Open: 69.64 Close: 70.07 Change: 0.43

Today's Summary

Part 2 of Chris Martensons ongoing investigation into the shooting of Charlie Kirk. Michelle Leder: More IPOs, more crypto, and less enforcement are coming. Barry Ritholtz: Cybersecurity is much more important. An ounce of silver is now worth more than a barrel of oil. Data centers will have to generate on natural gas turbines to generate electricity for data centers. Myles Horton was born in 1905 in Savannah, Tennessee. He is best known as a pioneer of progressive pedagogy. The FDA often does not regularly test Generic Drugs for quality concerns, so ProPublica did in todays edition of casual murder. Halliburton is launching international arbitration proceedings to extort money from Venezuela. ICE was widely reported to have left Chicago in November. Norman Mailer 2015: A Retrospective Look by proofing sixteen previous YIRs ref 1. Average age of first-time home buyers rose from 31 in 1981 to 38 in 2025. Median salary of neophyte home buyers has nearly quadrupled since 2022. By lengthening the mortgages and dropping rates you are enabling us boomers to offload our overpriced houses to the Gen-Zers without a much-needed repricing. Ralph Nader sounds an important and hopeful note for 2026, that there are some among the top wealthy who are alarmed by Trumps accelerating authoritarianism and are inclined to saddle up to Do Something. People organizing where they live, work, and raise their families is the first step to reclaiming democracy. Wolf Wolf says historical P/E does not matter. The government can no doubt see the bubble and has no intent of letting it mean anything. The longer the government supports the bubble the worse the eventual crash. Wolf Richter: The idea that house prices will crash when there is this much money sloshing around is laughable. Wolf: Federal Reserve blew a massive asset bubble by letting hedge funds and private equity storm single-family housing. Japans 30-year JGB yield has risen to 3.43%, continuing the majestic spike that had commenced in August 2019. The yield curve has steepened since March 19, 2024 across the yield curve, from 1-month to 40-year. Japan had the largest asset bubble, possibly in history, in the 1980s in the 80s. Wolf Richter says higher inflation will devastate lower income economy. Wages dont make sudden moves of inflation shock, but they do rise with inflation or faster if inflation acceleration is not sudden, but over time. US dollar share drops to lowest since 1994. Wolf Richter says the world is actively looking for an off ramp from the Dollar. Gold is less than 1% of global assets and is not a currency. The person who has the most fun and the most love wins the game. Project Syndicate asked PS contributors to identify national and global trends to watch for in the coming year. The major issues that will dominate attention in the next 12 months are the war in Ukraine, Europes strategic position, technological decoupling, and the risk of an AI-induced market correction. Will American democracy right itself in 2026, the year it turns 250? Home prices Firmed in November, Up 0.8% Year-over-year. Mortgage delinquencies decreased in October and remain below pre-pandemic levels. David Marx argues that American pop culture has stagnated in recent decades. Sales NSA are down 0.5% YoY through November, and sales last year were the lowest since 1995. Housing inventory decreased to 1.43 million in November from 1.52 million the previous month. Fannie Mae serious delinquency rate peaked in February 2010. Frida Ghitis: The anti-immigration movement of the late 19th and early 20th century was called “racism’s” A lot of Americans are in favor of individualism, Ghitis says. If Trump and MAGA succeed in getting a critical mass of Americans to reject Somalis categorically, they win a crucial victory.