Your Evening Briefing
Start with six years of home-price gains outpacing wage growth. Add rising mortgage rates and voila! First-time U.S. buyers are priced out and sellers can’t move on. Welcome to peak housing.
Here are today’s top stories
General Electric plunged the most in three years after the company disclosed an expanded federal accounting probe and worsening troubles at its ailing power business.
A top Republican official slammed Iowa Congressman Steve King for his remarks on race and white nationalism. The disavowal came as dairy giant Land O’Lakes and pet food company Purina stopped giving King money.
U.S. President Donald Trump says he can end citizenship as a birthright by executive order. The U.S. Constitution, legal experts and even Speaker Paul Ryan beg to differ.
Special CounselRobert Mueller asked the FBI to investigate allegations that “women were offered money to make false claims” about him.
Mexico’s incoming president Andres Manuel Lopez Obrador’s honeymoon with investors came to an end 33 days before he takes office.
Paw Patrol is a $1 billion cartoon about rescue puppies, but its creator worries it might be the last kids show of its breed.
What’s Joe Weisenthal thinking about? The Bloomberg news director is considering word choice. Specifically, why people say “when interest rates rise” when they actually mean “when financial conditions tighten.”
What you’ll want to read tonight
- Facebook had a very bad day.
- Amazon has been dealt a $250 billion blow.
- Billionaires are chasing the holy grail of energy.
- The White House is threatening tariffs on all remaining China goods.
- Bloomberg Businessweek shows how the cloud can fight Zika.
- Even Ben & Jerry's is getting caught up in the national divide.
- Ex-Boston mob boss and convicted murderer Whitey Bulger is dead.
What you’ll need to know tomorrow
Rufus Wainwright is back with a political anthem. It’s sometimes tempting to wish this midterm election was ancient history. But for this vocalist and composer, ancient history is speaking to us right now. The artist’s newly released song and video, Sword of Damocles, draws on a millennia-old parable that teaches about the perils that come with great power.
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