Welcome back! Watch anything good over the weekend? True-crime shows remain all the rage over at Netflix, but they come with some legal risks. That’s not stopping the streaming giant, though.
In today’s big story, America loves its cars. So what do all the different makes and models say about the people driving them?
What’s on deck:
But first, here in my car.
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The big story
United States of Automobiles
A picture says a thousand words, but what about the car you drive?
Your choice of automobile offers some interesting insights into the type of person you are, and we’ve got the data to prove it.
Business Insider embarked on a massive project, combing through 1.7 million listings of different makes and models in the US to better understand what the cars we drive say about us.
(Here’s a full breakdown of our methodology.)
Part of our analysis included figuring out the most popular cars in neighborhoods by comparing the vehicle’s local popularity to its national average.
Some insights weren’t surprising. In Palm Beach County, Florida, home to “Wall Street South,” Lamborghinis, Porsches, and Bentleys top the list.
Others are a bit more unique. Residents of Cadillac, Michigan, take their city’s name seriously. The Cadillac DeVille is one of the county’s favorite cars. (They also might just be fans of big, luxury cars; the Lincoln Continental ranks high there, too.)
Cars also provide a glimpse into how their drivers might vote next month.
Chevy Silverado and Ford F-150 drivers are more likely to back former President Donald Trump, while Toyota Prius and Audi A4 owners will probably vote for Vice President Kamala Harris. (It’s not a one-size-fits-all rule, so please don’t email me if you’re a Harris-loving Silverado owner or you have a MAGA sticker on your Prius.)
But if someone drives a Jeep, your guess is as good as mine. That’s the purplest carmaker in America, according to the data, as it has the widest range on the red-blue spectrum.
Speaking of colors, cars have also become noticeably less diverse. Instead of a rainbow, America’s fleet is mostly black, white, or some shade in between.
America’s obsession with cars comes with downsides.
For one, we have to put them all somewhere. Parking lots take up lots of space and aren’t cheap.
One builder estimates parking stalls in the US cost $27,900 to build. According to some calculations, the US has about 2 billion parking spots in total, which means there are six spots for every registered car.
That’s despite many Americans wanting to live where they don’t necessarily need a car. Homebuyers are willing to pay a premium — 34% more, according to one study — to live in a walkable neighborhood.
And for good reason. Living in an area with pedestrian-friendly streets and easy access to shops, restaurants, and parks was positively correlated to well-being and happiness. Car-centric neighborhoods lacking public space can also make people feel lonelier.
News brief
Top headlines
3 things in markets
- The curious case of the presidential betting markets. Most polls have the race between Donald Trump and Kamala Harris as a dead heat. But the prediction markets have moved decisively in the former president’s favor since the start of the month. Some have speculated a series of bets totaling $30 million was meant to tip the scales in Trump’s favor.
- Building an election-proof portfolio. With just over two weeks away from the big day, investors are covering all the angles. National debt, economic growth, and immigration reform are among the top concerns of money managers. And a technical strategist shared how to set up your portfolio for success regardless of who wins.
- Wall Street remains unimpressed with China’s stimulus. The latest measure is focused on the country’s struggling property market, including quicker access to credit for developers and renovations in run-down urban areas. But, experts said the plan lacks details and doesn’t address broad market issues.
3 things in tech
- Venture Capital is going to war over the election. VCs have plowed tens of millions of dollars into this election cycle, according to FEC data. We broke down who is donating and where it’s headed.
- Constant job cuts are Big Tech’s new normal. After major layoffs in 2022 and 2023, Meta reorganized some of its biggest businesses last week, cutting staff in the process. It’s a move that signals Big Tech companies are more willing to make recurring cutbacks — and one that could hurt worker morale in the long run.
- America can’t get free from subscriptions. Companies are good at trapping customers on the treadmill of recurring charges as things have gotten more digitized. A new rule from the FTC is meant to address the issue, but it might not be enough. The result is Americans paying more for products and services they don’t use.
3 things in business
- Welcome to a new economic era. The staples of the past 15 years were weak demand and low interest rates. But going forward the new “economic supercycle” will keep growth, inflation, and geopolitical instability high. In the chaotic new environment, investors, lenders, and entrepreneurs must adapt or risk falling behind.
- A networking group for executive women just cut some staff. Chief, which was valued at $1.1 billion in 2022, cut staff across the company amid a restructuring. A spokesperson for Chief told BI the layoffs will give the company “more agility” moving forward.
- Pharmacies are disappearing. Last week, Walgreens announced it’d be shuttering 1,200 stores over the next three years, making it the latest pharmacy to cut down on retail locations. External factors, like the rise of e-commerce and the convoluted way American pay for healthcare, are forcing them to close shop — and turning the country into a shopping wasteland.
What’s happening today
- Trial begins with jury selection for Daniel Penny, who was charged with manslaughter for fatally choking New York subway rider Jordan Neely.
- Microsoft CEO Satya Nadella speaks at Microsoft UK AI Tour London event.
The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Grace Lett, editor, in Chicago. Milan Sehmbi, fellow, in London.
Read the full article here
