What we’re reading (7/19)
“Homeowners Don’t Want To Sell, So The Market For Brand-New Homes Is Booming” (Wall Street Journal). “Millions of American homeowners have been reluctant to sell because they can’t afford to give up the low mortgage rates they have now. Only 1.08 million existing homes were for sale or under contract at the end of May, the lowest level for that month in National Association of Realtors data going back to 1999.”
“Netflix Just Quietly Made It A Lot More Expensive To Get Rid Of Ads” (Insider). “As of Wednesday, an Insider reporter based in New York viewed Netflix's pricing plan page and found that its ‘Basic’ option — once priced at $9.99 a month — is now unavailable to new and rejoining members in the US and UK. Those who are currently on the ‘Basic’ plan won't get kicked off until they change their plans or cancel their accounts, according to Netflix's FAQ.”
“UPS And Teamsters To Meet Next Week Ahead Of Looming Strike” (CNN Business). “Negotiations will resume next week between UPS (UPS) and the Teamsters union, which represents 340,000 UPS (UPS) workers, ahead of a looming nationwide strike. This will be the first time the two sides have met since they walked away from the negotiating table following a marathon negotiating session over the July 4 weekend.”
“Convicted Ponzi Schemer Granted Clemency By Trump Charged With New Ponzi Scheme” (CNBC). “Eli Weinstein and four accomplices are accused of overseeing a new Ponzi scheme that prosecutors say has defrauded 150 victims out of more than $35 million.”
“Wasn’t Lower Inflation Supposed To Be Impossible Without Higher Unemployment?” (Cato Institute). “[T]he Fed and academic economists are not easily dissuaded by troublesome facts. They just keep on searching for new ways of explaining why the theory is still right, but the world has gone wrong.”
