The boys are off and running with shenanigans from the beginning. Haroon inadvertently opens his energy drink before the show started so he can't entertain you with his usual unnecessary interruptions, but don't worry, he filled his can with water for reasons we still don't fully understand. They spend a good amount of time recapping Jerome Powell's commentary from Jackson Hole, Wyoming which were clearly designed to strike fear in to the markets. One of their favorite economists, Mohamed El-Erian is very concerned that the Fed's actions to date may have 'destroyed the housing market by crushing both supply and demand.' Which was a fantastic segue in to the complete trash nonsense that Zillow is attempting to market. What do you do when home affordability is at an all time low? Rates are rising, home values haven't come down. Well, if you're Zillow, you offer a 1% down payment program to lure in homebuyers so you can sell more leads to Realtors.

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Resources:

Japan is no longer the world's third-largest economy as it slips into recession (CNBC)

0.3% decline in Q4 GDP (Mohamed A. El-Erian via X)

U.S. Layoffs more than double month-over-month to start 2024 (Yahoo Finance)

Frigid temperatures chill US retail sales, factory production (Reuters)

Investors bought 26% of low-priced US homes that sold in Q4 2023 (The Kobeissi Letter via X)

Excess Supply Of Apartment Deliveries Now, But Possible Shortages By 2026 (Forbes)

What to know about the debut of Trump's $399 golden, high-top sneakers (NPR)

Data Show the Economy Is Booming. Wall Street Thinks Otherwise (The Wall Street Journal)

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