News from the past week (20Jan25) - jobs, tariffs, LA
News and my thoughts from last week (20Jan2025)
Going green is not the problem. It is about a sustainable & successful transition.
The mess left by the current administration would be revealed in a few days. The misery can compound as there is no more room to hide. Let us learn and move on.
CHAMATH: DID THE US DETERMINE THAT TIKTOK IS A SPYWARE? “The Supreme Court unanimously upholds a TikTok ban that was passed by a large bipartisan majority. I’ll say the quiet part out loud: The only way both of these outlier events could have happened is if the US determined that TikTok was spyware for a foreign actor.”
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US full-time jobs have dropped over the last 18 months: Full-time jobs in the US have declined by 1.26 MILLION since June 2023. Over the last 3 years, they have barely increased. Excluding government, jobs have declined by nearly 2 MILLION. Quality of jobs has deteriorated. - X user Global Markets Investor
TREASURY FINDS $31M IN SOCIAL SECURITY PAYMENTS TO DEAD PEOPLE, CALLS IT 'TIP OF ICEBERG' Government discovers millions in payments to deceased recipients after getting access to Social Security's death records. Officials project $215M more to recover by 2026, but need permanent access to stop the payments. Turns out stopping checks to dead people saves money - who knew? Source: Associated Press
40% of Millenials said it’s important to have visible signs of wealth, whether it be purchasing a fancy car, clothing, or place to live, per Wells Fargo. By comparison, just 21% of Gen Xers, 8% of baby boomers, and 7% of the silent generation feel the same. - X user Unusual Whales
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Gen Z is spending much less on alcohol than any other generation, per US Bureau of Labor Statistics. - X user Unusual Whales
I just spoke to Chairman Xi Jinping of China. The call was a very good one for both China and the U.S.A. It is my expectation that we will solve many problems together, and starting immediately. We discussed balancing Trade, Fentanyl, TikTok, and many other subjects. President Xi and I will do everything possible to make the World more peaceful and safe! Donald Trump Truth Social 09:28 AM EST 01/17/25
Coming to tariffs, China has been respectful but they will not be weak. China prefers to work together instead of working against one another. The world is big enough for all. China has no intent to replace the USA as the #1 power.’
The Los Angeles real estate market needs to be investigated: Some landlords have raised rent prices by as much as 600%+ AFTER the LA wildfires began. By law, landlords cannot raise rent prices by more than 10% during a state of emergency. - X user The Kobeissi Letter
Home insurance carriers began withdrawing new coverage in response to the rising threat from wildfires, while also increasing premium amounts for existing customers. Is this inflationary? - NBC news
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Mortgage demand in the US has fallen to its lowest level since 1995, according to Reventure. Since the peak seen less than 4 years ago, US mortgage applications are down a MASSIVE -63%. Homebuyers are officially giving up. - X user The Kobeissi Letter
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The annual income needed to buy the median-value home in the US risen to a record $109,564. This value has DOUBLED in just 4 years. Currently, the median US household income is $83,431, or $26,133 less than required. - X user the Kobeissi Letter
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The most recent data for December 2024 is out. The US govt had total revenue (taxes, fees, tariffs) of $454 billion. The US govt paid $140 billion in interest on the national debt. 31% of all govt revenue was consumed by interest payments on the debt. It is actually worse than that. The money revenue and payments for things like social security push up the revenue number, but it is all out the door to recipients right away. If you ignore the social security and unemployment insurance money, the US govt had $317 billion in revenue and paid $140 billion in interest on the national debt. About 44% of all revenue went to interest. - X user Wall Street Mav
Chipmakers cut investment plans by $9.5bn on smartphone, EV slump - Asia Nikkei
Europe's chip ambitions falter: STMicroelectronics, GF shelve fab plans, turn to China How can Europe attract chip makers? Are there plans for chip sourcing? - Digitimes
Among Burry’s latest picks revealed in Scion Asset Management’s third-quarter 13F filing, JD.com stands out as a "Strong Buy" stock poised for significant gains in 2025. As China’s second-largest e-commerce player, JD has built an ecosystem that combines logistics excellence with a robust technological foundation, setting it apart from competitors. - Barchart
Jamie Dimon says "Bitcoin itself has no intrinsic value... I just don't feel great about Bitcoin." He compares the ability to buy and sell #Bitcoin to the right to smoke. "But I just don't think you should smoke," he adds (on Sunday Morning)
Criminals are typically early adopters of innovation and technology. Time to turn things around?
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