This week, James Lee, host of 5149, Jonathan Geyer from Vox, and investigative reporter Ken Klippenstein dive deep into CNN's plummeting ratings and the resulting trust crisis in media. They discuss Ukraine's persistent lobbying efforts in Washington, shedding light on how they shape U.S. foreign policy. The conversation also touches on the impact of rising interest rates on the housing market and the challenges of affordability that arise. Additionally, they tackle issues of media hypocrisy and the cultural implications of moral outrage in society.
Rising mortgage interest rates set by the Federal Reserve have led to a significant increase in home sale cancellations, making it more challenging for potential buyers to afford homes.
The ongoing clashes between public figures and media organizations highlight the lack of decency in media outlets and the influence they have on public perceptions.
Deep dives
High Home Sale Cancellations in June
In June, there was a significant increase in home sale cancellations, with 60,000 deals falling through, accounting for 15% of homes that entered into a contract. This is the highest number since the start of the pandemic. The rise in cancellations is attributed to the increasing mortgage interest rates set by the Federal Reserve. As rates continue to rise, the housing market is expected to face more challenges, making it difficult for potential buyers to afford homes.
Elon Musk Responds to MSNBC Anchor
Elon Musk engaged in a Twitter exchange with MSNBC anchor, Stephanie Ruhle, after she urged him to use his influence and power to spread positivity. Musk replied by suggesting that MSNBC should do the same, highlighting the lack of decency in media outlets. This exchange serves to highlight the ongoing clashes between public figures and media organizations over their respective influences on public perceptions.
US Institutions Struggle with Distrust
Jonathan Gayner reveals the decline in Americans' confidence in major US institutions. Gallup polls from 2021 to 2022 show a lack of trust, with 25% confidence in the Supreme Court, 23% in the presidency, and a mere 7% in Congress. Although these statistics reflect a long-standing trend, the COVID-19 pandemic exacerbated the situation. Government officials' apparent misinformation and suppression of dissenting opinions have eroded trust even further. This loss of confidence has deep social implications and raises questions about the state of democracy.
The Housing Market and the Fed
The Fed's actions in raising interest rates are having a significant impact on the housing market. Following small rate increases, there has been a surge in mortgage rates, resulting in a collapse of the housing market. This is evident in the high number of home sale cancellations, with 60,000 deals falling through in June, accounting for 15% of contracted homes. As interest rates continue to rise, the housing market is expected to face further challenges, making it difficult for potential buyers to afford homes.