The Cynic: November 23

BUSINESS
This Week’s Business News

BBC Board Member Quits After Trump Documentary Edit Mess

Nothing says ‘public service broadcaster’ like a boardroom drama over a Trump edit. Shumeet Banerji resigned from the BBC board after the network came under fire for editing a speech by Donald Trump in a “Panorama” documentary about January 6th, which sparked bias accusations and even talk of a multibillion-dollar lawsuit.

Banerji says the real issue was governance, not politics. He complained he wasn’t consulted about the earlier resignations of Director General Tim Davie and BBC News chief Deborah Turness, who both stepped down after the controversy.

So the BBC loses the guy who was supposed to be the grown-up in the room. The broadcaster has apologized for the edit but insists Trump has no legal case, leaving viewers with the classic BBC combo: a very careful statement and a very messy situation.

Investors Brace for a Wobbly Holiday Season on AI and Fed Jitters

Wall Street just discovered that “AI + rate cuts = eternal bull market” might not be a law of physics. Stocks have pulled back from record highs as investors question sky-high AI valuations and grow less sure the Fed will cut rates in December.

Big tech darlings finally got a timeout. Names like Nvidia, Oracle and Palantir have slid despite solid earnings, while volatility has jumped and indexes logged their first 5% pullback in months.

Still, no one wants to ruin Christmas if they don’t have to. Strategists note that December often ends green, especially after a weak November — so the mood is less “run for the exits” and more “maybe don’t YOLO every chip stock at once.”

Treasury’s Bessent: “No Recession Risk for the U.S. as a Whole”

Only an economist can say “we lost $11 billion” and follow it with “but don’t worry.” Treasury Secretary Scott Bessent told NBC the 43-day government shutdown permanently shaved about $11 billion off the economy, but he still doesn’t see an overall U.S. recession on the horizon.

He says the damage is local, not national. Rate-sensitive sectors like housing have basically had their own mini-recessions, but Bessent points to easing interest rates, planned tax cuts, and cooling inflation as reasons growth should hold up.

In his script, 2026 is the big payoff year. With higher tax refunds, lower energy prices and new factories coming online, he’s calling for stronger growth ahead — the classic D.C. promise that the really good part of the movie starts right after this scene.

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REAL ESTATE
This Week’s Real Estate News

Homebuilder Sentiment Is Still in the Gutter, Just Slightly Less So

Homebuilders just upgraded their mood from “miserable” to “mildly grumpy.” The NAHB builder sentiment index ticked up one point to 38 in November — better than expected, but still well below the 50 line that signals a healthy market.

The problem is buyers’ wallets, not builders’ optimism. A weak labor market, high prices, and still-elevated mortgage rates are keeping demand soft, marking the 19th straight month of negative sentiment.

Builders are basically bribing buyers with discounts. About 41% say they’re cutting prices — the highest share since 2020 — and roughly two-thirds are offering incentives, proving nothing sells a house faster than a coupon for six percent off.

FEMA Chief Richardson Resigns After Texas Flood Backlash

It’s rarely a good sign when the disaster agency becomes its own disaster story. Acting FEMA Administrator David Richardson resigned after just six months on the job, following heavy criticism of the agency’s response to catastrophic flooding in Texas that killed more than 130 people.

He was blasted for being invisible when it mattered most. Lawmakers and staffers said FEMA was slow to deploy search-and-rescue teams and that Richardson was hard to reach during the crisis, feeding a narrative of weak leadership at exactly the wrong time.

Now FEMA gets new leadership in the middle of a rebuild. Chief of staff Karen Evans will step in as acting administrator, while the administration continues a broader review of FEMA’s role — and the rest of us quietly hope the next big storm doesn’t arrive during another learning curve.

Ackman Says Trump’s Fannie–Freddie IPO Plan Needs a Rethink

When Bill Ackman says your $30 billion IPO idea is “not feasible,” people listen. The hedge fund billionaire argued that the Trump administration’s push to quickly take Fannie Mae and Freddie Mac public isn’t practical or desirable on the current timeline.

He’s not against privatization — just the rushed blockbuster version. Ackman suggests moving their existing over-the-counter shares to the NYSE, recognizing past payments as repayment for the bailout, exercising government warrants, and lowering capital requirements instead of forcing a giant, complicated merger and IPO.

His math says the slower path could still be huge. He estimates the two could eventually be worth around $400 billion combined, with the government’s stake worth roughly $300 billion — just not on the accelerated schedule some in Washington are dreaming about.

FUN
Riddle Me This

I never buy a house, yet I sell them all the time.
When I’m low, lines form; when I’m high, “maybe next time.”
I price tomorrow with numbers you pay today.
What am I?

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ADVICE
This Week’s Business Advice

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