The most revealing measure of U.S. competitive power isn’t found in military operations against Iran or a looming $1.5 trillion defense budget. It’s in our private economy. SpaceX closed with a market cap larger than the gross domestic product of most nations on June 12, its first day of public trading. In the prior two weeks, Anthropic and OpenAI filed to go public, both chasing $1 trillion valuations.

On Saturday, Friends of Duke hosted a panel of professors, administrators and athletes to discuss the funding of college athletics vs. academics in the wake of financial vulnerability and seismic shifts across athletic department budgets. The panel, called “The New Arms Race: Are We Funding College Athletics at the Expense of Academics?,” was hosted by Sue Wasiolek, the longtime former Dean of Students and current adjunct associate professor in Duke’s Civil Discourse Project.

When an airplane hits rough turbulence, most passengers don’t look at the wings or the engine—they look at the flight attendants. If they’re calm, passengers usually stay calm. But if they’re alarmed, then there’s reason for worry. That quiet signal—the composed or concerned face of someone who knows the system from the inside—matters. And that’s the metaphorical moment our federal government is living in right now.

In the wake of the financial crisis of 2008, Congress established the Consumer Financial Protection Bureau, the CFPB. It protects Americans from predatory practices by consumer finance companies. The CFPB enforces federal laws and investigates fraud and abuse. It has sent over 6.8 million complaints to companies for resolution so far. The bureau has been targeted for massive cuts by the new administration which, thus far, have been blocked by a federal judge.