Podcasts about Adam Smith

In the second episode in our short series about how the history of ideas can help with the deepest puzzles of politics, David talks to political theorist Paul Sagar about the eighteenth-century polymath Adam Smith. Normally thought of as the original champion of free-market economics, Smith was far more interested in history, human psychology and the problems inherent in all political systems. What does it mean to live in a commercial society? How should we understand the promise and pitfalls of equality? Where does human liberty come from? And why has the Adam Smith Institute made a mockery of his name? Next time: Learning from Max Weber You can find out everything you need to know about this podcast – who we are, what we do, plus merch, events and full lists of our episodes and PPF+ bonus episodes on our website https://www.ppfideas.com  Learn more about your ad choices. Visit podcastchoices.com/adchoices

Despite half of American adults being single, churches seem to have no idea how to engage them. Singleness is often treated like a pitstop on the way to what really matters… coupling up and settling down. Which is why a lot of well-meaning married folk say all sorts of unhelpful and hurtful things to the singles in their orbit—dismissive, demeaning and condescending things; many of which contradict Scripture. Maybe it's time we adjust our view of singleness and start talking about and treating singles more like Jesus. What would happen if we did? If you're new with us, let us know how we can be praying for you, we invite you to fill out an online Connect Card by visiting https://southhillschurch.churchcenter.com/people/forms/91550—If you are looking for what is next for you, we invite you to fill out an online “Next Steps” card by visiting https://southhillschurch.churchcenter.com/people/forms/672517To give with us select the Give tab on the Church Center App or visit https://southhills.org/giving/ and select the Corona Fund or Corona BOW Fund—Visit our Linktree to find out more about everything mentioned in today's message or follow along with the message slides:https://linktr.ee/SouthHillsCorona —To RSVP for On-Campus Events select the Events tab on the Church Center App or visit https://southhills.org/corona/

Matthew 5:27–30 | Adam Smith

Reminder: Join us TONIGHT at 6pm CT for Happy Hour with Hightower!The US military has long been an easy mark – for our own avaricious corporate contractors, that is.During the Civil War, for example, J.P. Morgan sold rifles to the Union army that cost him only $3.50 each, but he charged the military $22 each. Worse, his rifles were defective, blowing off the thumbs of soldiers who fired them. Still, a Congressional committee ruled that Morgan had a “legal” contract and had to be paid in full.Which brings us to the screwball contracts the Pentagon routinely signs these days with multibillion-dollar corporate con artists hawking weaponry. These gougers, though, have streamlined their taxpayer thievery by automatically inserting a corporate gotcha in nearly every Pentagon contract. It makes it illegal for the military to repair the weapons and systems they have bought!A drone won't fly? An AI system goes haywire? Anti-aircraft rockets fail? DON'T touch the systems! No — you must call a corporate-approved tech repair person, or take the malfunctioning gizmo to the manufacturer.Yes, this is insane, unworkable, immoral… and the very definition of “snafu.” But corporate profiteers have made it the law. At last, though, soldiers, battleground commanders and common-sense members of both parties are rebelling, supporting Sen. Elizabeth Warren's “Warrior Right to Repair Act.” Pathetically, Congress and avaricious contractor lobbyists recently defeated this bill, wailing contractor property rights is more important than authorizing soldiers to make lifesaving repairs in the field.The fight goes on, though, and you can help. Two lawmakers who engineered this travesty are Mike Rogers of Alabama and Adam Smith of Washington State, both of whom take hundreds of thousands of dollars from the war profiteers. To fight their insanity, go to pirg.org/repair.Jim Hightower's Lowdown is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit jimhightower.substack.com/subscribe

Send us a textWe walk through Book Five of The Wealth of Nations to map a state that defends, adjudicates, and builds wisely, then pays for it without killing growth. From militias to standing armies, fee-based courts to salaried judges, turnpikes to basic schooling, and taxes to debt, we test what holds up now.• defense as a professional, civilian-controlled standing army• justice as predictable law and salaried judges• public works funded by user fees where feasible• education to offset division of labor's civic costs• incentives in universities and churches• four tax maxims and ability to pay• why land taxes beat mobile capital taxes• state property and monopolies as bad revenue• debt, consols, and fiscal illusion• Smith with Hume and public choice echoesWe do have one more episode, which is a summing up and taking stock of why the Wealth of Nations still matters today. It will post Tuesday, February 24th, 2026.If you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com ! You can follow Mike Munger on Twitter at @mungowitz

Keith challenges the usual "overpopulated vs. underpopulated" debate and shows why that's the wrong way to think about demographics—especially if you're a real estate investor. Listeners will hear about surprising global population comparisons that flip common assumptions.  Why raw population numbers don't actually explain housing shortages or rent strength. How household formation, aging, and migration really drive demand for rentals. Which kinds of markets tend to see persistent housing pressure—and why the US has a long‑term demographic edge. You'll come away seeing population headlines very differently, and with a clearer lens for spotting where future housing demand is most likely to show up. Episode Page: GetRichEducation.com/590 For access to properties or free help with a GRE Investment Coach, start here: GREmarketplace.com GRE Free Investment Coaching: GREinvestmentcoach.com Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE  or e-mail: info@RidgeLendingGroup.com Invest with Freedom Family Investments.  For predictable 10-12% quarterly returns, visit FreedomFamilyInvestments.com/GRE or text  1-937-795-8989 to speak with a freedom coach Will you please leave a review for the show? I'd be grateful. Search "how to leave an Apple Podcasts review"  For advertising inquiries, visit: GetRichEducation.com/ad Best Financial Education: GetRichEducation.com Get our wealth-building newsletter free— GREletter.com  Our YouTube Channel: www.youtube.com/c/GetRichEducation Follow us on Instagram: @getricheducation Complete episode transcript: Keith Weinhold  0:01   Keith, welcome to GRE. I'm your host. Keith Weinhold, is the world overpopulated or underpopulated? Also is the United States over or underpopulated? These are not just rhetorical questions, because I'm going to answer them both. Just one of Africa's 54 nations has more births than all of Europe and Russia combined. One US state has seen their population decline for decades. This is all central to housing demand today. On get rich education   Keith Weinhold  0:36   since 2014 the powerful get rich education podcast has created more passive income for people than nearly any other show in the world. This show teaches you how to earn strong returns from passive real estate investing in the best markets without losing your time being a flipper or landlord. Show Host Keith Weinhold writes for both Forbes and Rich Dad advisors, and delivers a new show every week since 2014 there's been millions of listener downloads of 188 world nations. He has a list show guests include top selling personal finance author Robert Kiyosaki. Get rich education can be heard on every podcast platform, plus it has its own dedicated Apple and Android listener phone apps build wealth on the go with the get rich education podcast. Sign up now for the get rich education podcast, or visit get rich education.com   Speaker 1  1:21   You're listening to the show that has created more financial freedom than nearly any show in the world. This is get rich education.   Keith Weinhold  1:31   Welcome to GRE from Norfolk Virginia to Norfolk, Nebraska and across 188 nations worldwide, you are inside. Get rich education. I am the GRE founder, Best Selling Author, longtime real estate investor. You can see my written work in Forbes and the USA Today, but I'm best known as the host of this incomprehensibly slack John operation that you're listening to right now. My name is Keith Weinhold. You probably know that already, one reason that we're talking about underpopulated versus overpopulated today is that also one of my degrees is in geography and demography, essentially, is human geography, and that's why this topic is in my wheelhouse. It's just a humble bachelor's degree, by the way, if a population is not staying stable or growing, then demand for housing just must atrophy away. That's what people think, but that is not true. That's oversimplified. In some cases. It might even be totally false. You're going to see why. Now, Earth's population is at an all time high of about 8.2 billion people, and it keeps growing, and it's going to continue to keep growing, but the rate of growth is slowing now. Where could all of the people on earth fit? This is just a bit of a ridiculous abstraction in a sense, but I think it helps you visualize things. Just take this scenario, if all the humans were packed together tightly, but in a somewhat realistic way, in a standing room only way, if every person on earth stood shoulder to shoulder, that would allow about 2.7 square feet per person, they would sort of be packed like a subway car. Well, they could fit in a square, about 27 kilometers on one side, about 17 miles on each side of that square. Now, what does that mean in real places that is smaller than New York City, about half the size of Los Angeles County and roughly the footprint of Lake Tahoe? So yes, every human alive today could physically fit inside one midsize us metro area. This alone tells you something important. The world's problem is certainly not a lack of space. Rather, it's where people live and not how many there are. So that was all of Earth's inhabitants. Now, where could all Americans fit us residents using the same shoulder to shoulder assumption, and the US population by mid year this year is supposed to be about 350,000,00349 that's a square about five and a half kilometers, or 3.4 miles on each side. And some real world comparisons there are. That's about half of Manhattan, smaller than San Francisco and roughly the size of Disney World, so every American could fit into a single small city footprint. And if you're beginning to form an early clue that we are not overpopulated globally, yes, that's the sense that you Should be getting.     Keith Weinhold  5:01   now, if you're in Bangladesh, it feels overpopulated there. They've got 175 million people, and that nation is only the size of Iowa. In area, Bangladesh is low lying and typhoon prone. They get a lot of flooding, which complicates their already bad sanitation problems and a dense population like that, and that creates waterborne diseases, and it's really more of an infrastructure problem in a place like Bangladesh than it is a population problem. Then Oppositely, you've got Australia as much land as the 48 contiguous states, yet just 27 million people in Australia, and only 1/400 as many people as Bangladesh in density. Now we talk about differential population. About 80% of Americans live in the eastern half of the US. But yet, the East is not overpopulated because we have sufficient infrastructure, and I've got some more mind blowing population stats for you later, both world and us. Now, as far as is the world overpopulated or underpopulated, which is our central question, depending on who you ask and where they live, you're going to hear completely different answers. Some people are convinced that the planet is bursting at the seams. Others warn that we're headed for a population collapse. But here's the problem, that question overpopulated or underpopulated, it's the wrong question. It's the wrong framing, especially if you're into real estate, because housing demand doesn't respond to total headcount or global averages or scary demographic headlines. Housing demand responds to where people live, how old they are, and how they form households. And once you understand this, a lot of things suddenly begin to make sense, like why housing shortages persist, why rents stay high, even when affordability feels stretched, why some states struggle while others boom, and why population headlines often mislead investors.   Keith Weinhold  7:20   So today I want to reframe how you think about population and connect it directly to housing demand, both globally and right here in the United States. And let's start with the US, because that's probably where you invest.    Keith Weinhold  7:33   Here's a simple fact that should confuse people, but usually doesn't, the United States has below replacement fertility. I'll talk about fertility rates a little later. They're similar to birth rates, meaning that Americans are not having enough children to replace the population naturally and without immigration, the US population would eventually shrink, and yet in the US, we have a housing shortage, rising rents, tight vacancy and a lot of metros and persistent demand for rental housing, which could all seem contradictory. Now, if population alone determine housing demand, well, then the US really shouldn't have any housing shortage at all, but it does so clearly, population alone is not the main driver, and really that contradiction is like your first clue that most demographic conversations are just missing the point. Aging does not reduce housing demand. The way that people think a misconception really is that an aging population automatically reduces housing demand. It does not, in fact, just the opposite. If a population is too young, well, that tends to kill housing demand, and that's because five year old kids and 10 year old kids do not form their own household. Instead, what an aging population often does is change the type of housing that's demanded, like seniors aging in place, some of them downsizing. Seniors living alone. Sometimes after a spouse passes away, others relocating closer to health care or to family. So aging can increase unit demand even if population growth slows. So already, we've broken two myths here. Slower population doesn't mean weaker housing demand, and aging doesn't mean fewer housing units are needed. Now let's explain why. Really, the core idea that unlocks everything is that people don't live inside, what are called Population units. They live in households. You are one person. That does not mean that your dwelling is then one population unit. That's not how that works. You are part of a household, whether that's a house a Household of one person or five or 11 people, housing demand is driven by the number of households, the type of households and where those households are forming, not by raw population totals. So the same population can have wildly different demand. Just think about how five people living together in one home, that's one housing unit, those same five people living separately, that is five housing units, same population, five times the housing demand. And this is why population statistics alone are almost useless for real estate investors, you need to know how people are living, not just how many there are. The biggest surge in housing demand happens when people leave their parents' homes or when they finish school or when they start working, or you got big surges in housing demand when people marry or when they separate or divorce. So in other words, adults create housing demand and children don't. And this is why a country with a youngish, working age population, oh, then they can have exploding housing demand. A country with high birth rates, but low household formation can have overcrowding without profitable housing growth. So it's not about babies, it's about independent adults, and what quietly boosts housing demand, then is housing fragmentation. Yeah, fragmentation. That's a trend that really doesn't get enough attention, and that is the trend, households are fragmenting, meaning more single adults later marriage, like I was talking about in a previous episode. Recently, higher divorce rates, more people living alone and older adults living independently, longer. Each one of those trends increases housing demand without adding any population whatsoever. When two people split up, they often need two housing units instead of one, and if you've got one adult living alone, that is full unit demand right there. So that's why housing demand can rise even when population growth slows or stalls for housing demand. What matters more than births is migration. And another key distinction is that, yes, births matter, but they're on somewhat of this 20 year delay and migration matters immediately, right now. So see, when a working age adult moves, they need housing right away. They typically rent first. They cluster near jobs, and they don't bring housing supply along with them. They've got to get it from someone else. Hopefully you in your rental unit.    Keith Weinhold  12:57   This is why migration is such a powerful force in rental markets, and you see me talk about migration on the show, and you see me send you migration maps in our newsletter. It's also why housing pressure shows up unevenly. It gets concentrated around opportunity. If you want to know the future, look at renters. Renters are the leading indicator, not homeowners and not birth rates. See renters create housing demand faster than homeowners, because renters form households earlier. They can do it quickly because they don't need down payments. Renters move more frequently and immigration overwhelmingly starts in rentals, fresh immigrants rarely become homeowners, so even when mortgage rates rise or home purchases slow or affordability headlines get scary, rental demand can stay strong. It's not a mystery, it's demographics. So births surely matter, but only over the long term. It's like how I've shared with you in a previous episode that the US had a lot of births between 1990 and 2010 those two decades, a surge of births more than 4 million every single one of those years during those two decades, with that peak birth year at 2007 but see a bunch of babies being born in 2007 Well, that didn't make housing demand surge, since infants don't buy homes. But if you add, say, 20 years to 2007 when those people start renting, oh, well, that rental demand peaks in 2027 or maybe a little after that, and since the first time, homebuyer age is now 40. If that stays constant, well, then native born homebuyer demand won't peak until 2047 so when it comes to housing demand, the important thing to remember is migration has an immediate effect and births have a delayed effect.    Keith Weinhold  15:02   and I'm going to talk more about other nations shortly, but the US has two major migration forces working simultaneously, domestic and international migration. I mean, Americans move a lot, although not as much as they used to, and people move for jobs, for taxes, for weather, for cost of living and for lifestyle. So this creates state level winners and losers, and Metro level housing pressure and rent growth in those destination markets and national population averages totally hide this. So that's domestic migration. And then on the international migration. The US has a long history, hundreds of years now on, just continually attracting working age adults from around the world. This matters immensely, because they arrive ready to work, and they form households quickly. They overwhelmingly rent first. They concentrate in metros, and this props up rental demand before it ever shows up in home prices. And this is why investors often feel the rent pressure first those rising rents.    Keith Weinhold  16:17   I've got more straight ahead, including Nigeria versus Europe, and what about the overpopulation straining the environment? If you like, episodes that explain why housing behaves the way it does, rather than just reacting to the headlines. You'll want to be on my free weekly newsletter. I break down demographics, housing, demand, inflation, investor trends and real estate strategy in plain English, often complemented with maps. You can join free at greletter.com that's gre letter.com   Keith Weinhold  16:53   mid south homebuyers with over two decades as the nation's highest rated turnkey provider, their empathetic property managers use your return on investment as their North Star. It's no wonder smart investors line up to get their completely renovated income properties like it's the newest iPhone headquartered in Memphis, with their globally attractive cash flows, mid south has an A plus rating with the Better Business Bureau and 4000 houses renovated. There is zero markup on maintenance. 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Start your prequel and even chat with President chailey Ridge personally while it's on your mind, start at Ridge lending group.com that's Ridge lending group.com   Chris Martenson  19:37   this is peak prosperity. Is Chris Martinson. Listen to get rich education with Keith Weinhold, and don't quit your Daydream.   Keith Weinhold  19:53   Welcome back to get rich Education. I'm your host, Keith Weinhold, and this is episode 590 yes, we're in my Geography wheelhouse today, as I'm talking human geography and demographics with how it relates to housing, while answering our central question today is the world and the US overpopulated or underpopulated? And now that we understand some mechanics here, let's go global. Here's one of the most mind bending stats in all of demographics. Are you ready for this? When you hear this, it's going to have you hitting up chat, GPT, looking it up. It's going to be so astonishing. So jaw dropping. Every year, Nigeria has more births than all of Europe plus all of Russia combined. Would you talk about Willis?   Keith Weinhold  20:47   Yeah, yes, you heard that, right? Willis, that's what I'm talking about. Willis. The source of that data is, in fact, from the United Nations. Yes, Nigeria has seven and a half million births every year. Compare that to all of Europe plus Russia combined, they only have about 6.3 million births per year. So you're telling me that today, just one West African nation, and there are 54 nations in Africa. Just one West African nation produces more babies than the entire continent of Europe, with all of its nations plus all of Russia, the largest world nation by area. Yes, that is correct. One country in Africa produces more babies every year than France, Germany, Italy, Spain, the UK, all of Europe, including all the Eastern European nations, and all of Russia combined. This is a demographic reality, and now you probably already know that less developed nations, like Nigeria have higher birth rates than wealthier, more developed ones like France or Switzerland. I mean, that's almost common knowledge, but something that people think about less is that poorer nations also have a larger household size, which sort of makes sense when you think about it. In fact, Nigeria has five persons per household. Spain has two and a half, and the US also has that same level two and a half. That one difference alone explains why population growth and housing demand are completely different stories now, the US had 3.3 people per household in 1950 and it's down to that two and a half today. That means that even if the population stayed the same, the housing demand would rise. And this is evidence of what I talked about before the break, that households are fragmenting within the US. You can probably guess which state has the largest household size due to their Mormon population. It's Utah at 3.1 the smallest is Maine at 2.3 they have an older population. In fact, Maine has America's oldest population. And as you can infer with what you've learned now, the fact that they have just 2.3 people per household means that if their populations were the same. Maine would need more housing units than Utah. By the way, if you're listening closely at times, I have referred to the United States as simply America. Yes, I am American. You are going to run into some people out there that don't like it. When US residents call themselves Americans, they say something like, Hey, you need a geography lesson. America runs from Nunavut all the way down to Argentina. Here's what to tell them. No, look, there are about 200 world nations. There is only one that has the word America in it, that is the United States of America that usually makes them lighten up. That is why I am an American, not a Peruvian or Bolivian, and there's no xenophobic connotation whatsoever. There are more productive things to think about moving on. Why births matter is because births today become future workers, renters, consumers and even migrants. But not evenly. Young populations move toward a few things. They're attracted to capital. They move towards stability. They're attracted to opportunity, and young populations move toward infrastructure. That's not ideology, that's the gravity and the US remains one of the strongest gravity wells on Earth, a big magnet, a big attractant. Now it's sort of interesting. I know a few a People that believe that the world is indeed overpopulated, they often tend to be environmental enthusiasts, and the environment is a concern, for sure, but how big of a concern is it? That's the debatable part. And you know, it's funny, I've run into the same people that think that the world is overpopulated, they seem to lament at school closures. You see more school closures because just there weren't as many children that were born after the global financial crisis. And these people that are afraid we have an overpopulation problem call school closures a sad phenomenon. They think it's sad. Well, if you want a shrinking population, then you're going to see a lot more than just schools close so many with environmental concerns, though. The thing is, is that they seem to discount the fact that humans innovate. More than 200 years ago, Thomas Malthus, he famously failed. He wrote a book, thinking that the global population would exceed what he called his carrying capacity, meaning that we wouldn't be able to feed everybody. He posited that, look, this is a problem. Populations grow exponentially, but food production only grows linearly. But he was wrong, because, due to agricultural innovation, we have got too many calories in most places. Few people thought this many humans could live in the United States, Sonoran and Mojave deserts, that's Phoenix in Las Vegas, respectively. But our ability to recycle and purify water allows millions of people to live there. So my point about running out of resources is that history shows us that humans are a resource ourselves, and we keep finding ways to innovate, or keep finding ways to actually not need that rare earth element or whatever it is now, if the earth warms too much from human related activity, can we cool it off again? And how much of a problem is this? I am not sure, and that goes beyond the scope of our show. But the broader point here is that history shows us that humans keep figuring things out, and that is somewhat of an answer to those questions. The world is not overpopulated, it is unevenly populated. Some regions are young, others are growing, others are capital constrained, and then other regions are aging, shrinking and capital rich. And that very imbalance right there is what fuels migration and fuels labor flows and fuels housing demand in destination countries and the US benefits from this imbalance. Unlike almost anywhere else in the world, it's a demographic magnet. Yes, you do have some smaller ones out there, like Dubai, for example.    Keith Weinhold  28:04   But why? Why do we keep attracting immigrants? Well, we've got strong labor markets, capital availability, property rights, economic mobility, and US has existing housing stock. Countries today don't just compete for capital, they're competing for people. In the US keeps attracting working age adults, and that is exactly the demographic that creates housing demand, and this is why long term housing demand in the US is more resilient than a lot of people think. In fact, the US population of about 350 million. This year, it's projected to peak at about 370 million, near 2080 and of course, the big factor that makes that pivot is that level of immigration. So that's why the population projections vary now. The last presidential administration allowed for a lot of immigrants. The current one few immigrants, and the next one, nobody knows. You've got a group called the falconist party that calls for increased legal immigration into the US. Yeah, they want to allow more migrants into the country, but yet they want to enforce illegal immigration. That sounds just like it's spelled, F, A, L, C, O, N, i, s, t, the falconist Party, but the us's magnetic effect to keep driving population growth through immigration is key, because you might already know that 2.1 is the magic number you need a fertility rate of at least 2.1 to maintain a population fertility rate that is the average number of children that a woman is expected to have over her lifetime. And be sure you don't confuse these numbers with the earlier numbers of people per. Per household, like I discussed earlier, although higher fertility rates are usually going to lead to more people per household, India's fertility rate is already down to 2.0 Yes, it is the most populated nation in the world, but since women, on average, only have two children, India is already below replacement fertility. The US and Australia are each at 1.6 Japan is just 1.2 China's is down to 1.0 South Korea's is at an incredibly low seven tenths of one, so 0.7 in South Korea, and then Nigeria's is still more than four. So among all those that I mentioned, only Nigeria is above the replacement rate of 2.1 and most of the nations above that rate are in Africa. Israel is a big outlier at 2.9 you've got others in the Middle East and South Asia that are above replacement rate as well. And when I say things like it's still up there, that whole still thing refers to the fact that there is this tendency worldwide for society to urbanize and have fewer children. For those fertility rates to keep falling. And that's why the future population growth is about which nations attract immigrants, and that is the US. Is huge advantage. Now there's a great way to look at where future births are going to come from. A way to do this is consider your chance of being born on each continent in the year 2100 This is interesting. In the year 2100 a person has a 48% chance of being born in Africa, 38% in South Asia, in the Middle East, 5% South America, 5% in Europe or Russia, 4% in North America, and less than 1% in Australia. Those are the chances of you being born on each of those continents in the year 2100 and that sourced by the UN.   Keith Weinhold  32:09   the world population is, as I said earlier, about 8.2 billion, and it's actually expected to peak around the same time that the US population is in the 2080s and that'll be near 10 point 3 billion. All right, so both the world and the US population should rise for another 50 to 60 years. Let's talk about population winners and losers inside the US. I mean, this is where population conversations really become useful for investors, because population doesn't matter nationally that much. It really matters locally, unevenly and sometimes it almost feels unfairly. So let me give you some perspective shifting stats. I think I shared with you when I discussed new New York City Mayor Zoran Manami here on the show a month or two ago, that the New York City Metro Area has over 20 million people, nearly double the combined population of Arizona and Nevada together, yes, just one metro area, the same as Two entire sparsely populated states. So when someone says people are leaving New York I mean that tells you almost nothing, unless you know where they're going. How many are still arriving in New York City to replace those leaving, and how many households are still forming inside that Metro? The household formation so scale matters, however, net, people are not leaving New York. New York City recently had more in migration than any other US Metro. Some states are practically empty. Alaska or take Wyoming. Wyoming has fewer than 600,000 people in the entire state. That's fewer people than a lot of single US cities. That's only about six people per square mile. In Wyoming, that's about the population of one midsize Metro suburb. Now, when someone says the US has plenty of land in a lot of cases, they're right. I mean, just look out the window when you fly over Wyoming or the Dakotas. But people don't really live where land is cheap. They actually don't want to. Most of the time. They live where jobs, incomes and their networks already exist. You know, the wealthy guy that retires to Wyoming and it has a 200 acre ranch is an outlier. There's a reason he can sprawl out and make it 200 acres. There's virtually nobody there. Let's understand too that population loss, that doesn't mean that demand is gone, but it does change the rules, especially when you think about a place like West Virginia. They have lost population in most decades since the 1950s and incredibly, their population is lower today than it was in 1930 we're talking about West Virginia statewide. They have an aging population. West Virginia has an outmigration of young adults. So this doesn't mean that no real estate works in West Virginia, but it means that appreciation stories are fragile. Income matters more than equity. Growth and demographics are a headwind, not a tailwind. That's a very different investment posture than where you usually want to be. It's important to understand that a handful of metros, just a handful, are absorbing massive national growth. And here's something that a lot of investors underestimate. About half of all US, population growth flows into fewer than 15 metro areas, and it's not just New York City, Houston, Miami, but smaller places like Jacksonville, Austin and Raleigh, and that really helps pump their real estate market. So that means demand concentrates, housing pressure intensifies, and rent growth becomes pretty sticky, unless you wildly overbuild for a short period of time like Austin did, and this is why some metros just feel perpetually tight over the long term, and others feel permanently sluggish. Population does not spread evenly. It piles up. In fact, Texas is a great case in point here. Understand that Texas is adding people faster than some entire nations do. Texas alone adds hundreds of 1000s of residents per year in strong cycles. Some years, they do add more people than entire small countries, more than several Midwest states combined. And of course, they don't spread evenly across Texas. They cluster in DFW, Houston, Austin and San Antonio, so pretty much the Texas triangle, and that clustering fact is everything for housing demand, yet at the same time, there are fully 75 Texas counties that are losing population, typically out in West Texas. Then there's Florida. Florida isn't just growing. It's replacing people. Florida's growth. It's not just net positive, it's replacement migration, and it's across all different types and ages. You've got retirees arriving, you've got young workers arriving, you've got young households forming, and you've got seniors aging in place. So this way, among a whole spectrum of ages, you've got demand for rentals, workforce housing, age specific, housing and multifamily all in Florida, and this is why Florida housing demand over the long term is not going to cool off the way that a few skeptics expect. Now, of course, some areas did temporarily overbuild in Florida in the years following the pandemic. Yes, that's led to some temporary Florida home price attrition, but that is going to be absorbed. California did not empty out. It reshuffled now. There were some recent years where California lost net population, but here's what that hides. Some metros lost residents. Others stayed flat. You had some income brackets that left California and others arrived. In fact, California has slight population growth today overall, so housing demand definitely did not vanish. It shifted within the state and then outward to nearby states, and that's how Arizona, Nevada and Texas benefited. But overall, California's population count, really, it's just pretty steady, not declining.   Keith Weinhold  39:05   population density. It's that density that predicts rent pressure better than growth rates. Do something really important for real estate investors. Dense metros absorb shocks better. They have less elastic housing supply, and they see faster rent rebounds. Sparse areas have cheaper land and easier supply expansion and weaker rent resilience. So that's why rents snap back faster in dense metros, and oversupply hurts more in spread out to regions. Density matters more than raw growth does. Shrinking states can still have tight housing I mean, some states lose population overall, but yet they still have housing shortages in certain metros, and you'll have tight rental markets near job centers, and you've got strong demand In limited sub markets, even if the state is shrinking. And I think you know this is why the slower growing Northeast and Midwest, they've had the highest home price appreciation in the past two years. There's not enough building there. If your population falls 1% but the available housing falls 2% well, you can totally get into a housing shortage situation, and that bids up real estate prices. And when people look at population charts on the state level, a lot of times, they still get misled. When you buy an investment property, you don't buy a state, you buy a specific market within it, so the United States is not full it is lopsided. The US is not overpopulated. It is heavily clustered. It's unevenly dense, and it's really driven by migration. And perhaps a better way to say it is that the US population is really opportunity concentrated housing demand follows jobs, networks, wages and migration flows. It sure does not follow empty land. And really the investor takeaway is, is that when you hear population stats, don't put too much weight on the question, is the population rising or falling? Although that's something you certainly want to know. Some better questions to ask are, where are households forming? Where are adults moving? Where is supply constrained? And where does income support, rent like those are, what four big questions there, because population alone does not create housing demand. It's households under constraint that do so. Our big arching overall question is the world overpopulated or underpopulated? The answer is neither. The world is unevenly populated. It's unevenly aged, and it's unevenly governed. And for real estate investors, the lesson is simple. You don't invest in population counts, you invest in household formation, age structure, migration and supply constraints. Really, that's a big learning summary for you, that's why housing demand can stay strong even when population growth slows. And once you understand that demographic headlines that seem scary aren't as scary, and they start to be more useful. Why I've wanted to do this overpopulated versus underpopulated episode for you for years. I've really thought about it for years. I really hope that you got something useful out of it. Let's be mindful of the context too. When it comes to the classic Adam Smith economics of supply demand, I've only discussed one side today, largely just the demand side and not the supply side so much that would involve a discussion about building and some more things that supply side. Now that I've helped you ask a better question about population and the future of housing demand, you might wonder where you can get better answers. Well, like I mentioned earlier, I provide a lot of that and help you make sense of it, both right here on this show and with my newsletter, geography is something that's more conducive and meaningful to you visually, that's often done with a map, and that's why my letter at greletter.com will help you more if you enjoy learning through maps, just like we've done every year since 2014 I've got 52 great episodes coming to you this year. If you haven't consider subscribing to the show until next week, I'm your host. Keith Weinhold, don't quit your Daydream.   Speaker 2  43:57   Nothing on this show should be considered specific, personal or professional advice, please consult an appropriate tax, legal, real estate, financial or business professional for individualized advice. Opinions of guests are their own. Information is not guaranteed. All investment strategies have the potential for profit or loss. The host is operating on behalf of get rich Education LLC, exclusively you   Keith Weinhold  44:25   The preceding program was brought to you by your home for wealth, building, get richeducation.com

In this episode, we're joined by Adam Smith, former Sacramento Republic FC Assistant Head Coach (2014–2017), current MLS scout for Charlotte FC, and part of the group working to bring a new USL team and stadium to Fresno. Adam shares the latest updates on the Fresno USL project, what's happening behind the scenes, and why this moment is so important for soccer in the Central Valley. We also look back at his time coaching Fresno FC, including stories from the sidelines and lessons learned during his years in USL. Adam talks about his experiences with Fresno FC and Central Valley Fuego, and shares insight into his current role as a scout for Charlotte FC. Plus, we take a look at Sacramento Republic's newest signing, Kyle Edwards, who joins the club from Hartford Athletic, and discuss what he could add to the squad. Intro/Outro Music: "The Descent" Kevin MacLeod (incompetech.com) Licensed under Creative Commons: By Attribution 4.0 License http://creativecommons.org/licenses/by/4.0/ Support State of the Republic by contributing to their tip jar: https://tips.pinecast.com/jar/state-of-the-republic

Matthew 5:21–26 | Adam Smith

Matthew 5:21–26 | Adam Smith

What would your life look like if you operated at your absolute peak—mentally, physically, and emotionally? In this transformative episode of The Self Esteem and Confidence Mindset, we sit down with performance coach Adam Smith to explore how optimizing your performance and making the life-changing decision to give up alcohol can unlock levels of clarity, energy, confidence, and success you never thought possible.Adam shares his personal journey of quitting alcohol, how it transformed his performance and life, and the strategies he uses to help high-performers reach their full potential without relying on substances that numb, distract, or hold them back. If you're questioning your relationship with alcohol or ready to level up your performance, this conversation is a game-changer.You can find more here:https://www.youtube.com/@a-gameconsultancyhttps://www.linkedin.com/in/adam-smith-high-performance-coach/

Last Resort Network proudly presents its very own book club! Zach, Ben and Micah in three parts will work through Adam Smith's "The Theory of Moral Sentiments", a notable work that creates many of his moral arguments for his most famous work "The Wealth of Nations". The crew dig through Smith's thoughts on sympathy and seek to understand the foundational worldview that guides Smith's arguments. Don't miss out on this unique show!Instagram-@TheMovieVaultPodEmail us- themovievaultpod@gmail.comYouTube - https://www.youtube.com/@lastresortnetworkThis episode is brought to you by Point A Insurance (formerly Hedman Anglin Agency). Contact them at 614-486-7300 for your home and auto insurance needs. If you do contact them, make sure to tell them that Ben and Zach sent you! Visit their website for more information at www.PointAInsurance.com

In this episode, our host and CEO, Ross Overline reflects on what Scholars of Finance built in 2025—and what 2026 demands from finance leaders in a rapidly changing world.Released on Martin Luther King Jr. Day, this episode starts with a question that sits at the heart of SOF's mission: What kind of society are we trying to build—and what responsibility does capital carry in it? From there, Ross shares a clear look back at SOF's growth in 2025—tripling leadership development for students and serving 4,000+ future finance leaders—before laying out SOF's 2026 theme: Adaptive Excellence.Episode Segments:Growth in 2025: A behind-the-scenes look at how SOF strengthened student formation, expanded chapter presence, and grew the community supporting principled finance leadership.2026: Adaptive Excellence in the Age of AI: A candid assessment of what's changing in finance—AI, automation, and rising competition—and what it means to stay both excellent and values-grounded. Ross shares how SOF will evolve curriculum, coaching, partnerships, and alumni support to keep members on the leading edge.Generosity as a Moral Requirement of Capitalism: Zooming out, Ross reflects on a fractured society and the growing tension between individualism and collectivism—drawing on MLK and Adam Smith to make a case for generosity as a form of moral leadership. The episode closes with a simple challenge: if excellence is rising, generosity must rise with it.Whether you're a student entering the industry, an alum navigating early career, or a senior leader shaping institutions, this episode is designed to re-anchor your year in character—and to raise the bar for what leadership in finance can look like.

Political Tribalism with Lauren HallPolitical scientist Lauren Hall joins Michael Liebowitz for a wide-ranging discussion on political tribalism—how identity, loyalty, and moral signalling have displaced judgment, moderation, and principled disagreement in modern politics.Lauren Hall brings a rare combination of scholarly depth and cultural clarity to the conversation. Drawing on the classical liberal tradition and her work on family, moderation, and the moral limits of politics, she examines how tribal thinking corrodes institutions, distorts public debate, and turns politics into a substitute for meaning. The discussion explores why societies fracture when politics becomes a moral identity—and what intellectual resources exist for restoring restraint, pluralism, and seriousness to public life.This episode is a thoughtful examination of ideas over slogans, and persuasion over power—an essential listen for anyone concerned with the health of liberal society.Disclaimer:The views expressed by Lauren Hall are her own, and not necessarily reflective of her employer or anyone with whom she works.About Lauren HallLauren Hall is Professor and Associate Dean of Academic Affairs at the Rochester Institute of Technology, College of Liberal Arts. She is the author of The Medicalization of Birth and Death (Johns Hopkins University Press, 2019) and Family and the Politics of Moderation (Baylor University Press, 2014), and co-editor of a volume on the political philosophy of Chantal Delsol.Her scholarship engages deeply with the classical liberal tradition, including extensive writing on Edmund Burke, Adam Smith, and Montesquieu.About Michael Liebowitz – Host of The Rational EgoistMichael Liebowitz is the host of The Rational Egoist podcast, a philosopher, author, and political activist committed to the principles of reason, individualism, and rational self-interest. Deeply influenced by the philosophy of Ayn Rand, Michael uses his platform to challenge cultural dogma, expose moral contradictions, and defend the values that make human flourishing possible.His journey from a 25-year prison sentence to becoming a respected voice in the libertarian and Objectivist communities is a testament to the transformative power of philosophy. Today, Michael speaks, writes, and debates passionately in defence of individual rights and intellectual clarity.He is the co-author of two compelling books that examine the failures of the correctional system and the redemptive power of moral conviction:Down the Rabbit Hole: How the Culture of Corrections Encourages Crimehttps://www.amazon.com.au/Down-Rabbit-Hole-Corrections-Encourages/dp/197448064XView from a Cage: From Convict to Crusader for Libertyhttps://books2read.com/u/4jN6xjAbout Xenia Ioannou – Producer of The Rational EgoistXenia Ioannou is the producer of The Rational Egoist, responsible for overseeing the publishing, presentation, and promotion of each episode to ensure a consistent standard of clarity, professionalism, and intellectual rigour.She is the CEO of Alexa Real Estate, a property manager and entrepreneur, and serves on the Board of Directors of the Ayn Rand Centre Australia, where she contributes to the organisation's strategic direction and public engagement with ideas centred on reason, individual rights, and human freedom.Xenia also leads Capitalism and Coffee – An Objectivist Meetup in Adelaide, creating a forum for thoughtful discussion on philosophy and its application to everyday life, culture, and current issues.Join Capitalism and Coffee here:https://www.meetup.com/adelaide-ayn-rand-meetup/Follow Xenia's essays on reason, independence, and purposeful living at her Substack:https://substack.com/@xeniaioannou?utm_source=user-menuBecause freedom is worth thinking about — and talking about.#TheRationalEgoist #LaurenHall #PoliticalTribalism #ClassicalLiberalism #Reason #IndividualRights #FreeThought #IntellectualHonesty #MichaelLiebowitz #XeniaIoannou

Why a federal judge accused Trump administration officials of engaging in an “unconstitutional conspiracy,” and what it means for the future of free speech in America; Rep. Adam Smith goes in on Trump's misadventures in Venezuela, Greenland and Iran; Trump's latest threat to place tariffs on American allies; and we go inside the current state of Trump's economy To listen to this show and other MS podcasts without ads, sign up for MS NOW Premium on Apple Podcasts. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Everyone knows putting yourself around the right people is important. Easier said than done. Some people only seem to drag you down. Others are good for you, but don't have much time for you. They're busy. And so are you. Then there are moments where you're surrounded by good people, but all your interactions just seem to skim the surface. You want more. But you don't want to make it weird. Is that even avoidable? If you can't become your best self all by yourself, where do you go from here? If you're new with us, let us know how we can be praying for you, we invite you to fill out an online Connect Card by visiting https://southhillschurch.churchcenter.com/people/forms/91550—If you are looking for what is next for you, we invite you to fill out an online “Next Steps” card by visiting https://southhillschurch.churchcenter.com/people/forms/672517To give with us select the Give tab on the Church Center App or visit https://southhills.org/giving/ and select the Corona Fund or Corona BOW Fund—Visit our Linktree to find out more about everything mentioned in today's message or follow along with the message slides:https://linktr.ee/SouthHillsCorona —To RSVP for On-Campus Events select the Events tab on the Church Center App or visit https://southhills.org/corona/

Matthew 5:17–20 | Adam Smith

Matthew 5:17–20 | Adam Smith

In this episode of The Rational Egoist, Michael Liebowitz is joined by Gene Epstein, one of the most articulate and consistent defenders of free markets in modern economic journalism.Gene Epstein served as economics editor of Barron's from 1993 to 2018, where his long-running Economic Beat column became required reading for anyone serious about understanding macroeconomics beyond slogans and political talking points. Throughout his career, Epstein challenged the assumptions behind monetary manipulation, deficit spending, regulation, and state “management” of markets, insisting that economic outcomes must be understood as the result of individual choice, incentives, and real-world constraints—not good intentions or bureaucratic planning.The conversation also explores Epstein's role as founder and director of The Soho Forum, a debate platform that has become one of the few remaining venues for rigorous, civil, high-level disagreement on economics, liberty, and social policy. Epstein discusses why open debate matters, why bad ideas survive when they are not challenged, and how intellectual honesty—not consensus—is the engine of progress.This episode is a clear-eyed discussion about why markets work, why government intervention repeatedly fails, and why economic freedom is not merely efficient, but necessary for human flourishing.Gene Epstein (born 1944) is an American economist, writer, and public intellectual. He served as economics editor of Barron's for 25 years and authored the influential Economic Beat column, where he analysed macroeconomic trends and exposed the unintended consequences of government intervention. He is the founder and director of The Soho Forum, a New York–based debate series dedicated to serious discussion of libertarian ideas in economics and social policy.Michael Liebowitz is the host of The Rational Egoist podcast, a philosopher, author, and political activist committed to the principles of reason, individualism, and rational self-interest. Deeply influenced by the philosophy of Ayn Rand, Michael uses his platform to challenge cultural dogma, expose moral contradictions, and defend the values that make human flourishing possible.His journey from a 25-year prison sentence to becoming a respected voice in the libertarian and Objectivist communities is a testament to the transformative power of philosophy. Today, Michael speaks, writes, and debates passionately in defence of individual rights and intellectual clarity.He is the co-author of two books examining the failures of the correctional system and the redemptive power of moral conviction:Down the Rabbit Hole: How the Culture of Corrections Encourages Crimehttps://www.amazon.com.au/Down-Rabbit-Hole-Corrections-Encourages/dp/197448064XView from a Cage: From Convict to Crusader for Libertyhttps://books2read.com/u/4jN6xjXenia Ioannou is the producer of The Rational Egoist, responsible for overseeing the publishing, presentation, and promotion of each episode to ensure a consistent standard of clarity, professionalism, and intellectual rigour.She is the CEO of Alexa Real Estate, a property manager and entrepreneur, and serves on the Board of Directors of the Ayn Rand Centre Australia, where she contributes to strategic direction and public engagement with ideas centred on reason, individual rights, and human freedom. Xenia also leads Capitalism and Coffee in Adelaide, creating a forum for thoughtful discussion on philosophy and its application to everyday life.Join Capitalism and Coffee here:https://www.meetup.com/adelaide-ayn-rand-meetup/Follow Xenia's essays at her Substack:https://substack.com/@xeniaioannou?utm_source=user-menuBecause freedom is worth thinking about — and talking about.#GeneEpstein #TheRationalEgoist #FreeMarkets #EconomicFreedom #Liberty #SohoForum #Barrons #IndividualRights #Capitalism #IdeasMatter

Rep. Adam Smith is the ranking member of the House committee that's supposed to have oversight on the Department of Defense—yes, that's what he still calls it. But from strikes on Venezuela to ICE surges in Minneapolis, “oversight” isn't a key function of Congress these days.Guest: Rep. Adam Smith, ranking member of the House Armed Services Committee, representative from Washington's Ninth District.Want more What Next? Subscribe to Slate Plus to access ad-free listening to the whole What Next family and across all your favorite Slate podcasts. Subscribe today on Apple Podcasts by clicking “Try Free” at the top of our show page. Sign up now at slate.com/whatnextplus to get access wherever you listen.Podcast production by Elena Schwartz, Paige Osburn, Anna Phillips, Madeline Ducharme, and Rob Gunther. Hosted on Acast. See acast.com/privacy for more information.

Rep. Adam Smith is the ranking member of the House committee that's supposed to have oversight on the Department of Defense—yes, that's what he still calls it. But from strikes on Venezuela to ICE surges in Minneapolis, “oversight” isn't a key function of Congress these days.Guest: Rep. Adam Smith, ranking member of the House Armed Services Committee, representative from Washington's Ninth District.Want more What Next? Subscribe to Slate Plus to access ad-free listening to the whole What Next family and across all your favorite Slate podcasts. Subscribe today on Apple Podcasts by clicking “Try Free” at the top of our show page. Sign up now at slate.com/whatnextplus to get access wherever you listen.Podcast production by Elena Schwartz, Paige Osburn, Anna Phillips, Madeline Ducharme, and Rob Gunther. Hosted on Acast. See acast.com/privacy for more information.

Rep. Adam Smith is the ranking member of the House committee that's supposed to have oversight on the Department of Defense—yes, that's what he still calls it. But from strikes on Venezuela to ICE surges in Minneapolis, “oversight” isn't a key function of Congress these days.Guest: Rep. Adam Smith, ranking member of the House Armed Services Committee, representative from Washington's Ninth District.Want more What Next? Subscribe to Slate Plus to access ad-free listening to the whole What Next family and across all your favorite Slate podcasts. Subscribe today on Apple Podcasts by clicking “Try Free” at the top of our show page. Sign up now at slate.com/whatnextplus to get access wherever you listen.Podcast production by Elena Schwartz, Paige Osburn, Anna Phillips, Madeline Ducharme, and Rob Gunther. Hosted on Acast. See acast.com/privacy for more information.

Rep. Kelly Morrison discusses being blocked from entering an ICE facility in Minneapolis; remembering Renee Good; Rep. Adam Smith discusses President Trump's true intentions for Venezuela and Greenland, and how it may preview a new era of American Imperialism To listen to this show and other MS podcasts without ads, sign up for MS NOW Premium on Apple Podcasts. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

We all want our lives to matter. We want to make a difference, have an impact, leave a legacy, change the world. But how's that going to work? Because you're you, living here… on a limited budget. Sure, there's stuff you could do, but most of it is so… common. You're destined for big things. It's just that no one will give you the opportunities you deserve. But what if the most life-changing opportunities are the ones you already have access to? What might happen if you decided to start small and fill the needs you found, instead of waiting for something profound? If you're new with us, let us know how we can be praying for you, we invite you to fill out an online Connect Card by visiting https://southhillschurch.churchcenter.com/people/forms/91550—If you are looking for what is next for you, we invite you to fill out an online “Next Steps” card by visiting https://southhillschurch.churchcenter.com/people/forms/672517To give with us select the Give tab on the Church Center App or visit https://southhills.org/giving/ and select the Corona Fund or Corona BOW Fund—Visit our Linktree to find out more about everything mentioned in today's message or follow along with the message slides:https://linktr.ee/SouthHillsCorona —To RSVP for On-Campus Events select the Events tab on the Church Center App or visit https://southhills.org/corona/

Matthew 5:1–16 | Adam Smith

Matthew 5:1–16 | Adam Smith

3pm: Last day of the Face-Lift Fill-In Shows // Nordic people know how to beat the winter blues. Here’s how to find light in the darkest months // Demond Williams Jr. returning to UW, apologizes for timing of transfer announcement // Rep. Adam Smith calls on Congress to rein in ‘chaos’ of CFB after UW transfer // Snohomish High School offers varsity letter for skilled trades — a state first // Skilled workers are in demand: These trade jobs pay the most // Amy Madigan is shocked by Critics Choice Awards win for 'Weapons' // Does an influx in campy movies relate to a strained culture?

On todays Zero Limits Podcast host Matty Morris chats with Adam Smith 2nd Commando Regiment and Victoria Police Special Operations Group Adam joined the military in 2005 first kicking off his career as an infantry solider at the 2nd Battalion Royal Australian Regiment. During his time there he deployed twice to Timor Leste.In 2008 he attempted and completed selection for the 2nd Commando Regiment also completing his reinforcement cycle training to receive his green beret. He deployed on numerous occasions on SOTG to Afghanistan and to Iraq. After an extensive career within the special forces Adam did a lateral transfer to the Victorian Police however after the academy he went straight to the Special Operations Group. Noting post military discharge he remained with the 1st Commando Regiment a reserve special forces unit in Melbourne.Send us a text however note we cannot reply through these means. Please message the instagram or email if you are wanting a response. Support the showWebsite - www.zerolimitspodcast.comInstagram - https://www.instagram.com/zero.limits.podcast/?hl=enHost - Matty Morris www.instagram.com/matty.m.morrisSponsors Instagram - @gatorzaustralia www.gatorzaustralia.com15% Discount Code - ZERO15(former/current military & first responders 20% discount to order please email orders@gatorzaustralia.com.au Instagram - @3zeroscoffee 3 Zeros Coffee - www.3zeroscoffee.com.au 10% Discount Code - 3ZLimits Instagram - @getsome_au GetSome Jocko Fuel - www.getsome.com.au 10% Discount Code - ZEROLIMITS

A Washington Democrat wants to change rules around license plate readers. Rep. Adam Smith says that Congress needs to step in and rein in the ‘choas’ of college football after UW’s QB transferred. UW study shows Washington teens distracted by phones, which is prompting a push to ban them. // Big Local: The News Tribune analyzes whether Sheriff Keith Swank spends too much time on X. Tacoma is adding more traffic cameras. Spokane leaders propose land‑value tax pilot to curb land speculation and address housing crisis. // You Pick the Topic: Young people are increasingly dropping cigarettes for vaping.

China shock 2.0, $1trillion surplus, Adam Smith. Is the neoliberal global order coming to an end? Is it China's fault? Do they care?In this episode we tackle the underlying questions surrounding fears of China's domination of all major manufacturing industries. Should China stop what they're doing? If so, why? And if why, how should they bring back balance and let us poor Westerners keep some of our jobs?We also talk globalisation, who's really to blame for the current situation, and why Orientalism plays a bigger role than you might think.Join the 12 China books in 12 months bookclub by following Sinobabble on Substack: https://sinobabble.substack.com/Buy me a coffee: https://www.buymeacoffee.com/sinobabblepodLinks to everything: https://linktree.com/sinobabbleSupport the showSign up for Buzzsprout to launch your podcasting journey: https://www.buzzsprout.com/?referrer_id=162442Subscribe to the Sinobabble Newsletter: https://sinobabble.substack.com/Support Sinobabble on Buy me a Coffee: https://www.buymeacoffee.com/Sinobabblepod

An engaging investigation of how 13 key Enlightenment figures shaped the concept of race, from the acclaimed author of Diderot and the Art of Thinking Freely. Over the first decades of the 18th century, Christianity began to lose its grip on the story of humankind. Yet centuries of xenophobia, religious intolerance, and proto-biological ideas did not simply disappear. This raw material was increasingly “processed” by secularly minded thinkers who claimed the right to rethink the category of the human. By century's end, naturalists and classifiers had divided the human species into racial categories using methods that we now associate with the Enlightenment era. In Biography of a Dangerous Idea, prize-winning biographer and Enlightenment specialist Andrew S. Curran retells this story through the medium of group biography. Written more like a detective story than traditional history, the book traces the emergence of race through the lives of 13 pivotal figures, among them Louis XIV, Buffon, Linnaeus, Voltaire, Hume, Adam Smith, Blumenbach, Kant, and Jefferson. Moving from the gilded halls of Versailles to the slave plantations of the Caribbean, from the court of the Mughal Empire to the drawing rooms of Monticello, this sweeping narrative not only reveals how the Enlightenment's ultimate Promethean quest intertwined with systems of oppression and empire, but also offers a groundbreaking reassessment of the era's most famous luminaries. Andrew S. Curran is the William Armstrong Professor of the Humanities at Wesleyan University. Caleb Zakarin is CEO and Publisher of New Books Network. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/history

Less than a week after the U.S. captured Venezuela’s President Nicolas Maduro, the Coast Guard seized two oil tankers accused of violating U.S. sanctions. One of the vessels, seized in the North Atlantic, was registered in Russia. The Trump Administration is leaning on Venezuela to open up its oil industry to U.S. companies and oust the influence of Russia and China. President Trump said Tuesday that Venezuela will turn over 30 to 50 million barrels of oil to the U.S. As this new era of interventionism unfolds, Greenland also appears to have returned to the top of the White House’s agenda. We talked to Rep. Adam Smith, the Democratic ranking member on the House Armed Services Committee, about all of that and more. NOTE: News is developing quickly, and we spoke to Rep. Smith just after 10am PT. Head to npr.org or KUOW for the latest updates. GUEST: Rep. Adam Smith, Democrat, Washington's 9th district Thank you to the supporters of KUOW, you help make this show possible! If you want to help out, go to kuow.org/donate/soundsidenotes Soundside is a production of KUOW in Seattle, a proud member of the NPR Network. See omnystudio.com/listener for privacy information.

"When the Wright brothers got their airplane up in the air for the first time, it wasn't because they overcame the laws of physics, it was because they figured out how to harness those laws." - Patrick Kilbride, Policy Fellow at the Center for American Principles The rate and scale of change taking place around us are so destabilizing that it would be easy to think that 'old ideas' no longer apply. Could economic principles that were articulated in the late 1700s possibly be relevant in a global, digital economy?  Patrick Kilbride, Policy Fellow at the Center for American Principles, and principal at Kilbride Public Affairs, says yes – and he recently re-read Adam Smith's Wealth of Nations to prove it to himself. Patrick is a public policy expert with experience as a Deputy Assistant U.S. Trade Representative. He has held a number of executive strategy- and policy-focused roles at the U.S. Chamber of Commerce. Today, he is a Policy Fellow at the Center for American Principles, a 501(c)(4) focused on personal liberties, free markets, and strong national security. In this episode of the Art of Supply podcast, Kelly Barner speaks with Patrick about the wisdom Adam Smith and his contemporaries can still offer us today: Why (and which) economic principles articulated during the Enlightenment still hold true today The quality of life improvements that have been driven by productivity gains despite population growth The role that governments can play in supporting enlightened self-interest Links: Patrick Kilbride on LinkedIn The Center for American Principles Kelly Barner on LinkedIn Art of Supply LinkedIn newsletter  Art of Supply on AOP Subscribe to This Week in Procurement  

Chris Sullivan with a Chokepoint: Good news for those driving on I-5 in DuPont // Luke Duecy with a Tech Talk: Cyber experts warn of AI use by data hackers // Charlie Commentary on lies surrounding the Climate Commitment Act // Congressman Adam Smith on the ICE shooting in Minnesota, and President Trump's movements in Venezuela // Gee Scott on people moving to Washington state

Trump administration officials briefed a select group of bipartisan lawmakers on Venezuela in a classified setting this evening. One person who was in the briefing, Rep. Adam Smith, the ranking member of the House Armed Services Committee, joins Anderson to discuss what was learned. And former CIA Director and head of U.S. Central Command, retired General David Petraeus, gives his perspective on the historic U.S. military operation leading to Maduro's arrest. Learn more about your ad choices. Visit podcastchoices.com/adchoices

In this episode recorded live from the 2025 Reagan National Defense Forum in Simi Valley, hosts Lauren Bedula and Hondo Geurts welcome back Ranking Member Adam Smith of the House Armed Services Committee for the second year in a row. Following his morning keynote address, Rep. Smith discusses the current state of defense innovation and acquisition reform, which he characterizes as a "good news, bad news situation" with significant progress on technology and industrial base transformation occurring alongside political challenges at the Pentagon. The conversation addresses the growth of the defense startup ecosystem, changes in congressional approach to defense programs, concerns about tariff impacts on supply chains, and differing views on foreign policy realism emerging from the forum's discussions.Five Key Takeaways:The defense startup ecosystem has grown substantially: Companies including Shield AI, Palantir, C3 AI, and various drone manufacturers are now developing capabilities like collaborative combat aircraft with private investment. Rep. Smith notes that approximately two-thirds of the companies sponsoring the Reagan Forum didn't exist when the forum began.Traditional defense contractors are adapting to increased competition: Rep. Smith observes that major defense primes historically preferred long-term, stable contracts with established subcontracting relationships but have demonstrated capacity to innovate when faced with competitive pressure from new entrants in the market.Congressional priorities on defense programs have evolved: Under bipartisan leadership, the House Armed Services Committee has moved away from a focus on district-specific funding toward emphasizing innovation and new technology development.Current tariff policy may complicate supply chain diversification efforts: Rep. Smith expresses concern that tariffs on countries like Vietnam, Malaysia, Thailand, and Mexico could hinder efforts to reduce dependence on Chinese manufacturing. He indicates that some companies reconsidering moves out of China have paused plans due to tariff considerations affecting alternative locations.Debate continues over the definition of foreign policy realism: Rep. Smith distinguishes between what he considers "genuine realism," maintaining commitments to democratic values while making practical compromises, and approaches he views as reverting to great power competition without values-based considerations. He argues the latter approach carries risks based on historical precedents from earlier eras of international relations.

Spend five minutes scrolling social media and you can identify five places you'd love to live. Especially if you're unhappy with where you're at. Your ideal of somewhere else is flawless. But you've memorized every imperfection of your current reality. It's tempting to daydream about how much better your life would be if you lived somewhere else, worked somewhere else, were married to someone else. Is that true though? Even if you found something better, wouldn't you just still be you in a different location or situation? How do you become the best version of you regardless of where you are? What if the solution isn't uprooting, but digging deeper right where you're at? If you're new with us, let us know how we can be praying for you, we invite you to fill out an online Connect Card by visiting https://southhillschurch.churchcenter.com/people/forms/91550—If you are looking for what is next for you, we invite you to fill out an online “Next Steps” card by visiting https://southhillschurch.churchcenter.com/people/forms/672517To give with us select the Give tab on the Church Center App or visit https://southhills.org/giving/ and select the Corona Fund or Corona BOW Fund—Visit our Linktree to find out more about everything mentioned in today's message or follow along with the message slides:https://linktr.ee/SouthHillsCorona —To RSVP for On-Campus Events select the Events tab on the Church Center App or visit https://southhills.org/corona/

Tonight on The Last Word: Polls show voters are furious at the start of the midterm year. Also, New York City Mayor Zohran Mamdani promises to govern “audaciously.” Plus, Iran protests are growing amid a deepening economic crisis. And lawmakers threaten Attorney General Pam Bondi with contempt over incomplete Epstein files. Timothy Snyder, Robert Reich, Bobby Ghosh, Rep. Adam Smith, and Lisa Rubin join Ali Velshi. To listen to this show and other MS podcasts without ads, sign up for MS NOW Premium on Apple Podcasts. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Washington Congressman Adam Smith said something remarkably stupid about using the military to target drug traffickers. The DOJ is suing Washington State for refusing to hand over voter registration information. Seattle now has the highest rate of residents with a college degree of any major city in the United States. // Seattle activists held one of the most pathetic protests ever against Amazon. // Vanderbilt QB Diego Pavia issued an apology for a post that bashed Heisman trophy voters after he didn’t win the award. A Chiefs player reacted in real time to finding out that the team had been eliminated from the playoffs.

In this hour of At Home with Gary Sullivan, Gary dives into home improvement projects with a focus on rejuvenating kitchen cabinets. He shares tips on how to restore a finish, remove old waxes and oils, and even paint cabinets like a pro. Gary also talks to Adam Smith from Dumond Global about their products, including Smart Strip, which can safely remove lead-based paints and other coatings. With a focus on safety and ease of use, Adam explains how to use the product to strip surfaces without harsh chemicals or fumes.See omnystudio.com/listener for privacy information.

The Anfield Wrap react to a poor game versus Leeds, discuss potential transfers and look ahead to the match against Fulham at the weekend. John Gibbons is joined by Adam Smith, Phil Blundell and Ian Salmon. Subscribe to The Anfield Wrap for more reaction to all the news and events that matter to you… Learn more about your ad choices. Visit podcastchoices.com/adchoices

We tried an experiment this week—livestreaming the taping of this week's episode on Steve's 'Political Questions" Substack.  We think is was a success even though Steve's camera froze up several times along the way. John Yoo hosts this first episode of the year, which is devoted entirely to understanding and critiquing "post-liberalism," currently one of the hottest new things going on the right today. (John makes reference to one of our live clashes with a leading post-liberal, which Steve wrote up here.)Attacks on the classical liberalism of the American Founding are not new from the left—Marx hated John Locke perhaps above all others except perhaps Adam Smith—and there have always been conservative critics of Lockean liberalism, starting with Edmund Burke back in the 1790, but also like Leo Strauss whose famous short phrase was that materialism Lockeanism would devolve into "a joyless quest for joy." This is an urgent and relevant question as we move toward the 250th anniversary of the Declaration of Independence mid-year, and while we expect the 1619 Project left will be out in force attacking the Declaration for the usual stupid reasons, we'll also have to content with some on the right attacking it for reasons that may have a more plausible basis, but which we think are confused—when they are not wrong.This is merely the first episode of the podcast this year that will be devoted to various aspects and controveries about the founding that will surely erupt over the next six months.  Strap in!

An engaging investigation of how 13 key Enlightenment figures shaped the concept of race, from the acclaimed author of Diderot and the Art of Thinking Freely. Over the first decades of the 18th century, Christianity began to lose its grip on the story of humankind. Yet centuries of xenophobia, religious intolerance, and proto-biological ideas did not simply disappear. This raw material was increasingly “processed” by secularly minded thinkers who claimed the right to rethink the category of the human. By century's end, naturalists and classifiers had divided the human species into racial categories using methods that we now associate with the Enlightenment era. In Biography of a Dangerous Idea, prize-winning biographer and Enlightenment specialist Andrew S. Curran retells this story through the medium of group biography. Written more like a detective story than traditional history, the book traces the emergence of race through the lives of 13 pivotal figures, among them Louis XIV, Buffon, Linnaeus, Voltaire, Hume, Adam Smith, Blumenbach, Kant, and Jefferson. Moving from the gilded halls of Versailles to the slave plantations of the Caribbean, from the court of the Mughal Empire to the drawing rooms of Monticello, this sweeping narrative not only reveals how the Enlightenment's ultimate Promethean quest intertwined with systems of oppression and empire, but also offers a groundbreaking reassessment of the era's most famous luminaries. Andrew S. Curran is the William Armstrong Professor of the Humanities at Wesleyan University. Caleb Zakarin is CEO and Publisher of New Books Network. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/african-american-studies

An engaging investigation of how 13 key Enlightenment figures shaped the concept of race, from the acclaimed author of Diderot and the Art of Thinking Freely. Over the first decades of the 18th century, Christianity began to lose its grip on the story of humankind. Yet centuries of xenophobia, religious intolerance, and proto-biological ideas did not simply disappear. This raw material was increasingly “processed” by secularly minded thinkers who claimed the right to rethink the category of the human. By century's end, naturalists and classifiers had divided the human species into racial categories using methods that we now associate with the Enlightenment era. In Biography of a Dangerous Idea, prize-winning biographer and Enlightenment specialist Andrew S. Curran retells this story through the medium of group biography. Written more like a detective story than traditional history, the book traces the emergence of race through the lives of 13 pivotal figures, among them Louis XIV, Buffon, Linnaeus, Voltaire, Hume, Adam Smith, Blumenbach, Kant, and Jefferson. Moving from the gilded halls of Versailles to the slave plantations of the Caribbean, from the court of the Mughal Empire to the drawing rooms of Monticello, this sweeping narrative not only reveals how the Enlightenment's ultimate Promethean quest intertwined with systems of oppression and empire, but also offers a groundbreaking reassessment of the era's most famous luminaries. Andrew S. Curran is the William Armstrong Professor of the Humanities at Wesleyan University. Caleb Zakarin is CEO and Publisher of New Books Network. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/new-books-network

In this episode, we discuss public distrust of politicians and the realities behind presidential approval polling before turning to the math of lotteries and why people continue to play despite the odds. We examine Maryland's proposed reparations commission, including questions of eligibility, funding, legal responsibility, and the practical challenges of tying modern policy to historical injustice. We're joined by Phil Magness to explore the economic history of slavery, the claim that capitalism was built on slave labor, and why slavery is fundamentally incompatible with free markets. We cover Adam Smith's opposition to slavery, misconceptions about profit incentives, the global history of forced labor, and the moral and economic failures surrounding emancipation, closing with a broader discussion of capitalism, socialism, and historical accountability. 00:00 Introduction and Overview 00:44 Presidential Approval Ratings and Polling Reality 02:38 Why Americans Have Always Hated Politicians 03:35 Powerball, Probability, and the Math of Dreaming 06:51 Maryland's Reparations Commission Explained 08:12 Who Pays and Who Gets Reparations? 10:03 Mitigation, Law, and the Reparations Problem 14:24 Introducing Phil Magness 15:02 Was Capitalism Built on Slavery? 17:59 Slavery as an Ancient Institution 19:50 Adam Smith's Case Against Slavery 23:05 Why Slavery Is Anti-Capitalist 24:50 Pro-Slavery Economics and Feudalism 26:16 Founding Fathers, Hypocrisy, and Moral Failure 30:21 Slavery's Global History and Misconceptions 32:06 Incentives, Profit, and Economic Naivety 34:53 Would Slavery Have Ended Without the Civil War? 37:59 Gradual Emancipation and Historical Alternatives 40:47 Socialism, Capitalism, and the Plantation Model 44:01 Final Reflections and Closing Thoughts Learn more about your ad choices. Visit podcastchoices.com/adchoices

Send us a textSmith closes Book IV by dismantling mercantilism through the lens of colonial policy, monopoly, and rent seeking, then weighs physiocracy against the system of natural liberty. We trace why colonies grew despite Europe, not because of it, and how “wealth as money” broke policy and fueled war.• mercantilism's definition of wealth and the balance of trade myth• monopoly and bounties as tools for concentrated gains• chapter 7 on colonies as a case study in institutional design• free ports versus exclusive companies and growth outcomes• enumeration, navigation acts, and distorted incentives• defense costs and the arithmetic of empire• the “nation of shopkeepers” argument and public choice• draconian wool laws, smuggling, and consumer losses• physiocracy's insights and errors, sector favoritism• the system of natural liberty as Smith's alternativeIf you have questions or comments, or want to suggest a future topic, email the show at taitc.email@gmail.com ! You can follow Mike Munger on Twitter at @mungowitz

Keith shares a mindset-shifting quote from John D. Rockefeller that challenges the idea of trading time for money.  He revisits some of the year's most powerful real estate investing lessons, and breaks down the big forces shaping today's housing market—affordability, supply & demand, demographics, and interest rates.  All of this sets the stage for his data-driven national home price outlook for next year—without the usual crash-and-doom hype. Episode Page: GetRichEducation.com/586 For access to properties or free help with a GRE Investment Coach, start here: GREmarketplace.com GRE Free Investment Coaching: GREinvestmentcoach.com Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE  or e-mail: info@RidgeLendingGroup.com Invest with Freedom Family Investments.  For predictable 10-12% quarterly returns, visit FreedomFamilyInvestments.com/GRE or text  1-937-795-8989 to speak with a freedom coach Will you please leave a review for the show? I'd be grateful. Search "how to leave an Apple Podcasts review"  For advertising inquiries, visit: GetRichEducation.com/ad Best Financial Education: GetRichEducation.com Get our wealth-building newsletter free— GREletter.com or text 'GRE' to 66866 Our YouTube Channel: www.youtube.com/c/GetRichEducation Follow us on Instagram: @getricheducation Complete episode transcript: Keith Weinhold  0:00   Welcome to GRE. I'm your host. Keith Weinhold, learn from a quote attributed to the world's first billionaire, it will change how you see wealth building. I'll explain why national home prices have never crashed. Then it's gre, 2026, home price appreciation forecast. You'll learn the future the exact percent that home prices will appreciate or depreciate next year. Today on get rich education   Speaker 1  0:29   since 2014 the powerful get rich education podcast has created more passive income for people than nearly any other show in the world. This show teaches you how to earn strong returns from passive real estate investing in the best markets without losing your time being a flipper or landlord. Show Host Keith Weinhold writes for both Forbes and Rich Dad advisors and delivers a new show every week since 2014 there's been millions of listener downloads of 188 world nations. He has a list show guests include top selling personal finance author Robert Kiyosaki. Get rich education can be heard on every podcast platform, plus it has its own dedicated Apple and Android listener phone apps build wealth on the go with the get rich education podcast. Sign up now for the get rich education podcast, or visit get rich education.com   Corey Coates  1:14   You're listening to the show that has created more financial freedom than nearly any show in the world. This is get rich education.   Keith Weinhold  1:30   Welcome to GRE from Lake Huron, Michigan to Lake Tahoe, California and across 188 nations worldwide. I'm Keith Weinhold, and you're listening to get rich education. You know something I love, quotes that shift your entire mindset, paradigm, and once your mind is shifted, actions follow. Actions develop into patterns. Those patterns become habits, and habits become the new, transformed you few quotes hit harder than the one from resource tycoon John D Rockefeller. He lived from 1839 to 1937 in fact, Rockefeller is widely regarded as the world's first billionaire. His quote, you might have heard it before. It is this, he who works all day has no time to make money. That sounds paradoxical, even provocative. It's sort of like it's inviting you to come in and want to learn more about it. And this is because most people's concept of income generating is to work 40 hours a week for a salary or an hourly wage. But what does that quote really mean? He who works all day has no time to make money, and be sure to capture the all day part of that quote that ties right back into the show that I did with you two weeks ago about the K shaped economy breakdown, where you learned about how capital compounds labor doesn't most people sell their time for dollars, but trading time for money makes you too busy to actually build Wealth. Working and building wealth. Those things are two separate distinct activities in how you're investing your time and energy. Now, most people start out with a wage or a salary job. I surely worked by pushing brooms and cubicle dwelling before investing in my first rental property. But if you're working all day in a job, physically or mentally well, then you're consumed by tasks that only pay you. Once you're occupied, you can often get exhausted and you're only concerned with short term output. You're focused on the next deadline, not the next decade, when all your hours are spent on labor, you have no bandwidth to do what you need to do, which is, create vision, acquire assets, build a portfolio, develop systems, learn tax strategy, evaluate investment deals, network with like minded investors, or refine your strategy with a GRE investment coach. Be cognizant that labor only pays today. Wealth building pays forever. Even if your work a day job, salary doubled, you would have to ask, how would that even build wealth? You could retire earlier, but you would have to keep working the hours, and let's remember that wealth equals freedom. You can't architect a wealth plan from the assembly line. Now, that's something that Rockefeller would have agreed with. Wealth requires less. Leverage and labor has none. So working all day means no leverage. You are the engine instead making money, that means using leverage, and instead of you being the engine, well, the engine is something else, like assets, systems, technology, other people's time, other people's money, and borrowing to inflation profit. Rockefeller believed and proved that leverage beats labor 100 to one. He's not discouraging work. In fact, it's just the wrong type of work, because he was one of the hardest working people alive. And really the bottom line here, with this quote, he who works all day has no time to make money, is that Rockefeller meant that if you spend your life doing tasks, you'll never rise high enough to own things that pay you for life. Earning a living is a different activity than building wealth, and once your mindset is shifted, actions follow, yep, actions develop into patterns, and those patterns become the new you. well as the last episode of the year on the show here, 52 weeks worth, I sure hope that I've helped you think, learn and grow your wealth, as have our guest contributors here early in the year, the father of Reaganomics was here, a man that frequently advised a president inside the White House. He told us how much he dislikes tariffs. Tariffs block free trade, and trade improves our lives. Major apartment investor, Ken McElroy, was here this year, and he predicted that the American home ownership rate will fall below 60% that would be major it's currently at 65 if the home ownership rate falls to 60% that would unleash millions of new renters into the market, and it has not been that low in decades, if ever you got a lot of mortgage insights with chailey Ridge, including learning how you can qualify for income property loans without a w2 job, without a pay stub or without tax returns by instead getting a DSCR loan. You'll recall this year that I discussed 50 year mortgages, and I did that before it even hit the news cycle, telling you that it could be coming and that it could be proposed. I explained why I like 50 year mortgages more than 30 year loans, but be aware it is not imminent that they're coming. Also this year, economist Richard Duncan and commentator Doug Casey discussed the Fed. Richard told us how the President is trying to totally restructure who serves on the Fed, trying to get low interest rate pushers in there. And then just last week, Doug and I discussed how fed decisions just keep hollowing out the middle class. A and E television star Todd drillette told us how to negotiate. I had four good discussions with our own investment coach, nuresh this year, more than usual, a pastor and I discussed a rare topic, what the Bible says about money. You learned how to use AI in your real estate investing and when not to. We had a few episodes about that. But above all the shows this year, they were about you, probably more than any other year that we've had here. I did more listener question episodes where I answered your questions as you wrote in, and I also had more listeners come right onto the show and tell me how this show has personally built their wealth. And of course, this year, I got to meet more of you in person when I served as a faculty member on the terrific real estate guys Investor Summit to see and I got to meet you personally for more than just a handshake. The event was set up so that chances are you had dinner with me as well. So rather than this show being a one way chat from me to you this year was more of a dialog between you and I and more two way communication. A lot of new topics are coming for next year, both me teaching and some great guests. If there's something on the show that you'd like to hear more of or less of, let us know. Write into us or use your voice to tell us either way you can do that. At get rich education.com/contact, let us know what you want to hear more of or less of. Do you like shorter term tactics like when and how to increase the rent? Or do you like mid range tactics like how to constantly do cash out refinances and get a tax free windfall from your properties every year. Or do you like more of the long term strategies like specifically how you profit from inflation? Let us know what you like again, at get rich education.com/contact, now, even if you're listening 10 years. Years from now, which I know you very well. May, I'm going to break down next year's home price appreciation forecast, but I'll do it in a way where you'll learn how to analyze a market for all time coming up. It's gre 2026, national home price appreciation forecast. Learn the future to the exact percent. First listen to this from Freedom family investments and Ridge lending group, because I'm a client of both myself and they can help you. I'm your host. Keith Weinhold   Keith Weinhold  10:29   you know, most people think they're playing it safe with their liquid money, but they're actually losing savings accounts and bonds don't keep up when true inflation eats six or 7% of your wealth. Every single year I invest my liquidity with FFI freedom family investments in their flagship program. Why fixed 10 to 12% returns have been predictable and paid quarterly. There's real world security backed by needs based real estate like affordable housing, Senior Living and health care. Ask about the freedom flagship program. When you speak to a freedom coach there, and that's just one part of their family of products, they've got workshops, webinars and seminars designed to educate you before you invest. Start with as little as 25k and finally, get your money working as hard as you do. Get started at Freedom, family, investments.com/gre, or send a text now it's 1-937-795-8989, yep, text their freedom coach, directly. Again, 1-937-795-8989,   Speaker 2  11:40   the same place where I get my own mortgage loans is where you can get yours. Ridge lending group and MLS, 42056, they provided our listeners with more loans than anyone because they specialize in income properties. They help you build a long term plan for growing your real estate empire with leverage. Start your prequel and even chat with President Caeli Ridge personally. While it's on your mind, start at Ridge lending group.com that's Ridge lending group.com   Robert Kiyosaki  12:14   this is our Rich Dad, Poor Dad. Author Robert Kiyosaki. Listen to get rich education with Keith Weinhold. And there is, I respect Kate. He's a very strong, smart, bright young man.   Keith Weinhold  12:35   Welcome back to get rich education. It's episode 586 the last show of the year. I'm your host. Keith Weinhold, I am proud to present to you in this segment of the show gre 2026, national home price appreciation forecast, where I use my insight and experience so that you'll learn the exact percent that national home prices will either appreciate or depreciate next year. It's the fifth consecutive year that we're doing this. I nailed the first three spot on and then this year happened. I'll get to reviewing my track record, total accountability. First understand something, real estate values have never crashed in your entire lifetime, even if you're 90 years old, to grab eyeballs, slack jawed, tick tock. Call them crash talk. Economists keep making awful predictions about a housing price crash, and none of them have been worse than one that published last month in Newsweek, which outlines a as it's called, correction worse than 2008 and says national home prices will fall 50% five zero, starting as soon as next year. That's absurd, and I can't believe that a respectable publication would platform a view from an analyst like that, and I'm not going to call out that Doomsayer analyst's name. That's not my style. I'm sure you can find it that crash is about as likely as one social media post changing your political affiliation later today. Look, doomsayers don't care about you. They make dire predictions because they care about them. It elevates their clicks, their followers and their name recognition, and they never hang around to follow up on that prediction, but it harms you, because you miss out on the equity gains, and that's the real damage. In fact, this particular analyst also called for this year to have the second largest home price decline since World War Two. Well, national home prices have only fallen twice in that time period. In fact, going further back. Back to the 1930s Great Depression. They've only fallen twice. Yes, that means home prices have risen every single year since the 1930s except for two periods, a small decline of less than 1% around 1990 and then, of course, the severe downturn from the housing bubble and great recession from 2007 to 2011 or 2012 that's where prices dropped in total, 25 to 26% from peak to trough. Now why do I say that that period around 2008 was not a housing price crash. Well, because it wasn't. Instead, it was a slow bleed. The definition of financial crash is a sudden, sharp and widespread drop in prices. That's the definition. Well that can happen in some other asset classes like stocks or Bitcoin or perhaps even precious metals, but not real estate. It is neither sudden nor sharp. The worst year, 2008 saw home prices drop 12% in that one year and some of the other years bracketing it, home prices fell three to 4% in each of those years. So then during this time period of price attrition, during the global financial crisis, each month, real estate values fell just a few tenths of 1% maybe half of 1% or even one full percent, not a crash, a slow bleed. This means that it took about five years for values to fall, a total of near 25% I mean, that makes it really clear that it's not a crash. And again, this period was about 2007 to 2012 don't get me wrong, it was bad. I was a real estate investor both before and during 2008 but to call it a crash is hyperbolic, and that is because words mean things. I think a lot of media consumers get so conditioned to mass media sensationalism that they've forgotten what a crash even means. At some point, it begins to bend our very lexicon back around 2007 I remember I frequently checked a website called implode meter. Yeah, that's the name of it. It tracks, failing banks. I looked the other day and implodemeter.com is still in existence, even though it's not nearly as spicy as it used to be during the GFC, because lending has been pretty stable for a long time, and loans are well and carefully underwritten. So home prices are unusually stable over time, because, in a sense, housing is not a normal market. It is slow, regulated, credit driven, and it's emotionally sticky, even though rental property is less emotional. Well, the values of one to four unit property are tied to primary residence values, and that's where the emotion exists. So if you put all those together, you get prices that creep upward most years and rarely fall at all. Nationally. The real estate market moves too gradually to be crash susceptible. It is the place for real wealth building values also are not going to double annually if you want to scroll for dopamine hits from the couch. Well, you can do that with a prediction market like call she or in crypto with altcoins, while your real estate keeps leveraging dollars in a stable way in the background. That's how you can think about it. All right, so we've established since the Great Depression, home values have fallen twice and once substantially. Well, right now, home prices are up about 2% year over year. Most places have appreciated, especially the more affordable markets. Not only has home price growth been slow, though, rent growth has been slow as well. Single Family rents are up 1% per totality. Apartment rents are down one to 2% per Zumper. But back to our focus today, forecasting national home prices. Everything we're discussing is nominal price change, meaning not inflation adjusted, and it's single family homes up to fourplexes. Well, as we use context to build up to the big reveal today, where I'll tell you the exact percent that home prices will rise or fall next year. Could 2008 happen again any time soon? Let's isolate that out. It's important to look at history rather than. Having some uninformed hunch in both periods with price attrition around 1990 and 2008 these two falls have some attributes in common. So let's look at that. What led to these rare falls in home prices, irresponsible lending, forced selling, a vacancy issue and overbuilding. All four of those factors were in place during those two periods now leading up to 1990 the irresponsible lending was on the commercial side. That was the savings and loan crisis, but it did trickle into the residential market, and then in 2008 it was on the residential side. But of all four of those factors, none of them are in place today. Zero borrowers are strongly underwritten because they've got those full documentation loans, and virtually no one is forced to sell in a fire sale. In fact, homeowners still have these record equity positions of about 300k fewer than 3% of homeowners have a negative equity position, and there is no vacancy issue. Because, in fact, we've been under building. We'll look at that. So for next year, no substantial price of drawdown is coming. None's expected. We can isolate that out. Since I was investing directly in real estate through 2008 I know what happened is that when people walked away from properties, they did so because the economy got rough, their variable rate mortgages rose, they couldn't make their payments, or they just had no motivation to make their payments because they were underwater and had zero protective equity. In a lot of cases, it's almost impossible for that to happen today, homeowners can make their payments, and they're motivated to do so because they have that erstwhile equity to protect, like I said last week, through the Census Bureau data and realtor.com we know a couple things. Four in 10 homeowners have no mortgage at all. They own their property free and clear. Among the group with mortgages, 70% of borrowers still have a mortgage rate locked in at under 5% and blending those together for you means that then 82% of borrowers either have no mortgage or they've got a rate under 5% this translates to really affordable payments, along with The protective equity, even if inflation heats up again, it still cannot touch a borrower's mortgage payment amount because it is fixed. As we're leading up to the big reveal of next year's number, we're about to look at affordability, supply, demand and the effect of mortgage rates on prices. Of course, that word affordability, that has been the most central word to home buying for a couple years now, affordability will improve in three main ways. If either home prices fall, mortgage rates fall, or wages rise, it takes at least one of those three things, the good news is that this year, wages have been rising faster than both stated inflation and home prices. Wages have been rising close to 4% that looks to continue at least into the early part of next year. Well that improved affordability allows home prices to move up, and it gives room for rents to move up as well. Now when it comes to mortgage rates, if you're new to listening to me, it will be groundbreaking for you to realize that today, mortgage rates are low, and increases to mortgage rates usually lead to increases in home prices, not decreases. If you're new here, both of those facts might leave you saying what I thought it was the opposite. How can that be? I won't spend much time on this because longtime listeners already know these two things, but they do go into the forecast the long term 30 year fixed rate mortgage averages 7.7% per Freddie Mac thirst, that set goes back to 1971 and rates are lower than that now, and mortgage rates have risen 1% or more seven different times since 1994 and home prices increased all Seven times right alongside those rising mortgage rates. In fact, when rates more than doubled in 2022 what happened? Home prices soared to their highest appreciation year in a long time. It reinforced this so, yes, way higher rates equaled way. Higher prices. It's not that one directly causes the other. This is correlation versus causation. It's because rate increases confirm that the economy is doing well. I have discussed that extensively in previous episodes, so mortgage rates actually don't have that much to do with home prices, and that's why it is hardly going into the forecast for next year. I'll tell you what trying to forecast mortgage rates to then use that to predict home prices, that is a fantastic way to waste your time. Now, 1x factor that could make that different for next year is that this President, he imposes his will to make rates low no matter what. So even if the economy is good, which typically leads to higher rates, wholesale push to make rates low, and that's an artificial phenomenon. Wouldn't that make home prices boom if we had a strong economy and low rates? The fact that affordability is still historically low today, though, we appear to be off the bottom. Affordability is still historically low today, that has less to do with mortgage rates than most people think, since, again, rates are low when they're in the low sixes, like they currently are. Instead, affordability is soured, because over the long term, decades, wages haven't kept up with true inflation. That's what's really going on with affordability and what everybody misses, and because affordability is still strained, home prices cannot rise a lot, say 10 or 12% next year. That can't happen on a national basis next year, now, a bill is advancing through Congress now to make housing more affordable. It's got bipartisan support relaxing zoning requirements in such a bill that could help build more homes, but if the government tries to help by making access to loans easier, that is going to lead to even higher prices and really will not help with affordability beyond the short term. In fact, just this month, the Fed has resumed QE quantitative easing. And that effectively means that it is ramping up the number of dollars being printed. And these are just more dollars in existence coming in to chase real estate and every other assets values higher we look at the employment picture. Although unemployment has been ticking up lately, it is still low at under 5% what about housing supply versus demand? And future supply versus demand? Well, this is basic econ and it will totally affect future prices. Actually visited the home of the father of economics, Adam Smith in Scotland this year, the man that nearly invented the supply demand concept starting with supply. I think anyone in real estate knows that generally, over six months of housing supply is too much. Under six months is too little. Six months is sort of that balanced point. What does that really mean? Well, months of supply is how long it would take to sell all the homes currently for sale if no new listings came on the market. All right, that's all that means. Well, currently, that level is 4.2 months that is low, and that puts some upward pressure on prices as well. Another way to think about it is with the active listing count of single family homes and condos. All this means is the number of homes currently for sale and available to buy right now. That's what active listing count means when you see that statistic out there? Well, one and a half to 2 million is the normal level of units needed to adequately house our growing population, for single family homes and condos. Well, that figure bottomed out in 2022 and it's only hovered around one or 1.1 million for a few months now, we are under supplied, and it takes a long time to build our way out of it. Now, apartment buildings are a different story. They are oversupplied, but again, today, we're here focused on the future price direction of one to four unit properties. So that's supply, not as tight as it was, but still on the tight side, and then demand. Where is demand coming from? It comes from us. There's more of us. As our population keeps growing, there is a lot of housing demand coming. Not only is there pent up demand from those trying to afford a home as soon as they can, but more broadly. Demographically, I will point back to that period where there was a surge of us births from 1990 to 2010 there were over 4 million births every single one of those years, births peaked in 2007 if you add 40 years to that, because 40 years is now the average age of the first time homebuyer. That's still a mind blowing figure to me, 40 years the average age of the first time homebuyer. You add that to 2007 that peak birth rate year, and this demand won't even peak until about 2047   Speaker 2  30:36   and this doesn't even include additions from immigration, demand, demand, demand, propping up prices for decades, but for next year, improved affordability, which is expected that boosts the demand for those that have the capacity to pay. Well, considering everything we've covered, I'm about to reveal the number for next year. But first, I mean, gosh, don't you wish everyone actually followed up on their past forecasts, like I'm about to I don't think I've ever seen a price crash predictor follow up, because they're always wrong. Well, what is the track record of get rich, education, home, price appreciation forecasts. It's the fifth straight year I'm doing this, and I always release the forecast in the final days of the year in anticipation of the coming year, just like you and I are doing together now. For 2022 I said that prices would rise nine to 10% the year ended, and they came in at 10% 2023 a lot of people said home prices would fall because they had just seen a terrific run up. I said a price fall would not happen, largely due to that jaw droppingly low supply that we had then. I said zero, there wouldn't be any change. They came in at exactly zero. There was no price change in 2023 for 2024 I forecast 4% they came in at exactly 4% this is all documented. You can go back and listen to those episodes. They're all near year end. So yes, three straight years, I nailed it to the exact percent. How about this year? Just before the year began? Do you remember what my forecast figure was from listening here about a year ago, it was 5% home price appreciation. The year is not over yet, and real estate statistics move pretty slowly. Figures lag, but we pretty much know where it's going to end up. And as we look at this same stat set that I consistently use, which is the NARS national median existing single family home price, it is 2.2% as of late in the year, and it's almost certainly going to end up at 2% appreciation. So I would call that a miss, probably not a terrible call, but far enough apart to call that a miss, 5% forecast versus 2% actual for this year. That's the track record. So before I reveal the number for next year, in the last four I've nailed three of them spot on, and why was appreciation less than I expected for this year? Well, a few reasons. One of them is that inflationary pressure from tariffs was postponed. That Tariff Schedule was changed more times than anyone could have possibly forecast, and affordability stayed stubbornly low too. And here we go for 2026 how much home price appreciation or depreciation do I expect? Well, I haven't said this in any of the previous forecasts, because it's the easiest thing to say, and I often avoid saying the easiest thing, but this is just what I see coming, and that is, I expect more of the same. It's the first time I've said more of the same, which is drumroll here, 2% home price appreciation for next year. No wild figure or hyperbolic material here, in order to attract attention that is my best target for the truth, I'm here to do my best to be accurate and help you make the most informed decision, 2% for next year. So a 500k property today should cost you about 10,000 more dollars next year, and as we know, with a figure like 2% which is less appreciation than the long run historic 5% or so, with this 2% appreciation on new purchases, you leverage that five to one with your 80% loan, and you get a 10% return on your down payment. And you add in the other four ways real estate pays to your 10% leverage appreciation and at historic norms, you can end up with a 29% total ROI. That's realistic. I outlined the math of that in an earlier episode this year when I discussed how real estate pays five ways in a slow market, there you have it, 2% forecast home price appreciation for next year. If you want the charts that support the forecast and more, there's a way for you to get a hold of that, and also the best real estate maps, stories and investment opportunities that you won't see in any headlines. They are all in my free weekly newsletter. The newsletter also gives you access to my free real estate pays five ways. Video, course, that is it. GRE letter.com Get it all at one easy place. Gre letter.com I look forward to talking to you in the new year. I'm Keith Weinhold, don't quit your daydrem   Speaker 3  36:06   nothing on this show should be considered specific, personal or professional advice. Please consult an appropriate tax, legal, real estate, financial or business professional for individualized advice. Opinions of guests are their own. Information is not guaranteed. All investment strategies have the potential for profit or loss. The host is operating on behalf of get rich Education LLC, exclusively.   Keith Weinhold  36:34   The preceding program was brought to you by your home for wealth building, GetRichEducation.com  

Episode 504   If you're paying attention you're witnessing Adam Smith's “invisible hand” of the economy playing out in the AI secular growth trend. Sign up for free ALERTs & Market Commentary at: https://www.investablewealth.com/subscribe/ ——————————————————

Tonight on The Last Word: Lawmakers discuss legal action against the Trump Justice Department. Also, an email refutes Donald Trump's claim that he was never on Jeffrey Epstein's jet. Plus, the U.S. strikes another boat, alleging drug-smuggling. And Lawrence shares an important lesson on the value of listening. Rep. Robert Garcia, David Enrich, and Rep. Adam Smith join Lawrence O'Donnell. To listen to this show and other MS podcasts without ads, sign up for MS NOW Premium on Apple Podcasts. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Donald Trump holds a campaign-style rally to hit his affordability message: making fun of the very idea of an affordability message, and telling parents to buy their kids fewer dolls. And when asked by Politico what grade he'd give the economy right now, he answers: “A+++++.” Jon and Dan discuss how Trump's communications effort is landing and then turn to the rest of the news, including Indiana Republicans' decision to reject a new Trump-backed congressional map, Trump's jaw-droppingly low approval rating in a new AP poll, and Democrats' continued fight to extend Affordable Care Act subsidies before they expire at the end of the year. Then, Rep. Adam Smith, the top Democrat on the House Armed Services Committee, talks to Jon about the administration's seizure of an oil tanker off the coast of Venezuela and the illegality of the strikes on boats in the Caribbean—including what Smith saw when the Pentagon showed him the video of the infamous double tap strike.For a closed-captioned version of this episode, click here. For a transcript of this episode, please email transcripts@crooked.com and include the name of the podcast. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.