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"What's News:  A Panel to Purge U.S. Generals."

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Russ Roberts (https://trendsingeopolitics.blogspot.com).

Good afternoon. Here’s what you should know today, Nov. 12:

Trump’s agenda meets tough math in the House The sickest patients are fleeing private Medicare plans, costing taxpayers billions Real-estate dynasties have started to unload their longtime properties

By Zlati Meyer

Thanks for reading What’s News! Look for the 🔐 to enjoy a free article on us—and share the link with a friend (or forward the whole newsletter!).

What to Watch

PHOTO: EVAN VUCCI/ASSOCIATED PRESS

1. Loyalty is the common thread as Donald Trump fills key posts in his new administration.

The president-elect is mostly shunning establishment Republicans (🔐 read for free) whom he blames for thwarting his first-term goals. He asked Rep. Mike Waltz (R., Fla.), who shares his views on illegal immigration and U.S. support for Ukraine, to be his national-security adviser, according to people familiar with the discussion. Trump is expected to nominate Sen. Marco Rubio of Florida as secretary of state, people familiar with his thinking said. Meanwhile, Republicans’ expected slim margin in the House and unruly nature could undercut efforts to pass Trump’s agenda. Economy or Culture Wars? WSJ Writers Spar Over Why Harris Lost (Read)

2. The Trump transition team is considering a draft executive order establishing a “warrior board” that could purge generals.

The board would fast-track the removal of generals and admirals found to be “lacking in requisite leadership qualities,” according to a draft of the order reviewed by WSJ. It could also have a chilling effect on top military officers, given the president-elect’s past vow to fire those seen as promoting diversity at the expense of military readiness. Trump is also gearing up to remake education with plans that include curbing wokeness and dismantling the Department of Education.

3. Meta is preparing to give European Instagram and Facebook users a free option of receiving less-personalized ads, according to people briefed on the plans.

The format will show ads based on what a user sees during a given browsing session, rather than a broader activity history. It’s unclear if the move will satisfy EU regulators. Meta has long resisted such a move because it risks cannibalizing the tech giant’s main source of revenue: highly targeted ads based on user data such as posts shared and videos watched. The company also says personalized ads make for a better experience for users and advertisers.

4. Medicare Advantage’s sickest patients dropped their privately run coverage just as their health needs soared, a WSJ analysis found.

Many made the switch after running into problems getting their care covered. That shifted the costs to taxpayers. Privately run plans are supposed to offer old and disabled people the same benefits as traditional Medicare, but as recipients get sicker, they might have more difficulty accessing services than people with traditional Medicare. Why? Insurers actively manage the care, including requiring patients to get approval for certain services and limiting which hospitals and doctors they can use.

5. An outsider is trying to restore Citi to investment-banking glory.

Vis Raghavan, formerly of JPMorgan Chase, wants his dealmakers to advise on and finance more private-equity deals, bringing in more fees to a group that’s been underachieving for more than a decade. On Wall Street, heftier bonuses are back. 📰 Enjoying this newsletter? Get more from WSJ and support our journalism by subscribing today with this special offer.

The Numbers

~10 The number of office buildings that New York City landholding families sold over the past 24 months, according to real-estate investment banking firm Eastdil Secured. The previous decade saw fewer than five such deals. The office-market downturn is forcing some scions to break their forebearers’ cardinal rule: never sell.

‏‏‎1,000 Words

PHOTO: CHEN YANG/ZUMA PRESS

China unveiled a new stealth fighter in a bid to match the U.S.

The J-35A was among the new weapons that debuted at an airshow in the southern city of Zhuhai. The showcase demonstrated Beijing’s advancing ability to challenge the U.S. military presence in the Asia Pacific. The armaments reveals come as Washington grows increasingly concerned about China’s expanding military power. Watch

Catch Up

Head of Church of England Resigns Over Alleged Failure to Deal With Prolific Abuser (Read) After War in Gaza, Rivals Hamas and Fatah Don’t Plan to Be in Charge (Read) Justice Department Sues to Block UnitedHealth’s $3.3 Billion Bid for Amedisys (Read) What Makes Omaha Different From Other Million-Dollar Housing Markets (Read) The 17-Year-Old Who Dunked On the NBA’s Best Players Is About to Break College Basketball (Read)

Live Better

ILLUSTRATION: ROB DOBI

Estate planning is tricky if you don’t have children.

People sans kids don’t automatically have someone to take care of them or to make the beneficiary of their assets. Long-term-care insurance is pricey but worth it, according to financial experts. Here are more tips about eldercare and preparing wills. Read More

What Do You Think?

Last week, we asked what a Trump victory means for your wallet. Here’s what you had to say: Unfortunately I do not foresee more money flowing. The economy and inflation are all influenced by supply and demand. With the addition of any tariffs, the cost of products will just increase. —Mark Voyce, Texas My hope is that a combination of spending reductions, less onerous regulations, and continued low tax rates will keep inflation moving downward. I think Trump is floating tariffs mostly as leverage to get better deals and am not too worried on that front. —Michael Gooch, New York My fixed income investments with 6-plus months to maturity will increase in rate. Equity investments will wobble around S&P 500 returns. President-elect Trump, like most presidents, has no real impact on my wallet. Collectively, our decisions to purchase or not purchase is what moves assets into or out of the economic wallet. —Rob Heflin, North Carolina Responses have been condensed and edited. If you don’t have kids, how are you tackling estate planning? Let us know at whatsnewsletter@wsj.com or reply to this newsletter. Include your full name and location, and we may publish your response in an upcoming issue.

Take a Break

Some travel nerds are on a mad dash for 1 million frequent-flier miles. Read More

Beyond the Newsroom

Buy Side from WSJ: The Best Debt Consolidation Loans in November 2024 Today's newsletter was curated by Zlati Meyer in collaboration with Leigh Kamping-Carder in New York. Follow Zlati on X at @Zlatimeyer and Leigh at @Leigh_KC. Sign up for WSJ newsletters on markets, tech, careers and more.   Access WSJ‌.com and our mobile apps. Subscribe

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