David Lidsky's Blog, page 276

Got an Apple computer for Christmas? Here are 6 apps and games to try with that new Mac

So you woke up on Christmas morning to a new Mac. Perhaps it’s the miraculous M4 Mac mini, or maybe it’s the stunning M4 Pro MacBook Pro complete with the nano texture display. No matter which Mac you unwrapped, you’re probably itching to try out some new apps and games to see what that new […]

So you woke up on Christmas morning to a new Mac. Perhaps it’s the miraculous M4 Mac mini, or maybe it’s the stunning M4 Pro MacBook Pro complete with the nano texture display. No matter which Mac you unwrapped, you’re probably itching to try out some new apps and games to see what that new computer can do.

Tech investor Cathie Wood on how Trump can boost the U.S. economy

Wood has publicly backed Trump’s economic platform.

U.S. tech investor Cathie Wood is calling on Donald Trump’s incoming administration to boost economic growth and policy certainty by backdating promised corporate and personal tax cuts to Jan. 1, 2025, she told Reuters.

Mortgage rates are surging as 2024 comes to a close. Here’s why

According to mortgage buyer Freddie Mac, the rate rose to 6.85% from 6.72% last week.

The average rate on a 30-year mortgage in the U.S. rose for the second week in a row to its highest level since mid-July, reflecting a recent jump in the bond yields that lenders use as a guide to price home loans.

The rate rose to 6.85% from 6.72% last week, mortgage buyer Freddie Mac said Thursday. One year ago, the rate on a 30-year mortgage averaged 6.61%.

The average rate on a 30-year mortgage is now the highest it’s been since the week of July 11, when it was at 6.89%. It dipped as low as 6.08% in September — a 2-year low — and as high as 7.22% in May.

Most economists forecast the average rate on a 30-year mortgage to remain above 6% next year, with some including an upper range as high as 6.8%. That range would be largely in line with where rates have hovered this year.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners seeking to refinance their home loan at a lower rate, also rose this week. The average rate increased to 6% from 5.92% last week. A year ago, it averaged 5.93%, Freddie Mac said.

Elevated mortgage rates and rising home prices have kept homeownership out of reach of many would-be homebuyers. While sales of previously occupied U.S. homes rose in November for the second straight month, the housing market remains in a slump and on track for its worst year since 1995.

Mortgage rates are influenced by several factors, including the moves in the yield on U.S. 10-year Treasury bonds.

Bond yields climbed last week after the Federal Reserve signaled that it will likely deliver fewer cuts to rates next year than it forecast just a few months ago. While the central bank doesn’t set mortgage rates, its actions and the trajectory of inflation influence the moves in the 10-year Treasury yield.

The biggest wildcard for mortgage rates next year is whether President-elect Donald Trump’s policy initiatives will contribute to higher inflation and swell the national debt, which could keep mortgage rates elevated. That’s because what happens with inflation, the U.S. deficit and the economy can have an effect on the 10-year Treasury yield.

The yield, which was below 3.7% as recently as September, was at 4.61% in midday trading Thursday.

Credit card debt is at a record high this holiday season

That’s as shoppers are projected to spend up to $989 billion between November 1 and December 31, according to the National Retail Federation.

This holiday season has come with a hefty price tag: record-high credit card debt.

10 hot button issues that will have new U.S. laws in 2025

Many of the laws launching in January are a result of legislation passed this year.

Artificial intelligence. Abortion. Guns. Marijuana. Minimum wages.

Name a hot topic, and chances are good there’s a new law about it taking effect in 2025 in one state or another.

Many of the laws launching in January are a result of legislation passed this year. Others stem from ballot measures approved by voters. Some face legal challenges.

Here’s a look at some of the most notable state laws taking effect:

How the H1-B visa is causing strife within Trump’s coalition

The issue of skilled foreign workers is pitting the tech industry against Trump’s America First supporters.

An online spat between factions of Donald Trump’s supporters over immigration and the tech industry has thrown internal divisions in his political movement into public display, previewing the fissures and contradictory views his coalition could bring to the White House.

The rift laid bare the tensions between the newest flank of Trump’s movement—wealthy members of the tech world including billionaire Elon Musk and fellow entrepreneur Vivek Ramaswamy and their call for more highly skilled workers in their industry — and people in Trump’s Make America Great Again base who championed his hardline immigration policies.

The debate touched off this week when Laura Loomer, a right-wing provocateur with a history of racist and conspiratorial comments, criticized Trump’s selection of Sriram Krishnan as an adviser on artificial intelligence policy in his coming administration. Krishnan favors the ability to bring more skilled immigrants into the U.S.

Loomer declared the stance to be “not America First policy” and said the tech executives who have aligned themselves with Trump were doing so to enrich themselves.

Much of the debate played out on the social media network X, which Musk owns.

Loomer’s comments sparked a back-and-forth with venture capitalist and former PayPal executive David Sacks, whom Trump has tapped to be the “White House A.I. & Crypto Czar.” Musk and Ramaswamy, whom Trump has tasked with finding ways to cut the federal government, weighed in, defending the tech industry’s need to bring in foreign workers.

It bloomed into a larger debate with more figures from the hard-right weighing in about the need to hire U.S. workers, whether values in American culture can produce the best engineers, free speech on the internet, the newfound influence tech figures have in Trump’s world and what his political movement stands for.

Trump has not yet weighed in on the rift, and his presidential transition team did not respond to a message seeking comment.

Musk, the world’s richest man who has grown remarkably close to the president-elect, was a central figure in the debate, not only for his stature in Trump’s movement but his stance on the tech industry’s hiring of foreign workers.

Technology companies say H-1B visas for skilled workers, used by software engineers and others in the tech industry, are critical for hard-to-fill positions. But critics have said they undercut U.S. citizens who could take those jobs. Some on the right have called for the program to be eliminated, not expanded.

Born in South Africa, Musk was once on an a H-1B visa himself and defended the industry’s need to bring in foreign workers.

“There is a permanent shortage of excellent engineering talent,” he said in a post. “It is the fundamental limiting factor in Silicon Valley.”

Trump’s own positions over the years have reflected the divide in his movement.

His tough immigration policies, including his pledge for a mass deportation, were central to his winning presidential campaign. He has focused on immigrants who come into the U.S. illegally but he has also sought curbs on legal immigration, including family-based visas.

As a presidential candidate in 2016, Trump called the H-1B visa program “very bad” and “unfair” for U.S. workers. After he became president, Trump in 2017 issued a “Buy American and Hire American” executive order, which directed Cabinet members to suggest changes to ensure H-1B visas were awarded to the highest-paid or most-skilled applicants to protect American workers.

Trump’s businesses, however, have hired foreign workers, including waiters and cooks at his Mar-a-Lago club, and his social media company behind his Truth Social app has used the the H-1B program for highly skilled workers.

During his 2024 campaign for president, as he made immigration his signature issue, Trump said immigrants in the country illegally are “poisoning the blood of our country” and promised to carry out the largest deportation operation in U.S. history.

But in a sharp departure from his usual alarmist message around immigration generally, Trump told a podcast this year that he wants to give automatic green cards to foreign students who graduate from U.S. colleges.

“I think you should get automatically, as part of your diploma, a green card to be able to stay in this country,” he told the “All-In” podcast with people from the venture capital and technology world.

Those comments came on the cusp of Trump’s budding alliance with tech industry figures, but he did not make the idea a regular part of his campaign message or detail any plans to pursue such changes.

Netflix sets NFL streaming record with festive Christmas Day debut

Two holiday matchups averaged over 24 million viewers each, eclipsing the previous NFL streaming record and marking a triumphant entry for Netflix.

Netflix (NFLX) entered the NFL live-streaming arena with a spectacular debut on Christmas Day, setting a new streaming record for the league. Preliminary Nielsen data shows an average U.S. audience of more than 24 million for each of the two holiday matchups.  

Florida condo owners will see higher costs in 2025 due to this law

The state law, passed in 2022, requires associations to have sufficient reserves to cover major repairs.

Florida condominium owners are looking at higher costs from condo associations in the new year, a consequence of a safety law passed by state lawmakers in 2022.

It requires associations to have sufficient reserves to cover major repairs and to conduct a survey of reserves every decade. Because of the law, older condos—found largely in South Florida, according to state records—are facing hefty increases to association payments to fund the reserves and repair costs.

Gov. Ron DeSantis signed the law in response to the partial collapse of Champlain Towers South, which killed 98 people in Surfside in June 2021. New regulations require condo associations for buildings with three or more stories to file an inspection report focused on structure, maintenance, and expected costs for repairs or renovations by Dec. 31.

The report is just a small sector of the large-scale issue in Florida’s condo and property insurance crisis. A May report from the Florida Office of Insurance Regulation noted that the average homeowner’s insurance premium is approximately $3,600, about $1,000 more than the national average, according to the National Association of Realtors.

In Hallandale Beach, condo owner Kelli Roiter sympathizes with people having trouble paying the higher fees, but she said she supports rules requiring associations to maintain reserves for repairs if it means her oceanfront building—built in 1971—gets the repairs it needs.

She said her building, a few miles from Champlain Towers South, is showing some of the same problems that were visible before that building collapsed.

“I’m concerned that this building will collapse,” Roiter said. “There are nights I wake up hearing a creak, and I jump. And then I remind myself that, no, no, no, we’re safe. But am I safe?”

Rick Madan, president of the Biscayne Neighborhoods Association, which represents 22 condo associations, said the law is bringing condo owners strife by forcing buildings to take full coverage and bringing forth a blanket solution that doesn’t holistically address the crisis.

Madan said the law puts newer condos in the same category of needing reserve funds, inspection reports and recertifications as much older buildings at the expense of the condo owners.

That’s especially tough for people who retired in South Florida on fixed incomes, Madan added.

“You’re making us do all these reserve studies. You’re making us fund our reserves more, so we have to come up with more money,” Madan said of the Florida Legislature. “On top of that, you’re not giving us any flexibility on the insurance side where the insurance companies are basically making so much profit because they write a policy for $100 million, which they know they’ll never have to pay a claim on.”

Democratic State Sen. Jason Pizzo, who represented Surfside at the time of the collapse, said he agrees with Madan’s point about property insurance.

Pizzo and state Sen. Jennifer Bradley, a Republican, held a condo summit in early December where he warned of transparency among associations about the required projects for repair costs to prevent structural damage.

Pizzo told The Associated Press it is important for associations to have that transparency with condo owners to ensure that the rising payments are truly related to repairs and not to amenity costs, and that it is done within a reasonable timeframe for residents’ safety.

He said it’s understandable to worry about anticipatory costs but that is why objective inspections of older buildings are necessary.

Nearly 90% of the 1.6 million condos in Florida are more than 30 years old, and Pizzo said it is concerning that they haven’t had critical inspections.

“They’re going to get a milestone inspection, and they may find some immediate repair or replacement requirements as a result of it,” Pizzo said. “That’s not really by operation of law. That’s by operation of common sense.”

Luis Konski, a Miami attorney who deals with construction and commercial liability cases, said previous condo regulations kept fees low by failing to save money for future repairs, and then owners were hit with special assessments when repairs finally needed to be done. Konski said this encouraged many associations to ignore necessary but expensive maintenance, which is what likely led to the Surfside building collapse.

He said he’s not sure whether the state has committed enough staff to actually make sure associations are following the new rules. Pizzo echoed similar concerns, saying the state’s Department of Business and Professional Regulation might require legislative changes so it can start reviewing structural integrity and inspection reports while continuing to regulate all parts of business in Florida, including licensing and enforcing rules.

Konski said that if associations can continue to delay maintenance with inaccurate surveys and minimal oversight, it’s only a matter of time before another disaster.

“It’s a question of do you save money or do you save lives?” Konski said. “You can’t do both.”

Real estate agent Rebeca Castellon, who owns a condo in Coral Gables, said she agrees with the idea of requiring condo associations to maintain reserves for future repairs but acknowledges that the timing is bad when the increased fees are combined with higher insurance costs and recent inflation.

“I think part of the challenge is that right now there is tsunami of things that are really making it very challenging for condo owners,” Castellon said.

The condo market has cooled with the uncertainty created by additional fees and regulations, but Castellon said condos are still the most affordable form of home ownership and the new regulations will just give buyers more information going forward.

“I would not be surprised if in the future buyers are going to demand to see the structural inspection that the towers are going through right now and take that into consideration, as far as whether or not that’s the right property for them to move forward and put an offer,” Castellon said.

Real estate agent Gatien Salaun, who owns a waterfront condo in Miami Beach, said what appears to be a recent reduction in average sale prices is largely just buyers negotiating with sellers to eat some of the costs.

“They are simply asking for price reductions that are commensurate with that exact amount that they will have to pay over the next 20 years, 30 years in assessments,” Salaun said. “And the sellers are somewhat stuck in terms of negotiating with the buyer or just paying for the cost themselves.”

Human-caused climate change gave us an extra 41 days of dangerous heat this year

Unsurprisingly, 2024 is also set to break 2023’s record for the hottest year ever.

This year is set to break the previous year’s record for the hottest year, and according to new research, much of that heat was a result of human-caused climate change.

Poll finds many Americans pin partial blame on insurance companies in UHC CEO killing

Suspect in UnitedHealthcare CEO murder, Luigi Mangione, pleads not guilty as defense fund soars

Luigi Mangione pleaded not guilty in the assassination of UnitedHeathcare CEO Brian Thompson on Monday. Following the plea, an uptick in donations to Mangione’s legal defense fund rolled in on the crowdfunding site GiveSendGo. At present, the sum sits at a staggering $212,426.