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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: A single best idea. I'll get this out on Twitter

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Speaker 2: and LinkedIn. But it's a stunning book. It's not that

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Speaker 2: long of a book. The Doom Loop as our pisade

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Speaker 2: of Cornell why the world economic order is spiraling into disorder.

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Speaker 2: I can't in all of my career, I can't imagine

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Speaker 2: someone who is so wonderfully optimistic about the system writing

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Speaker 2: such a difficult book. Edward Possad with The Doom Loop

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Speaker 2: is just about where we are after our experiment and globalization. Here,

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Speaker 2: author of The Doom Loop as our pissade.

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Speaker 1: As I thought about all the forces that I was

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Speaker 1: going to argue would push us back to a more

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Speaker 1: stable world, a more stable equilibrium, I began to realize

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Speaker 1: that each of these forces might actually generate more or

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Speaker 1: instability rather than stability. So the book ended up being

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Speaker 1: one about where economics, domestic politics, and geopolitics, which always

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Speaker 1: go pilot tracks, they intersect with each other, but in

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Speaker 1: this case they're feeding off each other into a negative loop,

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Speaker 1: a negative feedback loop, and bringing out the worst in

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Speaker 1: each other.

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Speaker 2: As our proside. I can't say enough how odd this

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Speaker 2: book is to have Edward Posad do a book called

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Speaker 2: The Doom Loop is just extraordinary. Janet Yellen says Prosad's

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Speaker 2: compelling and clear eyed analysis, etc. I'll take a careful

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Speaker 2: look at that. You may hear much more about that

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Speaker 2: through the year Jet Coco in today. Jet Coco is

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Speaker 2: something ages ago. It truly, he basically invented the study

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Speaker 2: of real estate through the internet. He was like the

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Speaker 2: first kid in the block to do it. Now with

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Speaker 2: a fabulous career at the Peterson Institute, with that imposing

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Speaker 2: writing on labor. But I had to ask Jed Coco

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Speaker 2: of the Peterson Institute about housing.

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Speaker 3: We are at a point where, of course rates are

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Speaker 3: still high. There is strong construction on the multifamily side,

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Speaker 3: but residential construction is where both tariffs and immigration both

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Speaker 3: pose a risk. Those two big policy uncertainties are headwinds

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Speaker 3: for residential construction. And the good news is that prices

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Speaker 3: are not rising as fast as they were, so there

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Speaker 3: might be some easing of a probability concerns.

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Speaker 2: Jed Coco there on housing. I want to give you

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Speaker 2: one insight he had off of his recent work for

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Speaker 2: the Peterson Institute on labor. If you just look at

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Speaker 2: the hiring impulse in America. He models that equivalent unemployment

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Speaker 2: rate at eight percent, which I thought was just absolutely extraordinary.

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Speaker 2: He makes clear he's optimistic on the labor economy. People

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Speaker 2: with J are buoyant with rising incomes. But nevertheless, the

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Speaker 2: hiring tone is really really challenging. On podcasts on Apple,

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Speaker 2: on Spotify worldwide, and of course on YouTube podcasts. A

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Speaker 2: single best idea