U.S. News

New Years Tragedy in New Orleans

Tragedy struck in New Orleans amongst the jovial New Years Eve celebrations on bourbon street. 

A male in a rented pick up truck dodged barricades and steamrolled his way through the busy crowd, before getting out and firing a gun. He engaged fire with police officers, wounding two, before he was terminated. Improvised explosives were also found on the scene.

So far, at least 12 people have passed, while another 30 were wounded. The New Orleans mayor called it a “terrorist attack” and the FBI said it is investigating this incident as an act of terror. 

The perpetrator was identified as 42-year-old Shamsud Din Jabbar, a Texas property manager and veteran. Investigators are looking into a possible connection with ISIS, as a black flag was attached to the back of the truck. The FBI also believes that he did not act alone.

Just a few hours later, on New Year’s Day, there was a car bomb that went off in a Tesla Cybertruck in front of Trump’s Las Vegas hotel, killing one and injuring seven. Elon Musk said on X that both cars were rented through Turo. However, the FBI has said there is no connection between the two attacks. 

Our thoughts and prayers certainly go out to the affected families. These events are always horrendous, but especially when they occur at what are supposed to be joyous occasions. You never go out celebrating NYE, thinking something like this might happen at the party.

The Sugar Bowl, which was supposed to take place last night in New Orleans (between Notre Dame and Georgia), was postponed to today.

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Business

Whose Career Crashed in 2024

Forbes has put together their list of 2024s biggest downfalls.

Happy New Year! Forbes has put out its annual list of “Biggest Career Crashes” for 2024, with some big names on there. They do put them in alphabetical order and not an official numerical ranking.

On the list is outgoing president Joe Biden, for what was a sputtering end to his one term, with members of his own party calling for him to step down, a bad performance in his one debate, and then an awkward handoff to Kamala Harris in the presidential race against eventual winner Donald Trump.

Former Boeing CEO Dave Calhoun made the list, for obvious reasons. It was a tough year for Boeing (including the most recent plane crash in South Korea), leading to Calhoun stepping down in July due to safety issues with their planes. Calhoun apologized to the families of those killed in Boeing airplane crashes, admitted to retaliation against company whistleblowers, and acknowledged safety failures in the company's manufacturing process. Yikes.

P. Diddy made the list… need we say more? If this list WAS actually a ranking and not just in alphabetical order, we’d have to imagine Diddy would be #1, right? The rapper, and alleged serial sexual assaulter, is currently in federal prison in Brooklyn, as he awaits his May trial date.

In similar fashion, Dan Schneider also made the list. The former Nickelodeon producer came under heavy criticism after a March docuseries exposed a number of allegations. The doc interviewed former child stars and crew members who alleged that Dan ran a toxic workplace and was inappropriate with young actors. Schneider later apologized, but then issued lawsuits against the people behind the film.

Other names include Carlos Tavares (former Stellantis CEO who resigned earlier this month), Karen Lynch (former CEO of CVS, who stepped down in October after the company hit a 10-year low), Pat Gelsinger (Intel’s CEO, who lost his job for poor performance), Emad Mostaque (resigned from his own company, Stability AI, due to mismanagement), Claudine Gay (the former Harvard University president who was forced out) and Matt Gaetz (who cost himself the opportunity to be Attorney General with accusations of illegal drug use and having sex with minors).

On the flip side, Forbes also published their “Most Notable Career Comebacks” for 2024. Which included Adam Neumann, who made their 2019 crashes list, and Elon Musk, who was on the crash list each of the last two years. Also on the list is president-elect Donald Trump, Michael Saylor (from the bitcoin world), Fran Horowitz (CEO of Abercrombie and Fitch), Bernard Looney (former CEO of BP), John Galliano from the fashion world and Sankaet Pathak (former founder of Synapse).

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Economy

50 Trillion in Debt

We’re talking Treasury Bonds.

What was once the desirable place to be, is now being avoided. It wasn’t long ago that every Wall Street institution wanted to join the elite network of primary dealers who serve as gatekeepers of the world’s biggest and most influential bond market: US Treasuries.

However, with this country’s debt poised to balloon beyond already-record levels, membership in the vital cohort is now less coveted. For example, Citadel Securities indicated back in September that it has shelved it’s long-touted plans to join the group, with the rise of electronic trade allowing it to earn a spot as a market-making giant despite not being among the Federal Reserve’s select counterparties.

With the national debt expected to exceed $50 trillion within the next decade, the firms that do play a vital role in ensuring the biggest bond market works properly are warning others of the risk of the growing pressures. It is anticipated that these elite bond dealers will struggle to handle such a debt that continues to grow with seemingly no slowdown in sight. 

“Issuance has gone up almost threefold in the last 10 years and the anticipation is for it to close to double to $50 trillion outstanding in the next 10 years, whereas dealer balance sheets haven’t grown at that magnitude,” explained Casey Spezzano, head of US customer sales and trading at primary markets dealer NatWest.

Supply is Down in the Housing Market

Houses are sitting, but the average Joe still can’t afford it.

The housing market will head into the new year with a worrying supply trend. The good news: there’s a lot more supply. The bad news: a lot of that supply is stale, after sitting unsold for much longer than usual.

Active listings in November were 12.1% higher than they were in November 2023, and also hit the highest level since 2020, according to a new report from Redfin.

However, more than half (55%) of those homes sat on the market for at least two months without going under a contract of sale. That is the highest share for any November since 2019 and is up nearly 50% from the year prior. 

Furthermore, the latest monthly price report from S&P CoreLogic Case-Shiller showed prices nationally up 3.6% in October compared with the same month a year ago. Mortgage rates shot over 7% in October and have mostly stayed there since. 

The typical home that did go under contract did so in 43 days, according to the Redfin report, which was the slowest November pace since 2019.

“A lot of listings on the market are either stale or uninhabitable. There’s a lot of inventory, but it doesn’t feel like enough,” explained Redfin agent Meme Loggins. “I explain to sellers that their house will sit on the market if it’s not fairly priced. … Homes that are overpriced can sit for over three months.”

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Global News

Rebellion, Martial Law, Impeachment

South Koreas is crazy right now.

A South Korean court issued warrants Tuesday to detain impeached President Yoon Suk Yeol and search his office and residence over allegations of rebellion in connection with his short-lived declaration of martial law. 

This is the first time a warrant has been issued to detain a sitting South Korean president. But experts believe there is little chance of actual detention or searches, unless Yoon is formally removed from office. 

An investigation has been ongoing to determine if Yoon’s December 3rd declaration amounted to rebellion. Under South Korean law, the leader of a rebellion can face the death penalty or life imprisonment if convicted. Yoon does have presidential immunity from most criminal prosecutions, however, that does not extend to allegations of rebellion and/or treason.

The National Assembly voted to impeach Yoon on December 14, due to his imposition of martial law, and his powers have been suspended ever since. After the declaration, hundreds of troops and police officers were deployed at the assembly.

A president in South Korea is allowed to declare martial law only during wartime (or similar emergencies). Yoon has argued his decree was a legitimate act of governance, calling it a warning to the Democratic Party - which he has called “a monster” and “anti-state forces.”

The Constitutional Court will determine whether to dismiss Yoon or reinstate him as president. However, in the meantime, Yoon is expected to ignore all warrants. 

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Sports

Wouldn’t be New Years Without College Football

Too many blowouts for our taste.

More college football playoff games, and more blowouts. Past playoff games averaged a winning margin of 17 points per game. And so far this year? Teams have averaged to win by 18!

Boise State turned the football over three times and missed two field goals, falling to Penn State by 17. The #1 team Oregon got boat-raced by Ohio State in what was supposed to be the game of the year (2024… that’s not a corny New Year’s joke). The one good game? Texas sneaking past Arizona State in double overtime, after blowing a 16-point fourth quarter lead.

Meanwhile, the final game, between Notre Dame and Georgia in New Orleans, was postponed to this afternoon, because of that aforementioned attack on Bourbon Street.

For a New Year’s resolution - how about closer playoff games? Many thought that expanding the playoff would lead to March Madness-like upsets… instead, it’ll only lead to more blowouts. There isn’t a three pointer in football to neutralize mismatches. In football, teams are bigger, faster and stronger and there’s not much you, on the other side, can do about it.. 

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