WSJ What’s News - Kamala Harris Takes the DNC Stage. Here’s a Vibe Check.

Episode Date: August 22, 2024

P.M. Edition for Aug. 22. Ahead of the Democratic National Convention’s last night, a look at the mood among political leaders and donors. Plus, an analysis of climate policies across the world suggests only a small fraction of them work. And U.S. home sales edged up in July, with prices still near their highest level. Luke Vargas hosts from the floor of the Democratic convention. Danny Lewis hosts from New York City. Sign up for the WSJ's free What's News newsletter.  Learn more about your ad choices. Visit megaphone.fm/adchoices

What is dedication? People ask, how your children learn how to ride a bike and you didn't. I just created an environment where they taught themselves and all I had to do was be there. That's dedication. Visit fatherhood.gov to hear more. Brought to you by the U.S. Department of Health and Human Services and the Ad Council. U.S. home sales edged up in July even as prices remain near record highs. Plus, a new study shows that most climate policies around the world

have failed to decrease emissions and will take the temperature at the Democratic National Convention ahead of Kamala Harris' big speech. Earlier this year, we saw a lot of kind of atrophy among the small dollar base. They didn't feel very excited. And among Democrats recently, we've really seen that excitement come roaring back. It's Thursday, August 22nd. I'm Luke Vargas for the Wall Street Journal at the Democratic Convention in Chicago.

And this is the PM edition of What's News, the top headlines and business stories that move the world today. And before we get to what's happening in Chicago at the DNC, let's go to New York where my colleague Danny Lewis has been keeping tabs on the day's news. Thanks, Luke. U.S. home sales edged up in July, ending a four-month streak of declines. The National Association of Realtors says sales of previously owned homes rose 1.3% from the month before to a seasonally adjusted annual rate of $3.95 million. That's

the lowest level for any July since 2010. Home sales got a modest boost thanks to mortgage rates falling in recent weeks, but the volume of existing home sales has been stuck at low levels all year and the spring selling season, usually the busiest time of year for the housing market, was a flop. And prices remained near record highs at a time when the cost of housing has become a hot-button election issue. The July data doesn't show whether the new rules for how real estate agents get paid have had an effect on the market because the rule changes were implemented in most of the U.S. this month. News Corp, owner of the journal, also operates Realtor.com under license from the National Association of Realtors. In U.S. markets, all three major indexes dipped lower ahead of Federal Reserve Chair Jerome Powell's speech tomorrow

that could provide clues about the central bank's plans for interest rates. The Nasdaq-led declines, dropping nearly 1.7 percent. The S&P 500 fell about 0.9 percent. And the Dow Jones Industrial Average lost almost half a percent, nearly 178 points. How to Succeed in Decreasing Emissions Only a fraction of climate policies around the world are effective in decreasing emissions. That's according to German researchers who used an AI algorithm to sift through a database of environmental prescriptions compiled by the Organization for Economic Cooperation

and Development for the years between 1998 and 2020. After evaluating more than 1,500 climate policies in 41 countries, they found that only 63 policies worked. According to the study, published today in the journal Science, the fraction of policies that worked found the perfect combination of financial incentives, regulations, and taxes. My colleague Trina Menino spoke to Wall Street Journal Science reporter Eric Kneeler, and asked him about the report's findings. So Eric, what did the report show about the US?

In the United States, overall vehicle emissions dropped in 2008 after new mileage rules were put into effect. That change, along with a tax break for motorists who bought these cleaner cars, did actually bend the curve on emissions for the vehicle sector in the United States. That's one example of a change in policies, several of which combined together that helped

reduce carbon emissions. Not every policy change has worked. Labeling of appliances or labeling of buildings, for example, as energy efficient, that really hasn't made a big difference. Some carbon taxes haven't worked as well. So what the study is really saying is that it really requires a mixture of several different kinds of policy prescriptions, both a carrot and a stick, and also other sorts of things in between those two to really make a difference.

Which countries have effective policies and what makes them successful? In the United Kingdom and Norway, for example, a combination of a mandated phase-out of coal plants plus a carbon tax helped to cut emissions in the electricity sector in both these countries. In China, emissions have fallen in the industrial sector from seven provinces that started an emissions trading program in the 2010s that slowly ratcheted down the use of fossil fuels. Other standalone policies have not had the desired effect. Is this report expected to make any difference in setting up climate related policies? Climate experts say this study is a good roadmap

for what works and what doesn't work. They also say it can be updated to include new data from the recent Inflation Reduction Act, which was passed in 2022, but wasn't included in this study. As one expert told me, this study gives confidence that we know what to do and how to do it. That was Wall Street Journal science reporter, Eric Neeler, speaking to my colleague, Trina Menino. And US federal auto safety investigators have ended a probe into the autonomous driving

systems used by General Motors' driverless car business. The National Highway Traffic Safety Administration says GM's Cruise Division issued a recall earlier this month that updated the software of its U.S. fleet to reduce the risk of unexpected hard-breaking maneuvers. The agency said it reserves the right to take additional action if warranted by new circumstances. Accrues spokesperson says the company is committed to building trust and transparency for its technology. And that was my colleague Danny Lewis in New York with the latest news. Coming up, Kamala Harris has Democratic leaders and donors fired up.

We'll check the vibes ahead of the final night of her convention after the break. What is dedication? People ask, how your children learn how to ride a bike and you didn't. I just created a vibe in what they taught themselves and all I had to do was be there. That's dedication. Visit fatherhood.gov to hear more. Brought to you by the U.S. Department of Health and Human Services and the Ad Council.

Throughout the week, we've heard a lot from people on the DNC stage. And for a party that's just made a historic midsummer swap of its presidential ticket, it has been illuminating to see who's getting a chance to speak and what they have to say. But when the curtain comes down in a few hours, it'll be time for local politicians, organizers, and delegates to return to their home states and do the non-televised work of getting Democrats elected. So I left the press area behind and hit the United Center concourse to get a better sense of the mood among attendees. Galvanized like what we saw

at the RNC last month but with a distinct giddiness or as the Harris campaign has spun it, joy. I am so excited about this ticket. I think we're gonna see incredible youth turnout. I mean it's like adrenaline it's so exciting you know a complete high. That was attendee Fransella Jackson, Dartmouth University student J.J. Dega and Kansas State Senator Dina Sykes. Jackson saw herself in the candidates.

He was a coach. She worked at McDonald's. They can relate to people like me. Dega was a walking billboard for Democratic causes. So I'm wearing a red hat with Alpha Chi Alpha on it. That's from my fraternity. And it has frat bros for Harris pin. I'm wearing a Menfer Choice shirt and a collar shirt under it

because you got to look classy for the convention. And Sykes, who hopes to cut into Republican control of the Kansas legislature, thinks the energy behind Harris could help Democrats further down the ballot. I think it really helps with our local elections and we are working to break that supermajority. It only takes three in the Senate and two in the House and so I think we can do it. In an election, enthusiasm can be the deciding factor in close races, something red state Dems like Sykes are grateful for, but which swing state officials say will be critical in deciding who wins

the White House. But I was out canvassing when President Biden announced that he was not going to seek reelection. And the change at the doors was instantaneous. Pennsylvania State Representative Arvind Venkkat describes his district in the Pittsburgh suburbs as a purple one with a long history of voting Republican. Before he decided to drop out, I was hearing from voters that day about their concerns about whether he could energetically prosecute the case

against former President Trump and be an effective presidential candidate. Literally, two doors later, I was hearing from voters who were like, I absolutely want to work to see Vice President Harris elected as our next president. So energy can get voters to show up, but also open their wallets. Because after all, what's a convention without merch? I'll take a large and then the DNC pen. Awesome, thank you. convention without merch. I'll take a large and then the DNC pen.

Awesome, thank you. Zandria Hardman is a convention volunteer from Chicago who's been shopping for Harris all week. If you can't donate, you know, larger amounts and you can at least still buy merchandise that will support the campaign. Which brings us to the money race for president.

I called up Journal Enterprise reporter Maggie Severns, who covers power and influence in D.C., and she told me Democrats are finding fundraising momentum at a crucial time. Earlier this year, we saw a lot of kind of atrophy among the small dollar base. A lot of them had been hit up by fundraising emails for so many years. They didn't feel very excited. And among Democrats recently, we've really seen that excitement come roaring back. We don't have August fundraising totals yet, but the Harris campaign has said that it raised

more than $200 million in the first week after Biden exited the race and $310 million in the month of July. And whereas Biden typically charged 10 grand for a photo of himself with a donor, Harris is now charging five times that. Meanwhile, fundraisers held over Zoom, some of which have raised millions of dollars, are also giving her campaign a boost and updating the Dems Rolodex. Every time someone signs up for a Zoom fundraiser, you give your email address and your information and they want you to make a donation. But also when I talk to the host of those fundraisers, they're planning on

going back to those people and asking them to stay involved with the campaign, right? So you're trying to turn people into volunteers. But for all of the unity on display in Chicago, I've got to mention one clear line of division here, and that's over the U.S. stance on Israel's war in Gaza. This morning more than a dozen uncommitted delegates gathered outside the United Center for a sit-in saying their request to have a Palestinian American address the DNC had been denied. As I was talking to them, Illinois Congresswoman Delia Ramirez dropped by to lend her support. And I know that you get the looks and I know

you get people who want to look to the side and I want you to know that you get the looks and I know you get people who want to look to the side. And I want you to know that you've got to keep doubling down because unfortunately you've got to make people really feel uncomfortable, really, really uncomfortable until you are seen and you are heard. A spokesman for the Harris campaign said it's not taking the votes of uncommitted delegates for granted, but Michigan delegate Abbas Alawea told me the party risks disappointment in November, especially in swing states, if it leaves part of its base out in the cold.

In a state like Michigan, Democrats can't afford to gamble with, oh, maybe we can just do some stuff around the edges around this issue that is deeply popular among Democratic voters. Kamala Harris is set to close out the convention tonight and you can stream the proceedings on WSJ.com. And that's what's news for this Thursday afternoon. Today's show was produced by Pierre Bienneme, Anthony Bansi and Ariana Ospreu with supervising producer Michael Cosmides. I'm Luke Vargas for The Wall Street Journal at the Democratic Convention in Chicago and Danny Lewis is at our New York office.

We will be back with a brand new show tomorrow morning and until then, thanks for listening.