First things first. Everything that happened on Friday, from President Barack Obama’s long-awaited speech on the National Security Agency to the long list of reforms published by the White House, would not have taken place without Edward Snowden.
When he first started leaking documents, the former NSA contractor said that all he wanted to do was initiate a debate. “I’ve already won,” he said last month. “For me, in terms of personal satisfaction, the mission’s already accomplished.” Read more
Welcome to our rolling coverage of Barack Obama’s inauguration for another four years as US president, complete with agenda-setting speech. By Johanna Kassel in New York and Stephanie Kirchgaessner in Washington with contributions from FT correspondents. All times are EST.
5.40 As we wrap things up for the night, a round up of the best the FT has to offer about President Obama’s second inauguration. Thanks for joining us
5.30 As the parade continues, running about 45 minutes behind schedule, the arrival of the president and first lady at the balls will be delayed. We’ll leave them to review the rest of the floats and bands as the sun sets on Washington.
By Gideon Rachman
Everybody agrees that economic and political power is moving east. Barack Obama has constructed a whole new foreign policy around this theory – the “pivot to Asia”. But, as I assemble my annual list of the five most important events of the year, it is striking how events in Europe and the Middle East still dominate.
If I could be a fly on the wall, I would skip today’s White House lunch between Mitt Romney and Barack Obama. I would rather be buzzing around the caddy when the president next plays golf with John Boehner, the Republican Speaker of the House.
For a start, no alcohol will be served. Mr Romney’s Mormon faith will forbid him from even accepting a coffee. This puts a ceiling on the potential for candid disclosures – convivial or otherwise. Any half-educated fly knows why the Latin phrase in camomile tea veritas was never coined.
But even if Mr Romney received some kind of a religious waiver and agreed to do a round of tequila shots with the president, this fly would still head for better walls in Washington. For all the White House’s piety about consulting Mr Romney on how to run the federal government better – the main topic of discussion according to Jay Carney, the White House press secretary – real business is unlikely to be conducted. Read more
The past week has offered a unique chance to compare politics in the world’s two biggest powers. The opaque formality of the Communist party congress in China makes an almost comic contrast with the made-for-television razzmatazz of the US presidential election.
Global challenges facing Obama in his second term
What does Barack Obama’s reelection mean for the Untied States’ relations with the world? FT editor Lionel Barber and Washington bureau chief Richard McGregor join Gideon Rachman to discuss the economic and geopolitical challenges facing the president in his second term.
Fans of Obama rhetoric went into ecstasies last night over the president’s victory speech.
Here was the old Obama back: strong, confident, with his preacher’s cadences – appealing for a better future and reprising the themes that first shot him to national prominence in 2004: the unity of the nation, the ability to overcome the differences between red and blue America.
The fact that Mitt Romney also made a gracious and conciliatory speech and that senior Republicans are talking of finding compromises have led to some hopeful talk of a new spirit of bipartisanship, allowing America to skirt the fiscal cliff – and tackle a few other big challenges besides.
I’m afraid I don’t buy it. I think the Republican Party will return to Washington in an embittered and angry mood. Read more
The relief felt by Obama supporters on Wednesday is tonally different from the unbridled elation of 2008. The four intervening years have instilled a little more wariness and a little less hope. So while Obama’s campaign slogan was ‘Forward!’, it’s also important to look back – at his successes and failures, at the battles fought with a recalcitrant Congress, and at the lessons he may have learned – all of which will inform the choices of his second term. In that spirit, here is our selection of some of the best reporting and analysis pieces that shed light on Obama’s first term as president. Read more
A lot of north Americans will get high on last night’s vote – not because they are celebrating the re-election of Barack Obama as president, but following the legalisation of marijuana in Colorado and Washington. In defiance of federal law, they have now become the first US states to legalise the possession and sale of marijuana for recreational use. Although Oregon voters rejected the amendment, it’s a ground-breaking move which will change the tone of the debate on international drugs policy, test the balance of power between US states and the Federal Government, and affect Mexican security.
Medical-use cannabis is already legal in several US states. What makes Amendment 64 significant is that it would remove the prohibition on the commercial production of cannabis. In Colorado, pot can now in theory be legally sold and taxed at state-licensed stores in a system similar to alcohol sales. Personal possession of up to 28 grams (1 oz) will be legal for anyone at least 21 years old.
To get a bead on what this might mean, this is further than Netherlands has gone. There, contrary to common perception, it is only the retail sale of 5 grams that is legal. Production and wholesale remains illegal, and the law is vigorously enforced. That is why the price of pot in Amsterdam “coffee shops” is “little different than the price in US dispensaries,” as the authors of “Marijuana legalisation: what everyone needs to know”, argue here. Read more
Welcome back to the FT’s live coverage of the US Election 2012 as voters have re-elected Barack Obama over Mitt Romney. The Democrats will retain a majority in the Senate, while the Republicans will hold the house. Follow all the action with Shannon Bond, Arash Massoudi and Anjli Raval in New York (All times EST).
02.20: As the celebrations continue in Chicago, we leave you with these closing thoughts.
The President came into tonight’s election a damaged political figure with victory far from certain. He won with help of a unmatched grass-roots campaign and his direct appeal to a broad cross-section of America’s ever-changing demographics. He won’t enter his second-term in office with the same momentum in his sails but that’s not to say his challenges are any less daunting. Read more
Welcome back to the FT’s live coverage of the US election in which voters will choose between Barack Obama and Mitt Romney. As polls are closing across the country, we’re also tracking key Congressional races.
Follow all the action with Arash Massoudi, Anjli Raval and Shannon Bond in New York (All times EST)
23.00: Continue to follow our election live blog here.
22.56: The AP has called North Carolina, with 15 electoral votes, for Mr Romney. That puts his total at 186, against Mr Obama’s 148. Read more
Welcome back to the FT’s live coverage of the US Election 2012 in which US voters will choose between Barack Obama and Mitt Romney. As millions of Americans continue to head to polling sites around the country, some results will begin to trickle in shortly. By Arash Massoudi and Anjli Raval in New York (All times EST)
19.58: Continue to follow our election live blog here.
19.55: Early signs from exit polls taken in battleground states do not bode well for Mr Romney, says Ryan Lizza of the New Yorker.
@RyanLizza: “Lots of reasons not to trust the exits, but so far they show good news for Obama and bad news for Romney.”
Welcome back to the FT’s live coverage of the US Election 2012 in which US voters will choose between Barack Obama and Mitt Romney. As millions of Americans continue to head to polling sites around the country, some results will begin to trickle in shortly.
By Arash Massoudi and Anjli Raval in New York (All times EST)
19.00: Continue to follow our election live blog here.
18.55: How will markets react tomorrow? Michael Mackenzie, FT’s US markets editor, says bond traders believe Treasury yields are likely to fall if President Obama is re-elected as attention will focus on gridlock and the “fiscal cliff”.
“Traders think a Romney win would push the benchmark yield higher as the risk of a fiscal accident is reduced. For equities, the consensus view is that a relief rally beckons once the election result is finalised, with a Romney win pushing stocks even higher.”
Welcome to the final round up of media coverage of the US presidential election campaign, as Americans go to the polls. You can see a live blog of the unfolding events elsewhere on FT.com, but here we review the last moments of seemingly endless months of punditry and prognostication about what might happen today. Tomorrow, it is to be hoped, the headlines will be about what actually has happened.
We start with a look at how the media have covered the crazed deadline hours of campaigning, as the candidates hurtle around swing states trying to energise voters to support them. Read more
By Gideon Rachman
Over the past few weeks, I have amused myself by betting friends that Mitt Romney will be elected president. The fun is in the shocked reaction from American liberals – and virtually all Europeans – who find the very thought of a Republican victory utterly horrifying. Even suggesting that a Romney presidency might be tolerable feels like telling Roman citizens that Alaric the Visigoth has been unfairly traduced
The final stretch: Barack Obama presses the flesh at a rally in Cincinnati, Ohio on Sunday (AP)
Welcome to the penultimate summary of media coverage of the 2012 US election campaign on a day when geography means nothing and psephology everything as the candidates make their final push for the few, surely very few, remaining undecided voters.
The polls on this last day of campaigning suggest President Barack Obama has a slight edge in the states he needs to hold – Ohio, Wisconsin, Iowa, Nevada – to keep the White House, but his opponent Mitt Romney is easily close enough for polls to be wrong and an upset to be possible.
RealClearPolitics.com shows “Obama (D)” ahead of “Romney (R)” by a sliver – half of a percentage point. Five national polls on Sunday gave the following margins: Obama +3; Obama +1; Obama +1; Tie; Tie. The possibility, last seen in 2000, of the victor losing the popular vote but winning in the electoral college, remains open. Read more
Welcome to a summary of US election coverage of a day when President Barack Obama had the luxury of dominating television screens without having to pay an extra cent in advertising, while his opponent Mitt Romney was forced into an uncomfortable position in the wings of a great drama.
In the Financial Times, Alan Rappeport reports from Atlantic City that Mr Obama’s position as incumbent gave him the opportunity not only to be pictured coming to the aid of a storm-battered New Jersey, but also inspecting damage alongside the state’s governor, Chris Christie, who has been one of Mr Romney’s main surrogates in attacking the president. Read more
Welcome to a summary of US election coverage on a day when the advantages of incumbency will surely continue to work on behalf of President Barack Obama.
His role in supervising the clear-up of damage caused by the biggest storm to hit the eastern US in 75 years puts the president in centre shot of news footage that for at least the next 24 hours will be broadcast into every home of the US, airtime that could not be bought.
Latest polls show the presidential race is still being fought on the thinnest margins in states that have either been dealt glancing blows by Sandy – Ohio, Virginia, New Hampshire, – or know only too well what it is like to be mangled by the forces of nature – hurricanes in Florida, tornadoes in Iowa. Read more
Just a week till presidential election day, but still time for more dialogue of the deaf about offshoring. The latest iteration was kicked off by a Romney comment (and slightly less misleading ad) wrongly suggesting that Jeep, owned by Chrysler, was moving production to China. (In fact Chrysler is restoring capacity there to service the Chinese market.) The Obama campaign has just released its response, and so another bout of breast-beating economic nationalism gets under way.
More sympathy might be due to the Obama campaign if it didn’t itself routinely equate foreign investment with sending jobs overseas, particularly its ill-advised attacks on the idea that a territorial corporation tax system would reward US companies for offshoring employment. As informed opinion on the subject routinely points out, the overall evidence is that foreign investment is a complement rather than a substitute to domestic expansion. If you want the specifics, read this. Read more
It may be a contest to become the most powerful human on the planet, but even the US presidential race has to bow to the might of nature sometimes. As Hurricane Sandy summoned up her powers to hammer the east coast of the US, organisers of the two campaigns hurriedly changed their plans and moved inland.
The weather is likely to have two effects, according to the US press, with practical concerns about travel and safety affecting both. But the campaign of President Barack Obama will be worse hit by a second factor, as the Wall Street Journal explains:
Today is the last day for in-person and mail-in voter registration in deadlocked New Hampshire, where the weather threatens to scuttle campaign stops planned by both camps next week. First lady Michelle Obama has canceled a Tuesday trip to the University of New Hampshire campus, which will be closed Monday and Tuesday in preparation for Sandy.
Mr. Obama’s campaign team is relying on banking votes during the early voting period in many states. Campaign aides are privately nervous about a potential disruption in early voting in Florida, North Carolina and Virginia.