What we’re reading (11/11)
“U.S. Prepares For Worst Four Months Of The Pandemic As It Stares Down The ‘Darkest’ Days Yet” (CNBC). “There’s been an ‘unprecedented spike’ in Covid-19 hospital admissions in Ohio. ICU beds in Tulsa, Oklahoma, are full. North Dakota’s hospitals don’t have enough doctors and nurses. And hospital administrators in Iowa are warning that they are approaching their limits.”
“ExxonMobil’s Failure To Go Green Could Worsen Its Financial Future” (TexasMonthly). “In 1999, Enron CEO Jeff Skilling mocked ExxonMobil, the largest U.S. oil and gas company, calling it a ‘dinosaur.’ Yet Exxon lumbered on, churning out steady profits, even after Enron collapsed in bankruptcy two years later and Skilling went to prison for fraud. But now, as the planet continues to heat up, COVID-19 has blasted into Exxon’s finances like some giant asteroid.”
“First-Time Homebuyers Hit Lowest Level Since 1987” (Yahoo!Finance). “Economists predicted that 2020 would be the year of the millennial homebuyer. But with record-high home prices, first-time homebuyers actually comprised less of the market in 2020 than they did last year. Only 31% of homes bought this year were purchased by first-time buyers, compared to 33% last year. It’s the lowest share since 1987, according to a new study by the National Association of Realtors (NAR).”
“$250 Billion Wiped Off Chinese Tech Stocks As Beijing Signals Crackdown” (CNN Business). “Fears that Beijing could tighten the screw on China's biggest tech companies have wiped hundreds of billions of dollars off their stock market value in just two days. Shares in Alibaba (BABA) and JD.com (JD) have plunged more than 10% each in Hong Kong trading since Tuesday, putting both stocks on track for their worst week ever.”
“Elon Musk’s Totally Awful, Batshit-Crazy, Completely Bonkers, Most Excellent Year” (Vanity Fair). “In 2020, the COVID-doubting, media-hating Twitterholic CEO became the third-richest man alive, SpaceX launched two astronauts into orbit, and Tesla became the most valuable car company on the planet. Inside the mind of Silicon Valley’s most vainglorious villain.”
