The Cynic: December 3

BUSINESS
This Week’s Business News

Trump Says New Fed Chair Will Be Announced Early Next Year

Nothing says confidence like announcing that you’ll announce something later. Trump told reporters he’ll reveal his pick for the next Federal Reserve chair early next year, though he already knows who he wants.

He’s leaning toward someone dovish on rates. Top names floated include Kevin Hassett, Michelle Bowman, Christopher Waller, Kevin Warsh, and BlackRock’s Rick Rieder — all generally friendlier to lower interest rates.

Whoever gets the job inherits a balancing act. With the economy growing but inflation still hovering above target, the next chair will spend 2026 trying to keep rates steady while everyone on cable news yells “cut faster.”

CVS to Pay $37.8 Million Over Insulin Pen Billing

CVS just paid a multimillion-dollar penalty for allegedly being too generous with insulin pens. The company will settle claims that it dispensed more pens than medically necessary and then overbilled government health programs.

The issue was how the “days of supply” were recorded. Staff were allegedly encouraged to list the maximum possible days even when it didn’t match prescriptions, which boosted reimbursements.

CVS says the problem was tied to old PBM practices. The company insists billing rules have since been clarified and is ready to move on, while the whistleblower walks away with a very respectable cut of the settlement.

Michael and Susan Dell Commit $6.25 Billion to “Trump Accounts” for Kids

The Dells basically just hit the “national generational wealth starter pack” button. Michael and Susan Dell pledged $6.25 billion to seed investment accounts for 25 million U.S. children.

The government is contributing too. Under the administration’s Invest America plan, Treasury will deposit $1,000 into accounts for kids born between 2025 and 2028, invested in index funds until they turn 18.

Wall Street immediately started circling like it’s Shark Week. Asset managers want in, the Dells are focusing on families earning under $150K, and Trump celebrated the pledge with an all-caps endorsement.

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REAL ESTATE
This Week’s Real Estate News

Apartment Rents Fall Again as Vacancies Hit New Highs

Landlords are discovering that you can’t raise rent on an empty apartment. National median rent fell 1% in November, marking the fourth straight monthly decline.

A wave of new supply is meeting soft demand. Vacancies have climbed to around 7%, partly because young adults are choosing to live with family instead of paying high rents.

The result is the biggest rent drop in over a decade. Apartment REITs are down, concessions are up, and the average 20-something is now choosing mom’s Wi-Fi over a 400-square-foot studio.

Zillow Removes Climate Risk Scores From Listings

Zillow didn’t kill climate data — it just quietly put it behind a different door. The portal removed climate-risk scores from all listings and now directs users to its partner’s website instead.

The company says it’s about MLS compliance. Zillow claims the change ensures consistent standards across markets, though some MLSs insist they never asked for the removal in the first place.

Meanwhile, climate risk is only getting more expensive. Insurance premiums have jumped double digits for two years straight, and more deals in high-risk areas are collapsing because buyers can’t get coverage.

Court Combines FTC and State Antitrust Cases Against Zillow and Redfin

When two lawsuits say the same thing, a judge just hits “merge files.” A federal court consolidated the FTC’s antitrust suit with a parallel case brought by several states.

The dispute centers on a $100 million rental-ads partnership. Regulators say Zillow’s exclusive deal to provide rental listings on Redfin’s platforms may have reduced competition in the rental advertising market.

Zillow and Redfin say the partnership helps consumers. They argue it improves listings access and quality, while regulators argue it looks a lot like one company paying to sideline a competitor.

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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