Use Debt Like The Rich, Dividend ETF Inflows, Job Openings Drop 1.1 Million, Musk Reversal on Twitter, OPEC Cuts

"Whenever you find yourself on the side of the majority, it is time to pause and reflect."

- Mark Twain

What you need to know about how the rich use debt

Nice concise thread from Codie Sanchez on how to use debt properly.

Dividend ETFs continue to see inflows

More:

• Could We See Another Lost Decade in the U.S. Stock Market? (A Wealth Of Common Sense)
• Was that the Bottom? (The Irrelevant Investor)
• This isn't the market bottom, Morgan Stanley says, naming 3 things that have to happen first (CNBC)

Job openings dropped by 1.1 million last month

Job openings declined 10% to 10.1 million (August) from 11.2 million (July).

"All we can say for sure is that this is the first official indicator to point unambiguously, if not necessarily reliably, to a clear slowing in labor demand," said Ian Shepherdson at Pantheon Macroeconomics. (Axios)

The August plunge in job openings is a result of employers reducing their future hiring plans... or only hiring to replace people rather than hiring for new positions to grow their team. (CNBC)

More:

• Central Banks Add Gold For Fifth Straight Month (ZeroHedge)
• U.S. National Debt Eclipses $31 Trillion For First Time (Forbes)
• The complicated mess of the markets and economy, explained (TKer)
• A Visual Guide to Stagflation, Inflation, and Deflation (Advisor Channel)
• 5 Things That Break With Rising Rates (Bankless)
• Five reasons why China's economy is in trouble (BBC)

Musk agrees to go ahead with $44 billion Twitter deal

According to an amended regulatory filing made by Twitter, Elon Musk as agreed to move forward with acquiring the company. The filing includes a letter from Musk stating he does "intend to proceed to closing of the transaction."

"We received the letter from the Musk parties which they have filed with the SEC," a Twitter spokesperson said in an email to Yahoo Finance. "The intention of the company is to close the transaction at $54.20 per share."

Twitter shares surged 22%.

More:

• Samsung Ignites Advanced-Chipmaking Race With New Road Map (WSJ)
• Leaders, Ignore the 5-Year Rule at Your Peril (Inc.)
• Facebook Parent to Shrink Some Offices as It Adapts to Hybrid Work (WSJ)
• Apple is selling fear disguised as innovation (Business Insider)

OPEC’s production has diverged sharply from targets

More:

• Shell CEO Expects More Taxes on Oil Industry (WSJ)
• Federal Court Decision Creates New Opportunities In Iraqi Oil (OilPrice)
• Oil Rallies as OPEC Weighs Even Greater Output Cut (Rigzone)
• Saudi Arabia and Russia plan deep oil cuts in defiance of US (FT)
• Oil Markets Are Set Up For A Bull Run (OilPrice)
• European gas drops as mild weather and stockpiles ease nerves (Energy Voice)

9 US housing markets where tenants are most behind on rent

One in every 4 renters in some US markets is behind on monthly rent payments after a historic run-up in prices, according to data released Monday by real estate portal MyEListing.com

• Miami – 25%
• Houston – 21%
• Philadelphia – 21%
• New York – 18%
• Chicago – 18%
• Seattle – 15%
• Dallas – 15%
• Atlanta – 15%
• Los Angeles – 14%

Details @ Inman

More:

• Talking Housing With Zillow’s Chief Economist (The Irrelevant Investor)
• Retail Real Estate Is Enjoy Biggest Revival in Years (WSJ)
• By August 2023 home price growth will slow to 3.2% (NMN)
• Weakest Q3 for U.S. apartment leasing in three decades (Inman)
• High-end real estate hit hardest by price declines (CNBC)
• Home Price Gains Slow Again in August (DSNews)
• High mortgage rates, tight supply, and economic uncertainty (CNBC)

• Can Bitcoin Replace Government-Issued Money? (a debate) by Saifedean Ammous & George Selgin (The Daily Bitcoiner)
• Russia To Allow International Trade In Bitcoin, Crypto For Any Industry (Bitcoin Magazine)
• Mastercard launches new product to help banks combat crypto-related crime (CryptoSlate)
• Top US Regulators Urge Congress to Pass Legislation on Crypto Assets (Bitcoin.com)
• How A $5 Bitcoin Purchase Cascaded Into a $1.5 Million Viral Movement (Bitcoin Magazine)
• Beeple Discord Server Exploited by Hackers Attempting to Drain Wallets (CryptoPotato)