Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: A single best idea. I'll get this out on Twitter
Speaker 2: and LinkedIn. But it's a stunning book. It's not that
Speaker 2: long of a book. The Doom Loop as our pisade
Speaker 2: of Cornell why the world economic order is spiraling into disorder.
Speaker 2: I can't in all of my career, I can't imagine
Speaker 2: someone who is so wonderfully optimistic about the system writing
Speaker 2: such a difficult book. Edward Possad with The Doom Loop
Speaker 2: is just about where we are after our experiment and globalization. Here,
Speaker 2: author of The Doom Loop as our pissade.
Speaker 1: As I thought about all the forces that I was
Speaker 1: going to argue would push us back to a more
Speaker 1: stable world, a more stable equilibrium, I began to realize
Speaker 1: that each of these forces might actually generate more or
Speaker 1: instability rather than stability. So the book ended up being
Speaker 1: one about where economics, domestic politics, and geopolitics, which always
Speaker 1: go pilot tracks, they intersect with each other, but in
Speaker 1: this case they're feeding off each other into a negative loop,
Speaker 1: a negative feedback loop, and bringing out the worst in
Speaker 1: each other.
Speaker 2: As our proside. I can't say enough how odd this
Speaker 2: book is to have Edward Posad do a book called
Speaker 2: The Doom Loop is just extraordinary. Janet Yellen says Prosad's
Speaker 2: compelling and clear eyed analysis, etc. I'll take a careful
Speaker 2: look at that. You may hear much more about that
Speaker 2: through the year Jet Coco in today. Jet Coco is
Speaker 2: something ages ago. It truly, he basically invented the study
Speaker 2: of real estate through the internet. He was like the
Speaker 2: first kid in the block to do it. Now with
Speaker 2: a fabulous career at the Peterson Institute, with that imposing
Speaker 2: writing on labor. But I had to ask Jed Coco
Speaker 2: of the Peterson Institute about housing.
Speaker 3: We are at a point where, of course rates are
Speaker 3: still high. There is strong construction on the multifamily side,
Speaker 3: but residential construction is where both tariffs and immigration both
Speaker 3: pose a risk. Those two big policy uncertainties are headwinds
Speaker 3: for residential construction. And the good news is that prices
Speaker 3: are not rising as fast as they were, so there
Speaker 3: might be some easing of a probability concerns.
Speaker 2: Jed Coco there on housing. I want to give you
Speaker 2: one insight he had off of his recent work for
Speaker 2: the Peterson Institute on labor. If you just look at
Speaker 2: the hiring impulse in America. He models that equivalent unemployment
Speaker 2: rate at eight percent, which I thought was just absolutely extraordinary.
Speaker 2: He makes clear he's optimistic on the labor economy. People
Speaker 2: with J are buoyant with rising incomes. But nevertheless, the
Speaker 2: hiring tone is really really challenging. On podcasts on Apple,
Speaker 2: on Spotify worldwide, and of course on YouTube podcasts. A
Speaker 2: single best idea