Business
Column: What FDR could advise Biden about reforming the Supreme Court — tread lightly
If it’s true that as Mark Twain supposedly said, history doesn’t repeat itself but it often rhymes, then we are about to embark on a poetry slam for the ages, with the Supreme Court as its theme.
President Biden on Monday unveiled a package of proposals to rein in a court that has seen public confidence reach a low ebb not recorded by the Gallup Organization in readings dating back to 1973.
Most significantly, he is calling for 18-year term limits for Supreme Court justices and the imposition by Congress of binding conduct and ethics rules requiring the justices to “disclose gifts, refrain from public political activity, and recuse themselves from cases in which they or their spouses have financial or other conflicts of interest.”
Term limits would… make timing for Court nominations more predictable and less arbitrary; and reduce the chance that any single Presidency imposes undue influence for generations to come.
— President Biden on his Supreme Court reform plan
He is also proposing a constitutional amendment to neutralize a court decision appearing to give former presidents immunity for crimes committed while in office.
The template for these proposals is Franklin Roosevelt’s 1937 plan to “pack” the court by allowing presidents to appoint a new justice when any sitting justice failed to resign or retire within six months of turning 70, up to a maximum of six new justices.
The manifest goal was to dilute the influence of a cadre or conservative justices who had overruled almost every New Deal law or regulation that had come before them, as well as several other measures.
If FDR could counsel Biden today, he might warn him to move carefully; FDR’s court-packing scheme went down in flames amid congressional opposition, cut deeply into the popularity that had brought him a landslide reelection victory in the 1936 election, and brought the New Deal to a screeching halt. It also represented a moment in which FDR lost his unique ability to gauge the popular mood and act upon it.
The politics of Supreme Court reform today resemble those of 1937 in many ways, though as Twain’s supposed quip suggests, there are significant differences. Let’s look at the differences first.
Roosevelt was then at the outset of his second term, riding high on an electoral victory that may have given him a greater sense of his political omnipotence than he actually possessed. Biden, of course, is less than six months away from the end of his presidency. Roosevelt could look ahead at four more years of policymaking; Biden may be more focused on cementing his legacy of progressive achievements by bequeathing the nation a reformed Supreme Court.
Both presidents may have felt they had nothing to lose by taking on what seemed to be the most revered of the three branches of government, albeit for different reasons — Roosevelt because nothing could chip away at his popularity, Biden because his own term in office can’t be affected by the fate of his reform proposals.
Roosevelt was faulted for springing his scheme on an unsuspecting public and Congress. Notwithstanding public discontent with the court, its reform hadn’t been an issue in the presidential campaign recently ended. FDR had not spoken publicly about the court after a series of anti-New Deal rulings in 1935 and 1936 except after one ruling in which he accused the court of relegating the country to “the horse-and-buggy definition of interstate commerce.”
Instead, he blindsided the nation by announcing his plan in a speech on Feb. 5. To his surprise, voters and legislators — including reliable New Deal supporters on Capitol Hill — reacted with fury.
It was not merely the secrecy in which the scheme had been plotted that its critics found dismaying. FDR’s stated rationale, which was that the aging justices were overworked and needed help to manage their docket, was transparently deceptive.
That rationale might have looked superficially reasonable at first, since the oldest member of the court’s so-called Four Conservative Horsemen, Willis Van Devanter, had been born during the administration of James Buchanan, which supposedly rendered him utterly out of step with the politics of the 1930s.
However, the oldest justice on the court, Louis Brandeis, was even older — at 80, he had been born during the administration of Franklin Pierce, Buchanan’s predecessor, but nevertheless was the court’s liberal lion and not an impediment to the New Deal.
Biden seems to have absorbed the lessons of FDR’s failed effort. He has been telegraphing for weeks that he is contemplating Supreme Court reforms. His proposals are not as radical as expanding the court outright, but they address some of the most evident issues driving the court’s public standing into the sub-basement: a conservative majority that has shown no respect for values and rights long cherished by most Americans, and a record of financial grifting and overt partisanship, chiefly by conservative Justices Clarence Thomas and Samuel A. Alito Jr.
As in 1937, there is a sense that the court has taken aim at progressive principles and laws, running roughshod over individual rights.
The court’s direction has been led by a conservative majority including three judges appointed by Donald Trump — among them Neil M. Gorsuch, who slid into a seat kept open by Senate Republicans’ refusal to even consider Barack Obama’s nomination of Merrick Garland to the late Antonin Scalia’s seat; and Amy Coney Barrett, rushed to confirmation by Senate Republicans in October 2020 only 38 days before the election that would unseat Trump and bring Biden to the White House.
Barrett took the seat vacated by the death of Ruth Bader Ginsburg, one of the most liberal justices ever to sit on the court.
The three Trump judges were in the majority that in 2022 overturned Roe vs. Wade, the decision that had protected women’s reproductive health rights since 1973.
It may be useful to compare the court’s behavior in recent years with what provoked FDR into launching his court-packing scheme.
The court’s distaste for elements of the New Deal was assumed as the Roosevelt administration proceeded to remake the U.S. economy. But it didn’t become palpable until it issued three decisions on May 27, 1935, a date that would become known to progressives as “Black Monday.”
In the first decision, the court overturned Roosevelt’s ouster of a reactionary member of the Federal Trade Commission, placing a limit on a president’s authority over executive officers. The court then invalidated a farm mortgage law because it applied to existing mortgages, not just new ones. Then came the court’s invalidation of the National Recovery Administration, through which the government had tried to regiment competition throughout the economy to help dig the country out of the Depression.
All three decisions were unanimous, but they still signaled that a conservative cadre was poised to undermine New Deal initiatives due to come before the justices. In 1936, the court narrowed the authority of the Securities and Exchange Commission and invalidated a relief program for coal companies. Most significantly, it overturned a New York minimum wage law in a decision known as Tipaldo, after its detestable protagonist, the owner of a laundry who had been cheating his laundresses of their legal wages.
Condemnation of the Tipaldo decision came from across the entire political spectrum. “If this decision does not outrage the moral sense of the country, then nothing will,” FDR’s Interior secretary, Harold Ickes, wrote in his diary. Conservatives were dismayed that the decision undercut their argument that labor rights should remain in the hands of the states — how could that be, if the Supreme Court had overturned a state minimum wage law?
Roosevelt and his fellow progressives foresaw that the court would invalidate the entire New Deal. For a time, FDR seemed content to let that happen, reasoning that it would help him get a constitutional amendment enacted that would allow Congress to save any law the court deemed unconstitutional by reenacting it. If the court kept overturning the New Deal, he reasoned, there would be “marching farmers and marching miners and marching workingmen throughout the land.”
In the end, he chose to go with the court-packing scheme, recognizing that it fit within the constitutional provision giving Congress the unquestioned right to dictate the size of the court.
For many Americans today, the court’s Dobbs decision overturning Roe vs. Wade has supplanted its 1857 Dred Scott decision as the worst in its history. By relegating abortion to a state-level decision, Dobbs has spawned a patchwork of punitive state laws that have life-threatening ramifications for pregnant women (among many other shortcomings).
Public distaste for Dobbs, as was the case with Tipaldo, has been manifest. Since it was handed down in June 2022, every single state initiative to protect women’s reproductive rights has prevailed at the ballot box. The chief weapons in the antiabortion camp’s quiver have been efforts to stymie referendum and initiative votes by changing the ballot box rules, as has been tried in Florida and Ohio.
Biden’s proposal to establish staggered 18-year terms for justices has several virtues. One is that it would rebalance a court on which GOP appointees are arguably overrepresented. From 1960 through this year, Republicans held the White House for 32 years and Democrats for 31, almost an even split. But in that period, Republicans have appointed 15 justices and Democrats only ten. Under Biden’s proposal, every president would have the opportunity to appoint two justices during each four-year term.
“Term limits would … make timing for Court nominations more predictable and less arbitrary; and reduce the chance that any single Presidency imposes undue influence for generations to come,” the Biden White House says.
The one flaw in the proposal is that it could require a constitutional amendment. The Constitution states that federal justices may serve “during good behavior,” but expert opinion is divided over whether that bars Congress from imposing any other conditions on their service.
It’s worth noting that the Supreme Court was so unnerved by the groundswell of criticism it faced after Tipaldo that Chief Justice Charles Evans Hughes engineered an about-face, orchestrating a 5-4 opinion upholding a Washington state minimum wage law that was almost identical to the New York law it had overturned, also by 5 to 4. That helped to take the wind out of FDR’s scheme. The change would forever be known as “the switch in time that saved nine.” The court never overturned another New Deal initiative.
But few such opportunities for an about-face are on the horizon. The damage this court has done to individual rights and the rule of law is manifest. Biden’s sense is that the time is ripe for reform, and that this time the public may go along.
Business
Ties between California and Venezuela go back more than a century with Chevron
As a stunned world processes the U.S. government’s sudden intervention in Venezuela — debating its legality, guessing who the ultimate winners and losers will be — a company founded in California with deep ties to the Golden State could be among the prime beneficiaries.
Venezuela has the largest proven oil reserves on the planet. Chevron, the international petroleum conglomerate with a massive refinery in El Segundo and headquartered, until recently, in San Ramon, is the only foreign oil company that has continued operating there through decades of revolution.
Other major oil companies, including ConocoPhillips and Exxon Mobil, pulled out of Venezuela in 2007 when then-President Hugo Chávez required them to surrender majority ownership of their operations to the country’s state-controlled oil company, PDVSA.
But Chevron remained, playing the “long game,” according to industry analysts, hoping to someday resume reaping big profits from the investments the company started making there almost a century ago.
Looks like that bet might finally pay off.
In his news conference Saturday, after U.S. Special Forces snatched Venezuelan President Nicolás Maduro and his wife in Caracas and extradited them to face drug-trafficking charges in New York, President Trump said the U.S. would “run” Venezuela and open more of its massive oil reserves to American corporations.
“We’re going to have our very large U.S. oil companies, the biggest anywhere in the world, go in, spend billions of dollars, fix the badly broken infrastructure, the oil infrastructure, and start making money for the country,” Trump said during a news conference Saturday.
While oil industry analysts temper expectations by warning it could take years to start extracting significant profits given Venezuela’s long-neglected, dilapidated infrastructure, and everyday Venezuelans worry about the proceeds flowing out of the country and into the pockets of U.S. investors, there’s one group who could be forgiven for jumping with unreserved joy: Chevron insiders who championed the decision to remain in Venezuela all these years.
But the company’s official response to the stunning turn of events has been poker-faced.
“Chevron remains focused on the safety and well-being of our employees, as well as the integrity of our assets,” spokesman Bill Turenne emailed The Times on Sunday, the same statement the company sent to news outlets all weekend. “We continue to operate in full compliance with all relevant laws and regulations.”
Turenne did not respond to questions about the possible financial rewards for the company stemming from this weekend’s U.S. military action.
Chevron, which is a direct descendant of a small oil company founded in Southern California in the 1870s, has grown into a $300-billion global corporation. It was headquartered in San Ramon, just outside of San Francisco, until executives announced in August 2024 that they were fleeing high-cost California for Houston.
Texas’ relatively low taxes and light regulation have been a beacon for many California companies, and most of Chevron’s competitors are based there.
Chevron began exploring in Venezuela in the early 1920s, according to the company’s website, and ramped up operations after discovering the massive Boscan oil field in the 1940s. Over the decades, it grew into Venezuela’s largest foreign investor.
The company held on over the decades as Venezuela’s government moved steadily to the left; it began to nationalize the oil industry by creating a state-owned petroleum company in 1976, and then demanded majority ownership of foreign oil assets in 2007, under then-President Hugo Chávez.
Venezuela has the world’s largest proven crude oil reserves — meaning they’re economical to tap — about 303 billion barrels, according to the U.S. Energy Information Administration.
But even with those massive reserves, Venezuela has been producing less than 1% of the world’s crude oil supply. Production has steadily declined from the 3.5 million barrels per day pumped in 1999 to just over 1 million barrels per day now.
Currently, Chevron’s operations in Venezuela employ about 3,000 people and produce between 250,000 and 300,000 barrels of oil per day, according to published reports.
That’s less than 10% of the roughly 3 million barrels the company produces from holdings scattered across the globe, from the Gulf of Mexico to Kazakhstan and Australia.
But some analysts are optimistic that Venezuela could double or triple its current output relatively quickly — which could lead to a windfall for Chevron.
The Associated Press contributed to this report.
Business
‘Stranger Things’ finale turns box office downside up pulling in an estimated $25 million
The finale of Netflix’s blockbuster series “Stranger Things” gave movie theaters a much needed jolt, generating an estimated $20 to $25 million at the box office, according to multiple reports.
Matt and Ross Duffer’s supernatural thriller debuted simultaneously on the streaming platform and some 600 cinemas on New Year’s Eve and held encore showings all through New Year’s Day.
Owing to the cast’s contractual terms for residuals, theaters could not charge for tickets. Instead, fans reserved seats for performances directly from theaters, paying for mandatory food and beverage vouchers. AMC and Cinemark Theatres charged $20 for the concession vouchers while Regal Cinemas charged $11 — in homage to the show’s lead character, Eleven, played by Millie Bobby Brown.
AMC Theatres, the world’s largest theater chain, played the finale at 231 of its theaters across the U.S. — which accounted for one-third of all theaters that held screenings over the holiday.
The chain said that more than 753,000 viewers attended a performance at one of its cinemas over two days, bringing in more than $15 million.
Expectations for the theater showing was high.
“Our year ends on a high: Netflix’s Strangers Things series finale to show in many AMC theatres this week. Two days only New Year’s Eve and Jan 1.,” tweeted AMC’s CEO Adam Aron on Dec. 30. “Theatres are packed. Many sellouts but seats still available. How many Stranger Things tickets do you think AMC will sell?”
It was a rare win for the lagging domestic box office.
In 2025, revenue in the U.S. and Canada was expected to reach $8.87 billion, which was marginally better than 2024 and only 20% more than pre-pandemic levels, according to movie data firm Comscore.
With few exceptions, moviegoers have stayed home. As of Dec. 25., only an estimated 760 million tickets were sold, according to media and entertainment data firm EntTelligence, compared with 2024, during which total ticket sales exceeded 800 million.
Business
Tesla dethroned as the world’s top EV maker
Elon Musk’s Tesla is no longer the top electric vehicle seller in the world as demand at home has cooled while competition heated up abroad.
Tesla lost its pole position after reporting 1.64 million deliveries in 2025, roughly 620,000 fewer than Chinese competitor BYD.
Tesla struggled last year amid increasing competition, waning federal support for electric vehicle adoption and brand damage triggered by Musk’s stint in the White House.
Musk is turning his focus toward robotics and autonomous driving technology in an effort to keep Tesla relevant as its EVs lose popularity.
On Friday, the company reported lower than expected delivery numbers for the fourth quarter of 2025, a decline from the previous quarter and a year-over-year decrease of 16%. Tesla delivered 418,227 vehicles in the fourth quarter and produced 434,358.
According to a company-compiled consensus from analysts posted on Tesla’s website in December, the company was projected to deliver nearly 423,000 vehicles in the fourth quarter.
Tesla’s annual deliveries fell roughly 8% last year from 1.79 million in 2024. Its third-quarter deliveries saw a boost as consumers rushed to buy electric vehicles before a $7,500 tax credit expired at the end of September.
“There are so many contributing factors ranging from the lack of evolution and true innovation of Musk’s product to the loss of the EV credits,” said Karl Brauer, an analyst at iSeeCars.com. “Teslas are just starting to look old. You have a bunch of other options, and they all look newer and fresher.”
BYD is making premium electric vehicles at an affordable price point, Brauer said, but steep tariffs on Chinese EVs have effectively prevented the cars from gaining popularity in the U.S.
Other international automakers like South Korea’s Hyundai and Germany’s Volkswagen have been expanding their EV offerings.
In the third quarter last year, the American automaker Ford sold a record number of electric vehicles, bolstered by its popular Mustang Mach-E SUV and F-150 Lightning pickup truck.
In October, Tesla released long-anticipated lower-cost versions of its Model 3 and Model Y in an attempt to attract new customers.
However, analysts and investors were disappointed by the launch, saying the models, which start at $36,990, aren’t affordable enough to entice a new group of consumers to consider going green.
As evidenced by Tesla’s continuing sales decline, the new Model 3 and Model Y have not been huge wins for the company, Brauer said.
“There’s a core Tesla following who will never choose anything else, but that’s not how you grow,” Brauer said.
Tesla lost a swath of customers last year when Musk joined the Trump administration as the head of the so-called Department of Government Efficiency.
Left-leaning Tesla owners, who were originally attracted to the brand for its environmental benefits, became alienated by Musk’s political activity.
Consumers held protests against the brand and some celebrities made a point of selling their Teslas.
Although Musk left the White House, the company sustained significant and lasting reputation damage, experts said.
Investors, however, remain largely optimistic about Tesla’s future.
Shares are up nearly 40% over the last six months and have risen 16% over the past year.
Brauer said investors are clinging to the hope that Musk’s robotaxi business will take off and the ambitious chief executive will succeed in developing humanoid robots and self-driving cars.
The roll-out of Tesla robotaxis in Austin, Texas, last summer was full of glitches, and experts say Tesla has a long way to go to catch up with the autonomous ride-hailing company Waymo.
Still, the burgeoning robotaxi industry could be extremely lucrative for Tesla if Musk can deliver on his promises.
“Musk has done a good job, increasingly in the past year, of switching the conversation from Tesla sales to AI and robotics,” Brauer said. “I think current stock price largely reflects that.”
Shares were down about 2% on Friday after the company reported earnings.
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