This is, without exaggerating, one of the most extraordinary things a US Treasury Secretary ever said. It should be mandatory viewing for all citizens of US "allies", Europeans first and foremost. What Bessent is saying is that the US will now treat US allies' wealth as an

Conservatives have been arguing that while overall job growth may be slowing, native-born employment is soaring. Jed Kolko has a great post today about how that's not true; it's based on a misunderstanding of the BLS data. First, here's his full explanation of the key reason.

Literally, the reason we have a trade deficit is because foreign savers already invest billions into American assets every year. So, the only change here is that the capital will be invested at the president's discretion with the federal government as stakeholder.

"In that footnote they asked the right question with shocking specificity. Why would the loss of net worth be exogenous (an outside force with explanatory power) for construction employment? And yet…" Conventional Wisdom, revisited, by Kevin Erdmann open.substack.com/pub/kevinerdma…

Austin, Atlanta, and Dallas boast 'appropriately supplied' lot inventory—L.A. & Philly homebuilders still struggle to find lots Ali Wolf: 'The slower pace of construction contributed to the 5-year high [in lot supply]' My latest for ResiClub: resiclubanalytics.com/p/housing-mark…

Over the past 30 years, federal debt/GDP has been stable or declining except for the aftermath of recessions. The 1st step toward a manageable federal debt is NGDP targeting & a stable business cycle. And a housing boom will also help. fred.stlouisfed.org/graph/?g=1LkPb #FRED St. Louis Fed

Ngmi

2001-2005 was famously a bear market in housing because existing homes for sale is a measure of supply and supply lowers home prices.

This is really cool.

During the 1950s and ’60s, some 20% of Americans would typically move each year. In 2024, only 7.8% of Americans moved, the lowest rate logged since 1948. Aging, two-earner couples, and high housing costs are all factors stalling geographic mobility. edwardconard.com/macro-roundup/…

During a chat with RenMac: Renaissance Macro Research earlier, we were pontificating about the broader implications of weak office-using job growth. I realized I haven't included that metric in my usual jobs report updates, so I whipped up a quick chart. The trend over the last couple years is rather

Doctor: your body has ran out of magnesium Me: 0mg

I want this to be absolutely clear — these masked men — roaming around like bank robber bandits — will be unmasked in a Democratic majority. Literally and figuratively. There will be accountability for the terror they’ve brought to our communities. It’s all coming out.

I’m surprised there hasn’t been some vigilante reaction to do harmless but unpleasant things to the ICE thugs. Like tossing stink bombs at them or into their cars, etc.

Homebuilders court investors as unsold completed new-build inventory hits 15-year high This week, Lennar—a homebuilder ranked No. 129 on the Fortune 500—launched Lennar Investor Marketplace. It's a portal for mom-and-pop landlords to find deals from Lennar

The original tweet is wrong, the quote tweet is wrong, the tweet with the screenshot of the quote tweet is wrong and the quote tweet quote tweeting the tweet with the screenshot of the quote tweet is also wrong