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Why old houses are having a moment... July 29, 2023 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( Good morning. We spent a lazy Friday afternoon scrolling through [Useless Etymology]( and discovered a couple useless word facts that maybe you can use to impress people at your brunch or pool party today. - Useless/Useful fact No. 1: The word “shark” was first used to describe an evil or nasty person long before it was the name of the animal. - Useless/Useful fact No. 2: The word “escalate” didn’t exist until about 30 years after “escalator” (it was formed by lopping off some letters from escalator). Let us know how these go over—maybe you’ll just get called a nerd, and that’s OK! —Matty Merritt, Molly Liebergall, Sam Klebanov, Abby Rubenstein, Neal Freyman [CLICK]( THIS TO REMAIN A SUBSCRIBER Clicking on newsletter links is the only way for us to know you are reading (and enjoying) Morning Brew. If you don't click by next month, you will stop receiving this newsletter. [Click here]( to let us know that you’re still an active subscriber. Thanks! MARKETS Nasdaq 14,316.66 +1.90% S&P 4,582.23 +0.99% Dow 35,459.29 +0.50% 10-Year 3.954% -5.1 bps Bitcoin $29,368.13 +0.39% Tupperware $3.08 +3.70% *Stock data as of market close, cryptocurrency data as of 3:00am ET. [Here's what these numbers mean.]( - Markets: Stocks sailed off into the weekend on a [high note]( yesterday, with rising tech stocks and falling inflation leading the way. - Stock spotlight: Tupperware kept climbing yesterday, after gaining more than 300% over the past month because…well, no one’s really sure. It seems your grandma’s favorite container company has become the latest meme stock even though it warned in April that it was on the verge of bankruptcy.  GOVERNMENT [Our politicians are getting older]( [Mitch McConnell and Joe Biden talking.]( Jim Watson/Getty Images The conversation about why our country’s leadership looks like the inside of a Perkins at 4pm is again sweeping the nation after Senate Minority Leader Mitch McConnell froze up and stopped talking for a full 21 seconds during a press conference in DC this week. McConnell and his aides say he’s fine and plans to serve the rest of his term. But the event—and other recent health scares from older politicians—add to the growing concern from other politicians and constituents regarding the age and mental fitness of elderly public servants. By 7pm on the day of 81-year-old McConnell’s incident, Google searches had [quadrupled]( for the term “gerontocracy,” the word for a government controlled by old people. Aging has no political party McConnell, who has had multiple health problems in the past few years, might be in the spotlight now, but he’s only the fourth-oldest senator. Democratic Sen. Dianne Feinstein is the oldest person in office right now. She has struggled with ongoing health problems, some that kept her away from work for an extended stretch and prompted calls for her resignation. This week, she had to be corrected twice during a hearing, once because she started giving remarks during roll call. - An April Reuters poll found that 44% of registered Democrats think Joe Biden shouldn’t run for reelection because of his age—he’s 80 and the oldest president we’ve ever had. - The same poll found 34% of Republicans think 77-year-old Donald Trump is too old to run for the highest office in the land. Big picture: Members of Congress born before 1946 only account for about [6%]( of the entire governing body, which matches their share of the overall US population. But Capitol Hill is no nest of spring chickens: Baby Boomers (those born 1946–1964) make up nearly 49% of Congress compared to 21% of the US population. The average age of a member of Congress is 58 years old.—MM   FROM THE CREW [5 tips for finding digital transformation success]( [The Crew]( In today’s world, proper use of technology is more important than ever to stay competitive, which could mean it’s time for an [extensive digital transformation](. When it comes to execution, the IT team is sure to shoulder the brunt of the work. To ensure the team’s success, it is essential to put a strategy in place to help wrangle all the to-dos against a realistic timeline. Wondering where to start? IT Brew has you covered. [Download their guide today](. WORLD [Tour de headlines](#) [Emmy award statues]Evan Agostini/Getty Images The Emmys have been postponed. You’ll have to wait a little longer than expected to watch the four good acceptance speech clips because the awards originally scheduled for September are being [pushed]( due to the writers and actors strikes, according to Variety. Pushed to…when? Maybe January? But a source told Variety that a date hasn’t been cemented since the Golden Globes are that same month. This is the first time the Emmys have been postponed since 2001 in the wake of 9/11. The Fed’s favorite inflation measure fell. The personal consumption expenditures price index, a key data point for JPow and Co., [grew]( by only 3% last month compared to the previous June—its lowest annual rise since 2021. Meanwhile, the Bureau of Labor Statistics said that the employment cost index, another favored gauge that tracks wages and benefits, also rose at its slowest rate in two years. Powell said earlier this week that central bankers will be watching the data to decide whether to raise rates again in September, and these are signs that things are moving in the direction the Fed wants. Court rejects J&J bid to end talc lawsuits—again. For the second time, a bankruptcy court has [thrown out]( Johnson & Johnson’s efforts to resolve the 38,000 lawsuits claiming its baby powder causes cancer, putting the $8.9 billion deal the company struck in jeopardy. Once again, the court found that J&J didn’t have a reason to go through the bankruptcy system rather than fighting the cases in other courts. Judge Michael Kaplan ruled that the lawsuits did not actually put the company in financial distress, saying, “This court smells smoke, but does not see the fire.” The company vowed to appeal. SPORTS [The Northwestern hazing scandal keeps growing]( [Northwestern University students at a football game.]( Michael Reaves/Getty Images Several former Northwestern University athletes have filed [lawsuits]( against the school for emotional, physical, and psychological harm, and many more are expected to follow. This comes after an investigation revealed widespread hazing in the Wildcat football program, which—along with firsthand [accounts]( published in the university’s student newspaper—led to the firing of head coach Pat Fitzgerald earlier this month. According to former players… - Upperclassmen singled out teammates for coerced sexual acts, usually after they made a mistake on the field. - Former coaching staff made Black players cut off their dreadlocks, taunted Latino players with “jokes” about cleaning houses, and enabled white teammates to make racist comments. Five former Northwestern football players have filed lawsuits against the university, its president, and its current and former athletic directors. It’s not just football: A former Northwestern volleyball player is also suing over an alleged 2021 hazing incident, and the school’s baseball coach has been fired. Civil rights attorney Ben Crump, who represents some former football players, said he expects to file more than 30 lawsuits on behalf of past Northwestern athletes. Zoom out: Experts say this is a chance for other schools to reexamine their own programs. A 2016 NCAA survey found that 74% of college athletes get hazed.—ML   SPONSORED BY CARIUMA [Cariuma]( Step up your travel shoe game. Toss those threadbare kicks aside and cop the sustainable (yep, B Corp-certified) [sneaks with over 40k 5-star reviews](. We’re talkin’ about Cariuma’s classic, comfy sneakers (that come in over a dozen fresh colorways and fun prints). Everyone loves ’em—from mags like GQ to actors like Jon Hamm. [For a limited time, use code BREWJULY for 20% off](. REAL ESTATE [Old homes are selling for more than new ones]( [Old and new homes with price tags]( Francis Scialabba A house potentially haunted by the poltergeist of a long-deceased ex-resident will now cost you more than a brand-new place, upending the usual housing market order. Axios [reports]( that the median existing single-family home was going for $416,000 last month, while the median price tag for just-built ones was $600 lower. The housing market typically prizes youth over history. Older homes have higher repair and energy costs, which lower their attractiveness to buyers—a Victorian with ornate molding is charming only until the roof starts leaking. Why is old now pricier than new? It's mostly about interest rates: Since the Fed kept hiking them, the average 30-year mortgage rate now sits at 6.81%, more than double its lowest point during the pandemic. That’s making current homeowners, many of whom snagged their mortgages before prices went into the stratosphere, reluctant to sell their pad and get saddled with a much more expensive mortgage for a new one. This creates a shortage of pre-owned homes on the market but no shortage of aspiring homeowners. Some developers have signaled they’re more than happy to swoop in with more affordable homes for first-time buyers, and housing construction has begun to recover from a steep decline last year.—SK   GRAB BAG [Key performance indicators](#) [Taylor Swift performing in Seattle]Mat Hayward/Getty Images Stat: It’s official: Taylor Swift’s Eras tour is not only propping up the economy, it’s also making the Earth move. The singer’s dancing fans at a pair of Seattle shows last weekend created seismic activity equivalent to a [2.3-magnitude earthquake]( according to measurements by seismologist Jackie Caplan-Auerbach. That means the Swifties went even harder than the Seahawks fans that caused the legendary 2011 “Beast Quake” from the cheers that erupted during Marshawn Lynch’s [touchdown run]( against the New Orleans Saints (though Caplan-Auerbach said the magnitude difference between the two fan-made quakes was only 0.3). Quote: “Obviously, if you have more than 100 million people sign up, ideally it would be awesome if all of them or even half of them stuck around.” But Threads may not be as awesome a Twitter killer as Zuck wants it to be. The Meta CEO acknowledged at a company town hall Thursday that after rapidly gaining users, the new app has lost [more than half]( of the people who signed up, per a report from Reuters. Still, he told staffers the drop-off was actually less than expected, and that retention will likely improve as the company adds new features to the app. In perhaps even more disappointing news in the showdown against Elon Musk, Zuckerberg said he wasn’t sure their much-hyped cage match would to come together. Read: Why building a better search engine isn’t enough to beat Google. ([The Verge]( NEWS [What else is brewing](#) - [Hermes]( sales jumped last quarter even as other luxury brands struggled because everyone is still desperate to get Birkin bags. - [The Bank of Japan]( shocked investors by tweaking the policy it’s been using to keep interest rates down even as other countries have raised theirs, suggesting that even bigger changes may be coming. - [Trader Joe’s]( issued its third product recall in a week, saying its Fully Cooked Falafel may contain rocks. - [Singapore]( hanged a woman for the first time in 19 years. The city-state went ahead with her execution for allegedly trafficking 1 ounce of heroin, despite human rights groups and the UN calling on it to end capital punishment for drug-related crimes. - [The former floor-sleeping Twitter employee]( went viral with her thoughts on the X rebrand. RECS [Saturday To-Do List graphic] In breach: An observer captured a [video]( of three whales surfacing at the same time like synchronized swimmers. Once-terrifying tech: For a break from all the “AI will take your job” talk, look back at how the publishing industry feared…[photocopiers](.  Deserted islands: Here are [the stories behind]( how these places ended up abandoned. Easy as pie: Watch a chef answer any question you could have about [pizza]( (including whether calzones count). Feel good: Some say productivity is all about hard work and discipline—but what if there’s another way? In Feel-Good Productivity, Dr. Ali Abdaal uncovers an easier, science-backed path to success. [Pre-order your copy here]( Loyalty is everything: Julie Bornstein turned that motto into millions with Sephora’s Beauty Insider program. [Here’s how she did it](. + This content is from an editorial partner. GAMES [The puzzle section](#) Brew Crossword: Think of today’s crossword as an air conditioner for the mind. But don’t think too hard about that because we’re not exactly sure what it means. Either way, [play the puzzle here](. Open House Welcome to Open House, the only newsletter section that already knew precisely how much old houses cost. We’ll give you a few facts about a listing and you try to guess the price. [Union, Maine 4 bed, 4 bath home on a lake.]Camden Coast Real Estate Today’s [home]( is in Union, Maine, and was built in 1820. The only thing more impressive than this house still standing after 200+ Maine winters is its lush landscaping. You’ll feel like you’re wandering around the Secret Garden. Amenities include: - 4 beds, 4 baths - Private access to Lermond Mill Pond. Lermond. - In-law suite How much for this old house? SHARE THE BREW [Share Morning Brew]( with your friends, acquire free Brew swag, and then acquire more friends as a result of your fresh Brew swag. We’re saying we’ll give you free stuff and more friends if you share a link. One link. Your referral count: 0 [Click to Share]( Or copy & paste your referral link to others: [morningbrew.com/daily/r/?kid=4904f90a]( AROUND THE BREW [Get your strategy in check]( [Morning Brew learning graphic]( Tasked with planning 2024? The Brew’s one-week virtual course Strategic Planning kicks off on August 14. [Register now](. How will AI affect you? [Subscribe to Tech Brew]( for our latest series on generative AI in the workplace. Hear from VCs, startups, and Big Tech. Employee turnover is expensive. An algorithm could help…or hurt. [Read more from HR Brew](. ANSWER $680,000 Written by [Matty Merritt]( [Molly Liebergall]( Sam Klebanov, [Abigail Rubenstein]( and [Neal Freyman]( Was this email forwarded to you? Sign up [here](. Take The Brew to work - Marketers: [Marketing Brew]( - Corporate: [CFO Brew](  [HR Brew]( - Tech: [IT Brew](  [Tech Brew]( - Retailers: [Retail Brew]( - Healthcare: [Healthcare Brew]( Get smarter in just 5 minutes - Money & Career: [Money Scoop](  [Money With Katie](  [Raise]( Business education without the BS - Programs in [Business Essentials]( [Analytics]( and [Leadership]( Interested in podcasts? - Check out ours [here]( [ADVERTISE]( // [CAREERS]( // [SHOP]( // [FAQ]( Update your email preferences or unsubscribe [here](. Please Note: We've recently updated our Privacy Policy. View our privacy policy [here](. Copyright © 2023 Morning Brew. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011