Podcasts about cardiff garcia

This week: Trump isn't happy with Fed chair Jay Powell's take on his tariffs. Felix Salmon, Elizabeth Spiers and guest host Cardiff Garcia discuss the economic reasoning for why Powell is resisting the president's demands to lower rates and what would happen if Trump finds a legal way to fire him. Then, the Trump administration is both gutting the IRS and potentially weaponizing it against Harvard. The hosts discuss the consequences of politicizing the agency. Finally, Trump's trade war keeps escalating as China refuses to back down. Is there any chance for a good outcome? In the Slate Plus episode: Elon Musk's Baby Brood Want to hear that discussion and hear more Slate Money? Join Slate Plus to unlock weekly bonus episodes. Plus, you'll access ad-free listening across all your favorite Slate podcasts. You can subscribe directly from the Slate Money show page on Apple Podcasts and Spotify. Or, visit slate.com/moneyplus to get access wherever you listen. Podcast production by Jessamine Molli. Learn more about your ad choices. Visit megaphone.fm/adchoices

This week: Trump isn't happy with Fed chair Jay Powell's take on his tariffs. Felix Salmon, Elizabeth Spiers and guest host Cardiff Garcia discuss the economic reasoning for why Powell is resisting the president's demands to lower rates and what would happen if Trump finds a legal way to fire him. Then, the Trump administration is both gutting the IRS and potentially weaponizing it against Harvard. The hosts discuss the consequences of politicizing the agency. Finally, Trump's trade war keeps escalating as China refuses to back down. Is there any chance for a good outcome? In the Slate Plus episode: Elon Musk's Baby Brood Want to hear that discussion and hear more Slate Money? Join Slate Plus to unlock weekly bonus episodes. Plus, you'll access ad-free listening across all your favorite Slate podcasts. You can subscribe directly from the Slate Money show page on Apple Podcasts and Spotify. Or, visit slate.com/moneyplus to get access wherever you listen. Podcast production by Jessamine Molli. Learn more about your ad choices. Visit megaphone.fm/adchoices

This week: Trump isn't happy with Fed chair Jay Powell's take on his tariffs. Felix Salmon, Elizabeth Spiers and guest host Cardiff Garcia discuss the economic reasoning for why Powell is resisting the president's demands to lower rates and what would happen if Trump finds a legal way to fire him. Then, the Trump administration is both gutting the IRS and potentially weaponizing it against Harvard. The hosts discuss the consequences of politicizing the agency. Finally, Trump's trade war keeps escalating as China refuses to back down. Is there any chance for a good outcome? In the Slate Plus episode: Elon Musk's Baby Brood Want to hear that discussion and hear more Slate Money? Join Slate Plus to unlock weekly bonus episodes. Plus, you'll access ad-free listening across all your favorite Slate podcasts. You can subscribe directly from the Slate Money show page on Apple Podcasts and Spotify. Or, visit slate.com/moneyplus to get access wherever you listen. Podcast production by Jessamine Molli. Learn more about your ad choices. Visit megaphone.fm/adchoices

This week: Trump isn't happy with Fed chair Jay Powell's take on his tariffs. Felix Salmon, Elizabeth Spiers and guest host Cardiff Garcia discuss the economic reasoning for why Powell is resisting the president's demands to lower rates and what would happen if Trump finds a legal way to fire him. Then, the Trump administration is both gutting the IRS and potentially weaponizing it against Harvard. The hosts discuss the consequences of politicizing the agency. Finally, Trump's trade war keeps escalating as China refuses to back down. Is there any chance for a good outcome? In the Slate Plus episode: Elon Musk's Baby Brood Want to hear that discussion and hear more Slate Money? Join Slate Plus to unlock weekly bonus episodes. Plus, you'll access ad-free listening across all your favorite Slate podcasts. You can subscribe directly from the Slate Money show page on Apple Podcasts and Spotify. Or, visit slate.com/moneyplus to get access wherever you listen. Podcast production by Jessamine Molli. Learn more about your ad choices. Visit megaphone.fm/adchoices

The public is learning more as positions are being announced in Trump's second administration, including a Fox News host as Defense Secretary and Elon Musk and Vivek Ramaswamy tabbed to lead a new depart of government efficiency. Plus, new reporting that Trump may establish a 'warrior board' that could purge high ranking generals. And, what to make of Trump's promise to abolish the Department of Education. Abby Livingston, Gen. Barry McCaffrey, Hans Nichols, Cardiff Garcia, Ron Insana, Arne Duncan, Reed Galen, and Conor Lamb join The 11th Hour this Tuesday.

Today's episode is an interview with a colleague of mine at the Institute for Progress. Ben Jones is an economist who focuses on the sources of economic growth in advanced economies, and he's a Non-Resident Senior Fellow at IFP.We recorded this conversation at the second #EconTwitterIRL Conference last month in Lancaster, PA, which IFP hosted alongside the Economic Innovation Group). The other interview at that conference was excellent too: Cardiff Garcia interviewing Paul Krugman.Jones has served in more than one executive branch role, including as the Senior Economist for Macroeconomics for the White House Council of Economic Advisors (CEA), during the first Obama administration. But what we spent most of our time talking about here was a broader question: What role does federal spending on science play in productivity growth?Timestamps:(00:00) Introduction(2:03) Shadowing Larry Summers at Treasury(3:46) Do national leaders actually affect economic growth?(9:22) Whose job is it in the federal government to think about productivity?(14:12) What market failure is solved by public R&D funding?(19:45) What does the rise of team science mean for young scientists?(32:47) Should we be bearish about the entire scientific enterprise?(51:50) What levers can we pull to increase productivity growth?(43:53) Audience questions This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.statecraft.pub

What is the right foreign economic policy toward China? Did the Fed cut rates in time to avoid a recession? Have agglomeration economies been changed by work-from-home and the dematerializing economy? On September 21st, Paul Krugman joined host Cardiff Garcia live on stage for a sweeping conversation at the #EconTwitterIRL conference in Lancaster, Pennsylvania. They discussed not only Paul's view of the economy and his achievements in economics, but also his approach to communicating his ideas about economics — which is likely to be as important a part of Paul's legacy as the (Nobel prize winning) economics itself.Among the other topics they covered: Paul's hippie-punching days in the 1990s How economic geography has changed through the decadesWhether place-based policy worksWhy a previous regret no longer bothers him muchHow Paul blends style and substance in his writing Why Democrats seem so bad at running big cities The work Paul is most proud ofAnd at the end of this fun, dense, and surprisingly humorous chat, you'll hear Paul answer the questions he fielded from the audience of economists, journalists, think tankers and others in attendance. RELATED LINKS: Incidents from my CareerHow I WorkWhat isn't the matter with American WorkersTPP at the NABEHow Trump Is Undermining the Economy in Some Struggling CitiesGeography and Trade Hosted on Acast. See acast.com/privacy for more information.

Artificial intelligence has the potential to revolutionize warfare and reshape geopolitics. Professor Andrew Wilson, professor of Strategy at the US Naval War College, explores the transformative power of military technology throughout history and its implications for the future. In this episode of Onward, host and Fundrise CEO Ben Miller and Professor Andrew Wilson explore how technological advancements not only transform warfare but also reshape political, social, and economic landscapes. Seemingly small technological advancements (especially those in the military realm) often have profound and lasting effects on societal structures and political dynamics. "Victory smiles up those who anticipate changes in the character of war, not upon those who wait to adapt themselves after the changes occur."  –Italian Air Power Theorist, General Giulio Douhet Ben and Professor Wilson illustrate this by examining historical breakthroughs such as the stirrup, which led to the rise of feudalism in medieval Europe, and the Greek trireme, which fostered Athenian democracy and economic expansion. The discussion also highlights society's transition from bronze to iron weaponry, which democratized military power by making effective weapons more accessible, thereby altering the balance of power in ancient civilizations. Moving to the present day, the conversation addresses the ongoing revolution in military technology, particularly focusing on AI and autonomous weapon systems. Professor Wilson and Ben discuss modern technologies' potential to either democratize or centralize military power, depending on their cost to manufacture. This episode also explores China's military modernization efforts, emphasizing the strategic focus and investment in emerging technologies. Professor Wilson underscores the importance of maintaining an innovative edge and strategic flexibility to navigate the complex relationship between the United States and China, while also stressing the need for clear communication to avoid the so-called Thucydides Trap, where rising powers and status quo powers are potentially destined for conflict. Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com.  Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, Editorial Director of the Economic Innovation Group and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast). Podcast production by The Podcast Consultant. Music by Seaplane Armada.  About Fundrise  With over 2 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.  Please see fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund's offering document(s).  Want to see the specific assets that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets.

Although each major technology wave is unique—mainframes, the personal computer, internet, mobile, cloud, and now AI—the way they have played out has been surprisingly consistent. The core financial, product, and economic patterns repeat each innovation cycle and help define which companies go on to win or lose. In this episode, Ben and Cardiff identify and discuss the five most significant patterns: 1) waves, 2) bridging, 3) democratization, 4) centralization-decentralization, and 5) the 3x multiple — and attempt to draw the lessons from the past to the opportunities of the present. Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com.  Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, Editorial Director of the Economic Innovation Group and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast). Podcast production by The Podcast Consultant. Music by Seaplane Armada.  About Fundrise  With over 2 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.  Please see fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund's offering document(s).  Want to see the specific properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets.

Two roads diverged before the US. One the way of growth and the other the way of a debt spiral. In this episode, Cardiff Garcia and Ben Miller look at the state of US dynamism vs. indebtedness, and the narrow path that would lead to a prolonged US boom. They scenario plan three potential futures: the continuation of current growth trends, a major recession, and a surprise development. The discussion spans historical debt trends, the impact of AI and technology on growth, and the influence of interest rates and fiscal policies. They highlight the strategic balance required between debt management and economic development, with a focus on achieving a ‘soft landing.' This episode covers the key decisions between leveraging growth and managing debt that will shape America's economic destiny. Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com.  Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast).  Podcast production by The Podcast Consultant. Music by Seaplane Armada.  About Fundrise  With over 2 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.  Please see fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund's offering document(s).  Want to see the specific properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets.

On the latest episode of Onward, Fundrise CEO Ben Miller is joined by Ali Wolf, Chief Economist at Zonda and one of the smartest people we know for analyzing and understanding housing and the economy. As we're still in the early weeks of 2024, Ben and Ali's conversation focuses on lessons learned from the past year, when a confluence of factors resulted in an economic period that still demands attention and deciphering: What happened to the recession that most economists believed was all but inevitable a year ago? Did we dodge that recession or just delay it? How do you tell the difference between a soft landing and an economic downturn that's simply slowing? Is it possible to rely too much on history when trying to develop a forecast? Looking ahead, Ali shares her thoughts on which housing markets are most exciting going into the next twelve months (and which are likely to lose momentum). She also shares insights based on home builder surveys, leading to Ali's forecast for what home pricing will look like through the rest of the year. And, importantly, when Ali's spoken to builders, the two sentiments that have stood out have been both a sense of caution and a sense of optimism. As Ben says, that's terrific news: Those emotions, together, tend to equal a balanced economy… and often what comes out of that balance is real, lasting growth. All this and more, on the latest episode of Onward. Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast). Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 2 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.   Please see fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund's offering document(s). Want to see the specific properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets. 

In this final Onward episode of 2023 co-hosts Cardiff Garcia and Fundrise CEO Ben Miller kick things off by discussing Ben's major market call: The conclusion that the real estate market has hit bottom. After 18 months of escalating interest rates punishing the real estate industry, small businesses, and regional banks, we've entered a new period where we expect the move to falling rates to propel strong positive performance. Ben walks Cardiff through his view of the state of the economy, both macro and specific to real estate, furnished with data points drawn from top-down market analysis, bottom-up, and anecdotal evidence, referencing confidential third-party sources and Fundrise's own portfolio of assets. Most importantly, after a year of market turbulence, the market's trough means that it's time for investors to shift their attitude and become opportunistic about buying along the bottom. Lastly, it's key to note that this episode of Onward was recorded to enhance and be enhanced by the Fundrise 2023 year-end letter to investors, available at https://fundrise.com/investor-update/1123/view, and should be listened to alongside that letter, where readers will find a more thorough assessment of Fundrise's own portfolio, along with our team's thoughts on what the future may hold. As 2023 comes to an end and we enter a new phase for the market with the start of 2024, Onward. Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast). Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 2 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.   Please see fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund's offering document(s). Want to see the specific properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets. 

In the modern tech landscape, there are few topics more critical — or, unfortunately, more frequently overlooked and misunderstood by laypeople — than data security. Luckily Vanta has developed a revolutionary solution for how other companies can address the problem of data security compliance, with enormous subsequent benefits for how those businesses can operate safely — and access new market share as a result. In this latest episode of Onward, Fundrise CEO Ben Miller is joined by Christina Cacioppo, Vanta's CEO and founder, to discuss some of the strategic and leadership insights that have helped guide Vanta's success and unique growth trajectory. Christina's leadership and Vanta's foresight in defining a new, more streamlined way for companies to operate securely are some of the principal factors that contributed to Vanta becoming the Fundrise Innovation Fund's first investment, in late 2022 and a subsequent year of impressive continued growth. Here, Ben and Christina's conversation covers some of the key considerations that leaders must face in building a new, disruptive business, such as why learning to focus on a problem is often more fruitful than focusing on a solution; how a stereotypically overlooked topic, like data security, can be leveraged into 25x growth, when properly understood; the importance that iterating and making multiple attempts can be in finally developing a singular, revolutionary product; and what leaders like Christina and Ben look for in the board member, co-leaders, and venture capital partners they choose to work with.  Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast). Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 2 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.   Disclaimer: An investor in the Fundrise Innovation Fund should consider the investment objectives, risks, and charges and expenses of the Fund carefully before investing. The Fund's prospectus contains this and other information about the Fund and may be obtained at fundrise.com/innovation. Investors should read the prospectus carefully before investing. Please see fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund's offering document(s). Want to see the specific properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets. 

People outside of the real estate investment industry may be unaware, but the market is currently navigating a period of turbulence comparable to what it experienced during the 2008 financial crisis, with cap rates and pricing down as much as 50%. In this episode of Onward, co-hosts Ben and Cardiff look at some behind-the-scenes market data that Ben has been analyzing, thanks to his on-the-ground insights through managing the Fundrise portfolio. Of particular concern has been the startling unevenness in the market, with investment property values severely misaligned with the values attached to properties purchased and sold by individual homebuyers. In order to understand these differences, our hosts point out, we need to look at more than just completed transactions and sales prices — we also need to consider the numbers behind offers that are not being completed, to see why sellers are not willing to accept the low prices that current buyers are willing to pay. And in order to see those kinds of bids, you need to be directly involved in the market's dynamics — a perspective Ben can fortunately share, with a helpful glimpse into a couple properties in Fundrise's portfolio. As always, great change opens the door to great opportunity — but what else does the current state of investment real estate mean for the economy, writ large? Will interest rates continue at their present level, despite the rupture in the bond markets and continued challenges for banks? When and how will the impact on the real estate industry make its way to other sectors? Why exactly is the market broken — and what will it take to fix it?  To read more background information on Ben and Cardiff's conversation in this episode, visit https://fundrise.com/education/onward-episode-30.  Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast). Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 2 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.   Please see fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund's offering document(s). Want to see the specific properties that make up and power Fundrise portfolios, including the ones mentioned in today's episode? Check out our active and past projects at www.fundrise.com/assets. 

Rick Caruso's real estate projects have defined how a generation of LA residents live in and experience the city. When you truly collaborate with communities, Rick explains, you get more than reliable financial success — you get momentum behind your project, you get political capital, and you get the satisfaction that comes from knowing people appreciate and enjoy the spaces you've contributed to the city. In this latest episode of Onward, Rick joins Fundrise CEO Ben Miller for a behind the scenes conversation on the current status of the real estate industry, and how his business principles have helped him navigate multiple past industry downturns, such as the S&L and 2008 crises. Beyond that, Ben and Rick's discussion touches on a variety of veteran real estate insights, such as why Rick is concerned that LA's current politics could block opportunities for growth; the critical considerations that go into managing banking relationships for real estate developers; and why the 2028 Olympic Games, scheduled to take place in Los Angeles, could supercharge yet another real estate renaissance for the city. All this and more, on the latest episode of Onward. Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast). Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 2 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.   Please see www.fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund's offering document(s). Want to see the specific properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets. 

As our host, Fundrise CEO Ben Miller, observes in this latest episode of Onward, the amount of hype surrounding AI has become extraordinary… to the point that it's become difficult for many people to distinguish the reality of its potential from vaporware. Luckily, coinciding with the Fundrise Innovation Fund's investment in Theory Ventures, we have the opportunity to chat with Tomasz Tunguz, Theory Ventures General Partner, whose experience provides a critical perspective in analyzing how new technological paradigms become drivers for change, productivity, profitability, and growth. Ben and Tomasz's conversation touches on structured vs. unstructured data, how technology development moves between infrastructure and software, and why tech incumbents have such a hard start with AI. This episode is a key introduction to the kinds of systems theory governing the thinking in AI today and the economic analysis that will guide how it eventually winds up in everyday application, in all consumers' lives. No matter how tremendous the hype behind AI becomes, this conversation makes one thing clear: we're witnessing the beginning of a new era for tech. Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast). Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 1 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.   Please see fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund's offering document(s). Want to see the specific properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets. 

As artificial intelligence has dominated headlines over the past year, it's become increasingly critical for everybody to understand AI, due to its likelihood to impact each and every one of us. In this latest episode of Onward, join Fundrise CEO Ben Miller and co-host Cardiff Garcia for a conversation that aims to reveal some of the big picture ideas driving AI's current growth, along with the potential ramifications of those changes — and why it really is worth getting excited over. In terms of impact, Ben and Cardiff explain, we're beginning to be able to rely on AI to perform tasks as vital and varied as weather forecasting or performing medical diagnoses. The financial outcomes of these leaps are staggering, according to recent reports and projections by some of the world's largest accounting and financial firms, some expecting annual GDP growth to triple, directly attributed to AI's ability to automate 40-70% of all workers' activities. So where does that leave the labor market, people's day-to-day lives, and investment opportunities in infrastructures that will help govern a whole new technological paradigm? Join Ben and Cardiff in this latest episode of Onward to find out. Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast). Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 2 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.   Please see fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund's offering document(s). Want to see the specific properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets. 

In our latest episode of Onward, Fundrise CEO Ben Miller is joined by David Carmen, founder of the Carmen Group and one of the top lobbyists in the nation. He has worked on some of the most important issues of the past nearly half century — from 9/11 to Softbank's $22B acquisition of Sprint. With increasing polarization and political dysfunction, many may feel that our democracy is at risk. Most people don't know why, let alone how we might fix it. With nearly 40 years as a Washington-DC-insider, David Carmen has real knowledge and concrete suggestions that he argues could bring us into a new era of effective government. Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast). Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 1 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.   Please see fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund's offering document(s). Want to see the specific properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets. 

In this latest episode of Onward, Fundrise CEO Ben Miller and co-host Cardiff Garcia give us a tour of the economic landscape that was once the status quo: a world where local lending institutions called S&Ls — or thrifts — were the primary way individuals saved for and financed home ownership. However, due to a confluence of events, including rocketing inflation similar to the past 18 months', S&Ls found themselves in a period of acute insolvency. As Ben and Cardiff explain, a series of regulatory blunders, bailouts, and bad actors then caused the crisis to deepen, eventually leading to a total shutdown of the S&L framework, forcing our financial system to perform a hard reset. In the process, the long financial era that had begun in the 1930s came to an end, and our modern era began. Out of the Savings and Loan Crisis arose some of the most basic pillars of today's economic system, fundamental to how we now think about and handle money, including national banks, banks as mortgage providers, public REITs, and the entire industry of private equity real estate. Ultimately, the Savings and Loan Crisis was so instrumental to shaping our monetary systems today that to truly understand modern finance, we need to look back at that explosive event that set the trajectory our economy still follows. Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast). Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 1 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.   Please see fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund's offering document(s). Want to see the specific properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets. 

Felix Salmon and Elizabeth Spiers are joined by Cardiff Garcia (host of The New Bazaar) to discuss ESPN's big new investment in sports betting. They break down the state of a lawsuit over how much UFC fighters get paid. Finally, they talk about the increasing allure of private credit.  If you enjoy this show, please consider signing up for Slate Plus. Slate Plus members get an ad-free experience across the network and an additional segment of our show every week. You'll also be supporting the work we do here on Slate Money. Sign up now at slate.com/moneyplus to help support our work. Podcast production by Patrick Fort. Learn more about your ad choices. Visit megaphone.fm/adchoices

Felix Salmon and Elizabeth Spiers are joined by Cardiff Garcia (host of The New Bazaar) to discuss ESPN's big new investment in sports betting. They break down the state of a lawsuit over how much UFC fighters get paid. Finally, they talk about the increasing allure of private credit.  If you enjoy this show, please consider signing up for Slate Plus. Slate Plus members get an ad-free experience across the network and an additional segment of our show every week. You'll also be supporting the work we do here on Slate Money. Sign up now at slate.com/moneyplus to help support our work. Podcast production by Patrick Fort. Learn more about your ad choices. Visit megaphone.fm/adchoices

Felix Salmon and Elizabeth Spiers are joined by Cardiff Garcia (host of The New Bazaar) to discuss ESPN's big new investment in sports betting. They break down the state of a lawsuit over how much UFC fighters get paid. Finally, they talk about the increasing allure of private credit.  If you enjoy this show, please consider signing up for Slate Plus. Slate Plus members get an ad-free experience across the network and an additional segment of our show every week. You'll also be supporting the work we do here on Slate Money. Sign up now at slate.com/moneyplus to help support our work. Podcast production by Patrick Fort. Learn more about your ad choices. Visit megaphone.fm/adchoices

Felix Salmon and Elizabeth Spiers are joined by Cardiff Garcia (host of The New Bazaar) to discuss ESPN's big new investment in sports betting. They break down the state of a lawsuit over how much UFC fighters get paid. Finally, they talk about the increasing allure of private credit.  If you enjoy this show, please consider signing up for Slate Plus. Slate Plus members get an ad-free experience across the network and an additional segment of our show every week. You'll also be supporting the work we do here on Slate Money. Sign up now at slate.com/moneyplus to help support our work. Podcast production by Patrick Fort. Learn more about your ad choices. Visit megaphone.fm/adchoices

Felix Salmon and Elizabeth Spiers are joined by Cardiff Garcia (host of The New Bazaar) to discuss ESPN's big new investment in sports betting. They break down the state of a lawsuit over how much UFC fighters get paid. Finally, they talk about the increasing allure of private credit.  If you enjoy this show, please consider signing up for Slate Plus. Slate Plus members get an ad-free experience across the network and an additional segment of our show every week. You'll also be supporting the work we do here on Slate Money. Sign up now at slate.com/moneyplus to help support our work. Podcast production by Patrick Fort. Learn more about your ad choices. Visit megaphone.fm/adchoices

Felix Salmon and Elizabeth Spiers are joined by Cardiff Garcia (host of The New Bazaar) to discuss ESPN's big new investment in sports betting. They break down the state of a lawsuit over how much UFC fighters get paid. Finally, they talk about the increasing allure of private credit.  If you enjoy this show, please consider signing up for Slate Plus. Slate Plus members get an ad-free experience across the network and an additional segment of our show every week. You'll also be supporting the work we do here on Slate Money. Sign up now at slate.com/moneyplus to help support our work. Podcast production by Patrick Fort. Learn more about your ad choices. Visit megaphone.fm/adchoices

What's the best way to achieve long-term results in tiny increments? In "Atomic Habits: An Easy & Proven Way to Build Good Habits & Break Bad Ones," author and entrepreneur James Clear details how focusing on small changes can transform your life. Sure, luck, randomness and uncertainty play a role in our fortunes, but habits matter because you control the outcomes. In "The Next Chapter" by American Express Business Class, author Clear and host Cardiff Garcia discuss techniques for habit formation and how it can have a meaningful impact in business and the workplace.

The role of a manager is to lead with purpose, streamline processes and motivate teams. But what does success look like for those new to the role? Asking questions, being curious and listening to your team is one place to start. In  “The Making of a Manager: What to Do When Everyone Looks to You,” Julie Zhuo identifies the next moves in a playbook for first-timers growing into the position. In this episode of the podcast “The Next Chapter” by American Express Business Class, Zhuo and host Cardiff Garcia discuss which tools can help new managers to lead confidently and thrive.

In the latest episode of Onward, Ben and Cardiff work through one of the most confounding questions currently poised for the economy: What do we make of two seemingly contradictory data sets, where one is telling us that the economy is generally healthy, while the other says we remain precisely on track for a full-blown recession, according to all historical precedent? This source of cognitive dissonance recently sent Ben down a path of research, which has led to a critical observation: Before every recession in recorded Fed history comes a “Great Lag” — an average of 10 months between when the Fed reached peak interest rates and when the subsequent recessions actually began… resulting in a devastating average total stock market decline of -43%. Taking this data into consideration, the task of navigating the recession still hasn't even started — in fact, we still haven't even entered the first inning, as Ben says. If many companies are already strained in the current market, with current interest rates — as we've seen borne out in some sectors of commercial real estate — they certainly are not prepared for the the multi-year marathon of economic hardship that this data forecasts. So, despite the relative calm of our current economic moment, Ben points out that right now is the moment to prepare for what is almost certainly a recession still lingering on the horizon. Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast). Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 1 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.   Please see fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund's offering document(s). Want to see the specific properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets. 

Ever notice that extroverts get more shine than introverts? In her book, "Quiet: The Power of Introverts in a World That Can't Stop Talking," Susan Cain gives introverts center stage by showing how much they lose each time we undervalue them. Through research and interviews with extraordinary people, "Quiet" changes the narrative around introverts and, more importantly, transforms how they see themselves. In this episode of the podcast "The Next Chapter" by American Express Business Class, Cain and host Cardiff Garcia discuss how introverts thrive in the workplace and excel in surprising ways.

Are some people predisposed to being a generalist versus a specialist? In his book, "Range: Why Generalists Triumph in a Specialized World," author David Epstein discovers that early specialization is an exception, not the rule. Epstein, a former science and investigative reporter, argues that to succeed in any field, one must develop an array of interests. In interviews with renowned athletes, inventors and scientists, he explores the power of diverse experiences in a world that requires hyperspecialization. In this episode of the podcast "The Next Chapter" by American Express Business Class, Epstein and host Cardiff Garcia discuss the virtues of being a generalist on a trajectory to success.

What's the recipe behind some of the world's most-successful partnerships? Why do some flourish while others fail disastrously? In their dual memoir, “Black, White and The Grey: The Story of an Unexpected Friendship and a Beloved Restaurant,” co-owners Mashama Bailey and John O. Morisano detail how a Black chef from Queens and a white media entrepreneur from Staten Island built an award-winning restaurant in Savannah, Ga., called The Grey. Theirs is a masterclass on building a company while bridging biases on race, class, gender and culture in the heart of the Deep South. In this episode of the podcast "The Next Chapter" by American Express Business Class, Bailey, Morisano and host Cardiff Garcia explore the coveted ingredients needed to forge a powerful alliance.

Can a game help us explore life's answers? Or teach us about our own existence? Poker, neither a game of chance nor of mathematical precision, may hold clues. In her book "The Biggest Bluff: How I Learned to Pay Attention, Master Myself and Win," the psychologist and best-selling author Maria Konnikova enters the world of high-stakes poker as a novice and transforms into an expert. Along the way, she investigates the role that luck plays in our lives and why we can't control everything. In this episode of the podcast “The Next Chapter” by American Express Business Class, Konnikova and host Cardiff Garcia discuss what poker can teach us about better decision making.

The Next Chapter by American Express Business Class is back for a second season. In each episode, Cardiff Garcia will speak to a best-selling author from the world of business. Our guests this season will be Maria Konnikova, Mashama Bailey and John O. Morisano, David Epstein, Susan Cain, Julie Zhuo and James Clear.

Noreen Harrington's background in finance has involved working on everything from running Treasuries for Goldman Sachs to helping manage the creation of the Euro. In this latest episode of Onward, she joins Fundrise CEO Ben Miller to help us better understand why the upcoming debt ceiling crisis in the United States is a serious threat to economic stability. Today, there are a number of macro crosswinds in play including China's challenge to SWIFT banking and the rise of digital currencies. These factors set the stage where a politicized debt ceiling crisis threatens to put the fundamental credit and reputation of the US dollar on the line. As Noreen explains, “If we default even one day, I think the ramifications could be on your children and their children.” Even so, from an investing perspective, Noreen validates one of the primary ideas we've championed at Fundrise for the past several months, as The Great Deleveraging unfolds: “I think if you have liquidity, there'll be an unbelievable opportunity coming for you to have rescue capital.” Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast). Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 1 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.   Please see the Fundrise Flagship Real Estate Fund website (http://fundriseintervalfund.com), Fundrise Income Fund website (http://fundriseincomerealestatefund.com), and Fundrise Innovation Fund website (http://fundrise.com/innovation) for more information on each fund, including each fund's prospectus.  For the publicly filed offering circulars of the Fundrise eREITs and eFunds, not all of which may be currently qualified by the SEC, please see fundrise.com/oc. Want to see the specific properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets. 

If you've listened to Onward regularly, you know that Fundrise's CEO Ben Miller has been a perennial contrarian when it comes to assessing the outlook for the economy, especially as markets have overheated and behaved irrationally. So, this latest episode of Onward might surprise you, as Ben gives the floor to co-host Cardiff Garcia, who treats us to a fundamentally different perspective — a full-throated case for economic optimism, as we look ahead to 2024. Ben and Cardiff's conversation begins with an assessment of the aftermath of the COVID pandemic, where so many of the social, economic, and political upheavals that paved the way for historic inflation also set the stage for fundamentally positive effects on economic productivity, technological adoption, and true cultural change. While the first benefit of these COVID responses was immediate stability, the second boon, our hosts argue, has yet to become fully visible: a new era of growth and productivity. Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast). Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 1 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.   Please see the Fundrise Flagship Real Estate Fund website (http://fundriseintervalfund.com), Fundrise Income Fund website (http://fundriseincomerealestatefund.com), and Fundrise Innovation Fund website (http://fundrise.com/innovation) for more information on each fund, including each fund's prospectus.  For the publicly filed offering circulars of the Fundrise eREITs and eFunds, not all of which may be currently qualified by the SEC, please see fundrise.com/oc. Want to see the specific properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets. 

In this bonus episode, our host Ben Miller interviews a special guest, the science writer Amanda Gefter, to discuss some of the most intriguing and consistently mind-blowing ideas from her book about cutting-edge physics and cosmology, Trespassing on Einstein's Lawn. Departing from Onward's usual topics — the economy, what's happening in the markets, and Fundrise — Ben asks Amanda to explore a few of the fundamental (but deeply unintuitive and surprising) ideas that underlie the architecture of quantum physics and the behavior of our universe. Over the course of their discussion, they touch on the importance of Einstein's relativity; why “variance” is at the core of how we define "something" vs. "nothing"; the surprising nature of Hawking radiation; the balance of elegance and practicality in John Archibald Wheeler's writings; the mechanics through which the universe may eventually "restart"; why perspective always matters; and much more. Join Ben to understand and celebrate the important ways that Amanda's work has helped push knowledge forward, which is, ultimately, what Onward is all about. Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast). Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 1 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.   Please see the Fundrise Flagship Real Estate Fund website (http://fundriseintervalfund.com), Fundrise Income Fund website (http://fundriseincomerealestatefund.com), and Fundrise Innovation Fund website (http://fundrise.com/innovation) for more information on each fund, including each fund's prospectus.  For the publicly filed offering circulars of the Fundrise eREITs and eFunds, not all of which may be currently qualified by the SEC, please see fundrise.com/oc. Want to see the specific properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets. 

In the weeks since Silvergate, Signature, and Silicon Valley Banks' respective failures, observers around the world have found ways to classify each collapse as the result of specific, isolated circumstances. But our hosts at Onward see something much different: a systemic, likely global crisis in the financial markets, playing out very close to what we projected in our November 2022 episode, “The Great Deleveraging” (https://fundrise.com/education/onward-episode-10). In a direct follow-up to that episode, join Fundrise CEO Ben Miller and co-host Cardiff Garcia for an analysis of how the recent bank crises are strong evidence that The Great Deleveraging is in full swing, along with a forecast on what is likely to happen next for the economy — a phase that Ben has deemed “The Great Cascade,” as the impacts of the liquidity crisis reverberate across multiple sectors of the market, with profound effects. There's even an event on the horizon that Ben believes is likely to be the straw that “breaks the turtle's back —  toppling turtles, all the way down.” Listen to the episode to find out what that straw is likely to be. (And listen to the original Great Deleveraging episode (https://fundrise.com/education/onward-episode-10), if you need a refresher in turtle cosmology.)  Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast). Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 1 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.   Please see the Fundrise Flagship Real Estate Fund website (http://fundriseintervalfund.com), Fundrise Income Fund website (http://fundriseincomerealestatefund.com), and Fundrise Innovation Fund website (http://fundrise.com/innovation) for more information on each fund, including each fund's prospectus.  For the publicly filed offering circulars of the Fundrise eREITs and eFunds, not all of which may be currently qualified by the SEC, please see fundrise.com/oc. Want to see the specific properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets. 

In the wake of Silicon Valley Bank's collapse last week, Onward host and Fundrise CEO Ben Miller sits down for an interview with the economist and trader Rob Johnson, one of the most experienced investors in the world at the fault line of government and finance. Having served as a Managing Director of the Quantum Fund, Chief Economist of the U.S. Senate Banking Committee, and currently as president of the Institute for New Economic Thinking, Rob has worked closely with policymakers across the entire political spectrum. Ben and Rob use the 1992 breaking of the British pound as a historical reference point and centerpiece for the orbit of their discussion. That event formed out of a collision of geopolitical forces, interest rate policy, and cross-institutional financial interactions, all with significant parallels to the world today. And, as Ben and Rob discuss, the pound's collapse had implications that went far beyond a single bank or country's ability to function — it ushered in a new era of the power and peril of global finance.  Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast). Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 1 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.   Please see the Fundrise Flagship Real Estate Fund website (http://fundriseintervalfund.com), Fundrise Income Fund website (http://fundriseincomerealestatefund.com), and Fundrise Innovation Fund website (http://fundrise.com/innovation) for more information on each fund, including each fund's prospectus.  For the publicly filed offering circulars of the Fundrise eREITs and eFunds, not all of which may be currently qualified by the SEC, please see fundrise.com/oc. Want to see the specific properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets. 

When it comes to ambitious investing, many people make the mistake of chasing glory and fame — at the expense of sound judgment and real financial results. But not Ira Lubert, chairman and co-founder of Independence Capital Partners and Lubert Adler Partners, and the guest on our latest episode of Onward. Ira has instead spent decades content to stay out of the limelight, while architecting a family of funds now worth roughly $50B. Ira's activities in real estate, corporate growth, equity in tech and health care, life sciences, debt funds, and more, have contributed to the vast and varied portfolio that has slowly accumulated and grown under his stewardship for years. Join Fundrise CEO Ben Miller as he talks to Ira about his key insights from his professional experience, including the importance of having extremely flexible timelines, when to deploy capital, balancing equity and debt, and more.  Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast). Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 1 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.   Please see the Fundrise Flagship Real Estate Fund website (http://fundriseintervalfund.com), Fundrise Income Fund website (http://fundriseincomerealestatefund.com), and Fundrise Innovation Fund website (http://fundrise.com/innovation) for more information on each fund, including each fund's prospectus.  For the publicly filed offering circulars of the Fundrise eREITs and eFunds, not all of which may be currently qualified by the SEC, please see fundrise.com/oc. Want to see the specific properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets. 

Mind games and “dirty term sheets.” These are the kinds of potential pitfalls that await tech entrepreneurs and employees in the financial landscape of 2023, especially those particularly in need of fresh infusions of venture capital. In this latest episode of Onward, Fundrise CEO Ben Miller walks co-host Cardiff Garcia through another set of fascinating — if often unforgiving — complexities arising from today's high interest rate environment. Now that capital is no longer flowing freely and willingly from investors across the country, what options do tech leaders have when their companies' valuations plummet in comparison to the sky-high estimations from just last year? As Ben emphasizes once again, when we're uncertain about the future, we should always look to the past. Using lessons learned from the 2000 tech bubble collapse, Ben illustrates for us how a company seeking venture capital in a harsh financial environment like today's has a choice. They encounter a fork in the road: Is it more prudent to take a down round and accept a lower valuation? Or better to accept structured money and dirty terms, while maintaining the high value assessments assigned during the fundraising of earlier rounds? All this and more in the latest episode of Onward. Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast). Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 1 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.   Please see the Fundrise Flagship Real Estate Fund website (http://fundriseintervalfund.com), Fundrise Income Fund website (http://fundriseincomerealestatefund.com), and Fundrise Innovation Fund website (http://fundrise.com/innovation) for more information on each fund, including each fund's prospectus.  For the publicly filed offering circulars of the Fundrise eREITs and eFunds, not all of which may be currently qualified by the SEC, please see fundrise.com/oc. Want to see the specific properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets. 

Fundrise CEO Ben Miller is joined by Schecky Schechner, Managing Director and Co-Head of US Real Estate Banking at Barclays Capital, for a wide-ranging and technically insightful conversation in this latest episode of Onward. As Ben points out, Schecky is credited as one of the co-inventors of Commercial Mortgage-Backed Securities (CMBS) in the wake of the S&L crisis in the late ‘80s, a securitization innovation that has since become a trillion-dollar system, earning Schecky his reputation as a living legend in the real estate world. Ben and Schecky's conversation opens with a broad discussion on the current state of the market before moving into a recap of our “Great Deleveraging” thesis. They then go on to discuss a wealth of additional topics and key financial ideas, including how securitization is a democratizing force in financial markets; why the late 1980's were “the Big Bang” for real estate finance; why the idioms “A rolling loan gathers no loss,” and “Extend and pretend,” might have a major impact on the American economy over the next twelve months; and much more. Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast). Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise: With over 1 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.   Please see the Fundrise Flagship Real Estate Fund website (http://fundriseintervalfund.com), Fundrise Income Fund website (http://fundriseincomerealestatefund.com), and Fundrise Innovation Fund website (http://fundrise.com/innovation) for more information on each fund, including each fund's prospectus.  For the publicly filed offering circulars of the Fundrise eREITs and eFunds, not all of which may be currently qualified by the SEC, please see fundrise.com/oc. Want to see the specific properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets. 

In the latest episode of Onward, Fundrise CEO Ben Miller gives us the opportunity to listen in on a conversation with one of the most experienced and influential figures in real estate today: Steve Ross, the largest real estate developer in the world. In addition to being the co-founder and chairman of RSE Ventures and owning the Miami Dolphins, Steve is the chairman and founder of Related Companies, the real estate firm behind the Time Warner Center in New York City, plus the 18 million square foot Hudson Yards project, the largest private real estate development in the history of the United States. Ben and Steve's conversation covers a broad range of topics, drawing on Steve's vast experience of over 50 years as a major player in the real estate industry. They discuss how real estate funding has changed over the decades, how experiences from past financial crises can help investors today, and the importance of affordable housing for the future of the American economy.  Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast). Podcast production by Seaplane Armada and The Podcast Consultant. Music by Seaplane Armada. About Fundrise: With over 1 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.   Please see the Fundrise Flagship Real Estate Fund website (http://fundriseintervalfund.com), Fundrise Income Fund website (http://fundriseincomerealestatefund.com), and Fundrise Innovation Fund website (http://fundrise.com/innovation) for more information on each fund, including each fund's prospectus.  For the publicly filed offering circulars of the Fundrise eREITs and eFunds, not all of which may be currently qualified by the SEC, please see fundrise.com/oc. Want to see the specific properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets. 

In anticipation of the upcoming publication of Fundrise's 2022 year-end letter to investors, CEO Ben Miller is once again joined by Kendall Davis, Head of Investor Relations and Investor Operations, for an in-depth analysis and conversation about the Fundrise portfolio's 2022 performance.  This episode is indispensable to any listener interested in better contextualization of and perspective on our portfolio and its outlook, whether that's understanding how we so handily outperformed public market analogues; how we adjusted our strategy and fortified our portfolio over the past several years in anticipation of the sweeping 2022 market downturn; and why, looking ahead, we're in a position of enviable investing strength, as we've prepared to take advantage of this next stage of the market cycle. Some of the topics Kendall brings to the conversation for Ben's consideration include: Why Fundrise NAVs are down, particularly in the Flagship fund. Why defensive positioning, involving low debt and high liquidity, is so important today, and why we're set up for potentially once-in-a-cycle investment opportunities in the months and years ahead. What signals like an inverted yield curve tells us about what to expect and where we are in the market cycle. What an optimistic Ben Miller – whose staunch market realism sometimes sounds like pessimism –  looks and sounds like. (Listen until the end of the episode to find out.) And much more, all covered in Ben and Kendall's conversation. Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast). Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 1 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.   Please see the Fundrise Flagship Real Estate Fund website (http://fundriseintervalfund.com), Fundrise Income Fund website (http://fundriseincomerealestatefund.com), and Fundrise Innovation Fund website (http://fundrise.com/innovation) for more information on each fund, including each fund's prospectus.  For the publicly filed offering circulars of the Fundrise eREITs and eFunds, not all of which may be currently qualified by the SEC, please see fundrise.com/oc. Want to see the specific properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets. 

For this special end of the year edition of Macro Musings, Heather Long, Ryan Avent, and Cardiff Garcia rejoin the podcast to reflect on the biggest economic surprises and stories of the past few years, while giving their outlook and predictions for the future. Heather Long is an editorial writer and columnist for the Washington Post, Ryan Avent is the trade and international economic editor for the Economist Magazine, and Cardiff Garcia is a veteran journalist for the Financial Times and NPR as well as the host of the New Bazaar podcast and the co-founder of Bazaar Audio. Specifically, this returning panel of guests discuss the major economic themes throughout the pandemic, the most overrated and underreported stories that have dominated the headlines over the past few years, what issues are primed for prominence within the next decade, and a lot more.     Transcript for the episode can be found here.   Support the podcast by making a donation during this holiday season!   Heather's Washington Post profile Heather's Twitter: @byHeatherLong   Ryan's Economist profile Ryan's Twitter: @ryanavent   Cardiff's Twitter: @CardiffGarcia Bazaar Audio's website   David's Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings Click here for the latest Macro Musings episodes sent straight to your inbox! Check out our new Macro Musings merch here!   Related Links:   *Measuring Monetary Policy: the NGDP Gap* by David Beckworth   *Danger Zone: The Coming Conflict with China* by Hal Brands and Michael Beckley   *David Beckworth on the Facts, Fears, and Functionality of NGDP Level Targeting* by the Macro Musings Podcast   *Ryan Avent, Cardiff Garcia, and Heather Long on Lessons from the Great Recession* by the Macro Musings Podcast

Join your Onward co-hosts, Fundrise CEO Ben Miller and Cardiff Garcia, to wrap up 2022 in the same way we started it: with a session of scenario planning.  Ben and Cardiff each share their predictions for what the next year might bring, including possibilities that are both very likely and, admittedly, a little more far afield. We learn the premise and implications of the “80/20 rule” for inflation, what Ben means by the phrase “a recession incession,” and what it looks like when the stock market “PEGs down.” Beyond that, a quick review of the implications of The Great Deleveraging, the subject of our November 14 episode — less of a predication and more of a glimpse of the horizon, as Ben emphasizes that a financial liquidity crunch is already in motion, even if many players in the financial world aren't ready to talk about it publicly. But then, Ben has something a little more radical in store, as he introduces an entirely new framework of Scenario Planning for thinking about the future, based on an understanding and extrapolation of inorganic and organic systems. An inorganic system is made up of inanimate objects, while an organic system is composed of living entities. If a key component of success is pattern matching, then a common mistake is misreading the way a system is likely to behave. Like a wild population of animals or insects that grows too fast, overwhelming its food sources and habitat, will we see a system's sudden collapse? It all comes down to determining which economic trends follow a common biological pattern of a J-curve or an S-curve, and which have the potential to buck predictable trajectories entirely, like an evolutionary leap or a deadly mutation. As Ben and Cardiff discuss, there could be major benefits for anyone who can stay ahead of the curve, whatever shape that curve may take. Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast). Podcast production and music by Seaplane Armada. About Fundrise With over 1 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.   Please see the Fundrise Flagship Real Estate Fund website (http://fundriseintervalfund.com), Fundrise Income Fund website (http://fundriseincomerealestatefund.com), and Fundrise Innovation Fund website (http://fundrise.com/innovation) for more information on each fund, including each fund's prospectus.  For the publicly filed offering circulars of the Fundrise eREITs and eFunds, not all of which may be currently qualified by the SEC, please see fundrise.com/oc. Want to see the specific properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets. 

Join Ben Miller, CEO of Fundrise, for a conversation with a very special guest on this episode of Onward: Larry Silverstein is the founder and chairman of Silverstein Properties, the owner-developer of the World Trade Center, along with a remarkable portfolio of other major properties that have defined New York City life and the Manhattan skyline for decades.  The interview gives us a tour of both Mr. Silverstein's life and the history of New York, as he recounts his experience investing in a number of influential New York properties. Each acquisition also highlights a different stage in financial history, showcasing a defining moment in the country's and New York's economic cycles. As Mr. Silverstein tells the story behind the acquisition of each piece of real estate, he imparts investing insights that remain critical to investors today. Those experiences include making the decision to invest during a struggling market — such as when he bought 711 5th Ave., in a declining New York — or the challenges of leasing a million square feet of commercial space — such as when he developed 7 WTC. Ultimately, when Ben asks what advice Mr. Silverstein has for investors today, he recommends, “whatever you do, think long-term” and to invest “in quality.”  Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast). Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 1 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.   Please see the Fundrise Flagship Real Estate Fund website (http://fundriseintervalfund.com), Fundrise Income Fund website (http://fundriseincomerealestatefund.com), and Fundrise Innovation Fund website (http://fundrise.com/innovation) for more information on each fund, including each fund's prospectus.  For the publicly filed offering circulars of the Fundrise eREITs and eFunds, not all of which may be currently qualified by the SEC, please see fundrise.com/oc. Want to see the specific properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets. 

This week, we have a special treat from Onward: our first bonus episode, dedicated entirely to discussing and answering important questions about Fundrise, sourced directly from Fundrise investors. Kendall Davis, head of investor relations and investor operations, joins Ben Miller, Fundrise CEO, to share some of the topics on our investor community's minds. As always, discussing Fundrise is just a starting point, as each question about the company opens a door into much broader discussion about the economy, its current state, and some fundamental ideas about how finance works.  Join Kendall and Ben to learn more about how Fundrise is prepared not only to mitigate losses in a downturn but to thrive; why leverage is the only way smart people go broke; how the focus of real estate investment strategies shifted from up-and-coming urban areas to the Sunbelt; and how Fundrise collaborated directly with the late Marty Dunn, former Deputy Director and Acting Director of the SEC, to find the best way to safely democratize access to real estate investing, within the framework of financial regulations.  Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast). Podcast production and music by Seaplane Armada. About Fundrise With over 1 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.   Please see the Fundrise Flagship Real Estate Fund website (http://fundriseintervalfund.com), Fundrise Income Fund website (http://fundriseincomerealestatefund.com), and Fundrise Innovation Fund website (http://fundrise.com/innovation) for more information on each fund, including each fund's prospectus.  For the publicly filed offering circulars of the Fundrise eREITs and eFunds, not all of which may be currently qualified by the SEC, please see fundrise.com/oc. Want to see the specific properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets. 

For months, the hosts of Onward — Ben Miller, Fundrise CEO, and Cardiff Garcia — have discussed the many ways that the current, high inflation environment will impact the broader economy and behavior of investors. In this latest episode, Ben brings a brand new idea to the table: a specific theory outlining how our financial system is on the verge of real crisis and potential collapse. Join us to hear Ben explain how the practice of using loans as the assets for generating new loans has created a snarled chain of lending. Now that interest rates have exploded to new highs, what happens when one loan in the chain comes due, and refinancing is impossible? What exactly do we mean when we say, “Turtles all the way down”? And, lastly, how is Fundrise positioned to capitalize on what Ben calls a potentially once in a lifetime opportunity? Listen to the latest episode of Onward for answers to all these questions, and more.  Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast). Podcast production and music by Seaplane Armada. About Fundrise With over 1 million users, Fundrise is America's largest direct-to-investor real estate investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private real estate — all at the touch of a button.  Please see the Fundrise Flagship Real Estate Fund website (http://fundriseintervalfund.com), Fundrise Income Fund website (http://fundriseincomerealestatefund.com), and Fundrise Innovation Fund website (http://fundrise.com/innovation) for more information on each fund, including each fund's prospectus.  For the publicly filed offering circulars of the Fundrise eREITs and eFunds, not all of which may be currently qualified by the SEC, please see fundrise.com/oc. Want to see the specific properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets. 

In this month's episode of Onward, Fundrise CEO Ben Miller is joined by Ben Carlson, Director of Institutional Asset Management at Ritholtz Wealth Management, for a wide-ranging discussion that offers fresh, critical thoughts on the state of the market, plus new perspective on our current moment in financial history. Ben C's additional experience as an author of multiple books and co-host of his own financial podcast, Animal Spirits, opens the door to some provocative questions, including why wealthy individuals are historically most susceptible to financial fraud. More broadly, Ben C explains, his study of financial history has shown that many factors are in flux between eras, but one element that always stays the same is human nature and people's capacity to behave irrationally. What does that mean for investors today? Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast). Podcast production and music by Seaplane Armada. About Fundrise With over 1 million users, Fundrise is America's largest direct-to-investor real estate investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private real estate—all at the touch of a button.  Please see the Fundrise Flagship Real Estate Fund website, Fundrise Income Fund website, and Fundrise Innovation Fund website for more information on each fund, including each fund's prospectus.  For the publicly filed offering circulars of the Fundrise eREITs and eFunds, not all of which may be currently qualified by the SEC, please see fundrise.com/oc.

Welcome to Slate Money Goes to the Movies, a miniseries in which Felix Salmon, Emily Peck, and a different guest each week discuss popular business-themed movies. Cardiff Garcia, co-founder of Bazaar Audio, joins Felix and Emily to talk about the 1999 cult classic, Office Space. They get into how office life has changed since the movie's premier, whether Peter would actually make a good manager, and poor, poor Milton. Email: slatemoney@slate.com Podcast production by Cheyna Roth Learn more about your ad choices. Visit megaphone.fm/adchoices