July 27, 2023 Hello, Insiders! New data shows that if Barbie's Malibu Dreamhouse were real, it would cost $2.7 million more now than in 1962.    Back in the real world, tensions between the US and China are growing even more strained. And in today’s big story, military experts warn that America isn’t ready for a potential conflict.   In today’s edition:  An early look at Volvo's $34,950 electric SUV — one of the strongest Tesla rivals yet. Eight jobs with surprisingly high pay. The full email that Twitter sent to the user with the @x handle (who had it since 2007). But first, the country is majorly unprepared. If this was forwarded to you, sign up here.

THE BIG STORY US-China tensions Derek Zheng for Insider The US isn’t ready for a war. One of the big reasons why? America doesn’t build stuff the way it used to.  Just think about the US during World War II. During that time, the US emerged as an industrial powerhouse, cranking out warships and aircraft at a breakneck pace. The Navy pumped out ships in just weeks — its fleet grew from just 700 to over 6,000 over the course of the war. The US maintained this capacity for decades. But as Insider’s Jake Epstein and Jacob Zinkula report, America's manufacturing prowess has atrophied.  And as tensions between the US and China grow even more strained, politicians, experts, and American military leaders are asking: Just how prepared are we if the threats from Beijing become something more serious? War in the Western Pacific probably won’t start anytime soon, but experts say it is a possibility — and some are warning that America is unprepared. "We are up against a strategic competitor that has power across many domains of military power," Dan Blumenthal, a senior fellow at the American Enterprise Institute and former senior director for China, Taiwan, and Mongolia at the US Department of Defense. "And we have to be prepared to face an onslaught of the kind we haven't had to respond to in many decades." If America wants to be prepared for a conflict with China, it's clear that it needs to get back to building — building ships, building semiconductors, and building up relationships with allies. But even if the US starts to regain some of its manufacturing might, a showdown would be catastrophic. As Scott Kennedy, an expert on China's economy at the Center for Strategic and International Studies, told Insider: “You can only prepare so much, and then you would have to deal with the consequences." READ THE FULL STORY HERE

TOP READS EVs, Tampa, & more Chelsea Jia Feng/Insider   Okay, boomer: Why different generations love hating each other. Generational stereotypes are everywhere. Millennials are embarrassing. Gen Z is soft. Boomers are evil. But most social scientists agree that generations are unreal separators. Rich suspects who have been accused of crimes are creating a “jail of their own” in luxury homes. They spend millions to transform their homes into jails with 24/7 guards. Guards have been accused of going easy on their wards. And one defendant even managed to escape to Venezuela. Honda, BMW, Mercedes, General Motors, Kia, Hyundai, and Stellantis are banding together against Tesla. The carmaker septuplet is building an EV-charging network to rival Tesla’s dominant supercharger system. They plan to build 30,000 fast-chargers throughout the US — more than how many Tesla currently has. Lawmakers are calling for the Department of Labor to investigate HR startup Deel’s use of independent contractors. They cited Insider’s investigation and asked the department to look into whether Deel purposefully misclassified employees as independent contractors “to increase their profitability and growth.” “I got an early look at Volvo's $34,950 electric SUV.” The EX30 — coming out in 2024 — is one of the best Tesla rivals yet. It boasts a bargain bin starting price, tech-forward design, and competitive range. Eight jobs with surprisingly high pay. Captains at Trader Joe’s can make six figures. It's the same for car wash managers at Buc-ee’s. Other unexpected roles like long-haul drivers and court transcribers can also make a big chunk of change.

BEFORE THE OPENING BELL Fed, Microsoft, & options trades The Federal Reserve no longer thinks a recession will happen this year. Fed Chair Jerome Powell revealed the central bank’s prediction on Wednesday. That same day, the Fed raised interest rates by 25 basis points. Google’s parent Alphabet soared, while Microsoft failed to impress. The search giant added $111 billion in market value after showing progress with AI developments. Meanwhile, Microsoft shares dipped. But analysts remained positive about the company due to its gradual ramp-up of AI offerings. Bank of America recommends making these 35 cheap options trades now. They recommended companies like T-Mobile US, Southwest Airlines, and Exxon Mobil to possibly profit from earnings surprises this week.

WHAT ELSE IS GOING ON Mitch McConnell, Hunter Biden, & more Senate Minority Leader Mitch McConnell suddenly stopped talking during a press conference. The 81-year-old trailed off, stared straight ahead for a few seconds, and then was escorted away by fellow senators and an aide. Irish singer Sinéad O'Connor has died, her family said. She was 56 years old. Sam Bankman-Fried could go to jail soon. He is accused of witness tampering after leaking Caroline Ellison’s private diary entries to The New York Times. Judge refuses Hunter Biden’s plea deal. President Joe Biden’s son tried to plead guilty to two tax charges.  The email Twitter sent to the user who had the @x handle. Gene X Hwang had the username since 2007.

LAST LOOK Tank chase 3rd Separate Assault Brigade of Ukraine Video footage shows a Ukrainian tank chasing Russian soldiers into artillery fire. The soldiers refused to surrender, even after the Ukranians encouraged them to give in.