Own a house and a car? You are royalty, basically

This is Bloomberg Opinion Today, a waterproofed basement of Bloomberg Opinion’s opinions. Sign up here.Today’s Agenda There’s always money i [Bloomberg]( Follow Us [Get the newsletter]( This is Bloomberg Opinion Today, a waterproofed basement of Bloomberg Opinion’s opinions. [Sign up here](. Today’s Agenda - There’s always money in the banana stand [home equity]( and [car lending](. - It’s time to [boot Russia from the UN Security Council](. - Supreme Court [conservatives are fighting](. - New York City’s [economy has long Covid](. Bubbles Are For Closers I hate to brag, but I own a starter-sized suburban home and a 10-year-old minivan. This apparently makes me King of America, based on the number of cards, calls, texts and emails I get from realtors and car dealers desperately wanting to buy both of those things. I would love to take them up on it, but then I would have to buy a new house and a new car, and have you seen what they cost lately? Still, there are ways to enjoy such newfound riches. Alexis Leondis has tips for [how us suburban Warren Buffetts can tap the equity]( that blossomed in our homes overnight like so much basement mold: - Do: Put some of the cash back into your house; maybe waterproof that disgusting basement. - Don’t: Put the cash into buying jet skis or, worse, gasoline for your jet skis. Unfortunately, you might only get one shot at this; experts discourage you from repeatedly dipping into home equity. I call these experts “the bank.” But they have all the power. So do auto lenders. They don’t just get one sip of [the river of money flowing through the auto market]( but drink from it again and again, Chris Bryant writes. Some drivers are wising up and buying their vehicles when their lease terms end and then flipping them for cash, Chris notes, depriving auto lenders of that margin. But that’s another thing you, the consumer, can only do once. And after you do it you will still need a car. You may be queen or king in your cul-de-sac, but as usual, the establishment truly rules. Bonus Personal-Finance Reading: Money gets tricky when you [find love late in life](. — Teresa Ghilarducci Russia Doesn’t Deserve Privileges The United Nations Security Council has four jobs, according to its [website](: - to maintain international peace and security; - to develop friendly relations among nations; - to cooperate in solving international problems and in promoting respect for human rights; - and to be a centre for harmonizing the actions of nations. Russia, one of just five permanent council members, is slaughtering civilians in an unprovoked assault on its neighbor Ukraine. This seems to violate every tenet above, although you could argue Russia has “harmonized the actions of nations” by making them team up to punish Russia. This brings up a question heard more and more as the list of Vladimir Putin’s crimes against humanity grows longer than his [tables](: Remind us why Russia is in the Security Council again? Thomas Grant argues it doesn’t have to be: There are [steps the other members can take to boot Russia](, and precedent for doing so. If they won’t, then what is even the point of a Security Council? Another permanent member, China, only just last month held a commitment ceremony with Russia, in which they pledged to honor and cherish their shared love for autocracy, forsaking all others. Just a few weeks after that, Putin launched a war that James Stavridis and [others]( are comparing to [Stalin’s semi-disastrous Winter War]( against Finland, embarrassing both partners. China has so far [refused]( to disown its new bestie, and Minxin Pei suggests it would [hurt Xi Jinping’s reputation too much to do so now](. But the war has been pure disaster for China so far — upsetting the global economy, uniting the pro-democracy coalition, and shaming Beijing by association. We’d all forgive it for dumping Russia so soon. Further Ukraine Reading: - Here’s how a “[market state” can help Ukraine]( where nation-states cannot. — Philip Bobbitt and Gregory Treverton - The war has [revived the Great Man theory of history](. — Matt Yglesias - QAnon is spouting [the same dangerous nonsense as the Kremlin](. — Parmy Olson and Tim Culpan SCOTUS With the Mostest Judge Ketanji Brown Jackson, President Joe Biden’s pick to join the Supreme Court, [appeared]( before the Senate Judiciary Committee today to begin her traditional trial by long-winded senator. She seems likely to win confirmation, but just in case there’s any doubt, Bloomberg’s editorial board notes [her credentials for the job are impeccable](. Perhaps more importantly, she would be the only former public defender on the high court, adding some desperately needed new perspective. KBJ would be just one of three liberal Supreme Court votes, but she might face a divided conservative bloc, writes Noah Feldman. The court’s right wingers are increasingly squabbling over the [supremacy of two of Antonin Scalia’s shibboleths](, textualism and originalism. That could lead the court in some unexpected, and maybe not very constructive, directions. Hey, Speaking of Hearings: When the heck do we [get Jan. 6 hearings already](? — Jonathan Bernstein Telltale Charts New York’s economy can’t seem to [shake off its lingering Covid symptoms](, writes Justin Fox. The IEA’s [10-step plan to reduce oil demand]( could help fight both Russia and climate change, writes Julian Lee. Further Reading Another Boeing jet crash [could delay the 737 Max’s comeback](. — Brooke Sutherland Plague, war and climate change have “[just in case” management]( replacing “just in time” management. — Adrian Wooldridge Tech companies are [building EV supply factories closer to local markets](, helping them diversify from China. — Tim Culpan States that accepted Obamacare’s Medicaid expansion have [economically outperformed the ones that haven’t](. — Matthew Winkler The Fed needs [an apolitical bank regulator](. — Narayana Kocherlakota That “Covid-shrinks-your-brain” study [wasn’t as alarming as it sounds](. — Faye Flam The [fight over a solar farm in upstate New York]( is both a hopeful and cautionary tale. — Francis Wilkinson ICYMI Biden warned companies to [brace for Russian cyberattacks](. Silicon Valley’s [richest Russian distanced himself](from Putin. Apple suffered a [big Music and Maps outage](, affecting tens of users. Kickers A Chicago store is selling [LEGO Volodymyr Zelenskiy minifigures]( and Molotov cocktails. Area ancient pool is actually [a fertility god’s shrine](. (h/t Scott Kominers for the first two kickers) Area man corners “niche [market of doing nothing for cash](.” (h/t Ellen Kominers) iPhone cameras [might be too smart](. Notes: Please send horseyback rides and complaints to Mark Gongloff at mgongloff1@bloomberg.net. [Sign up here]( and follow us on [Instagram](, [TikTok](, [Twitter]( and [Facebook](. Like Bloomberg Opinion Today? [Subscribe to Bloomberg.com and get much, much more](. You’ll receive our unmatched global news coverage and two in-depth daily newsletters, The Bloomberg Open and The Bloomberg Close.  Before it’s here, it’s on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. [Learn more](. 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