The Daily Valet. - 11/1/19, Friday

✔️ Rent vs. Own and the Flip Phone's Return

Friday, November 1st Edition

Cory Ohlendorf, Editor in Chief of Valet.

My weekend plans? Relaxation and some Irish whiskey.

Cory Ohlendorf , Editor ⋯ @coryohlendorf

Today’s Big Story

It’s Hard to Own a Home These Days

Low rates don’t matter if you can’t get a home loan

As we mentioned yesterday, the Fed just cut interest rates again. Typically, when the central bank lowers rates, it encourages people to buy houses (since mortgages are cheaper) and builders to ramp up construction (since demand is strong and borrowing is easier). But despite a seemingly booming economy and near record-low unemployment, our generation has the lowest home ownership rate. And looking forward, it doesn't seem like owning some property will get any easier.

Not to mention, home buying isn’t the economic engine it once was either, according to research published in the New York Times. The housing sector is a smaller part of the economy than before the financial crisis, and a smaller share of Americans are homeowners. Pew Research Center found that today's young people are less likely to be tied down by owning a house and are moving far less than past generations due to a lack of job opportunities. Millennials were hit hard by the Great Recession in terms of job-holding and wages.

And the ones who do own, aren't aways happy about it. According to CNBC, 63% of millennial home buyers regret the decision. Underestimating the hidden costs associated with purchasing and owning a home (including the ongoing responsibilities of maintaining it) is the number one homeowner frustration among young people.

Of course, interest rates still matter when it comes to buying a house. But they matter less when no one will give you a loan in the first place. And many young would-be buyers find themselves in that situation.

After the housing bubble burst over a decade ago, banks and other financial institutions became far more cautious in their lending, thanks to new federal rules discouraging such risky loans.

But with rates near record lows, it’s unlikely that many would-be buyers are on the sidelines awaiting a further cut. They're simply not willing to plunk down the money to own. I think that we’re all still unpacking the perverse affects that such a large economic crash has had on our collective psyche. We carry some of the highest student loans and the lowest rates of car ownership.

And it’s not because we spend too much on avocado toast. But it might be because home ownership isn't all that realistic in this new "gig economy."

↦ By the numbers: The typical home buyer today has a FICO credit score of 741, compared with 700 before the housing crisis, according to the Urban Institute.

A Divided House Endorses Impeachment

Democrats have enough confidence in their evidence to proceed over Republican objections

The House of Representatives adopted rules Thursday for how Democrats will conduct the public phase of the impeachment investigation of President Donald Trump, a process Republicans have argued was secretive and unfair to this point. And while this will make the investigation more public, including the likelihood of televised hearings, no time frame was given for when that will happen.

The 232 to 196 vote was almost entirely along party lines. According to the New York Times, the resolution sets out rules for an impeachment process for which there are few precedents, and which promises to consume the country a little more than a year before the 2020 elections.

It was only the third time in modern history that this has happened—Andrew Johnson in 1868 after the Civil War and Bill Clinton in 1998. Both were impeached by the House but acquitted by the Senate. Nixon, you might recall, resigned in 1974 before he was impeached.

↦ 3 Takeaways: The Washington Post has some interesting points from both sides about whether to continue the House’s impeachment inquiry.

What to Expect From the Apple TV+ Launch

Can the tech giant really be an underdog?

Today, Apple officially becomes a contender in the streaming battle for attention and dollars. Apple TV+, featuring Apple's ad-free original TV shows and movies, will cost you $5 a month. That is, unless you buy a new Apple gadget, then you get a free year's subscription, or you could opt for the seven-day no-cost trial.

The kickoff includes nine programs, from The Morning Show with Jennifer Aniston and Steve Carrell, to See, a post-apocalyptic thriller starring Jason Momoa. Apple’s $100-billion cash hoard and fat profit margins mean the tech giant can afford the marquee names and big budgets of developing and distributing prestige content, reports the Wall Street Journal. But deep pockets and big stars don't guarantee a smooth start.

Early reviews of its high-priced shows are varied at best, with some offerings being called everything from "intriguing" to "rarely better than so-so." But if Apple is good at anything, it's taking something good and continually refining it until it's great. Plus, there's plenty more where this came from: Oprah Winfrey, Steven Spielberg and J.J. Abrams (along with a handful of other heavy hitters) are all on board for at least 30 other confirmed programs and films coming to the service.

↦ Your Binge Budget: If you were to subscribe to every major streaming service being offered, your monthly bill would be about $67, according to OneZero.

Would You Go Back to a Flip Phone?

The Razr is being reimagined as a smartphone

There were plenty of rumors circulating about Motorola working on a foldable phone. Especially after a patent emerged that looked a lot like their famed Razr, the flip phone that was the only flip phone to have in the early aughts.

Now, official photos of the finished design have leaked showing the company's Razr reboot for the smartphone era. "Unsurprisingly, the device looks a lot like the original RAZR, complete with a thick bottom lip," reports Engaget. "Thanks to the flip phone factor of the device, it looks like the front-facing camera will allow you to take both selfies and regular shots by folding out the display."

I have to say, I'm intrigued by the possibility of shrinking the size of a phone to make it more pocketable. And I do miss how satisfying it was to snap your phone shut after a call. But then again, who actually makes calls on their phones anymore?

Motorola will most likely unveil the phone on November 13, when the company hosts a press event in Los Angeles. For now, you can simply bring it up in conversation and get people's unvarnished opinion before it officially launches.

Other Things We’re Talking About Today

Belgian loafer

What Valet. readers bought in October

This handsome steel home in Arizona

Weekend Pairing

The Irishman + some Irish Whiskey

If you're in the mood to go to the movies, Martin Scorsese's epic gangster drama The Irishman offers a lot of action for your money—with a runtime of nearly three hours. Robert De Niro plays World War II veteran Frank Sheeran, a hustler and hitman who worked alongside some of the most notorious figures of the 20th century. Sheeran is connected to one of the greatest unsolved mysteries in American history, the disappearance of legendary union boss Jimmy Hoffa. The film, which also stars Al Pacino and Joe Pesci, kicks off a limited theater engagement today, but if you can wait, it starts streaming on Netflix the day before Thanksgiving.

What goes better with a brutal mob masterpiece from the director of Goodfellas than a fine Irish whiskey? At this year's World Whiskies Awards, Teeling 24-year Vintage earned the title of "Best Single Malt," beating out Scotch and Japanese whisky at their own game. Of course, Bushmills is always a solid bottle, available at a reasonable price. And if you really wanted to be underhanded, you'd sneak in a flask of the stuff to enjoy in the theater. Of course, if you get caught, we'd deny ever recommending such behavior.

↦ In New York City? The first ever New York Irish Whiskey Festival is kicking off this weekend. Expect to experience over 25 Irish Whiskeys, along with food pairings and live entertainment.

What We’re Buying

A cozy wool scarf can be the difference-maker on an icy morning and can be the refined final touch to any cold weather outfit. You could easily spend over $100 on one, but it's not necessary. The Tie Bar makes top-notch accessories, in a variety of patterns and colors, while never skimping on quality. Yet somehow they always have very affordable price points. If you're swapping your sneakers for loafers or some boots, go with a light grey windowpane to accompany any outerwear, but there's a handful of colors and patterns, all for a remarkably low price.

↦ Get It $25 at The Tie Bar

Special Promotion

A good man never arrives empty-handed. But a true gentleman shows up with a nice bottle or two. And why not make it a bit more stylish and comfortable by toting said bottles in a handsome leather carrier? Moral Code’s Sommelier Carrier is made from premium leather and lined with padded microfiber to keep your booze safe and secure.

↦ Get It Sommelier Carrier by Moral Code