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  • The Week Evening Review
    Taking Fannie Mae and Freddie Mac public, a White House UFC match, and quiet vacationing

     
    In the Spotlight

    Fannie Mae, Freddie Mac IPO: a housing market threat?

    Fannie Mae and Freddie Mac have been under government control since 2008, when their losses on the collapsing housing market helped trigger the Great Recession. President Donald Trump now wants to sell stock in them with an initial public offering.

    Trump and members of his administration "met with executives from the nation's largest banks in recent weeks" to discuss the potential IPO, said The New York Times. The two corporations are collectively a "linchpin of the $12 trillion mortgage market." It's unclear, though, if there's "much investor appetite" for shares in the firms.

    What are Fannie Mae and Freddie Mac?
    The companies "don't issue mortgages to borrowers," but they do "ensure America's housing market functions properly," said CNN. They buy mortgages from lenders and resell them as packaged bonds to investors, "helping money flow in and out of the housing market." 

    The companies "guarantee bond investors that they will be made whole" if too many homebuyers default on their mortgages, said the Times. In 2008, the private investors backing Fannie Mae and Freddie Mac "panicked as more and more homeowners defaulted on their mortgages." The two companies entered a government conservatorship that included a "taxpayer-funded $187 billion bailout."

    Why is there IPO talk?
    The Trump administration believes the offering "could raise around $30 billion," said The Wall Street Journal. Proponents argue the IPO could "reduce the country's deficit and return money to taxpayers," but there are questions about the "impact on government finances." 

    Exactly how privatization would work is still unclear. This would be a "complex deal," said Axios. Important details still need to be worked out, including "whether the companies would remain under government conservatorship."

    What are the criticisms?
    The investors who buy Fannie Mae and Freddie Mac bonds believe the government conservatorship offers an "implicit guarantee" that they will recoup their investments even if there's another housing market collapse, said Moody's Analytics. The IPO could put the guarantee "back in play," which could make those investors skittish and lead to a "less liquid, less stable and much more cyclical housing finance system" with higher lending costs. That would be a problem during the "worst housing affordability crisis in a generation." 

    The government "will keep its implicit guarantees," said Trump in a Truth Social post. And the IPO could take place "later this year," said Politico.

     
     
    QUOTE OF THE DAY

    'The biggest risk is not taking one. Trump doesn't deserve the passivity, acquiescence. Democracy demands we at least try.'

    California Gov. Gavin Newsom (D) on his political strategy, in an interview with The Hill. He plans to redistrict California to counteract Trump-led gerrymandering in Texas. 

     
     
    TODAY'S BIG QUESTION

    Why is Trump pushing for a White House UFC match?

    Taking a page from Imperial Rome's tradition of bread and circuses to entertain and mollify the populace, President Donald Trump and Ultimate Fighting Championship CEO Dana White are moving ahead with a proposed UFC match on White House grounds during next year's July 4 Semiquincentennial celebration. While the two have traveled in similar circles for some time now, this collaboration between the President of the USA and the President of the UFC is a unique confluence of overlapping interests, both political and personal. 

    What did the commentators say?
    A cage fight at the White House sounds like a "columnist's crazy fever dream," said The Wall Street Journal. But given the UFC's "assimilation into the culture, or perhaps the culture's assimilation into the UFC" at this point, "how can anyone be shocked"? 

    The proposed White House match has "gone from a notion into the planning stages," said the Los Angeles Times, marking the "second thrill of the week" for White, who on Monday finalized a massive streaming partnership with Paramount estimated to be worth $1.1 billion annually. The streaming agreement is a "significant shift" from UFC's "traditional pay-per-view model," said CBS News. And it makes UFC an "essential partner" for an aggressively growing Paramount, said the Journal.

    Trump has "embraced the UFC's culture of defiance, machismo and spectacle" to help "buttress his image as a rebel against liberal norms," said Karim Zidan at The Guardian. All of this comes as the country transitions toward an "abrasive new blend" of entertainment and "confrontational politics" that's "perfectly embodied" by Trump and White.

    What next?
    White plans to meet with the president and his daughter, Ivanka Trump, by the end of the month to "finalize details and review venue renderings," said CBS News. Her possible role in the proposed event "marks her return to her father's political orbit after a three-year hiatus," said The Daily Beast. The onetime White House senior adviser has previously joined her father to sit "cage-side" at multiple UFC events.

    While no fighters have been confirmed for next year's proposed brawl, a number of high-profile athletes have already signaled their willingness to compete. Conor McGregor, who visited the White House in the spring, has "expressed interest," said Time. But White insists it's still too early to determine fight participants.

     
     

    Statistic of the day

    1,038: The number of deportation flights since Trump retook office — a 15% increase from the same period last year, according to CNN. The majority of these flights, 90%, have been to Latin America and the Caribbean.

     
     
    the explainer

    'Quiet vacationing': a revolt against work culture

    Employees have been taking more "quiet vacations" over the past year. And this trend, when someone goes on a trip but concurrently presents the illusion of being online and working, is likely an indicator of a larger problem with workplace culture in which employees are afraid of slacking off or being seen as lazy.

    What's the data?
    About 41% of employees have taken a quiet vacation in 2025, according to a survey by Resume Builder. Of those who have quiet-vacationed, "3% have taken just one quiet vacation; 48%, two to three; and 28%, four to five." Also, "about 11% have taken six to seven secret vacation days, and 4% have taken 10 days or more."

    The trend began last summer, with many taking summer trips on the sly. Employees use "various methods like scheduling emails in advance or setting auto-responders to create the illusion of being present while they are actually on vacation," Tawny Lott Rodriguez, the director of human resources at the private school Rowland Hall in Salt Lake City, said to U.S. News & World Report. 

    Why are people doing it?
    The rise of quiet vacationing is a canary in the coal mine for corporate work culture. "This isn't just people being sneaky," Marais Bester, a senior consultant at SHL, said to Forbes. It's instead an indication that "many don't feel safe or supported enough to take a proper break." So they find "workarounds, jiggling their mouse to stay 'active,' turning video off on calls, answering just enough emails to look busy." 

    Many employees also have limited amounts of paid time off, so they are reluctant to use it. And the blurred lines between leisure time and work time have put pressure on employees in general. "All of this comes from a fear of looking like they are slacking off," said Fortune.

    Employers should be more intentional about setting boundaries between work and free time. If employers want people to "show up fully engaged, creative and resilient," they need to stop "rewarding burnout" and start "valuing recovery," said Bester. "Rested people do better work. It really is that simple."

     
     

    Good day 🦁

    … for conservation. A zoo in the Czech Republic has welcomed four Barbary lion cubs — a significant breakthrough for the rare lion breed that's extinct in the wild. The three females and one male will be sent to zoos around the world as part of a program to ensure the species' survival.

     
     

    Bad day 🗺️

    … for online privacy. Backlash has been swift against Instagram Map, a new feature that allows users on the social media app to share and view each other's locations. Among the many critics are Senators Marsha Blackburn (R-Tenn.) and Richard Blumenthal (D-Conn.), who wrote to Meta urging that the feature be dropped.

     
     
    Picture of the day

    Battling blazes

    Firefighters work to extinguish a wildfire in the village of Vilaza, Spain. Dozens of fires, driven by strong winds and extreme heat, have swept across southern Europe and Turkey, killing three and forcing thousands to evacuate. Temperatures could rise as high as 111.2 degrees F, according to Spain's meteorological agency.
    Miguel Riopa / AFP via Getty Images

     
     
    Puzzles

    Daily crossword

    Test your general knowledge with The Week's daily crossword, part of our puzzles section, which also includes sudoku and codewords

    Play here

     
     
    The Week recommends

    The pools and lazy rivers to save summer

    Relief from the summer heat is just a refreshing pool or lazy river away. These properties make a splash with their great water amenities, cooling you off even on the most sizzling days.

    Andronis Arcadia, Santorini, Greece
    Andronis Arcadia is "very much a vibe" for those looking to enjoy Santorini's nightlife, said Cosmopolitan. This all-suite hotel boasts the largest pool on the island, and revelers sip poolside cocktails while listening to late-night DJ sets. Want more privacy? Retreat to your suite, as each comes with a heated plunge pool.

    Flamingo Hotel, Las Vegas, Nevada
    The Flamingo's fabulous new adults-only Go Pool complex stands out in a city known for its lively pool scene. Five pools are spread out across 1.5 acres, and each has a distinct feel. The Main Pool is the centerpiece of the area, with a swim-up bar, DJ booth and shallow wet deck for daybeds and couches, while the shaded Grotto Pool offers a more relaxing experience, with its 50-foot-wide rain curtain waterfall and seating under the falls.

    Grand Hotel Tremezzo, Tremezzina, Italy
    All three pools at the Art Nouveau Grand Hotel Tremezzo are special, but the Wow (Water on the Water) Pool is a showstopper. Floating above Lake Como, this "pièce de résistance" is "cinematic grandeur incarnate," said Condé Nast Traveler. For a quieter dip, head to the Flowers Pool (pictured above) in the garden or the indoor Infinity Pool.

    Read more

     
     

    Poll watch

    Over a quarter of Americans (27%) think political extremism and threats to democracy are the biggest problem in the country, according to an Ipsos survey. And the poll found the economy and jobs (16%) and immigration (10%) are the second- and third-biggest issues, respectively. 

     
     
    INSTANT OPINION

    Today's best commentary

    'Electric bikes are driving me crazy. Make them follow the same rules as cars.'
    Blake Fontenay at USA Today
    There's "no disputing that e-bikes have become popular" throughout the country, but what's "less easy to understand is why e-bikes and their electric-motored brethren aren't better regulated," says Blake Fontenay. Complication "shouldn't justify what seems to be a lack of any serious type of enforcement." E-bikes "ought to be on the roads, in bike lanes where they are available, following the same rules that car drivers must follow, and with tickets issued."

    'Can Unesco accommodate both preservation and human rights?'
    Fiona Kelliher at Foreign Policy
    Unesco has "faced backlash for its responses to mass evictions and violence at World Heritage Sites around the world," and "questions remain about the organization's role in human rights violations" at the sites and its "failure to safeguard communities," says Fiona Kelliher. Some "supporters of Unesco's overall mission would still like to see it rethink its approach to human rights." A "right to land would help unify ideas of indigeneity and protection from displacement and land-grabbing."

    'The Air Force's denial of retirement benefits for trans service members is part of a vicious pattern'
    Joe Rojas at The Philadelphia Inquirer
    There's a "cruel and familiar rhythm to the U.S. military's history of inclusion," says Joe Rojas. The "current policy, which denies early retirement options to transgender service members with 15 to 18 years of service, is a particularly vicious iteration of this historical pattern." It's "designed to undermine the careers of a specific vulnerable group." The Air Force is "attempting to quietly purge dedicated people at the very moment they are poised to achieve the stability they earned."

     
     
    WORD OF THE DAY

    superager

    The term for someone 80 or older with the memory capacity of someone at least 20 years younger. Two hundred people are participating in an ongoing study by Northwestern University that shows aging doesn't always lead to impaired memory. 

     
     

    Evening Review was written and edited by Nadia Croes, Catherine Garcia, Scott Hocker, Justin Klawans, Joel Mathis, Summer Meza, Devika Rao, Rafi Schwartz and Anahi Valenzuela, with illustrations by Stephen Kelly and Julia Wytrazek.

    Image credits, from top: Illustration by Stephen Kelly / Shutterstock / Getty Images; Jeff Bottari / Zuffa LLC / Getty Images; Illustration by Stephen Kelly / Getty Images; Grand Hotel Tremezzo
     

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