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   DealBook: Markets defy Hassett
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             December 1, 2025
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          Good morning. Andrew here. Hope you had a great Thanksgiving weekend. We’re gearing up for the
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          DealBook Summit
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          , which is taking place just 48 hours from now. We’re thrilled to announce a new interviewee: Taiwan’s president, Lai Ching-te (by video). Of course, Taiwan is a pivot point in so much of the discussion about U.S.-China relations and the future of the semiconductor industry.
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          Also: Thanks for sending in questions for interviewees.
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          Keep them coming
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         <span style="font-style:italic">
          . We look forward to seeing many of you there. We’ve got a ton of news for you this morning, so without further ado … (Was this newsletter forwarded to you?
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          Sign up here.
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          )
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            <span style="color:#666;font:normal 14px georgia,serif">
             Markets are slipping despite signs of resilient consumer spending.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Brendan McDermid/Reuters
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          All eyes on the consumer and the Fed
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Global markets have become volatile this morning, with stocks, crypto and bonds all selling off. S&amp;P 500 futures are down, too, as investors brace for more data on the American consumer and the economy.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The latest:
         </span>
         <span>
          Bitcoin fell sharply,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          trading below $86,000
         </a>
         <span>
          . And last week’s rally in U.S. stocks looks set to end, after the S&amp;P 500 flirted with
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a new record
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But the Nasdaq Composite fell last month, snapping a seven-month winning streak as valuation fears dragged down the so-called Magnificent Seven group of artificial intelligence players.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Investors had been growing more optimistic that the Fed will cut interest rates at next week’s meeting. A
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          solid start to the holiday sales season
         </a>
         <span>
          last week has also bolstered the rally.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          But the consumer is still a major concern.
         </span>
         <span>
          Economists and the Fed have been flying blind since the government shutdown delayed the release of official government data by several weeks. That has put added attention on holiday spending data — next up is Cyber Monday today — for what it reveals about the economy.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Analysts at Goldman Sachs and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Bank of America
         </a>
         <span>
          have flagged that a recent rise in spending may be masking a concerning economic undercurrent: Many lower-income consumers are struggling with stubbornly high inflation and an uncertain labor market. These households “are showing rising caution,” Brooke Roach, a retail analyst at Goldman, wrote in a research note last week.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The Trump administration is pushing back on this narrative.
         </span>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Kevin Hassett
         </a>
         <span>
          , the director of the National Economic Council and a purported front-runner to succeed Jay Powell as Fed chair, told “Face the Nation” yesterday that “a great Black Friday and a great Thanksgiving sales weekend” pointed to a resilient consumer outlook.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “I think that the folks who are saying, ‘Wow, maybe people are going to be anxious about going back and getting presents for the kids’ and so on. They’ve been disproven this weekend,” he added.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Wall Street is still focused on the Fed.
         </span>
         <span>
          Traders this morning were penciling in 87 percent odds — up from 27 percent two weeks ago — that the central bank will lower borrowing costs at next week’s meeting, as it did the last two times that policymakers gathered.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Investors are also closely watching the succession race at the central bank. President Trump told reporters yesterday that he had already made his choice for Powell’s successor, but declined to say who. On the prediction market platform Kalshi, a Hassett pick has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          commanding odds
         </a>
         <span>
          .
         </span>
        </p>
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           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             HERE’S WHAT’S HAPPENING
            </span>
           </h3>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Norway’s wealth fund puts pressure on Microsoft.
         </span>
         <span>
          Norges Bank Investment Management, which manages the $2 trillion fund, said that at Microsoft’s annual general meeting this week it would vote for a shareholder proposal requiring the company to report on the risks of operating in countries contending with
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          major human rights concerns
         </a>
         <span>
          . But it said it would vote against a proposal requiring Microsoft to reassess its due diligence process after reports that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Israel’s military had used its products
         </a>
         <span>
          for mass surveillance of civilians in Gaza and the West Bank.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Databricks is reportedly in talks to raise $5 billion.
         </span>
         <span>
          The data analytics firm has held discussions with investors to raise the money
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          at a valuation of $134 billion
         </a>
         <span>
          , which is about 32 times this year’s expected sales of around $4.1 billion, according to The Information. The company, founded in 2013, helps users build artificial intelligence applications and, amid the A.I. boom, has been viewed as a top candidate for an I.P.O.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Disney scores a box office record.
         </span>
         <span>
          Shares in Disney rose in premarket trading after its new animated feature, “Zootopia 2,”
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          brought in $156 million
         </a>
         <span>
          in North American ticket sales and $556 million worldwide over the long Thanksgiving weekend, making it the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          biggest animated movie opening ever
         </a>
         <span>
          ; the record sales included $272 million from China. Disney shares trade far below levels of just a month ago after the company reported lower-than-expected revenues in part because of a weak film slate.
         </span>
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           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <td height="10">
           </td>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          A bet on embedding A.I. in business
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Thrive Holdings was created this year to buy up and create next-generation services businesses like accounting firms, with artificial intelligence meant to play a key role.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Now the company’s creator, the investment firm Thrive Capital, is bringing in extra help from its big A.I. partner, OpenAI, Michael de la Merced is the first to report.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The news:
         </span>
         <span>
          OpenAI is expected to announce that it is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          taking an ownership stake in Thrive Holdings
         </a>
         <span>
          , and that it will embed employees — including researchers and engineers — at the company’s two main businesses, the accounting firm Crete Professionals Alliance and the I.T. services provider Shield Technology Partners.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The idea is to supercharge how they adopt A.I., including by helping create customized models for Crete and Shield. “What we’re trying to do with this partnership is really prove out ways that we can accelerate that type of transformation,” Brad Lightcap, OpenAI’s C.O.O., told DealBook.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The back story:
         </span>
         <span>
          Thrive Holdings was created as a vehicle for serial M.&amp;A. “roll-ups,” acquiring and consolidating companies. It’s a popular strategy in venture capital these days, with General Catalyst, 8VC and others also buying up services businesses.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          To set the initiative apart, Thrive Capital and its founder, Josh Kushner, have leaned on their relationship with OpenAI, in which
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Thrive is a prominent investor
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          After Thrive Holdings was formally created, conversations between Lightcap and Kushner, about how to better embed A.I. in companies, especially in their earlier stages, led to OpenAI taking a stake in the venture, DealBook has learned.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The stakes:
         </span>
         <span>
          Thrive Holdings is in some ways a bet on doing for services companies what Oscar Health, another company that Kushner helped create, did for health insurance. The idea is to go beyond using A.I. to squeeze out better margins; Crete, for example, is working on automating data entry and processing tax returns so that accountants can spend more time with clients.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “We think A.I. has the promise of making these industries much more human,” Kareem Zaki, a Thrive Capital partner who also runs investment strategy at Thrive Holdings, told DealBook.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          OpenAI is betting that working more closely with Thrive Holdings will yield new data that could be helpful in training industry-specific models. And it’s also hoping that Crete and Shield will showcase how companies can adopt A.I. — a useful pitch for getting more business.
         </span>
        </p>
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         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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           </td>
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           <td height="20">
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         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          “Electricity is the new price of eggs.”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          — Charles Hua, the executive director of PowerLines, a nonpartisan group that aims to modernize utility regulations and reduce power costs, on growing
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          voter anger over rising utility bills
         </a>
         <span style="font-style:italic">
          partly caused by the construction of electricity-hungry data centers. In recent months, opposition from citizens has forced the Tucson City Council to pull the plug on an Amazon data center in Arizona, and Google to call off the construction of another in Indianapolis.
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Trump’s A.I. czar under scrutiny
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The Trump administration’s pro-business policies have yielded huge returns for many of those closest to the White House, including the families of President Trump and Howard Lutnick, the commerce secretary.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Now The Times has found that one of the administration’s top technology officials,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          David Sacks
         </a>
         <span>
          , is benefiting from policies he has helped shape. Sacks, a prominent Silicon Valley investor and Trump ally, agreed to join the administration as its artificial intelligence and crypto czar under a big condition: He could keep his day job at Craft Ventures, the venture capital firm he helped start in 2017.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Sacks remains invested in numerous start-ups despite his government role.
         </span>
         <span>
          Ethics waivers for Sacks stated that he was selling or had sold most of his crypto and A.I. assets. But The Times found that Sacks had retained, either directly or through Craft Ventures, 20 crypto and 449 A.I.-related investments.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          He’s forged close ties with Nvidia.
         </span>
         <span>
          Sacks played a role in inviting Jensen Huang, the C.E.O. of the A.I. chipmaker Nvidia, to the White House and championed policies that stand to benefit Nvidia (and potentially himself and his Silicon Valley peers), including removing a ban on direct chip sales to China that analysts estimate could result in a huge bump in chip sales.
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          In White House meetings, Mr. Sacks echoed Mr. Huang’s ideas that the best way to beat China would be to flood the world with American technology. Mr. Sacks worked to eliminate Biden-era restrictions on Nvidia and other American chip companies’ sales to foreign countries. He also opposed rules that would have made it difficult for foreign companies to buy U.S. chips for international data centers, five people with knowledge of the White House discussions said.
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          Free of those restrictions, Mr. Sacks flew to the Middle East in May and struck a deal
         </span>
         <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:underline;color:inherit">
          to send 500,000 American A.I. chips
         </a>
         <span>
          — mostly from Nvidia — to the United Arab Emirates. The large number alarmed some White House officials, who feared that China, an ally of the Emirates, would gain access to the technology, these people said.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Sacks’s government work has also bolstered the profile of “All-In,”
         </span>
         <span>
          the tech podcast he co-hosts that counts Treasury Secretary Scott Bessent and Lutnick as guests. The “All-In” annual conference generated roughly $21 million this year in ticket sales, up from $15 million last year.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          But Republicans are divided over the administration’s A.I. embrace,
         </span>
         <span>
          and that could curtail some of Sacks’s momentum. The White House recently pumped the brakes on a draft executive order that would direct the Justice Department to sue states that passed A.I. regulation.
         </span>
        </p>
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          We hope you’ve enjoyed this newsletter, which is made possible through subscriber support.
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           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             THE SPEED READ
            </span>
           </h3>
          </td>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Deals
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Goldman Sachs agreed to
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                buy Innovator Capital Management
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a specialist in E.T.F.s that oversees $28 billion in assets, for $2 billion. (Bloomberg)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Morgan Stanley and Goldman have
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                raised a combined $19 billion
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in equity deals in Hong Kong this year, dominating the market. (FT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                A U.S. judge authorized an affiliate of Elliott Investment Management to proceed with its bid to
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                buy a $5.9 billion stake
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in Citgo Petroleum’s Venezuela-owned parent company. (Reuters)
               </span>
              </li>
             </ul>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Tech and artificial intelligence
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “Top consultancies
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                freeze starting salaries
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                as A.I. threatens ‘pyramid’ model” (FT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Perks, bonuses and pay increases: The
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                data center building boom
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                has started a “gold rush” for construction workers. (WSJ)
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Best of the rest
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “How I accidentally stumbled upon one of the Catholic Church’s
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                darkest secrets
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (Gareth Gore/Substack)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                23andMe has become a tool to
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                find surprise heirs
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                — and ask for a cut of the inheritance. (WSJ)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                A brutal e-bike crash in California has led to
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                calls for change
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