for being here.

Riley Gutiérrez McDermid:

Of course, always happy to.

♦

Taylor Wilson:

And finally, this Sunday is the beginning of the World Cup, the moment soccer fans have been waiting for for more than four years. Host Qatar take on Ecuador to kickoff Group A before three games on Monday, including the United States opening match with Wales. USA TODAY Sports host Mackenzie Salmon recently sat down with soccer broadcasting legend Andrés Cantor for a look ahead.

Andrés Cantor:

I will make it very, very easy for all to understand, the World Cup is 64 Super Bowls rolled into one month. That's how big it is. And I know I'm biased because this is football, soccer is my life, but I mean it's incredible to be part of a World Cup as a broadcaster. It's the tournament every player that plays this game around the world dreams of playing, it never gets old. I'm super excited for this one as I was for my very first one.

Mackenzie Salmon:

I want to talk about the Americans with you, who are actually back for the first time in 8 years - it's about time. For many, Christian Pulisic's first opportunity on the world stage to grab the spotlight is going to be this time. So what are your expectations? This World Cup for him and for the team as a whole?

Andrés Cantor:

I'm not anyone to put pressure on the team. I believe they have a very young, but experienced team, so hopefully they can beat Wales, get those first three points - which I think are going to be very, very crucial - and then hopefully have a good match against England and make it out of the group phase and be able to progress. How far? I do not know. All I know is that even though they might be the youngest team average-wise when the rosters are released, I like USA's chances because of the experience - not only Pulisic, but Matt Turner or Zack Steffen, the goal keepers. Zimmerman, Yunus Musah, Brendan Aaronson, Tyler Adams, Weston McKennie, Gio Reyna, you name it. I mean they all play in Europe, most of them play in Europe, and they play regularly. So hopefully, they will do well in this World Cup.

Taylor Wilson:

To watch our full interview with Andrés Cantor, go to USATODAY.com and search for Sports Seriously. New episodes are up every Friday afternoon.

And you can find new episodes of 5 Things every morning on whatever your favorite podcast app is. I'm back tomorrow with more of 5 Things from USA TODAY.

This article originally appeared on USA TODAY: Pelosi to give up leadership role, FTX crypto fail: 5 Things podcast