The Cynic: December 15

BUSINESS
This Week’s Business News

White House Plans More “Historic Deals” With U.S. Mining Sector

Washington is basically speed-dating the mining industry right now. A White House official said the administration wants more “historic deals” to boost U.S. production of critical minerals used in defense and high-tech supply chains.

The strategy is simple: make more stuff here, buy less from China. The administration has already taken equity stakes in some mining-related companies and is backing projects meant to strengthen domestic refining and processing.

It’s a very American plan: dig, refine, and call it national security. If they can pull it off, it’s less “resource dependence” and more “we’d like our batteries, drones, and missiles to come with a made-in-USA sticker.”

With Fed Independence in the Crosshairs, Will the Supreme Court Back Trump Again?

The Supreme Court may soon decide whether “independent agency” is a real thing or just a vibe. A major legal fight is brewing around Trump’s push to exert more control over independent regulators — and whether that could extend to the Federal Reserve.

The flashpoint is a dispute involving a Fed governor and whether a president can remove Fed officials more easily. The court has signaled it may expand presidential power to fire officials at some agencies, but justices also appear cautious about messing with the Fed’s special status.

Translation: they might give Trump a bigger steering wheel… but keep the Fed’s keys in a separate lockbox. Either way, the ruling could redraw the lines of Washington power in a way markets will definitely not ignore.

Tesla Board Made $3 Billion From Stock Awards That Dwarfed Tech Peers

Tesla’s board didn’t just oversee a rocket ship — they got paid like they rode it to space. A Reuters analysis found Tesla directors collected more than $3 billion from stock awards over two decades, far outpacing board pay at other major tech companies.

The biggest gains came from early option grants that exploded in value. Several directors earned hundreds of millions as Tesla’s stock surged, with some cashing out enormous sums.

Tesla says it’s performance-based; critics say it’s performance-blinding. Because stock options have huge upside and little downside, skeptics argue the pay structure can make board “independence” feel a bit… decorative.

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REAL ESTATE
This Week’s Real Estate News

Canary Wharf Gets Momentum as Visa and JPMorgan Lease Space

Canary Wharf just got a pulse check — and the answer was “still alive.” Visa agreed to move its European headquarters there, leasing about 300,000 square feet at One Canada Square on a long-term deal.

JPMorgan is also doubling down in a very loud way. The bank is planning a massive new headquarters tower in the district, a bet that London offices aren’t dead — they’re just being re-priced and upgraded.

So yes, the “remote-work killed the office” narrative is getting edited. The vibe now is: the best buildings win, the worst buildings get ignored, and everyone pretends that was always the plan.

Metros Where Homes Have Lost the Most Value

Your home didn’t “crash” — it just stopped acting like a meme coin. New data shows some big metros have seen the sharpest year-over-year drops in home values, as higher inventory and affordability pressure cool formerly red-hot markets.

The biggest losers tend to be the places that ran up the fastest. Markets that boomed hardest during the pandemic are now giving back more value as buyers regain leverage and sellers face reality.

It’s not doom — it’s math. Most owners are still up over the long run, but the era of “list it for anything and let God sort it out” is clearly ending in these metros.

Michael Burry Discloses Major Stake in Fannie Mae and Freddie Mac

The guy from The Big Short is back — and he’s shopping in the government-adjacent aisle. Michael Burry disclosed a major position in Fannie Mae and Freddie Mac, the housing-finance giants that have been under federal conservatorship since 2008.

The bet is basically: “something changes, and these things re-rate hard.” Bulls argue any move toward reform, recapitalization, or an eventual exit from conservatorship could meaningfully change the value proposition.

Of course, this is Washington — so timelines are made of fog. It’s a classic Burry trade: huge upside if the political gears turn, and a whole lot of waiting if they don’t.

FUN
Riddle Me This

A CEO, an AI model, and a middle manager walk into a budget meeting. By the end of Q4, only two of them are still on payroll, and both insist they “created most of the value.”

Who got cut?

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ADVICE
This Week’s Business Advice

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