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