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Welcome to Swamp Notes, the weekly podcast from the FT News Briefing, where we talk about all the things happening in U.S. politics.

I'm Peter Spiegel. I'm the U.S. managing editor of The Financial Times, and for the last episode of the year, we are doing something different.

Today, we are answering your questions about the U.S. election and the second term of Donald Trump.

So thanks for setting them in. We got some good questions. And joining me to answer them is the FTs global business columnist, Rana Fulhar. She's also my occasional sparring partner on the FT's SwapNotes newsletter. And more importantly, she's my neighbor in Brooklyn. So hello, Hannah.

Hello. Hello. Happy holidays. Happy holidays. Let me start with something that actually

isn't actually a listener question, but just to kind of get us started. We're doing this because we have

2024 in the rearview mirror. What is your biggest takeaway from this crazy year in U.S. politics?

Well, well, I would say my biggest takeaway is that economic populism and who can do it

best will be the question, lesson, path forward for both parties, Democratic and Republican going

forward. I think this is particularly true for Democrats that they're coming around to

economic populism as the biggest tent poll for a fundamentally new messaging strategy. Now, on the

Republican side, I still think, despite the fact that yes, Donald Trump is all about the market and the

...