Podcasts about Federal Reserve Bank

  • 1,460PODCASTS
  • 3,129EPISODES
  • 37mAVG DURATION
  • 1DAILY NEW EPISODE
  • Jun 23, 2025LATEST
Federal Reserve Bank

POPULARITY

20172018201920202021202220232024

Categories



Best podcasts about Federal Reserve Bank

Show all podcasts related to federal reserve bank

Latest podcast episodes about Federal Reserve Bank

Macro Musings with David Beckworth
Sam Schulhofer-Wohl on Reforms in the Treasury Market and Developments with Central Bank Operating Systems

Macro Musings with David Beckworth

Play Episode Listen Later Jun 23, 2025 50:34


Sam Schulhofer-Wohl is a senior vice president and the senior advisor to President Lorie Logan of the Federal Reserve Bank of Dallas. Sam returns to the show to discuss recent macroeconomic conferences in the context of changes in the Treasury market and with central bank operating systems around the globe. Check out the transcript for this week's episode, now with links. Recorded on May 27th, 2025 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Subscribe to David's new BTS YouTube Channel  Timestamps 00:00:00 - Bumper 00:00:20 - Intro 00:01:19 - Monetary Policy Conferences 00:03:15 - Role of Nonbank Institutions in the Treasury and Money Markets 00:07:48 - Central Clearing 00:33:19 - Operating Systems in Central Banks 00:49:52 - Outro

America's Truckin' Network
America's Truckin Network -- 6/19/2

America's Truckin' Network

Play Episode Listen Later Jun 20, 2025 39:44 Transcription Available


After Federal Reserve Chairman Jerome Powell announced, on Wednesday, that interest rates would remain unchanged, he answered reporters' questions; Kevin reviewed the transcript and points out the inconsistencies with comments made during the press conference and previous comments over the last two years. The head of a different independent Federal agency agrees with Kevin and has called on Jerome Powell to cut interest rates or resign; who is it? Kevin has the details. Earlier in the month, The Federal Reserve Bank of New York, released their monthly survey of consumers' expectations for future inflation, which seems to contradict comments by Jerome Powell; Kevin has the details and offers his insights. Dollar General recently released their quarterly financial data; Eaton Corp. announced a major acquisition; Kevin has the details, looks at the data and offers his insights. Oil prices react to the on-going war between Israel and Iran, a Geopolitical risk premium is anticipated, the risk of Iran's oil production and ship traffic through the Strait of Hormuz.

Speaking of the Economy
Affordable College, Unaffordable Housing

Speaking of the Economy

Play Episode Listen Later Jun 18, 2025 10:49


Davy Sell and Anthony Tringali discuss the housing needs of community college students and the challenges these institutions face in meeting the demand for affordable options. Sell is a research analyst and Tringali is a research associate at the Federal Reserve Bank of Richmond. Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2025/speaking_2025_06_18_community_college_housing

The Dallas Morning News
Opinion: Rob Kaplan on Intersections Podcast

The Dallas Morning News

Play Episode Listen Later Jun 17, 2025 79:47


In this week's episode, Rob Kaplan, former CEO of the Federal Reserve Bank of Dallas and long-time Goldman Sachs executive talks about innovation, coaching and lessons from the corner office. Learn more about your ad choices. Visit podcastchoices.com/adchoices

The Financial Exchange Show
Who should we blame for price increases?

The Financial Exchange Show

Play Episode Listen Later Jun 16, 2025 38:33


Chuck Zodda and Mike Armstrong discuss the confusion surround price increases and where the blame really lies. Joanna Stavins, Economist and Policy Advisor for the Federal Reserve Bank of Boston, joins the show to chat about credit card delinquencies. New real estate math: half a million more sellers than buyers. A family of four needs how much money to live comfortably?

Freakonomics Radio
636. Why Aren't We Having More Babies?

Freakonomics Radio

Play Episode Listen Later Jun 13, 2025 50:28


For decades, the great fear was overpopulation. Now it's the opposite. How did this happen — and what's being done about it? (Part one of a three-part series, “Cradle to Grave.”) SOURCES:Matthias Doepke, professor of economics at the London School of Economics.Amy Froide, professor of history at the University of Maryland, Baltimore County.Diana Laird, professor of obstetrics and gynecology at the University of California, San Francisco.Catherine Pakaluk, professor of economics at The Catholic University of America. RESOURCES:"Fertility Rate, Total for the United States," (Federal Reserve Bank of St. Louis, 2025)."Global fertility in 204 countries and territories, 1950–2021, with forecasts to 2100: a comprehensive demographic analysis for the Global Burden of Disease Study 2021," (The Lancet, 2024)."Suddenly There Aren't Enough Babies. The Whole World Is Alarmed." by Greg Ip and Janet Adamy (The Wall Street Journal, 2024)."Taxing bachelors and proposing marriage lotteries – how superpowers addressed declining birthrates in the past," by Amy Froide (University of Maryland, 2021)."Is Fertility a Leading Economic Indicator?" by Kasey Buckles, Daniel Hungerman, and Steven Lugauer (National Bureau of Economic Research, 2018).The King's Midwife: A History and Mystery of Madame du Coudray, by Nina Rattner Gelbart (1999).The Population Bomb, by Paul Ehrlich (1970)."An Economic Analysis of Fertility," by Gary Becker (National Bureau of Economic Research, 1960). EXTRAS:"What Will Be the Consequences of the Latest Prenatal-Testing Technologies?" by Freakonomics Radio (2011).

random Wiki of the Day
David Robert Coker

random Wiki of the Day

Play Episode Listen Later Jun 12, 2025 2:08


rWotD Episode 2961: David Robert Coker Welcome to Random Wiki of the Day, your journey through Wikipedia's vast and varied content, one random article at a time.The random article for Thursday, 12 June 2025, is David Robert Coker.David Robert Coker (November 20, 1870 – November 28, 1938) was an agricultural reformer.Coker earned a degree from the University of South Carolina in Columbia in 1891. In 1897 he established an experimental farm outside Hartsville. He experimented with breeding sweet corn and cotton. He published his first test results in 1899. He began employing the principles of genetics and systematic methods to improve seed stocks. Between 1902 and 1910, Coker worked to improve cotton varieties with Herbert John Webber to develop a number of improved varieties of cotton. Together, they created one of the first integrated agribusinesses in the southern United States. He also developed new varieties for oats, sorghum, and rye, as well as corn, tobacco, and various fruits and vegetables. During the 1920s, Coker became a proponent of rural reform, advocating for land reform, crop diversification, better roads and improved education.Coker also became involved with finance and politics, serving as Mayor of Hartsville from 1902 to 1904, and as director of the Federal Reserve Bank of Richmond.This recording reflects the Wikipedia text as of 00:32 UTC on Thursday, 12 June 2025.For the full current version of the article, see David Robert Coker on Wikipedia.This podcast uses content from Wikipedia under the Creative Commons Attribution-ShareAlike License.Visit our archives at wikioftheday.com and subscribe to stay updated on new episodes.Follow us on Mastodon at @wikioftheday@masto.ai.Also check out Curmudgeon's Corner, a current events podcast.Until next time, I'm standard Raveena.

WTFinance
Recession Inevitable? Danielle DiMartino Booth's Data Warning!

WTFinance

Play Episode Listen Later Jun 11, 2025 25:55


Interview recorded - 5th of June, 2025On this episode of the WTFinance podcast I had the pleasure of welcoming back Danielle DiMartino Booth. Danielle is the CEO & Chief Strategist for QI Research. She is the author of Fed Up and a global thought leader in monetary policy, economics and finance with 9 years experience at the Federal Reserve Bank of Dallas.During our conversation we spoke about Danielle's thoughts on the economy, the FED stalling elections, the bond market, BOJ increasing global yields, recession comparison and more. I hope you enjoy!0:00 - Introduction2:07 - Danielle's economic outlook3:22- FED stalling6:37 - Worried about Covid repeat?7:50 - Cut before election?10:07 - End of Powell?12:13 - Bond market?13:41 - BOJ increases impacting global yields14:27 - Dollar depreciation16:02- US in a recession?19:16 - Global economy20:18 - Recession comparison21:31 - Risk-off?22:46 - Retirees selling?24:05 - One message to takeaway?DiMartino Booth set out to launch a #ResearchRevolution, redefining how market intelligence is conceived and delivered to guide portfolio managers and promote financial literacy. To build QI, she brought together a core team of investing veterans to analyze the trends and provide critical analysis on what is driving the markets – both in the United States and globally.Since their inception in 2015, commentary and data from DiMartino Booth's The Daily Feather and The Weekly Quill have appeared in other financial sources such as Bloomberg, CNBC, Fox Business, Institutional Investor, Yahoo Finance, The Wall Street Journal, MarketWatch, Seeking Alpha, TD Ameritrade, TheStreet.com, and more.A global thought leader in monetary policy, economics, and finance, DiMartino Booth founded QI Research in 2015. She is the author of FED UP: An Insider's Take on Why the Federal Reserve is Bad for America (Portfolio, Feb 2017), a business speaker, and a commentator frequently featured on CNBC, Bloomberg, Fox News, Fox Business News, BNN Bloomberg, Yahoo Finance and other major media outlets.Prior to QI Research, DiMartino Booth spent nine years at the Federal Reserve Bank of Dallas. She served as Advisor to President Richard W. Fisher throughout the financial crisis until his retirement in March 2015. Her work at the Fed focused on financial stability and the efficacy of unconventional monetary policy.DiMartino Booth began her career in New York at Credit Suisse and Donaldson, Lufkin & Jenrette where she worked in the fixed-income, public equity, and private equity markets. DiMartino Booth earned her BBA as a College of Business Scholar at the University of Texas at San Antonio. She holds an MBA in Finance and International Business from the University of Texas at Austin and an MS in Journalism from Columbia University.Danielle DiMartino Booth - Website - https://quillintelligence.com/Twitter - https://twitter.com/DiMartinoBoothYouTube - @DanielleDiMartinoBoothQI WTFinance -Spotify - https://open.spotify.com/show/67rpmjG92PNBW0doLyPvfniTunes -https://podcasts.apple.com/us/podcast/wtfinance/id1554934665?uo=4LinkedIn - https://www.linkedin.com/in/anthony-fatseas-761066103/Twitter - https://twitter.com/AnthonyFatseas

Finding the Funny: Leadership Tips From a Comedian
Thanks for the Feedback . . . I Think!

Finding the Funny: Leadership Tips From a Comedian

Play Episode Listen Later Jun 10, 2025 2:53


What really happens when a keynote speaker doesn't get the gig? In this episode, Jan pulls back the curtain on the wild, weird, and sometimes downright baffling feedback she's received after not being chosen for events. From strange selection methods to unexpected competition, you'll hear behind-the-scenes stories that are equal parts hilarious and head-scratching. If you've ever wondered what goes on in the speaker selection process—or just want a good laugh—you don't want to miss this one.   https://www.TheWorkLady.com  Jan McInnis is a top change management keynote speaker and comedian. She uses short funny stories to emphasize her tips on how businesses can use humor to handle change. Jan is a top conference keynote speaker, comedian, Master of Ceremonies, and comedy writer. She has written for Jay Leno's The Tonight Show monologues as well as many other people, places, and groups—radio, TV, syndicated cartoon strips, guests on The Jerry Springer Show (her parents are proud). For over 25 years, she's traveled the country as a keynote speaker and comedian, sharing her unique and practical tips on how to use humor in business (yes, it's a business skill!). She's been featured in The Huffington Post, The Wall Street Journal, and The Washington Post for her clean humor, and she's the author of two books: Finding the Funny Fast – How to Create Quick Humor to Connect with Clients, Coworkers, and Crowds, and Convention Comedian: Stories and Wisdom From Two Decades of Chicken Dinners and Comedy Clubs. She also has a popular podcast titled Comedian Stories: Tales From the Road in Under 5 Minutes. In her former life, she was a marketing executive in Washington, D.C. for national non-profits, and she received the Greater Washington Society of Association Executives “Excellence in Education” Award. Jan's been featured at thousands of events from the Federal Reserve Banks to the Mayo Clinic.   https://www.TheWorkLady.com https://youtu.be/BtjxzDn-QLE https://www.linkedin.com/in/janmcinnis https://twitter.com/janmcinnis https://www.pinterest.com/janmcinnis/pins/ https://www.youtube.com/c/JanMcInnisComedian https://www.facebook.com/ComedianJanMcInnis https://www.instagram.com/jan.mcinnis/   Jan has shared her humor keynotes from Fortune 500 companies to international associations. Groups such as . .. Healthcare. . . Mayo Clinic, Health Information Management Associations, Healthcare Financial Management Associations, Hospitals, Abbott Pharmaceuticals, Sanofi Aventis Pharmaceuticals, Kaiser-Permanente, Davita Dialysis Centers, Blue Cross, Blue Shield, Home Healthcare Associations, Assisted Living Associations, Healthcare Associations, National Council for Prescription Drug Companies, Organization of Nurse Leaders, Medical Group Management Associations, Healthcare Risk Associations, Healthcare Quality Associations   Financial. . . Federal Reserve Banks, BDO Accounting, Transamerica Insurance & Investment Group, Merrill Lynch, treasury management associations, bankers associations, credit unions, Money Transmitter Regulators Association, Finance Officers Associations, automated clearing house associations, American Institute of CPAs, financial planning companies, Securities, Insurance, Licensing Association   Government . . . purchasing officers associations, city clerks, International Institute of Municipal Clerks, National League of Cities, International Worker's Compensation Fund, correctional associations, LA County Management Association, Social Security Administration, Southern California Public Power Authority, public utilities, U.S. Air Force, public personnel associations, public procurement associations, risk management associations, Rehabilitation associations, rural housing associations, community action associations   Women's Events. . . American Heart Associations, Go Red For Women luncheons, Speaking of Women's Health, International Association of Administrative Professionals, administrative professionals events, Toyota Women's Conference, Women in Insurance and Financial Services, Soroptimists, Women in Film & Video, ladies night out events, Henry Ford Health Centers Women's Event, spirit of women events, breast cancer awareness,   Education . . . School Business Officials associations, school superintendent associations, school boards associations, state education associations, community college associations, school administrators associations, school plant managers associations, Head Start associations, Texas adult protective services, school nutrition associations, Association of Elementary and Middle School Principals, principal associations, library associations   Emergency, safety, and Disaster . . . International Association of Emergency Managers, Disney Emergency Managers, state emergency management associations, insurance groups, COPIC, Salt Lake County Public Works and Municipal Services Disaster Recovery Conference, Pennsylvania Governor's Occupational Safety and Health conference, Mid Atlantic Safety conference and Chesapeake Regional Safety Council, Risk associations.  

The Indicator from Planet Money
Why U.S. workers keep getting more productive

The Indicator from Planet Money

Play Episode Listen Later Jun 6, 2025 9:29


For the last couple of years, U.S. labor productivity has been on the rise. And economists don't know exactly why. So today on the show, the president of the Federal Reserve Bank of Chicago plays economic detective and helps us investigate some different theories about why U.S. workers seem to be more productive than in prior decades. Related episodes:What keeps a Fed president up at night (Apple / Spotify)Productivity and workforce whiplash (Apple / Spotify)For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org.Fact-checking by Sierra Juarez. Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter. Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

Bank Notes
What are CDFIs? (Financial First Responders)

Bank Notes

Play Episode Listen Later Jun 6, 2025 24:18


A small subset of the U.S. financial system called Community Development Financial Institutions, or CDFIs, supports economic growth at the local level. The industry is comprised of different types of institutions operating in different ways. Each works to achieve a common mission: improving economic outcomes for underserved communities. Research from the New York Fed shows the industry is growing and changing. In this episode we hear from Federal Reserve Governor Lisa Cook, the New York Fed team doing CDFI research, a researcher from the Federal Reserve Bank of Richmond, and CDFI leaders. Our guests speak about the impacts and challenges of mission-driven lending and opportunities to scale this work. For more, visit newyorkfed.org/podcast/cdfis-serving-the-underserved-and-making-missing-markets

The Capitalism and Freedom in the Twenty-First Century Podcast
Banking Crises, Stablecoin Regulation, And Fed Policy With Randal Quarles

The Capitalism and Freedom in the Twenty-First Century Podcast

Play Episode Listen Later Jun 5, 2025 66:49 Transcription Available


Jon Hartley and Randal Quarles discuss Randy's career as a lawyer and in policy (including his time as Federal Reserve Vice Chair for Regulation) and topics such as the global financial crisis, Glass-Steagall, banking regulation, lender of last resort, Basel III, the Dodd-Frank Act, capital requirements, the potential relaxation of Treasuries in the Supplementary Leverage Ratio (SLR), deposit insurance after the Silicon Valley Bank regional banking crisis, and stablecoin regulation. Recorded on May 29, 2025. ABOUT THE SPEAKERS: Randal Quarles is the Chairman and co-founder of The Cynosure Group.  Before founding Cynosure, Mr. Quarles was a long-time partner of the Carlyle Group, where he began the firm's program of investments in the financial services industry during the 2008 financial crisis. From October 2017 through October 2021, Mr. Quarles was Vice Chairman of the Federal Reserve System, serving as the system's first Vice Chairman for Supervision, charged specifically with ensuring stability of the financial sector.  He also served as the Chairman of the Financial Stability Board (“FSB”) from December 2018 until December 2021; a global body established after the Great Financial Crisis to coordinate international efforts to enhance financial stability. In both positions, he played a key role in crafting the US and international response to the economic and financial dislocations of COVID-19, successfully preventing widespread global disruption of the financial system.  As FSB Chairman, he was a regular delegate to the finance ministers' meetings of the G-7 and G20 Groups of nations and to the Summit meetings of the G20.  As Fed Vice Chair, he was a permanent member of the Federal Open Market Committee, the body that sets monetary policy for the United States. Earlier in his career, Mr. Quarles was Under Secretary of the U.S. Treasury, where he led the Department's activities in financial sector and capital markets policy, including coordination of the President's Working Group on Financial Markets. Before serving as Under Secretary, Mr. Quarles was Assistant Secretary of the Treasury for International Affairs, where he had a key role in responding to several international crises.  Mr. Quarles was also the U.S. Executive Director of the International Monetary Fund, a member of the Air Transportation Stabilization Board, and a board representative for the Pension Benefit Guaranty Corporation. In earlier public service, he was an integral member of the Treasury team in the George H. W. Bush Administration that developed the governmental response to the savings and loan crisis. Jon Hartley is currently a Policy Fellow at the Hoover Institution, an economics PhD Candidate at Stanford University, a Research Fellow at the UT-Austin Civitas Institute, a Senior Fellow at the Foundation for Research on Equal Opportunity (FREOPP), a Senior Fellow at the Macdonald-Laurier Institute, and an Affiliated Scholar at the Mercatus Center. Jon is also the host of the Capitalism and Freedom in the 21st Century Podcast, an official podcast of the Hoover Institution, a member of the Canadian Group of Economists, and the chair of the Economic Club of Miami. Jon has previously worked at Goldman Sachs Asset Management as a Fixed Income Portfolio Construction and Risk Management Associate and as a Quantitative Investment Strategies Client Portfolio Management Senior Analyst and in various policy/governmental roles at the World Bank, IMF, Committee on Capital Markets Regulation, U.S. Congress Joint Economic Committee, the Federal Reserve Bank of New York, the Federal Reserve Bank of Chicago, and the Bank of Canada.  Jon has also been a regular economics contributor for National Review Online, Forbes, and The Huffington Post and has contributed to The Wall Street Journal, The New York Times, USA Today, Globe and Mail, National Post, and Toronto Star, among other outlets. Jon has also appeared on CNBC, Fox Business, Fox News, Bloomberg, and NBC and was named to the 2017 Forbes 30 Under 30 Law & Policy list, the 2017 Wharton 40 Under 40 list, and was previously a World Economic Forum Global Shaper.  ABOUT THE SERIES: Each episode of Capitalism and Freedom in the 21st Century, a video podcast series and the official podcast of the Hoover Economic Policy Working Group, focuses on getting into the weeds of economics, finance, and public policy on important current topics through one-on-one interviews. Host Jon Hartley asks guests about their main ideas and contributions to academic research and policy. The podcast is titled after Milton Friedman‘s famous 1962 bestselling book Capitalism and Freedom, which after 60 years, remains prescient from its focus on various topics which are now at the forefront of economic debates, such as monetary policy and inflation, fiscal policy, occupational licensing, education vouchers, income share agreements, the distribution of income, and negative income taxes, among many other topics.

Six Hundred Atlantic
Understanding the Beige Book and its insights into the economy

Six Hundred Atlantic

Play Episode Listen Later Jun 5, 2025 8:27


What is the Beige Book? It's the story of the economy that you can't always see in the numbers. Eight times a year, each Federal Reserve Bank publishes a Beige Book after gathering real-world economic insight from regional business leaders and experts.  Mary Burke is a principal economist and policy advisor with the New England Public Policy Center at the Boston Fed. She talks to Six Hundred Atlantic about what the Beige Book is and why it matters to the U.S. economy.  Visit bostonfed.org to learn more about the Beige Book. For more interviews and analysis of the economy in New England and nationwide, visit BostonFed.org/SixHundredAtlantic.aspx. Subscribe to our email list to stay updated on new episodes.

Total Information AM
STL Fed Beige Book: Regional economic activity is 'unchanged'

Total Information AM

Play Episode Listen Later Jun 5, 2025 5:53


Charles Gascon, economist and research officer at the Federal Reserve Bank of St. Louis is in studio this morning to give us the picture of regional economy with Megan Lynch.

Smart Talk Podcast
161. Rethinking Economics - Untangling investment from investing

Smart Talk Podcast

Play Episode Listen Later Jun 5, 2025 55:42


“Show me the incentives and I'll show you the outcome”. These were the wise words of the late Charlie Munger, Warren Buffett's former business partner. What he meant by that was that if you incentivize good and productive business behavior, your business will grow. If you reward bad and unproductive behavior, your business and, ultimately, the consumer, will suffer. Since the 1980s, the economic and legal frameworks we've used have incentivized bad behavior. Today, we'll discuss Shareholder Primacy, which is the idea that a firm's primary responsibility is to maximize value for its shareholders. Its proponents believe that by maximizing value for shareholders, there is greater accountability, more incentives to invest in productive capabilities, and a higher likelihood of risk-taking leading to innovation. From the 80s to the 2000s, these ideas reigned supreme across economic and legal circles. They helped shape law and policy to create the highly corporatized economy we see today. But now, some of the flaws of this framework are beginning to manifest. Corporate profits as a percentage of GDP remain high relative to prior decades. Corporate profits now make up 12% of GDP, down from its peak of 12.8% in 2021, according to the Federal Reserve Bank of St. Louis. This is at a time when most Americans are still reeling from inflation earlier in the 2020s. A recent report from the Ludwig Institute for Shared Economic Prosperity found that the bottom 60% of households are out of reach of a minimal quality of life. Using the framework of shareholder primacy, a time of high corporate profits should translate to a high standard of living. But we just aren't seeing that.Why? Well, it depends on who you ask. I sat down with Harrison Karlewicz, a P.hD candidate at UMass Amherst, whose work shows that investing in equities doesn't always translate to investment in productive assets that will help companies grow. Instead of efficiently channeling savings to companies that need resources, like we're taught financial markets are for, they have become a place where speculation can lead to rent-seeking. There was a lot of nuance to the conversation. Financial markets weren't all good or all bad. But, I think we have to be realistic about the role financial markets and assets play in the economy. Our conversation touched a lot upon how businesses can be better structured to invest in assets that will help the company grow and provide good-quality products to consumers.Mr. Karlewicz is wrapping up his dissertation at UMass Amherst, where he works with Lenore Palladino, a Political Economist, on projects about corporate governance, industrial organization, and financialization. He is a research assistant at UMass's Political Economy Research Institute and a Fellow at McClave and Associates, an economic consulting firm. He has taught economics and math at Springfield College and Berkshire Community College. His work has been published by multiple outlets such as the Roosevelt Institute and Jacobin. Harrison earned his bachelor's degree in economics and political science from Seattle Pacific University and his master's from Bard College in Economic Theory and Policy. Together, we discussed the Robinhood-Gamestop debacle, the differences between public and private financial markets, and how policy can better incentivize investment in productive capabilities. To check out more of our content, including our research and policy tools, visit our website: https://www.hgsss.org/

Speaking of the Economy
What is the Fed's Policy Framework?

Speaking of the Economy

Play Episode Listen Later Jun 4, 2025 13:24


Grey Gordon and Felipe Schwartzman discuss the creation and evolution of the Federal Reserve's monetary policy framework and the Fed's current review of the framework. Gordon and Schwartzman are senior economists at the Federal Reserve Bank of Richmond. Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2025/speaking_2025_06_04_fed_framework

Top of Mind
The Housing Market Game with Redfin's Daryl Fairweather

Top of Mind

Play Episode Listen Later Jun 4, 2025 59:37


In this episode of the Top of Mind podcast, Mike Simonsen sits down with Dr. Daryl Fairweather, the chief economist for Redfin, to discuss the life and economic lessons in her new book, Hate the Game, and also dive into the latest data in the US housing market with Redfin's unique point of view. About Daryl Fairweather Dr. Daryl Fairweather is the chief economist at Redfin and the author of the new book Hate the Game. At Redfin, she analyzes US housing markets and consumer behavior. She is a member of the advisory council of the Federal Reserve Bank of Dallas and was a former senior economist at Amazon. She is a regular contributor to Forbes, and she has been featured in 60 Minutes, Today, The New York Times, and Bloomberg, among other outlets. She has a degree from MIT and a PhD from the University of Chicago. Here's a glimpse of what you'll learn:  What Beyoncé teaches us about game theory. What young buyers should know about buying a home Why the 2025 housing market theme is “disappointment” Why she thinks rents will start growing more expensive in 2026. Which homeowners and housing markets are facing the most distress now What Redfin's “Buyer Demand Index” tells us about home sales for the rest of the summer Which signals to watch for a coming downturn What to know about millennial home buyers What happens to the housing market after 2030 Related to this episode: Hate the Game Book Daryl Fairweather, PhD| LinkedIn Daryl Fairweather | X ⁠Redfin⁠ ⁠⁠⁠Mike Simonsen | LinkedIn⁠⁠⁠ ⁠⁠⁠Altos⁠⁠⁠ Featuring Mike Simonsen, President of Altos A true data geek, Mike founded Altos in 2006 to bring data and insight on the U.S. housing market to those who need it most. The company now serves the largest Wall Street investment firms, banks, and tens of thousands of real estate professionals around the country. Mike's insights on the market have been featured in Forbes, New York Times, Bloomberg, Dallas Morning News, Seattle PI, and many other national media outlets. Follow us on Twitter for more data analysis and insights: ⁠⁠⁠Altos on Twitter⁠⁠⁠ ⁠⁠⁠Mike on Twitter⁠⁠⁠ About Altos Each week, Altos tracks every home for sale in the country - all the pricing, and all the changes in pricing - and synthesizes those analytics to make them available before becoming visible through traditional channels. ⁠⁠⁠Schedule a demo⁠⁠⁠ to see Altos in action. You can also get a copy of our free eBook: ⁠⁠⁠How To Use Market Data to Build Your Real Estate Business⁠⁠⁠. The Top of Mind podcast features top real estate industry insiders and experts to unpack the most important housing, real estate, mortgage data and trends that are shaping the housing market. Hosted by Altos founder Mike Simonsen and produced by the HousingWire Content Studio. Learn more about your ad choices. Visit megaphone.fm/adchoices

Get Rich Education
556: Could Housing Prices Fall Back to 2020 Levels? Featuring Christopher Whalen

Get Rich Education

Play Episode Listen Later Jun 2, 2025 44:39


Author and financial expert, Chris Whelan, joins Keith as they explore the intricacies of the housing market's potential future. Chris drops an intriguing prediction of a possible 20% price correction. They dive deep into the complex world of real estate, examining the pandemic's significant impact on mortgages and economic trends. The conversation reveals the behind-the-scenes challenges of the housing market, from government interventions to the nuanced effects of interest rates and forbearance programs. They unpack the struggles in commercial real estate, particularly highlighting the unique challenges in markets like New York's rent-controlled properties. Chris's new book "Inflated: Money, Debt, and the American Dream" promises an insightful journey through America's economic transformation, tracing how the nation evolved from an agrarian society to a global economic powerhouse. Show Notes: GetRichEducation.com/556 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.  You get paid first: Text FAMILY to 66866 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— text ‘GRE' to 66866 Our YouTube Channel: www.youtube.com/c/GetRichEducation Follow us on Instagram: @getricheducation Complete episode transcript:   Automatically Transcribed With Otter.ai    Keith Weinhold  0:01   Welcome to GRE. I'm your host. Keith Weinhold, what's the state of the housing market for the next five years, and could what's happening in the foreclosure market affect it? I see relative housing market price stability. My guest sees cracks. This could be somewhat of a debate today, then two great new cash flow and real estate markets in the same state that we're helping your portfolio with on get rich education, mid south home buyers, I mean, they're total pros, with over two decades as the nation's highest rated turnkey provider. Their empathetic property managers use your ROI as their North Star. So it's no wonder that smart investors just keep lining up to get their completely renovated income properties like it's the newest iPhone. They're headquartered in Memphis and have globally attractive cash flows and A plus rating with the Better Business Bureau and now over 5000 houses renovated. There's zero markup on maintenance. Let that sink in, and they average a 98.9% occupancy rate, while their average renter stays more than three and a half years. Every home they offer has brand new components, a bumper to bumper, one year warranty, new 30 year roofs. And wait for it, a high quality renter, remember that part and in an astounding price range, 100 to 180k I've personally toured their office and their properties in person in Memphis, get to know Mid South. Enjoy cash flow from day one. Start yourself right now at mid southhomebuyers.com that's mid south homebuyers.com.   Corey Coates  1:56   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  2:12   Welcome to GRE from Edison, New Jersey to Edinburgh, Scotland, where I am today, and across 188 nations worldwide, I'm Keith Weinhold, and you are back for another wealth building week on get rich education. Today's guest came to me recommended. It came from a guest that we've had on the show here before, Jim Rickards and his daughter Ally Rickards. His name is Christopher Whelan. He has a distinguished background. Comes from a prominent family, and he's the author of a new book that just published a few weeks ago. His father, Richard Whelan, was the biographer of Joe Kennedy, and was advisor to presidents and Fed chairman and today's guest, his son there, Chris. He has done a lot of work in DC. He lives just north of New York City today. So I guess coming recommended from Jim Rickards and learning a few things about today's guest helped me want to host him on the show. So though I'm just meeting him for the first time right here on the show, as it turns out, I learned that he has mentioned on other channels that real estate prices could correct down 20% and fall back to 2020 levels. I absolutely don't see how that's possible in any way. I'm going to bring that up with him, so we'll see. This could turn into somewhat of a debate. Like I said last week, I believe that significantly falling housing prices. That's about as likely as grocery store prices falling back to 2020 levels. Yes, I am in Edinburgh, Scotland today. It's my first time here. My mom, dad and also my brother's entire family came over from the US to meet up. It's been great. We're taking in all the best sites, Edinburgh Castle, other castles, the Scottish Highlands, Loch Ness, though I don't believe in any Loch Ness monster at all. I mean, come on, what a hoax. And we're seeing some other sites, though it didn't really interest the others, which I could understand. I visited the home where Adam Smith once resided, and I might put my video about that on our get rich education YouTube channel, so you could check that out over there. Of course, Adam Smith is considered the father of modern day economics for his work on supply versus demand and the GDP concept, the invisible hand, concept, much of that work conveyed in his magnum opus, The Wealth of Nations, published in 1776 as for the present day, let's meet this week's guest, including me, meeting him for the first time.     I'd like to welcome in a first time guest. He's the author of a widely acclaimed new book. It's named inflated money, debt and the American dream. It just released, and the book couldn't be more timely with the multitude of challenges related to inflation, many involving the housing market in his earlier books, he's been known, frankly, for just telling his readers the truth. He's worked at the Federal Reserve Bank of New York in politics and as an investment banker for more than 30 years. Today, he runs Whalen Global Advisors. You've seen him on CNBC in the Wall Street Journal, and now you're hearing him on GRE Welcome to the show. Chris Whalen.   Chris Whalen  5:43   Thank you, Keith, appreciate your invitation.    Keith Weinhold  5:45   Whalen is spelled W, H, A, l, e, n, if you're listening in the audio only, Hey, Chris, we're in a really interesting time in the economic cycle. We all know the Fed has a dual mandate, high employment and stable prices. What's interesting to me is, late last year, they cut rates by a full 1% and this is despite inflation being above target. Makes me wonder if they care more about high employment and they're rather willing to let inflation float higher. What are your thoughts?    Chris Whalen  6:18   I think historically, that's been the case. You know, the dual mandate Humphrey Hawkins, that drives the Fed's actions today was a largely socialist compromise between the Republicans and the Democrats. The Democrats wanted to guarantee everybody a job after World War Two, the legislation was really about soldiers and people who had served their country in many, you know, places around the world, for a long time, and then you would have the depression. So you had a whole generation or more of people that were looking for help when they came home. And that's what this was. But today, you know, there's another mandate, which is called keeping the treasury bond market open. We saw it was during COVID in 2020 President Trump got up, declared that people didn't have to pay their rent or their mortgages, and then didn't do anything. There was no follow up. At the time, folks in mortgage industry kind of looked at each other funny for about 60 days and said, What's going to happen? Because they have to advance principal, interest, taxes and insurance to protect the house. The first rule in mortgage finances protect the asset. But it all worked because the Fed dropped interest rates to zero and we had a boom. We refinanced two thirds of every mortgage in the United States, and that cash flow allowed the finance forbearance for millions of Americans. Now the unfortunate part, of course, was home prices went up double digits for six years. So why we had no affordability today? So, you know, it helped, but it certainly didn't help in some ways,   Keith Weinhold  7:48   mortgage loan forbearance back in the COVID era about five years ago, where you could basically just skip your mortgage payment and then they increase the overall duration of your loan period.   Chris Whalen  8:00   That's right. So you know, your government market, your conforming market, were falling. They also had various schemes, state forbearance for non agency loans. Nobody thought at all about the multifamily sector and the developers that didn't get paid for two years. And we're feeling the impact of that. Of course, today, that's probably the biggest pain point in US economy today is commercial real estate and multi family real estate, and neither one of them involves a consumer. So it gets no attention at all. You read about it in the specialty press, but that's about it.    Keith Weinhold  8:34   And by talking about multi family not affecting the consumer, you're just talking about who's on the owner side there?   Chris Whalen  8:40   precisely if all of the consumers have problems, you'd hear about it, and you do, especially in some of the blue states. I live in New York, so we have some of the more aggressive rent stabilization, rent control laws in the country. And they go back to World War Two. They go back almost a century,   Keith Weinhold  8:58   right? It's those people in the one to four unit space in residential real estate investing that really got the help there.    Chris Whalen  9:06   Well, at least, you know, the world didn't end. Imagine if all of those people had gone to foreclosure. The industry wouldn't have done that. Of course, they would have thrown up their hands and cried for help. But the point is, they made it work. But the cost of making it work that zero interest rate regime that the Fed put in place is still being felt today. If you look at banks which typically have prime large mortgages on their books, the loss given default is zero. Home prices are so high that if somebody actually goes to foreclosure, they sell the house, they pay off the loan easily, and there's usually a large residual left, which would go to the homeowner. So today, you know, if somebody gets in trouble, we do a short sale, we do a deed in lieu, and off they go. And that's why the stats don't show you the pain that many American families are feeling today, because about 60% of all payoffs of one to four family mortgages are people who. Are exiting the market, they're not going to buy another house. So what that means is that the cost of home ownership, or whatever other factors are involved, has made them make the decision not to go to another home mortgage.    Keith Weinhold  10:13   Yes, we have this historically low affordability that's beginning to be reflected in the home ownership rate. It's trended down from about 66 to 65% recently, we continue to be in this environment here, Chris in the one to four unit space, where those existing homeowners are in really good shape. They have record high equity levels of over 300k A lot of them have their home paid off. About 40% of American homeowners own their home free and clear, and of the remainder, those borrowers, 82% still have a mortgage rate of under 5% and of course, that principal and interest payment stays fixed. So even if there's economic hardship, it's pretty easy for people to make their payments and stay in their homes.   Chris Whalen  11:02   Well, it certainly is for most of the marketplace. If you look at the bottom 20% the FHA market, also the VA market, there's a little more stress there. There's still an awful lot of people who are in various types of forbearance in that market. That's going to end in October. So the Trump administration is pushing most of the rules back to pre COVID approaches for delinquency, for example, what we call the waterfall. And what that basically means is that if an FHA borrower gets in trouble, they'll have one shot at a modification where they lower the loan cost and stick part of the loan out the back to be paid off when the house is sold. If that doesn't take, if they don't re perform, then they're going to go to a foreclosure. We just ended another program for veterans. You know, they had three weeks notice, so now you're going to see a lot of veterans going to foreclosure. Unfortunately.   Keith Weinhold  11:56   yes, this administration is basically making sure that people are responsible or resume their payments. We've seen that student loan repayments needing to resume as well. Most foreclosure rate types are still pretty low, but yes, FHA foreclosure rates are higher than those for conventional loans.    Chris Whalen  12:15   Yeah, the interesting thing is, the veterans delinquency rate is half of the FHA rate, and even though people in uniform don't make a lot of money, they pay their bills. Yeah, it's quite striking.   Keith Weinhold  12:25   Why don't you talk to us more about areas where you see distress in the housing market before we talk about more inflation? Chris, the   Chris Whalen  12:34   key areas of housing stress at the moment are commercial real estate that has become underutilized. COVID drove a lot of this, but also the fact that industries could change their work practices. It could have people work from home. Look at housing. We sent everybody home in 2020 while we increased headcount by a third to address a surge in lending volume. It was insane. I gotta tell you, we were hiring people that we didn't see for months that changed the business model assumptions for a lot of industries. A lot of them moved out of blue states and went down to Florida and Texas. In the mortgage industry particularly, and so we have a lot of older real estate particularly, that is suffering. It has dropped in terms of appraised values. You also have higher interest rates and higher cap rates, that is to say the assumption of returns on the part of investors. So that hurdle has made a lot of these properties impaired, essentially. And then the other subclass is older multifamily properties. Think about those beautiful old apartments in the middle block up on the east side or the west side of Manhattan. They're not big enough to be viable, and so they have become this kind of subprime asset class, much in the way if you recall the signature bank failure, they typically bank these sorts of real estate properties, and now there's nobody that wants them. I think you're going to see some very specific pain coming out of HUD, and also Fannie Mae and Freddie Mac because they bank some of these smaller properties that really aren't bankable by commercial banks. That's what it comes down to. If you're going to read about this and hear about it a lot in the commercial market over next several years. And again, you know, the losses on bank owned multifamily properties today are averaging 100% so that means that there are a lot that have more expenses than simply losing the full loan amount. And you know, if you want to have a bank loan, they're not taking these properties. They don't want them, right? So the bank, REO rate, if you look at the data from the FDIC, is zero. And what that tells you is that they can't sell the properties they don't want them, because if they take ownership, the city's not going to let them abandon the property. They'll have to keep it and maintain it. It's a tough situation. This is. Has evolved over the last 20 years or so, because consumer incomes have been kind of stagnant in real terms. But the cost of operating a property in New York City is not going down. It's going up quite a lot, and the legislation we've seen from Albany doesn't allow owners to recapture expenses, doesn't allow them to renovate apartments. So if I have a rent stabilized apartment, I'll use a real example, in a beautiful building on Central Park South right, to renovate a unit that's been occupied for 20 years, new kitchen, new bathroom, sir, everything services. That's $150,000 so if I'm the owner and I can't recapture that cost. What do I do? I lock the door, I gut the apartment, and I lock the door, and I hope that the laws will change in the future, because I can't rent it, my insurance underwriter will not allow me to rent out an apartment that's not brought up to code. That's New York law, but the folks in Albany don't care about that. We have some really unreasonable people in positions of authority, unfortunately, in some of these states, and you talk to them about these issues, and they don't care. They just pander to consumers, regardless of whether or not it makes sense or not. And that's just the way it is.   Keith Weinhold  16:15   Those evil landlords, quote, unquote, most right evil. They're just mom and pop investors that are trying to beat inflation with real assets, and they have real expenses. Rent Stabilization basically just being a genteel term for rent control, which gives no one an incentive to improve a property for sure   Chris Whalen  16:35   and it reduces the availability of housing ultimately, because nobody builds. You see that in New York right now the home market is pretty tight, up to the conforming limit for Fannie Mae and Freddie Mac so you figure a million, 1,000,002 here in New York. But above that, it's quieted down quite a lot. There's compression in some of the higher end homes. And you know, if you go down south, you see a different problem, which is over building. They didn't want to build here, so they went down to the Carolinas and Texas and Florida. There's a huge amount of both multi family condo type developments and single family homes too. But above that average price level way above half a million dollars.   Keith Weinhold  17:15   Sure, it's made this dynamic where things have been flip flopped in the Northeast and Midwest, where the populations aren't growing very fast, those markets have been appreciating more than those in the high growth southeast, all coming back to supply. They're not bringing on enough new supply in the Northeast and Midwest, Chris has just laid out a few reasons for that, due to this high regulation. And then in the southeast, a high growth area, even though that's where people are moving, we're not getting much appreciation there, because you're able to build and that supply is able to keep up with demand. Well, Chris and I are going to talk more about the housing market and about inflation. When we come back, you're listening to get rich education. Our guest is Chris Whelan, the author of a great new book. I'm your host. Keith Weinhold.   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 pre qual and even chat with President Caeli Ridge personally. While it's on your mind, start at Ridge lendinggroup.com. That's Ridge lendinggroup.com.    You know what's crazy? Your bank is getting rich off of you. The average savings account pays less than 1% it's like laughable. Meanwhile, if your money isn't making at least 4% you're losing to inflation. That's why I started putting my own money into the FFI liquidity fund. It's super simple. Your cash can pull in up to 8% returns and it compounds. It's not some high risk gamble like digital or AI stock trading. It's pretty low risk because they've got a 10 plus year track record of paying investors on time in full every time. I mean, I wouldn't be talking about it if I wasn't invested myself. You can invest as little as 25k and you keep earning until you decide you want your money back. No weird lockups or anything like that. So if you're like me and tired of your liquid funds just sitting there doing nothing, check it out. Text family to 66866, to learn about freedom. Family investments, liquidity fund again. Text family to 66866.   Kathy Fettke  19:45   this is the real wealth network's Kathy Fettke, and you are listening to the always valuable get rich education with Keith Weinhold.    Keith Weinhold  20:00   You welcome back to get rich education. We're talking with the author of a great new book, Chris Whelan, it's called inflated money, debt and the American dream. Chris, I see the residential housing market and their price points as being resilient. I'm kind of looking around and seeing if you have any places where you think that there are any cracks in that? I've heard you talk elsewhere about a housing price correction. Were you talking in the one to four unit space? And how do you think that could happen?   Chris Whalen  20:31   I didn't come up with that idea. I did a biography of my good friend Stan middleman, who's the founder of freedom mortgage. It's a real rags to riches story of a successful entrepreneur, a great guy, by the way, is a beloved man in the mortgage industry. And so what he believes is that cycles are about a decade in terms of human behavior. And he says misery on the eights, which is kind of a cute way of saying it. And what Stan is basically saying is you eventually see so much price appreciation that affordability goes to zero. You run out of buyers, is another way to put it. And then once the Fed gooses it, he thinks we see an interest rate decline this year next year, perhaps you get rates to run a little bit. You get volumes to jump the way they did last summer. You remember, in the third quarter, we had great volumes in the mortgage industry, carried everybody through to the end of the year, and then after that, he says, we get a price correction, maybe back down to 2020 21 levels. So we're talking about a 20% price correction, and we're talking about the loans that have been made in the last few years being underwater. That's something we haven't talked about in a long time. We haven't talked about that since 2008 so I think that Americans inevitably have to see some kind of a correction. What the Fed did was wrong, what they did was excessive. I write about that in the end of my book, but unfortunately, the result is home prices that have galloped along, and eventually you got to reset it. Part of its supply coming online. Part of it is simply, like, I say, you run out of buyers, and when it's simply that purchase buyer who is either all cash or happens to have the deposit, and that's all you have. And there's no flexibility for people that want to get into the market. You know, that's tough. I could recall Paul Volcker years ago, we were talking about that in the book too. He ratcheted down home prices. He raised interest rates so much that home prices went down, and a lot of builders went out of business who had had a lot of snls go out of business, and, you know, the previous decade. So that was a tough time. We didn't even start to do that this time around, because they were afraid to the Fed is worried about keeping the Treasury market open, so they are afraid of deflation, which unfortunately means you don't get those opportunities to get into the market. I remember my parents, when I was very young, they would buy busted homes in Washington, DC. It was a great way to make a lot of money, and in five years, the House would double. That's the kind of market Washington was   Keith Weinhold  23:05   in my opinion, I don't see how there could be any substantial residential home price correction. Historically that happens when there's a wide swath of homeowners that get into financial trouble, like I was talking about earlier, the homeowner is in great financial shape today. In fact, since World War Two, we've only seen home prices drop substantially during one period. That was that period around 2008 and that's when we had conditions that are opposite of what they are today. We had loans underwritten with liar loans. We had an over supply of homes, like I was saying earlier, inflation can't touch one's principal and interest payment. We're still under supplied with homes. Most experts don't think we'll get that into balance for at least five years. I really don't see how home prices could fall substantially. I also don't see how they could rise substantially, like, say, 10% due to that low affordability, but I expect continued stability in prices?    Chris Whalen  24:02   Well, we'll see. I'm not as sanguine about that, because a lot of people feel house rich on paper, but when the bottom of the stack is really hurting as it is now, FHA delinquency rates really are in probably the mid teens. You don't see that yet in the middle with the 727, 40 FICO type borrowers. But I think over time you could, and if, again, it depends on the economy and some other factors, but I'll tell you right now, you're already seeing a correction in the hyad the bottom half, no. And there's a supply problem here, which I agree with you on. It's going to keep those home price is pretty firm. And even where I am in New York, for God's sake, Keith, there's no construction here. So we just had a house across the street from me go from million one. I live in Sleepy, hollow New York, and you know, this is typically around the conforming limit for prices for most of these homes, and it went for 150 $1,000 over the ask, it was crazy. Went in two weeks now, during COVID, we saw this sort of behavior, and we thought, Well, okay, you had zero interest rates. I got a 3% mortgage, by the way, awesome. But here we have a situation when markets cooled down a lot, and yet the lack of availability is really the driver. So in that sense, I agree with you, but I do think the high end could correct rather substantially.   Keith Weinhold  25:24    And of course, in multi family apartments, that's different. That's where values in a lot of markets have been depressed by more than 30% they were subject to those interest rates being jacked up, and we're still going to see balloon loans mature and people default on those in apartments. The pain is not over with air, but at some point that's going to bottom out, and that'll be a buyer opportunity in apartments.   Chris Whalen  25:47    Well, the thing is, new stuff is going fine. It's what happens is when the new gets built, the older assets down the road get discounted. That's really what's going on. People love new as you know, these kids love a new house, as opposed to an older house.   Keith Weinhold  26:02   Yes, that'll help reset the prices in the new market when you can compare those to what existing values are. Well, Chris, talk to us more about your new book and what the overall thesis of the book is in these critical times.    Chris Whalen  26:16   Inflated is meant to help people understand how our country went from agrarian, sleepy, isolationist America in the 1900s to being the dominant economy in the world and the provider of global money. We talk about how we got here. We talk about Abraham Lincoln and Franklin Roosevelt and many other characters. Obviously, we had to talk about Andrew Jackson, who is now embodied in our president, Donald Trump. We try and frame how this is all going to evolve in the future. And my thesis is basically the global currency role is something you get during or after a war. We took the baton from Great Britain after the First World War, and then by the end of World War Two, everybody in the world was broke, except for us. It was last man standing. And so rebuilt the world. We let everybody take advantage of us, and now President, who's saying, Nope, we got to change this. I think if it wasn't Trump, it would be somebody else. To be honest with you, Americans are tired of high inflation. They're tired of some of the other costs that come along with being the global reserve currency, so we try and frame all of this in an understandable way. And I particularly talk about housing during COVID and how that all really, I think, changed things for many Americans. Home ownership has been one of the basic ways we create wealth in this country, and the fact that we didn't have an opportunity for people to get in cheap with a fixer upper or a house that was foreclosed. You know, I think it's unfortunate, but the system just can't tolerate it. We've gone in 2008 and then in 2020 through two very significant crises when the government bond market stopped working. So we talk about that as well.   Keith Weinhold  28:03   I don't predict interest rates. I think it is really difficult to do you mentioned earlier about the prospect for lower interest rates coming. Everyone wants to know about coming. What's your outlook for the future of interest rates and inflation for just say the next five years? Chris,    Chris Whalen  28:19   I think interest rates will drop. That is to say what the Fed controls, which is short term interest rates. In the next year or so, we'll have a little bit of a boom as a result. But I think the concern about the federal deficit and US debt, the volatility caused by President Trump's trade strategy, and just general I think a sense of uncertainty among investors is going to keep long term interest rates higher than we saw during COVID And really the whole period since 2008 the Fed bought a lot of duration and took it out of the market, so they kept rates low. They're not going to do that as much in the future. I don't think they'll buy mortgage securities again, they are very chastened by that experience. So if they don't buy mortgage backed securities, and if the banks don't become more aggressive buyers, and I don't think they will, then you know, the marginal demand that would drive mortgage rates down is just not going to be there. Banks have been holding fewer and fewer mortgages and mortgage backed securities on their books for 35 years. If you look at the growth in the industry, the dollar amount of one to four family mortgages hasn't changed very much. So when you look at it that way, it's like, you know what's wrong? Two things. They want to only make mortgages to affluent households. They want to avoid headline risk and litigation and fines and all of that. And I think also, too some of the Basel capital rules for banks discourage them from holding mortgages and mortgage servicing rights, which is an area I work in quite a lot.   Keith Weinhold  29:55   It seems to me, like increasingly, the powers. It be the United States government just won't let the homeowner fail. They want to do so much to promote home ownership over the long term, we see relative ease with getting a mortgage. We've seen lower down payment requirements during other times, including COVID. We see the government jump in with things like mortgage loan forbearance and an eviction moratorium for renters. They just don't want to let people lose their homes. It just seems like there's more propensity to give homeowners a greater safety net than ever. Well,   Chris Whalen  30:29   we've turned it into an entitlement. Yeah, and Trump is changing that at the federal level. The states, the blue states, are going to continue to play that game at the state level, and they can even have state moratoria. But what's going to happen, and I think sooner rather than later, is you may see the federal agencies start to tier the states in terms of servicing fees, simply to reflect the cost. It takes over 1400 days to do a foreclosure in New York. Gosh, that is a big problem. You can lose the lien in New York now, it takes so long. So I think that, you know, from an investor perspective, from a developer perspective, it's not an attractive venue. That's just the reality. Then you even California is as progressive and as activists as it is, you can still get a foreclosure done very quickly using the trustees. It's just a totally different situation. If there are complications, you can get into a judicial foreclosure, which will take longer. But still, California works. New York is deliberately dysfunctional. We have people in the state legislature who are in foreclosure themselves, and they keep passing these laws. So, you know, I think at the federal level, you're going to see it roll back to pre COVID, but I will say that forbearance, both with respect to the agency and conventional market and private loans, is kind of the rule. Now we work with the borrower much more than we would in the past. It's it is really night and day.   Keith Weinhold  32:00   Chris, your new book has gotten a lot of acclaim. Let us know anything else that we should know about this book, and then if we can get it in all the usual places   Chris Whalen  32:10   you can buy it at Barnes and Noble Amazon. I have a page on my website, RC, waylon.com, with all the relevant links. But the online is the best way to get it. Most of the sales are on Kindle anyway, but well over 90% are online, so we don't have to worry about physical books. I think we'll be doing some book signings in the New York area. So we'll definitely let you know about that.   Keith Weinhold  32:33   One last thought is that the rate of inflation means more to a real estate investor than it does to a layperson, maybe five times as much or more, because when we borrow for an income property, our asset floats up with inflation. That part's really just a hedge on inflation. Our debt gets debased by inflation, which is really a mechanism for profiting from inflation over time. And then, thirdly, our cash flow tends to go up even faster than the rate of inflation, since our principal and interest stays fixed, so real estate investors can often be the beneficiary of inflation. It's sort of strange to go root for a force like inflation that can impoverish so many people. But what are your thoughts with respect to real estate investors and inflation?   Chris Whalen  33:19   Well, you know, it's funny when Jerome Powell at the Fed says that they have a 2% inflation target, my response is, well, we better have at least 2% inflation if we're going to make commercial real estate work. Commercial real estate went up for 75 years after World War Two. I can remember when I was in the rating business at Crowell bond ratings going to see some of the banks here in New York, their multifamily books had only seen the equity underneath the asset go up and up and up. In other words, the land ended up being 90% of the value, you know, 1520, years after the purchase and the improvements were almost worthless simply because the land appreciated so much. Now that has changed since COVID. A lot of commercial real estate, particularly has gotten under a bit of a cloud. You've seen falling prices. However, in parts of the country that are growing where you have a positive political environment, positive economic environment, you're still seeing fantastic growth in both commercial and multifamily markets. So I think being very careful and patient in doing your homework in terms of picking venues is more important now than ever before. You know, I'll give you an example. Down in Florida, we're building new malls every day. The mall down the road that's 15 years old. There's nothing wrong with it, but it's 15 years old. And so the price discounts that you're seeing for existing assets are rather striking. Same thing down in the Carolinas, down in, you know, Atlanta, and going down to the Texas growth spectacle, I'm always astounded by what's going on in Texas. They built so much in that whole area around South Lake, out by the airport. It, they're going to basically subsume used it. So, you know, in those markets, you have great opportunities, but you also have over building. And so we're going to see some cycles where they're going to be deals out there for projects that maybe were a little too ambitious have to get restructured, and astute investors can come in and do very well on that   Keith Weinhold  35:20   like we often say around here, in real estate investing, the market is typically even more important than the property itself. The name of Chris's new book, again, is inflated money, debt and the American dream. It has an awful lot of intersections with real estate investors and how they can play inflation. Uh, Chris has been a terrific conversation about the real estate market and larger market forces. It's been great having you here on the show.   Chris Whalen  35:47   Thank you, Keith. Let's do it again.   Keith Weinhold  35:49   Yeah, some good insights from Chris, a smart guy. And gosh, what a really sad state for rent stabilized apartments in New York City, where landlords of some of those properties, they would have to spend sometimes hundreds of 1000s of dollars in order to bring them up to code, but then they couldn't charge enough rent to offset those expenses due to government intervention and price fixing, so landlords just lock up the property vacant. And this sort of harkens back to when we were talking about some of this last year, when we had documentary film maker jen siderova on the show with her film called shopification, and it was about how rent control slowly makes neighborhoods fall into disrepair. All right, Chris and I had some difference of opinion there on the prospects for a home price correction. I think I made most of my points. He did, though, talk about running out of home buyers. If I have him back, maybe I'll pick up right there. More buyers are baked into the demographics, like I think I shared with you one time the US had its highest ever birth rate years between 1990 and 2010 more than 4 million births per year for a lot of those years. Just to review this with you, you might remember that 2007 was the US is peak birth year. Add 38 years to that for the average first time homebuyer age, and that housing demand won't even peak until 2045 and it will continue to stay high for a few years after that. So that's where the demand is just going to keep coming from, just piling on. And when I say that loan conditions have eased for American homeowners, like I did there during the interview, of course, what I'm talking about is the long term. I mean, lending conditions got more rigid after 2008 and with the adoption of Dodd Frank. What I'm talking about is, before the Great Depression, it was most common to have to make 50% to 60% down payments on property, and you had to repay the entire note in five to 10 years. I mean, can you imagine how that would hurt affordability today and then later, by 1950, 15, year loans were the common one. I mean, even that would impair affordability today. Today, 30 year loans are the common one, and you can put as little as 3% down on a primary residence. A lot of people don't know that either. It does not take 20% on a primary residence. So that's what I mean about the relative ease of credit flow today. Now, Chris has knowledge about other parts of the real estate market that I don't for his work inside DC and in other places like the foreclosure market. We talked about some of that right after the interview. For example, He was letting acronyms like NPL roll off his tongue, and I had to ask him what that meant. That's a non performing loan. Check out Chris's new book. Again, it's called inflated money debt in the American dream. And again, his website is RCwhalen.com and Chris also has a great sense of history, which we didn't get into, longtime real estate guys radio show co host Russell gray and I will discuss monetary history here on the show soon. Like I said, I'm coming to you from Edinburgh, Scotland this week, even if you don't see great sites, you know, it's interesting just walking the historic streets here, if you're an American that's visited here before, you surely know what I mean. And I told you that I'd let you know, the current real estate transaction I'm involved in is paying $650 a night for the hotel here in Edinburgh. Yes, that's a lot. I've actually paid less for fancier places in Dubai, but this hotel here is on the Royal Mile. Of course, I could have found less expensive accommodations elsewhere.    Speaking of less expensive, here's an announcement. And we have new investment property providers at GRE marketplace, two of them, the markets are both in Oklahoma, and they are Oklahoma City and Tulsa, Oklahoma as a state, is known for landlord friendly eviction processes and legal systems, kind of the opposite of New York. So this makes your property management more predictable. Now, when we look at this city, OKC has the lowest priced new single family rentals. I can think of it under 160k Yes, that really puts the exclamation point on inexpensive and favorable rent to price ratios often exceeding 1% which is obviously attractive for cash flow, meaning a 150k single family rental could yield over $1,500 in rent. There's high rental demand in certain sub markets. We have scouted out those exact places for you in the OKC metro, like Edmond Moore spelled M, O, O, R, E, and Midwest City, all supporting consistent rent income, though it was once really oil dependent, OKC has diversified economically, reducing your risk tied to commodity cycles and ok sees local economy that's supported by industries including aerospace, energy, health care and logistics. Then there's Tulsa. Tulsa has the highest cash flowing new build duplexes, perhaps anywhere in the US that I know about. On the single family rental side, a lot of Tulsa investors can find properties under 150k with monthly rents again exceeding 1% of the purchase price, clearly ideal. So yes, both Oklahoma City and Tulsa are now on GRE marketplace. You can either visit the pages and see them there, or one of our qualified, experienced GRE investment coaches. Meet with them. They can help guide you to the very best deals and show you the specific property addresses available right at this time for whatever best meets your needs. If you're looking to either start or expand to another market and you seek cash flow, you really need to consider Oklahoma. Yes, it is free to have a strategy session with an investment coach, whether that's for Oklahoma or other investor advantage regions. I often like to leave you with something actionable. You can start at GREinvestment coach.com start book a meeting for a free strategy session remotely. That's at GREinvestment coach.com, until next week, I'm your host. Keith Weinhold, don't quit your Daydream.   Dolf Deroos  42:51   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. 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  43:14   You know, whenever you want the best written real estate and finance info, oh, geez, today's experience limits your free articles access and it's got pay walls and pop ups and push notifications and cookies disclaimers. It's not so great. So then it's vital to place nice, clean, free content into your hands that adds no hype value to your life. That's why this is the golden age of quality newsletters, and I write every word of ours myself. It's got a dash of humor, and it's to the point because even the word abbreviation is too long, my letter usually takes less than three minutes to read, and when you start the letter, you'll also get my one hour fast real estate video. Course, it's all completely free. It's called the Don't quit your Daydream letter. It wires your mind for wealth, and it couldn't be easier for you to get it right now. Just text gre to 66866. While it's on your mind, take a moment to do it right now. Text, gre to 66866.   The preceding program was brought to you by your home for wealth, building, getricheducation.com.

America Adapts the Climate Change Podcast
What's Brewing at America Adapts? Updates, Travels, and What's Coming Next

America Adapts the Climate Change Podcast

Play Episode Listen Later Jun 2, 2025 4:05


In this short solo episode 230 of America Adapts, host Doug Parsons shares some behind-the-scenes updates on America Adapts. Doug reflects on the recent all-Spanish episode in partnership with World Wildlife Fund, recaps his visit to the Climate Connect conference in DC, and previews upcoming guests like Robin Keegan and Laurie Schoeman. He also shares details about his summer travels to the Managed Retreat Conference in New York and the Schoodic Institute in Maine. Plus, hear about an exciting new podcast series with the CO2 Foundation, a shoutout to professors planning their fall courses, and a quick reminder that Doug is available for speaking engagements. Check out the America Adapts Media Kit here! Subscribe to the America Adapts newsletter here. Donate to America Adapts Listen to America Adapts on your favorite app here! Facebook, Linkedin and Twitter: https://www.facebook.com/americaadapts/ @usaadapts https://www.linkedin.com/in/doug-parsons-america-adapts/ Links in this episode:  Climate Connect Conferencehttps://climatetechconnect.io/   Doug Parsons and Speaking Opportunities: If you are interested in having Doug speak at corporate and conference events, sharing his unique, expert perspective on adaptation in an entertaining and informative way, more information can be found here! Facebook, Linkedin and Twitter: https://www.facebook.com/americaadapts/ @usaadapts https://www.linkedin.com/in/doug-parsons-america-adapts/ Donate to America Adapts Follow on Apple Podcasts Follow on Android Now on Spotify! List of Previous Guests on America Adapts Follow/listen to podcast on Apple Podcasts. Donate to America Adapts, we are now a tax deductible charitable organization! Federal Reserve Bank of San Francisco Strategies to Address Climate Change Risk in Low- and Moderate-income Communities - Volume 14, Issue 1 https://www.frbsf.org/community-development/publications/community-development-investment-review/2019/october/strategies-to-address-climate-change-low-moderate-income-communities/ Podcasts in the Classroom – Discussion guides now available for the latest episode of America Adapts. These guides can be used by educators at all levels. Check them out here! The 10 Best Sustainability Podcasts for Environmental Business Leadershttps://us.anteagroup.com/news-events/blog/10-best-sustainability-podcasts-environmental-business-leaders Join the climate change adaptation movement by supporting America Adapts!  Please consider supporting this podcast by donating through America Adapts fiscal sponsor, the Social Good Fund. All donations are now tax deductible! For more information on this podcast, visit the website at http://www.americaadapts.org and don't forget to subscribe to this podcast on Apple Podcasts.   Podcast Music produce by Richard Haitz Productions Write a review on Apple Podcasts ! America Adapts on Facebook!   Join the America Adapts Facebook Community Group. Check us out, we're also on YouTube! Executive Producer Dr. Jesse Keenan Subscribe to America Adapts on Apple Podcasts Doug can be contacted at americaadapts @ g mail . com

Thoughtful Money with Adam Taggart
Lacy Hunt: The Economy Is "Far Worse" Than Wall Street Thinks. Recession Odds Are Actually Over 50%

Thoughtful Money with Adam Taggart

Play Episode Listen Later Jun 1, 2025 73:32


GET THE 3 RESOURCES LACY MENTIONS by signing up for our free Substack at http://thoughtfulmoney.substack.com/It's an especially confusing time for investors.On one hand, the US economy is showing signs of slowing, with a negative growth for Q1 GDP, and mounting evidence that many corporations and consumer households are feeling the pinch of higher borrowing costs.On the other hand, FOMO Is returning to the stock market as corporate earnings look solid, tariffs tensions ease somewhat, and optimism over the longer term likely positive impact the Trump Adminstration's business-friendly policies will have on the economy.So, which is more warranted here: optimism or pessimism?For perspective, we have the great fortune today to sit down with one of the greatest living economists, Lacy Hunt, former senior economist for the Federal Reserve Bank of Dallas and current Executive Vice President of Hoisington Investment Management Company.Lacy sees Wall Street as dangerously deluded here. In his eyes, the economy is "far worse" than markets are currently expecting.Buckle up.#recession #marketcorrection #economy 0:00 - Deteriorating hard data5:22 - Inventory surge and corporate profits.10:24 - Rising unemployment claims14:10 - Big Beautiful Bill's limited impact22:02 - Debt overhang and economic drag27:11 - Long-term policy optimism31:30 - Money supply's critical role37:03 - Deflation over inflation concerns46:17 - Federal Reserve's delayed action48:04 - Systemic risks and Minsky moment53:00 - Neil Ferguson's empire insights54:03 - Market outlook and bond value1:02:17 - Policy reform for debt control1:06:59 - Defining a rich life1:13:10 - Closing and viewer guidance_____________________________________________ Thoughtful Money LLC is a Registered Investment Advisor Promoter.We produce educational content geared for the individual investor. It's important to note that this content is NOT investment advice, individual or otherwise, nor should be construed as such.We recommend that most investors, especially if inexperienced, should consider benefiting from the direction and guidance of a qualified financial advisor registered with the U.S. Securities and Exchange Commission (SEC) or state securities regulators who can develop & implement a personalized financial plan based on a customer's unique goals, needs & risk tolerance.IMPORTANT NOTE: There are risks associated with investing in securities.Investing in stocks, bonds, exchange traded funds, mutual funds, money market funds, and other types of securities involve risk of loss. Loss of principal is possible. Some high risk investments may use leverage, which will accentuate gains & losses. Foreign investing involves special risks, including a greater volatility and political, economic and currency risks and differences in accounting methods.A security's or a firm's past investment performance is not a guarantee or predictor of future investment performance.Thoughtful Money and the Thoughtful Money logo are trademarks of Thoughtful Money LLC.Copyright © 2025 Thoughtful Money LLC. All rights reserved.

Unf*cking The Republic
Credit Risk: The Looming U.S. Credit Crisis.

Unf*cking The Republic

Play Episode Listen Later May 31, 2025 34:05


How much credit risk is in the market? Equities get the headlines but the world runs on credit. Jamie Dimon recently declared that credit was a “bad risk” on the heels of Moody’s downgrading the U.S. credit rating and a spike in the 10 Year Treasury yield. Suddenly, the boring old credit and bond markets are all the rage on the financial news channels, and it goes much deeper than treasuries. Today’s episode examines the scope of the global credit market and unpacks the difference between the systemic threat posed in the global financial crisis (GFC) and the looming credit crisis today. And, it shows how the big corporations prepared for the gathering storm by rewriting the rules of the game after the GFC. The big guys are fairly insulated from any sort of looming credit shock, but the rest of us are pretty much toast. Access the episode resources. Chapters Intro: 00:01:00 Post Show Musings: 00:28:25 Outro: 00:33:39 Resources Moody’s: Moody’s Ratings downgrades United States ratings to Aa1 from Aaa; changes outlook to stable Federal Reserve Bank of New York: Household Debt and Credit Report Federal Reserve Bank of New York: The Labor Market for Recent College Graduates Coleman Report: Small Business Loan Defaults Expected to Peak Next Year Offshoring Lincoln International LLC: Q1 2025 Lincoln Private Market Index™ Investopedia: Payment-in-Kind (PIK): What It Is, How It Works, Pros and Cons Axios: Americans are behind on car payments at a record level MBA: Mortgage Delinquencies Increase Slightly in the First Quarter of 2025 HBR: U.S. Commercial Real Estate Is Headed Toward a Crisis J.P. Morgan Private Bank U.S.: Municipal Bonds: Back in the Spotlight U.S. Department of the Treasury: Treasury International Capital Data for March Everything Policy: Where are the key Panama Papers figures, seven years later? Secondaries Investor: Yale sells up to $6bn of its PE portfolio amid federal funding challenge NBER: The Offshore World According to FATCA: New Evidence on the Foreign Wealth of U.S. Peter Lang Publishing: Hip Hop Can Save America! UNFTR Episode Resources The U.S. Dollar and 10 Year Treasury. Updated Tax Evasion Figures. Video: Credit Risk: The looming U.S. Credit Crisis UNFTR 5 Non-Negotiables -- If you like #UNFTR, please leave us a rating and review on Apple Podcasts and Spotify: unftr.com/rate and follow us on Facebook, Bluesky, TikTok and Instagram at @UNFTRpod. Visit us online at unftr.com. Join our Discord at unftr.com/discord. Become a member at unftr.com/memberships. Buy yourself some Unf*cking Coffee at shop.unftr.com. Visit our bookshop.org page at bookshop.org/shop/UNFTRpod to find the full UNFTR book list, and find book recommendations from our Unf*ckers at bookshop.org/lists/unf-cker-book-recommendations. Access the UNFTR Musicless feed by following the instructions at unftr.com/accessibility. Unf*cking the Republic is produced by 99 and engineered by Manny Faces Media (mannyfacesmedia.com). Original music is by Tom McGovern (tommcgovern.com). The show is hosted by Max and distributed by 99.Support the show: https://www.buymeacoffee.com/unftrSee omnystudio.com/listener for privacy information.

Freakonomics Radio
634. “Fault-Finder Is a Minimum-Wage Job”

Freakonomics Radio

Play Episode Listen Later May 30, 2025 62:15


Austan Goolsbee, president of the Federal Reserve Bank of Chicago, is less reserved than the average banker. He explains why vibes are overrated, why the Fed's independence is non-negotiable, and why tariffs could bring the economy back to the Covid era. SOURCES:Austan Goolsbee, president and chief executive officer of the Federal Reserve Bank of Chicago. RESOURCES:"Internet Rising, Prices Falling: Measuring Inflation in a World of E-Commerce," by Austan Goolsbee and Peter Klenow (American Economic Association Papers and Proceedings, 2018).Microeconomics, by Austan Goolsbee, Steven Levitt, and Chad Syverson (2012)."Does the Internet Make Markets More Competitive? Evidence from the Life Insurance Industry," by Jeffrey Brown and Austan Goolsbee (Journal of Political Economy, 2002).Survey of Consumers (University of Michigan).Adobe Digital Price Index. EXTRAS:"Was Austan Goolsbee's First Visit to the Oval Office Almost His Last?" by People I (Mostly) Admire (2022)."Is $2 Trillion the Right Medicine for a Sick Economy?" by Freakonomics Radio (2020)."Fed Up," by Freakonomics Radio (2019)."Why the Trump Tax Cuts Are Terrible/Awesome (Part 2)" by Freakonomics Radio (2018)."Ben Bernanke Gives Himself a Grade," by Freakonomics Radio (2015)."Should the U.S. Merge With Mexico?" by Freakonomics Radio (2014).

Palisade Radio
Danielle DiMartino Booth: The Fed is Derelict in it’s Duty to the American People

Palisade Radio

Play Episode Listen Later May 29, 2025 49:05


Tom Bodrovics once again engages in an interesting conversation with Danielle DiMartino Booth, CEO and Chief Strategist for QI Research, former Fed Insider, and author of the book "Fed Up." The conversation focuses on the ongoing recession that likely began in Q1 2024. Danielle highlights key data points, such as job losses starting in Q2 2024, which confirm the recession's onset. Despite this clarity, official channels are reluctant to acknowledge the recession due to political considerations. Danielle emphasizes the severe impact of student loan forbearance and credit constraints on US households, noting that rising defaults will further strain consumer spending. This situation is compounded by a lack of clear policies to replace past stimulus measures, leaving the economy vulnerable. Danielle shifts into the commercial real estate sector, with banks facing growing pressure to recognize losses. She critiques the Federal Reserve for ignoring critical data, such as shelter inflation and job losses, in favor of focusing on tariffs' impact on goods prices. This stance, she argues, is politically motivated and disregards the Fed's own historical lessons. Investors are advised to prioritize safety over riskier assets, given the high returns on cash and the uncertain economic outlook. Danielle concludes by urging empathy and support for communities navigating these challenging times, emphasizing the importance of looking out for one another during economic hardship. Time Stamp References:0:00 - Introduction1:10 - Recession Recognition?6:05 - Recession & Neg. GDP9:06 - Politics & Power Games11:28 - Democrats & Leadership14:16 - Global Recession Outlook16:10 - Student Loan Problems20:10 - Com. Real Estate Bubble23:48 - Banks & Neg. Home Values26:38 - Q.E. Tariffs & Inflation30:30 - Wages, Housing, & Retail36:30 - Powell & Coming Shocks40:59 - Fed Ignoring The Data42:05 - Safe Investor Plays?47:10 - Concluding Thoughts48:10 - Wrap Up Guest Links:X: https://x.com/DiMartinoBoothSubstack: https://dimartinobooth.substack.com/Website: https://quillintelligence.com/YouTube: https://www.youtube.com/c/DanielleDiMartinoBoothQI Danielle DiMartino Booth is CEO and Chief Strategist for Quill Intelligence LLC, a research and analytics firm. DiMartino Booth set out to launch a Research Revolution, redefining how market intelligence is conceived and delivered, with the goal of not only guiding portfolio managers but promoting financial literacy. To build QI, she brought together a core team of investing veterans in analyzing the trends and providing critical analysis of what drives the markets. Since its inception, commentary and data from DiMartino Booth's The Daily Feather have appeared in other financial sources such as Bloomberg, CNBC, Fox Business, Institutional Investor, Yahoo Finance, The Wall Street Journal, MarketWatch, Seeking Alpha, TD Ameritrade, TheStreet.com, and more. A global thought leader on monetary policy, economics, and finance, DiMartino Booth founded Quill Intelligence in 2018. She is the author of FED UP: An Insider's Take on Why the Federal Reserve is Bad for America (Portfolio, Feb 2017), a full-time columnist for Bloomberg View, a business speaker, and a commentator frequently featured on CNBC, Bloomberg, Fox News, Fox Business News, BNN Bloomberg, Yahoo Finance and other major media outlets. Before Quill, DiMartino Booth spent nine years at the Federal Reserve Bank of Dallas, serving as Advisor to President Richard W. Fisher throughout the financial crisis until his retirement in 2015. Her work at the Fed focused on financial stability and the efficacy of unconventional monetary policy. DiMartino Booth began her career in New York at Credit Suisse and Donaldson, Lufkin & Jenrette, where she worked in the fixed income, public equity, and private equity markets. DiMartino Booth earned her BBA as a College of Business Scholar at the University of Texas at San Antonio.

Bloomberg Talks
Goldman Vice Chairman & Former Dallas Fed President Rob Kaplan Talks Fed Might Not Be Cutting Rates This Year

Bloomberg Talks

Play Episode Listen Later May 29, 2025 6:55 Transcription Available


Goldman Sachs Vice Chair Robert Kaplan, former president of the Federal Reserve Bank of Dallas, says he expects sluggish growth but not a recession. Speaking with Sonali Basak at the Goldman Sachs Tenth Annual Leveraged Finance and Credit Conference in Dana Point, California, Kaplan also discusses the outlook for Fed monetary policy this year.See omnystudio.com/listener for privacy information.

Bitcoin Audible
Read_885 The Great Taking [P4]

Bitcoin Audible

Play Episode Listen Later May 29, 2025 76:20


"Only the Federal Reserve System was designed to survive and take over all assets and banking activities. Only the Federal Reserve Banks and those selected and controlled by the Federal Reserve were allowed to reopen. The Federal Reserve was also indemnified by the government, i.e. the public, for any losses. And so, large-scale closure of banks and taking of bank deposits is not unprecedented. Holders of cash in banks are unsecured creditors, with no enforceable claim to their money. [...] All deposits and assets will be taken by the "protected class" of secured creditors. This is where it is going." ~ David Rogers Webb Its time for the conclusion of "The Great Taking," In Part 4 we explore how the 1933 Bank Holiday wasn't a rescue, but a carefully orchestrated wealth transfer that created the template for today's coming collapse. With derivatives worth more than the entire global economy "backed" by comically unfunded FDIC insurance, and central bank digital currencies ready to replace the old system with absolute control, are we witnessing the final phase of the greatest theft in human history? Check out the original article The Great Taking by David Rogers Webb. (Link: https://thegreattaking.com/read-online-or-download) Bitcoin Audible & Guy Swann Links ⁠Guy on Nostr ⁠(Link: http://tinyurl.com/2xc96ney) ⁠Guy on X ⁠(Link: https://twitter.com/theguyswann) Guy on Instagram (Link: https://www.instagram.com/theguyswann) Guy on TikTok (Link: https://www.tiktok.com/@theguyswann) Guy on YouTube (Link: https://www.youtube.com/@theguyswann) ⁠Bitcoin Audible on X⁠ (Link: https://twitter.com/BitcoinAudible) The Guy Swann Network Broadcast Room on Keet (Link: https://tinyurl.com/3na6v839) Check out our awesome sponsors! HRF: The Human Rights Foundation is a nonpartisan, nonprofit organization that promotes and protects human rights globally, with a focus on closed societies. Subscribe to HRF's Financial Freedom Newsletter today. (Link: https://mailchi.mp/hrf.org/financial-freedom-newsletter) OFF: The Oslo Freedom Forum (OFF) is an international human rights conference series hosted and produced by the Human Rights Foundation (HRF). Bringing together the world's most engaging human rights advocates, journalists, artists, tech entrepreneurs, and world leaders, we aim to share their stories and brainstorm ways to expand freedom and unleash human potential across the globe. Don't miss this year's Oslo Freedom Forum in May. (Link: https://oslofreedomforum.com/event/oslo-freedom-forum-2025/) Pubky: Pubky is building the next web, a decentralized system designed to put control back in your hands. Escape censorship, algorithmic manipulation, and walled gardens by owning your identity and data. Explore the Pubky web and become the algorithm today. (Link: https://pubky.org/) Trying to BUY BITCOIN? River: Secure, trusted, bitcoin only, lightning enabled, simple. (Link: https://bitcoinaudible.com/river)

The Paul W. Smith Show
Austan Goolsbee, Federal Reserve Bank of Chicago President

The Paul W. Smith Show

Play Episode Listen Later May 29, 2025 9:50


May 29, 2025 ~ Austan Goolsbee, Federal Reserve Bank of Chicago President joins Paul live from the Mackinac Policy Conference.

Bloomberg Talks
Fed's Tom Barkin Talks Path for Economy, Tariff Uncertainty

Bloomberg Talks

Play Episode Listen Later May 27, 2025 9:48 Transcription Available


Federal Reserve Bank of Richmond President Tom Barkin discusses the outlook for the US economy and current business and consumer sentiment with Bloomberg's Matt Miller, Katie Greifeld and Mike McKee. See omnystudio.com/listener for privacy information.

New Books in Economic and Business History
Nicholas Borst, "The Bird and the Cage: China's Economic Contradictions" (Palgrave MacMillan, 2025)

New Books in Economic and Business History

Play Episode Listen Later May 25, 2025 57:26


The Chinese Communist Party's complex and contradictory embrace of capitalism has played a pivotal role in shaping China's economic reforms since the late 1970s. The Bird and the Cage: China's Economic Contradictions (Palgrave MacMillan, 2025) explores the persistent tensions between state control and market forces in China. It shows how these tensions provide a framework to understand Xi Jinping's recent efforts to tighten control over the Chinese economy. It also evaluates the broader implications of these policies for China's economic trajectory and its global trade relationships. Nicholas Borst is vice president and director of China research at Seafarer Capital Partners, and a member of the seventh cohort of the Public Intellectuals Program of the National Committee on US-China Relations. Prior to joining Seafarer, he was a senior analyst at the Federal Reserve Bank of San Francisco covering financial and economic developments in Greater China. Previously, Mr. Borst was the China program manager and a research associate at the Peterson Institute for International Economics. He also worked as an analyst at the World Bank, reviewing Chinese overseas investment projects. He was the founder and editor of the Peterson Institute's China Economic Watch blog, the co-founder of the Federal Reserve's Pacific Exchanges blog and podcast, and the founder of Seafarer's Prevailing Winds blog. His research and commentary have been featured in the Financial Times, The Wall Street Journal, The Economist, Bloomberg, The Wire China, and South China Morning Post. He has testified before the U.S.-China Economic and Security Review Commission on two occasions. Mr. Borst holds a B.A. in political science and international studies from the University of Arizona. He holds a certificate in Chinese studies from The Johns Hopkins University – Nanjing University Center and a master's degree in international relations and economics from the Johns Hopkins University School of Advanced International Studies. He is a CFA charterholder and a member of the CFA Institute. Learn more about your ad choices. Visit megaphone.fm/adchoices

MoneyWise on Oneplace.com
Slipping Back into Old Financial Habits with Dr. Shane Enete

MoneyWise on Oneplace.com

Play Episode Listen Later May 23, 2025 24:57


They say that crisis reveals character, and for a brief moment, the pandemic revealed surprising financial resilience.Many Americans experienced a rare financial reset during that season, as savings rose and debt declined. But five years later, much of that progress has unraveled. Dr. Shane Enete joins us to unpack what changed—and how believers can respond faithfully in a culture gripped by renewed financial anxiety.Dr. Shane Enete is an Associate Professor of Finance at Biola University and founded the Biola Center for Financial Planning. He is also the author of the book Whole Heart Finances: A Jesus-Centered Guide to Managing Your Money with Joy.The Unexpected Silver Lining of the PandemicWhen the COVID-19 pandemic brought life to a standstill, something surprising happened with our money. Instead of overspending, many Americans buckled down.Research from the Federal Reserve Bank of Boston and the U.S. Government Accountability Office showed that people used pandemic stimulus checks to reduce credit card balances and cut spending. Simultaneously, emergency fund levels rose to 20-year highs.With fewer opportunities to spend and greater economic vulnerability, people embraced margin, paid down debt, and began saving like never before. It was a rare moment of collective financial wisdom.The Return to Old HabitsBut that moment didn't last.Fast-forward to today, and the picture looks far less encouraging. Credit card debt has now surpassed $1 trillion, and six in ten Americans are uncomfortable with their emergency savings, up from just 37% before the pandemic.The decline in financial well-being is measurable. According to the CFPB's 2024 Making Ends Meet survey, the average financial well-being score dropped from 55 to 49. This score reflects how confident households feel about meeting basic expenses, like paying bills and putting food on the table.Even more concerning: over one in three Americans now carry more credit card debt than they have saved. And 42% say they couldn't go even one month without income before falling behind.Why It Matters for ChristiansSo, what's going on? Why the backslide? The answer lies not just in behavior but also in belief.Fear takes over when Jesus isn't present in our financial decisions. We start believing that we have to carry the full weight of financial responsibility. But Scripture reminds us that we have a good Father and a faithful Shepherd who provides for His children.As believers, we're called to live differently—to manage God's resources with wisdom, margin, and generosity. This begins with a mindset shift from ownership to stewardship.Many people dread the word “budget”, but we should really see this through a new lens. If budgeting is about tracking God's provision—your daily bread, your shelter, your gas money—then it becomes an act of gratitude. It's a moment to declare God's goodness.”By embracing this spiritual practice, we open a line of communication with the Lord about our finances. Budgeting isn't just math. It's discipleship.Your Next Step Toward StewardshipWhere do you begin if you want to live this way?Start simple and track your spending. Shine a light on your habits without judgment. What you illuminate can be transformed. Ephesians 5:13 says, “But everything exposed by the light becomes visible—and everything that is illuminated becomes a light.”Using tools like the FaithFi app can help you begin this journey. And remember, you don't have to walk it alone.Living within your means, avoiding debt, and giving generously stand out in a culture of consumption. They testify to the Spirit's work in our lives, especially the fruit of self-control.When believers manage money wisely, they display a beautiful trait of the Holy Spirit. They model a life that's free, sustainable, and others-focused—the kind of financial light the world desperately needs.To read Dr. Enete's full article in the latest issue of our quarterly magazine, Faithful Steward, become a FaithFi Partner today with a gift of $35 a month or $400 a year. Just visit FaithFi.com/Partner to join.On Today's Program, Rob Answers Listener Questions:My mother, who's in her 90s, is going to be selling my house, which I've owned for over 30 years. It looks like the sale may exceed the $250,000 capital gains exemption. If the profit goes over by, say, $20,000, what happens? How is that taxed, and how soon would she have to address it after the sale?Resources Mentioned:Faithful Steward: FaithFi's New Quarterly Magazine (Become a FaithFi Partner)Heart for LebanonWisdom Over Wealth: 12 Lessons from Ecclesiastes on Money (Pre-Order)Look At The Sparrows: A 21-Day Devotional on Financial Fear and AnxietyRich Toward God: A Study on the Parable of the Rich FoolFind a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)FaithFi App Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network and American Family Radio. Visit our website at FaithFi.com where you can join the FaithFi Community and give as we expand our outreach.

Palisade Radio
Chris Whalen: Inflated – Money, Debt, and the American Dream

Palisade Radio

Play Episode Listen Later May 22, 2025 57:39


Tom Bodrovics introduces Chris Whalen, author of Inflated: Money, Debt, and the American Dream, which has been re-released in a second edition with significant updates. The conversation focuses on the current state of markets, the impact of President Trump's tariff policies, and the challenges posed by the federal debt and inflation. Chris explains that he removed 20,000 words from his original book to make space for a new chapter analyzing the Federal Reserve's management of the money supply under Ben Bernanke, Janet Yellen, and Jerome Powell. He highlights how the U.S. housing market has become heavily government-supported, leading to increased volatility and rising costs for consumers. Discussing inflation, Chris notes that it is driven by the inability of governments to generate sufficient income to meet their people's needs, as seen in countries like Argentina. He argues that borrowing from future income through debt creates distortions, particularly in housing markets, where prices have surged due to low interest rates and government intervention. He also critiques the dysfunctionality of Congress, which he believes is unable to pass budgets or manage spending effectively. Chris emphasizes the importance of gold as a hedge against inflation and expresses skepticism about stablecoins and cryptocurrencies, calling them speculative vehicles rather than reliable alternatives to fiat currency. He suggests that the U.S. dollar's dominance in global markets contributes to inflationary pressures, as other countries benefit from using dollars without bearing the associated costs. The discussion concludes with Chris offering an optimistic outlook, noting that while challenges remain, opportunities exist for investors to navigate inflation through real estate and gold. He encourages listeners to manage investments with a long-term perspective, considering the erosive effects of even low levels of inflation over time. Time Stamp References:0:00 - Introduction1:02 - His Revised Book3:08 - Tariffs & Debt Distortions7:12 - Reserve Currency & Inflation11:03 - Debt Markets & Fed/Banks17:32 - National Debt & Spending21:18 - DOGE Cuts & Old Systems30:17 - Trump's Strategy?34:04 - Gold During Nixon Era39:08 - Book & US Administrations44:13 - MMT Era & Cryptocurrency?50:21 - Silver Supply & 1800s52:06 - Stablecoin Backing55:02 - Concluding Thoughts56:33 - Wrap Up Guest Links:Website: https://www.rcwhalen.com/X: https://x.com/rcwhalenBooks (Amazon): https://tinyurl.com/mv3wctcrLinkedIn: https://www.linkedin.com/in/rcwhalen/ Richard Christopher Whalen is an investment banker and author based in New York. He serves as Chairman of Whalen Global Advisors LLC, focusing on banking, mortgage finance, and fintech sectors. Christopher is a contributing editor at National Mortgage News and a general securities principal and member of FINRA. From 2014 to 2017, he was the Senior Managing Director and Head of Research at Kroll Bond Rating Agency, leading the Financial Institutions and Corporate Ratings Groups. Previously, he was a principal at Institutional Risk Analytics from 2003 to 2013. Over three decades, Chris has worked as an author, financial professional, and journalist in Washington, New York, and London. After graduating, he served under Rep. Jack Kemp (R-NY) at the House Republican Conference Committee. In 1993, he was the first journalist to report on secret FOMC minutes concealed by Alan Greenspan. His career included roles at the Federal Reserve Bank of New York, Bear Stearns & Co., Prudential Securities, Tangent Capital, and Carrington Mortgage Holdings. Christopher holds a B.A. in History from Villanova University. He is the author of three books: "Ford Men: From Inspiration to Enterprise" (2017), published by Laissez Faire Books; "Inflated: How Money and Debt Built the American Dream" (2010) by John Wiley & Sons; and co-author of "Financial Stability: Fraud, Confidence & the Wealth of Nations,

The Capitalism and Freedom in the Twenty-First Century Podcast
The US Dollar And International Economics With Harvard's Kenneth Rogoff

The Capitalism and Freedom in the Twenty-First Century Podcast

Play Episode Listen Later May 22, 2025 60:01 Transcription Available


Jon Hartley and Kenneth Rogoff discuss Ken's career as an academic economist, his time in international economic policy, rising sovereign debt burdens, monetary policy, the legacy of quantitative easing, exchange rate theories, tariffs, and the US dollar's status as the world reserve currency. Recorded on May 12, 2025. ABOUT THE SPEAKERS: Kenneth Rogoff is Thomas D. Cabot Professor at Harvard University. From 2001-2003, Rogoff served as Chief Economist at the International Monetary Fund. His 2009 book with Carmen Reinhart, This Time is Different: Eight Centuries of Financial Folly, has been very widely cited by academics, policymakers, and journalists. One regularity that Reinhart and Rogoff illustrate is the remarkable quantitative similarities across time and countries in the run-up and the aftermath of severe financial crises. In general, they show that for financial crises, the differences between emerging markets and advanced countries are far less pronounced than previously believed. Rogoff is also known for his seminal work on exchange rates and on central bank independence. His treatise, Foundations of International Macroeconomics (joint with Maurice Obstfeld), is the standard graduate text in the field worldwide. His monthly syndicated column on global economic issues is published in over 50 countries. He serves on the Economic Advisory Panel of the New York Federal Reserve. He is a member of the Council on Foreign Relations. Rogoff is an elected member of the National Academy of Sciences, the American Academy of Arts and Sciences, and the Group of Thirty. Rogoff is among the top ten on RePEc's ranking of economists by scholarly citations. He is also an international grandmaster of chess. Jon Hartley is currently a Policy Fellow at the Hoover Institution, an economics PhD Candidate at Stanford University, a Research Fellow at the UT-Austin Civitas Institute, a Senior Fellow at the Foundation for Research on Equal Opportunity (FREOPP), a Senior Fellow at the Macdonald-Laurier Institute, and an Affiliated Scholar at the Mercatus Center. Jon is also the host of the Capitalism and Freedom in the 21st Century Podcast, an official podcast of the Hoover Institution, a member of the Canadian Group of Economists, and the chair of the Economic Club of Miami. Jon has previously worked at Goldman Sachs Asset Management as a Fixed Income Portfolio Construction and Risk Management Associate and as a Quantitative Investment Strategies Client Portfolio Management Senior Analyst and in various policy/governmental roles at the World Bank, IMF, Committee on Capital Markets Regulation, U.S. Congress Joint Economic Committee, the Federal Reserve Bank of New York, the Federal Reserve Bank of Chicago, and the Bank of Canada.  Jon has also been a regular economics contributor for National Review Online, Forbes, and The Huffington Post and has contributed to The Wall Street Journal, The New York Times, USA Today, Globe and Mail, National Post, and Toronto Star, among other outlets. Jon has also appeared on CNBC, Fox Business, Fox News, Bloomberg, and NBC and was named to the 2017 Forbes 30 Under 30 Law & Policy list, the 2017 Wharton 40 Under 40 list, and was previously a World Economic Forum Global Shaper.  ABOUT THE SERIES: Each episode of Capitalism and Freedom in the 21st Century, a video podcast series and the official podcast of the Hoover Economic Policy Working Group, focuses on getting into the weeds of economics, finance, and public policy on important current topics through one-on-one interviews. Host Jon Hartley asks guests about their main ideas and contributions to academic research and policy. The podcast is titled after Milton Friedman‘s famous 1962 bestselling book Capitalism and Freedom, which after 60 years, remains prescient from its focus on various topics which are now at the forefront of economic debates, such as monetary policy and inflation, fiscal policy, occupational licensing, education vouchers, income share agreements, the distribution of income, and negative income taxes, among many other topics. For more information, visit: capitalismandfreedom.substack.com/

Speaking of the Economy
The Economic Value of Farming in Rural Communities

Speaking of the Economy

Play Episode Listen Later May 21, 2025 10:01


Joseph Mengedoth provides an overview of the economic contributions of agriculture in the rural parts of the Fifth District. Mengedoth is a regional economist at the Federal Reserve Bank of Richmond. Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2025/speaking_2025_05_21_farming

Bloomberg Talks
Atlanta Fed President Raphael Bostic Talks Tarrifs

Bloomberg Talks

Play Episode Listen Later May 19, 2025 11:07 Transcription Available


Federal Reserve Bank of Atlanta President Raphael Bostic suggests that a faster-than-expected resolution to trade negotiations could lead to earlier Fed action, while a prolonged negotiation period could delay it. He is joined by Bloomberg's Mike McKee.See omnystudio.com/listener for privacy information.

New Books Network
Nicholas Borst, "The Bird and the Cage: China's Economic Contradictions" (Palgrave MacMillan, 2025)

New Books Network

Play Episode Listen Later May 17, 2025 57:26


The Chinese Communist Party's complex and contradictory embrace of capitalism has played a pivotal role in shaping China's economic reforms since the late 1970s. The Bird and the Cage: China's Economic Contradictions (Palgrave MacMillan, 2025) explores the persistent tensions between state control and market forces in China. It shows how these tensions provide a framework to understand Xi Jinping's recent efforts to tighten control over the Chinese economy. It also evaluates the broader implications of these policies for China's economic trajectory and its global trade relationships. Nicholas Borst is vice president and director of China research at Seafarer Capital Partners, and a member of the seventh cohort of the Public Intellectuals Program of the National Committee on US-China Relations. Prior to joining Seafarer, he was a senior analyst at the Federal Reserve Bank of San Francisco covering financial and economic developments in Greater China. Previously, Mr. Borst was the China program manager and a research associate at the Peterson Institute for International Economics. He also worked as an analyst at the World Bank, reviewing Chinese overseas investment projects. He was the founder and editor of the Peterson Institute's China Economic Watch blog, the co-founder of the Federal Reserve's Pacific Exchanges blog and podcast, and the founder of Seafarer's Prevailing Winds blog. His research and commentary have been featured in the Financial Times, The Wall Street Journal, The Economist, Bloomberg, The Wire China, and South China Morning Post. He has testified before the U.S.-China Economic and Security Review Commission on two occasions. Mr. Borst holds a B.A. in political science and international studies from the University of Arizona. He holds a certificate in Chinese studies from The Johns Hopkins University – Nanjing University Center and a master's degree in international relations and economics from the Johns Hopkins University School of Advanced International Studies. He is a CFA charterholder and a member of the CFA Institute. 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

New Books in East Asian Studies
Nicholas Borst, "The Bird and the Cage: China's Economic Contradictions" (Palgrave MacMillan, 2025)

New Books in East Asian Studies

Play Episode Listen Later May 17, 2025 57:26


The Chinese Communist Party's complex and contradictory embrace of capitalism has played a pivotal role in shaping China's economic reforms since the late 1970s. The Bird and the Cage: China's Economic Contradictions (Palgrave MacMillan, 2025) explores the persistent tensions between state control and market forces in China. It shows how these tensions provide a framework to understand Xi Jinping's recent efforts to tighten control over the Chinese economy. It also evaluates the broader implications of these policies for China's economic trajectory and its global trade relationships. Nicholas Borst is vice president and director of China research at Seafarer Capital Partners, and a member of the seventh cohort of the Public Intellectuals Program of the National Committee on US-China Relations. Prior to joining Seafarer, he was a senior analyst at the Federal Reserve Bank of San Francisco covering financial and economic developments in Greater China. Previously, Mr. Borst was the China program manager and a research associate at the Peterson Institute for International Economics. He also worked as an analyst at the World Bank, reviewing Chinese overseas investment projects. He was the founder and editor of the Peterson Institute's China Economic Watch blog, the co-founder of the Federal Reserve's Pacific Exchanges blog and podcast, and the founder of Seafarer's Prevailing Winds blog. His research and commentary have been featured in the Financial Times, The Wall Street Journal, The Economist, Bloomberg, The Wire China, and South China Morning Post. He has testified before the U.S.-China Economic and Security Review Commission on two occasions. Mr. Borst holds a B.A. in political science and international studies from the University of Arizona. He holds a certificate in Chinese studies from The Johns Hopkins University – Nanjing University Center and a master's degree in international relations and economics from the Johns Hopkins University School of Advanced International Studies. He is a CFA charterholder and a member of the CFA Institute. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/east-asian-studies

New Books in Chinese Studies
Nicholas Borst, "The Bird and the Cage: China's Economic Contradictions" (Palgrave MacMillan, 2025)

New Books in Chinese Studies

Play Episode Listen Later May 17, 2025 57:26


The Chinese Communist Party's complex and contradictory embrace of capitalism has played a pivotal role in shaping China's economic reforms since the late 1970s. The Bird and the Cage: China's Economic Contradictions (Palgrave MacMillan, 2025) explores the persistent tensions between state control and market forces in China. It shows how these tensions provide a framework to understand Xi Jinping's recent efforts to tighten control over the Chinese economy. It also evaluates the broader implications of these policies for China's economic trajectory and its global trade relationships. Nicholas Borst is vice president and director of China research at Seafarer Capital Partners, and a member of the seventh cohort of the Public Intellectuals Program of the National Committee on US-China Relations. Prior to joining Seafarer, he was a senior analyst at the Federal Reserve Bank of San Francisco covering financial and economic developments in Greater China. Previously, Mr. Borst was the China program manager and a research associate at the Peterson Institute for International Economics. He also worked as an analyst at the World Bank, reviewing Chinese overseas investment projects. He was the founder and editor of the Peterson Institute's China Economic Watch blog, the co-founder of the Federal Reserve's Pacific Exchanges blog and podcast, and the founder of Seafarer's Prevailing Winds blog. His research and commentary have been featured in the Financial Times, The Wall Street Journal, The Economist, Bloomberg, The Wire China, and South China Morning Post. He has testified before the U.S.-China Economic and Security Review Commission on two occasions. Mr. Borst holds a B.A. in political science and international studies from the University of Arizona. He holds a certificate in Chinese studies from The Johns Hopkins University – Nanjing University Center and a master's degree in international relations and economics from the Johns Hopkins University School of Advanced International Studies. He is a CFA charterholder and a member of the CFA Institute. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/chinese-studies

New Books in Economics
Nicholas Borst, "The Bird and the Cage: China's Economic Contradictions" (Palgrave MacMillan, 2025)

New Books in Economics

Play Episode Listen Later May 17, 2025 57:26


The Chinese Communist Party's complex and contradictory embrace of capitalism has played a pivotal role in shaping China's economic reforms since the late 1970s. The Bird and the Cage: China's Economic Contradictions (Palgrave MacMillan, 2025) explores the persistent tensions between state control and market forces in China. It shows how these tensions provide a framework to understand Xi Jinping's recent efforts to tighten control over the Chinese economy. It also evaluates the broader implications of these policies for China's economic trajectory and its global trade relationships. Nicholas Borst is vice president and director of China research at Seafarer Capital Partners, and a member of the seventh cohort of the Public Intellectuals Program of the National Committee on US-China Relations. Prior to joining Seafarer, he was a senior analyst at the Federal Reserve Bank of San Francisco covering financial and economic developments in Greater China. Previously, Mr. Borst was the China program manager and a research associate at the Peterson Institute for International Economics. He also worked as an analyst at the World Bank, reviewing Chinese overseas investment projects. He was the founder and editor of the Peterson Institute's China Economic Watch blog, the co-founder of the Federal Reserve's Pacific Exchanges blog and podcast, and the founder of Seafarer's Prevailing Winds blog. His research and commentary have been featured in the Financial Times, The Wall Street Journal, The Economist, Bloomberg, The Wire China, and South China Morning Post. He has testified before the U.S.-China Economic and Security Review Commission on two occasions. Mr. Borst holds a B.A. in political science and international studies from the University of Arizona. He holds a certificate in Chinese studies from The Johns Hopkins University – Nanjing University Center and a master's degree in international relations and economics from the Johns Hopkins University School of Advanced International Studies. He is a CFA charterholder and a member of the CFA Institute. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/economics

Speaking of the Economy
How the Fed Mines Data for New Insights

Speaking of the Economy

Play Episode Listen Later May 14, 2025 13:47


Nicolas Morales, Horacio Sapriza, and Chen Yeh take listeners behind the scenes on how they work with detailed, confidential datasets about businesses and individuals. They also discuss how they gain insights on topics like immigration, credit markets, and labor productivity while safeguarding privacy rights. Morales is an economist, Sapriza is a senior economist and policy advisor, and Yeh is a senior economist at the Federal Reserve Bank of Richmond. Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2025/speaking_2025_05_14_fed_data

Bloomberg Talks
Bill Dudley on Tariffs, Fed Decision on Rates

Bloomberg Talks

Play Episode Listen Later May 14, 2025 5:38 Transcription Available


Bill Dudley, Bloomberg Opinion columnist and a former president of the Federal Reserve Bank of New York, says the US-China tariff pause does not solve the Fed's problems. Dudley says the Fed needs more information and will likely be late on cutting interest rates. He speaks with Bloomberg's Jonathan Ferro and Lisa AbramowiczSee omnystudio.com/listener for privacy information.

CEO Spotlight
Is it a lull or an end to the trade wars?

CEO Spotlight

Play Episode Listen Later May 12, 2025 11:16


Ambassador RIchard Fisher, former, Deputy US Trade Representative; CEO, Federal Reserve Bank of Dallas

Elevate with Robert Glazer
Elevate Classics: How Corey Thomas Climbed To The Top of World Class Companies

Elevate with Robert Glazer

Play Episode Listen Later May 8, 2025 48:37


Corey Thomas is the CEO and Chairman of Rapid7, a leading public cybersecurity software company valued around $3.5B. He is also an angel investor in several tech companies, a member of the Council on Foreign Relations, a director and deputy chair of the Federal Reserve Bank of Boston, and a member of the Blue Cross Blue Shield of Massachusetts board of directors, among other honors. Before Rapid7, Corey worked extensively at companies such as Microsoft, Deloitte, and AT&T. Corey joined host Robert Glazer on the Elevate Podcast to talk about his leadership approach, how he rose through the ranks at Fortune 500 companies, and much more. Special Thanks to the Sponsors of the Elevate Podcast Shopify: Sign up for your $1/month trial period at ⁠⁠⁠shopify.com/elevate⁠⁠⁠ Indeed: Get a $75 sponsored job credit to boost your job's visibility at ⁠⁠⁠Indeed.com/elevate⁠⁠⁠. Masterclass: Get an additional 15% off any annual membership at masterclass.com/elevate. Northwest Registered Agent: Don't wait—protect your privacy, build your brand, and set up your business in just 10 clicks and 10 minutes! Visit ⁠⁠⁠https://northwestregisteredagent.com/elevate⁠⁠⁠ today. Quince: Go to ⁠quince.com/elevate⁠ for free shipping on your order and 365-day returns Learn more about your ad choices. Visit megaphone.fm/adchoices

The Julia La Roche Show
#256 Danielle DiMartino Booth On The Hidden Economic Indicators Flashing Red

The Julia La Roche Show

Play Episode Listen Later May 8, 2025 43:56


Danielle DiMartino Booth, CEO and Chief Strategist for QI Research, a research and analytics firm, returns to The Julia La Roche Show for episode 256 for an FOMC day interview.Sponsor: This episode is brought to you by Monetary Metals. https://monetary-metals.com/julia DiMartino Booth argues that Fed monetary policy remains overly restrictive while the labor market is "anything but solid." She points to concerning indicators including record credit card minimum payments, rising long-term unemployment, and declining full-time jobs. DiMartino Booth makes the case for immediate rate cuts to a floor of 2%, warning the economy now operates "without a safety net" after successive waves of debt-fueled growth. Looking forward, she expresses concern about geopolitical risks while finding hope in the strong work ethic of the younger generation.A global thought leader in monetary policy, economics, and finance, DiMartino Booth founded QI Research in 2015. She is the author of FED UP: An Insider's Take on Why the Federal Reserve is Bad for America (Portfolio, Feb 2017), a business speaker, and a commentator frequently featured on CNBC, Bloomberg, Fox News, Fox Business News, BNN Bloomberg, Yahoo Finance and other major media outlets. Prior to QI Research, DiMartino Booth spent nine years at the Federal Reserve Bank of Dallas. She served as Advisor to President Richard W. Fisher throughout the financial crisis until his retirement in March 2015. Her work at the Fed focused on financial stability and the efficacy of unconventional monetary policy. DiMartino Booth began her career in New York at Credit Suisse and Donaldson, Lufkin & Jenrette where she worked in the fixed-income, public equity, and private equity markets. DiMartino Booth earned her BBA as a College of Business Scholar at the University of Texas at San Antonio. She holds an MBA in Finance and International Business from the University of Texas at Austin and an MS in Journalism from Columbia University. Links: QI Research: https://quillintelligence.com/subscriptions/ Twitter/X: https://twitter.com/dimartinobooth Substack: https://dimartinobooth.substack.com/Fed Up: https://www.amazon.com/Fed-Up-Insiders-Federal-Reserve/dp/0735211655Timestamps: 0:00 - Opening commentary on Powell and monetary policy0:23 - Introduction and FOMC day discussion1:39 - Arguments that monetary policy is too restrictive2:49 - Labor market indicators and private sector layoffs4:13 - Credit card minimum payments and student loan impacts6:02 - Signs of financial stress in refinancing behaviors8:10 - Bankruptcy trends and distressed debt exchanges9:57 - Fed's dual mandate debate12:05 - Critique of Powell's selective history on Fed actions13:57 - Job market reality vs. Powell's "solid" characterization15:48 - Self-employment and full-time job losses17:50 - Sponsor segment19:08 - Labor market "scarring" and long-term unemployment21:12 - Federal debt approaching $38 trillion22:03 - Analysis of long-term debt cycles since Greenspan24:16 - Student loan wage garnishment concerns28:36 - Fed rate cut recommendations30:10 - Policy pushing money from real economy to financial assets33:00 - Tariffs discussion - why they're deflationary not inflationary36:38 - Real-world impacts of import costs38:26 - What keeps Danielle up at night - geopolitical concerns39:53 - What gives her hope - younger generation's work ethic42:17 - Information about Qi Research and closing thoughts

Speaking of the Economy
Community Colleges Bring Education Behind Bars

Speaking of the Economy

Play Episode Listen Later May 7, 2025 13:06


Stephanie Norris and Matthew Wells discuss their recent research on workforce development programs at community colleges that are aimed at helping the incarcerated re-enter the workforce after they are released. Norris is a senior research analyst and Wells is a senior economics writer, both at the Federal Reserve Bank of Richmond. Full transcript and related links: https://www.richmondfed.org/podcasts/speaking_of_the_economy/2025/speaking_2025_05_07_community_colleges_incarcerated

The Indicator from Planet Money
Trump's cuts come for food banks

The Indicator from Planet Money

Play Episode Listen Later May 5, 2025 9:06


The Beigie Awards are back to recognize the regional Federal Reserve Bank with the best Beige Book entry. On today's episode, we shine a spotlight on a Midwest food bank. Related episodes: Why Midwest crop farmers are having a logistics problem (Apple / Spotify)How many times can you say uncertainty in one economic report? (Apple / Spotify) For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org.Fact-checking by Sierra Juarez. Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter. Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

Make Me Smart
How are companies handling tariffs? Exactly like we predicted

Make Me Smart

Play Episode Listen Later May 5, 2025 10:36


The Trump administration is hoping tariffs will spur companies to bring manufacturing back to the United States. But a new survey from the Federal Reserve Bank of Dallas found that most companies are planning to deal with tariffs another way. (Spoiler alert: we totally saw this coming!) We'll also discuss how the Department of Homeland Security is hoping to cut the cost of mass deportations. Plus, did Trump get the idea to reopen Alcatraz from a movie?Here's everything we talked about today:-Post on Bluesky from Carl Quintanilla-"Tariff Politics; Rent-Stabilized Tenants May See a Rent Hike; Surviving Wall Street; Celebrating NYC's Mexican Communities" from The Brian Lehrer Show -"DHS Announces Historic Travel Assistance and Stipend for Voluntary Self-Deportation" from Department of Homeland Security -"US offers $1,000 stipend to encourage migrants to self-deport" from Reuters-"Mass Deportation: Devastating Costs to America, Its Budget and Economy" from American Immigration Council-"Trump Seems to Have Decided to Reopen Alcatraz Because of a Movie" from The New Republic-"Trump Says He Wants to Reopen Alcatraz as a Functioning Prison" from The New York Times-"Met Gala 2025: Highlights from exhibit of Black style and designers" from AP News  -​"'Tailoring Black Style': Dandyism shines at the 2025 Met Gala" from NPRGot a question for the hosts? Email makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.

Marketplace All-in-One
How are companies handling tariffs? Exactly like we predicted

Marketplace All-in-One

Play Episode Listen Later May 5, 2025 10:36


The Trump administration is hoping tariffs will spur companies to bring manufacturing back to the United States. But a new survey from the Federal Reserve Bank of Dallas found that most companies are planning to deal with tariffs another way. (Spoiler alert: we totally saw this coming!) We'll also discuss how the Department of Homeland Security is hoping to cut the cost of mass deportations. Plus, did Trump get the idea to reopen Alcatraz from a movie?Here's everything we talked about today:-Post on Bluesky from Carl Quintanilla-"Tariff Politics; Rent-Stabilized Tenants May See a Rent Hike; Surviving Wall Street; Celebrating NYC's Mexican Communities" from The Brian Lehrer Show -"DHS Announces Historic Travel Assistance and Stipend for Voluntary Self-Deportation" from Department of Homeland Security -"US offers $1,000 stipend to encourage migrants to self-deport" from Reuters-"Mass Deportation: Devastating Costs to America, Its Budget and Economy" from American Immigration Council-"Trump Seems to Have Decided to Reopen Alcatraz Because of a Movie" from The New Republic-"Trump Says He Wants to Reopen Alcatraz as a Functioning Prison" from The New York Times-"Met Gala 2025: Highlights from exhibit of Black style and designers" from AP News  -​"'Tailoring Black Style': Dandyism shines at the 2025 Met Gala" from NPRGot a question for the hosts? Email makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.

America Adapts the Climate Change Podcast
Dismantling F.E.M.A. : The Unmaking of Federal Climate Resilience from the Inside Out with Victoria Salinas

America Adapts the Climate Change Podcast

Play Episode Listen Later May 5, 2025 50:05


In episode 228 of America Adapts, host Doug Parsons speaks with Victoria Salinas, Senior Fellow at the Climate Resilience Institute at the University of Miami and former Deputy Administrator for Resilience at the Federal Emergency Management Agency (FEMA) under the Biden administration. Victoria shares her journey into federal service, including her decision to join FEMA at a critical juncture for the agency. She reflects on FEMA's traditionally reactive role and her efforts to reshape it into a more proactive force for community resilience—breaking down silos, emphasizing equity, and building a culture focused on climate risk reduction. The conversation explores key programs from her portfolio, including the Building Resilient Infrastructure and Communities (BRIC) grant program, with a focus on supporting underserved communities and using data to target resources where they are needed most. She addresses the current political climate and discusses the dismantling of climate adaptation programs at FEMA.  Despite her concern over recent setbacks, she offers a hopeful message for public servants, emphasizing the enduring value of service, equity, and innovation in climate resilience. This episode is a timely and candid reflection on what's at stake for climate adaptation in the United States—and what it will take to keep resilience on the national agenda. Transcript available here. Victoria Salinas Quotes: "My kind of reflection on this has been that, firstly, I had believed, and I think we're finding out wrongly, that disaster management and helping people basically reducing human suffering caused by disasters, I thought that was apolitical, right? Like that it would transcend political spectrums. And because they're dismantling so many of the programs that are aimed at reducing disaster risk, unfortunately, as you've seen, FEMA has become hyper-politicized." “We're not just funding infrastructure — we're funding trust. When we partner with communities early, we build the kind of trust that saves lives when a crisis hits.” “You can have the best resilience policy on paper, but if it doesn't survive a change in administration, it's not really resilient.” Check out the America Adapts Media Kit here! Subscribe to the America Adapts newsletter here. Donate to America Adapts Listen to America Adapts on your favorite app here!   Facebook, Linkedin and Twitter: https://www.facebook.com/americaadapts/ @usaadapts https://www.linkedin.com/in/doug-parsons-america-adapts/ Links in this episode: President Trump appoints new members to FEMA Review Councilhttps://www.ems1.com/disaster-management/president-trump-appoints-new-members-to-fema-review-council https://www.linkedin.com/in/victoriasalinas/ https://www.fema.gov/event/climate-adaptation-planning-emergency-managers-overview https://www.marshmclennan.com/insights/publications/2022/april/fema-could-be-americas-climate-adaptation-agency-what-is-the-biden-administration-waiting-for.html   Doug Parsons and Speaking Opportunities: If you are interested in having Doug speak at corporate and conference events, sharing his unique, expert perspective on adaptation in an entertaining and informative way, more information can be found here! Facebook, Linkedin and Twitter: https://www.facebook.com/americaadapts/ @usaadapts https://www.linkedin.com/in/doug-parsons-america-adapts/ Donate to America Adapts Follow on Apple Podcasts Follow on Android Now on Spotify! List of Previous Guests on America Adapts Follow/listen to podcast on Apple Podcasts. Donate to America Adapts, we are now a tax deductible charitable organization! Federal Reserve Bank of San Francisco Strategies to Address Climate Change Risk in Low- and Moderate-income Communities - Volume 14, Issue 1 https://www.frbsf.org/community-development/publications/community-development-investment-review/2019/october/strategies-to-address-climate-change-low-moderate-income-communities/   Podcasts in the Classroom – Discussion guides now available for the latest episode of America Adapts. These guides can be used by educators at all levels. Check them out here! The 10 Best Sustainability Podcasts for Environmental Business Leadershttps://us.anteagroup.com/news-events/blog/10-best-sustainability-podcasts-environmental-business-leaders Join the climate change adaptation movement by supporting America Adapts!  Please consider supporting this podcast by donating through America Adapts fiscal sponsor, the Social Good Fund. All donations are now tax deductible! For more information on this podcast, visit the website at http://www.americaadapts.org and don't forget to subscribe to this podcast on Apple Podcasts.   Podcast Music produce by Richard Haitz Productions Write a review on Apple Podcasts ! America Adapts on Facebook!   Join the America Adapts Facebook Community Group. Check us out, we're also on YouTube! Executive Producer Dr. Jesse Keenan Subscribe to America Adapts on Apple Podcasts Doug can be contacted at americaadapts @ g mail . com

WSJ What’s News
Goldman Vice Chairman and Former Fed Official Kaplan on Rate-Cut Dilemma

WSJ What’s News

Play Episode Listen Later May 4, 2025 32:49


Will the Federal Reserve cut interest rates this year? How is Fed Chair Jerome Powell and central bankers thinking about recent volatility in financial markets? This week, we're bringing you an episode of WSJ's Take On the Week, where hosts Telis Demos and Gunjan Banerji talk to the people closest to the hot topics in markets to get incisive analysis on the big trades, key players in finance and business news. Gunjan and Telis talk to Rob Kaplan, vice chairman at Goldman Sachs and former president and CEO of the Federal Reserve Bank of Dallas, about the central bank's tough task ahead to lower inflation. They also dive into President Trump's recent remarks about Powell and the Fed independence debate. If you like this episode, check out more of WSJ's Take On the Week. Learn more about your ad choices. Visit megaphone.fm/adchoices

Motley Fool Money
The Market and Fed Chair Powell

Motley Fool Money

Play Episode Listen Later Apr 21, 2025 26:03


Fed independence brings stability, and markets love stability. (00:21) Asit Sharma and Dylan Lewis discuss: - The Trump Administration's focus on Fed Chair Jerome Powell. - The role of an independent Federal Reserve Bank for the market and investors. - Netflix's earnings and status as a “recession-proof” stock. (16:23) Anand Chokkavelu hosts Fool Contributors Dan Caplinger and Rick Munarriz for a Scoreboard episode on Shopify. To become a premium Motley Fool member and gain access to all Scoreboard episodes, go to www.fool.com/signup. Companies discussed: NFLX, SHOP, AMZN Host: Dylan Lewis Guests: Anand Chokkavelu, Dan Caplinger, Rick Munarriz Producer: Ricky Mulvey Engineer: Dan Boyd Learn more about your ad choices. Visit megaphone.fm/adchoices

The Indicator from Planet Money
What keeps a Fed president up at night

The Indicator from Planet Money

Play Episode Listen Later Apr 10, 2025 9:21


"There's no bad weather, only bad clothing." That's the motto of the Federal Reserve Bank of Chicago, where Austan Goolsbee is president. As economic weather conditions stay unpredictable, Austan tells us how he's gearing up for tariffs, inflation, and more. Related episodes:The Fed cut rates ... now what? (featuring: Sasquatch) (Apple / Spotify)Tariffied! We check in on businesses (Apple / Spotify)A chat with the president of the San Francisco Fed (Apple / Spotify)Is the economy going stag(flation)?For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org.Fact-checking by Sierra Juarez. Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter. Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy