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Thursday, December 19, 2013

Claman On Call: Will 3D printers become as common as TVs?

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Daily Market Update with Liz Claman

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Will 3D printers become as common as TVs?

Claman on Call: FBN's Liz Claman with an after-hours web-exclusive on the markets, the latest economic data, Nike 2Q earnings, and the future of 3D printing.

On Our Radar: News We're Following

Nike's 2Q Profits Inch Up 3%, Sales Trail Forecasts
Microsoft Employee Charged With Insider Trading
Target's Massive Breach: What You Should Do Now
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Stay Lazy Forever

Here's the thing about lazy people: They may actually be much smarter than you ever realized.

stay lazy, my friends

25 Life Shortcuts You Can Learn From Lazy People

Here's one handy life hack: If you live out of your suitcase, you never have to waste time unpacking!

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Renters get owned

In 2012, the federal government spent $240 billion on housing aid, according to a new study by the Center on Budget and Policy Priorities. Despite the fact that 65% of American households are homeowners, 75% of housing aid, or $180 billion, is set aside for homeowners. Not only is federal housing aid disproportionately targeted to homeowners, it’s disproportionately targeted to the wealthiest homeowners. Here’s the CBPP:

The bulk of homeownership expenditures go to the top fifth of households by income, who typically could afford to purchase a home without subsidies... More than half of federal housing spending for which income data are available benefits households with incomes above $100,000.  The 5 million households with incomes of $200,000 or more receive a larger share of such spending than the more than 20 million households with incomes of $20,000 or less.

At the same time as housing aid focuses on relatively well-off, home-owning Americans, more renters need aid. HUD data show that the number of renters with household incomes that are 30% or less of the local median income (that’s about $19,000 nationally) has risen from just over 8 million in 1999 to 11.8 million in 2011. A recent Harvard study pointed out that for these 11.8 million renters, there “just 6.9 million rentals affordable at that income cutoff—a shortfall of 4.9 million units”. Affordable, at 30% or less of the local median income, means $375 a month or less. The Harvard study also pointed out that the problem is getting worse: the number of extremely low-income renters is rising, and 2.6 million of the affordable rentals are being occupied by higher-income households.

Felix looked at that data, combined with the “inexorable rise of rents”, and concluded that there “is an unprecedented squeeze on the people who can least afford the shelter they need”. The rest of America is starting to look more and more, he wrote, like San Francisco.

The Washington Post’s Lydia DePillis reports that San Francisco’s unaffordable housing problem is beginning to be taken seriously by at least some of the city’s tech elite. Peter Thiel thinks “the way rent and housing costs have gone through the roof in a number of cities where people go to start companies is a tremendous problem”. Thiel’s solution is to loosen zoning regulations. Surveying housing-related startups, DePillis observes that the focus is “on helping people navigate what's already a terrible situation, not ameliorating it”.

Emily Badger points to a longer-term demographic shift that may drive even more demand for rentals: baby boomers downsizing. After moving to bigger and bigger houses in further and further afield suburbs and exurbs, boomers are beginning to reverse that trend by moving into smaller urban homes. And they are increasingly likely to be renters: “between 2002 and 2012, the number of renters ages 55 to 64 increased by 80%”. Badger points out that the big unknown is whether anyone will want to buy the McMansions boomers are moving out of. — Ben Walsh

On to today’s links:

Servicey
Maybe don't name your group chat "The Mafia", Wall Street traders - Bloomberg
In case of a real war on Christmas, here's how to invade the North Pole - Mother Jones

Trends
The cult of Vitamix - Bloomberg Businessweek

New Normal
The 49 states of rising child poverty - WaPo

Wonks
The MIT group researching how to decrease long-term unemployment - Evan Soltas

New Normal
How cities and states royally screwed up the staid, old-fashioned pension fund - James Surowiecki

Wonks
Is the safety net just masking tape? The problem of "pity charity" liberalism - Thomas Edsall
Previously: Are we at the completion of the liberal project? - Mike Konczal

Health Care
An interactive map of nearby ERs with the shortest wait times - ProPublica

Takedowns
20 things DC journalists can do to be happy besides moving to Kentucky - Jason Linkins

Primary Sources
The CFPB just won a $2 billion settlement with Ocwen over shoddy loan servicing - CFPB

Investing
"You would be better off letting a cat manage your money" - The Economist

Explainers
How to shutter a bank in Europe. It's so simple! - FT

Financial Arcana
The difference between risk premia and "behavioral craziness" - Noah Smith

Oxpeckers
The Hack List 2013: the best entry in Alex Pareene's brilliant takedown - Salon

FYI
An apple a day could save thousands of lives a year - BBC

Follow Counterparties on Twitter. And, of course, there are many more links at Counterparties.

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Business Today: Dow inches up to record close on quiet trading day

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12/19/2013
Reuters Election 2012 Daily round-up of the day's top news from the campaign trail, the White House and all the politics in between
Dow inches up to record close on quiet trading day
NEW YORK (Reuters) - U.S. stocks finished mostly flat on Thursday as investors paused after a rally in the previous session, though the Dow closed at its second record high in a row.
Target holiday cyber breach hits 40 million payment cards
BOSTON (Reuters) - Target Corp said hackers have stolen data from up to 40 million credit and debit cards of shoppers who visited its stores during the first three weeks of the holiday season in the second-largest such breach reported by a U.S. retailer.
Nike profit rises, futures orders up 13 percent
(Reuters) - Nike Inc on Thursday posted a rise in quarterly profit as higher margin products made up a bigger proportion of its sales, and the maker of sports clothes and shoes said global orders for merchandise for delivery by April was up 13 percent.
Housing, jobs data weaken, but overall economic picture still upbeat
WASHINGTON (Reuters) - U.S. home resales hit a near one-year low in November and new filings for unemployment benefits unexpectedly rose last week, putting a wrinkle in an otherwise brightening economic picture.
Ex-Microsoft employee, day-trader charged with insider trading
SEATTLE (Reuters) - The U.S. Department of Justice and the Securities and Exchange Commission charged two Seattle men on Thursday with 35 counts of illegally trading on private Microsoft Corp information, which prosecutors said netted the pair more than $390,000 in illicit profits over an 18-month period.
U.S. jobs to increase 10.8 percent by 2022, labor growth to slow
WASHINGTON (Reuters) - The number of United States jobs is forecast to increase by 10.8 percent in the next decade, with fastest growth in the healthcare sector as it serves an aging population.
Analysis: Rise of shareholder activism gives bond investors headaches
NEW YORK (Reuters) - When shareholder activist Carl Icahn turned up the heat on Apple in October, demanding a massive $150 billion share buyback, bond investor Bill Gross wasn't having any of it.
Wells Fargo sweetens brokers' deferred pay, retirement incentives
NEW YORK (Reuters) - Wells Fargo Advisors outlined its 2014 compensation plan for retail brokers on Thursday, dramatically increasing the deferred compensation brokers can receive for meeting revenue goals, making more brokers eligible for expense accounts and tinkering with their monthly revenue targets.
Mortgage case against Deutsche Bank filed too late: NY court
NEW YORK (Reuters) - A unit of Deutsche Bank AG won dismissal Thursday of a $330 million mortgage securities lawsuit, in a victory for banks who claim the statute of limitations has expired on many such cases.
Bell Helicopter sees new aircraft matching Asia pivot
FORT WORTH, Texas (Reuters) - The tilt-rotor aircraft that Textron Inc's Bell Helicopter is designing for a U.S. Army competition would help troops travel longer distances as the military shifts focus to the Asia-Pacific region, a company official said.
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