Diesel and gas prices are 45% higher than nine months ago — the highest August prices on record. Jerremy Alexander Newsome and Dave Conley call AI CapEx spending the only thing propping up an economy strained by that energy squeeze. Dave argues the pain is landing hardest on consumers trading down from Home Depot and Whole Foods to Aldi's and dollar stores, and points out Congress works three-day weeks for five months a year while Mitch McConnell once took six weeks of paid sick leave with no return date. Jerremy tracks Reddit's addition to the S&P 500, a potential breakout in Home Depot above $360, and a make-or-break $62,000 support level for Bitcoin.

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22.6 million U.S. households now pay more for housing than they can afford, and the average home costs five times the average salary. Sam Froerer, who co-owns thousands of apartment units through Compass Capital, has never owned his own home himself. He tells hosts Jerremy Alexander Newsome and Dave Conley that the industry treats tenants like a commodity, and the top 50 owners control under 11% of it. He's building a model where a slice of every rent check turns residents into fractional owners of the building itself.

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A $100,000 investment can show $60,000 of paper losses in year one — a tax benefit ordinary renters never get access to. Sam Froerer tells Jerremy Alexander Newsome and Dave Conley that Trump-era policy restored 100% bonus depreciation after Biden had cut it to 40%. He argues the top 1% pulling away from everyone else is the same pattern behind every collapsed civilization in history. Asked what he'd do with $50 million to fix housing, Sam says he'd buy three more properties to prove his model works before pitching it to private equity and pension funds. In the lightning round, he says homeownership under 35 is, as of now, functionally over.

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Landlords call it "value-add," and raising rent $100 to $200 a month after new cabinets and a dog park is the same move the industry has run for decades. Sam Froerer calls his own company "experience-add" instead, telling Jerremy Alexander Newsome and Dave Conley that renters need income at two-and-a-half times rent just to qualify. Insurance per unit in Florida and Texas tripled from $600 to $3,000 a year, reshaping where he invests. A fire that started on one resident's porch burned down twenty units in a single night. Sam also floats a REIT-style model where part of every rent payment buys residents fractional ownership of the building itself.

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Payrolls fell 23,000 in July against a consensus near +80,000, and the unemployment rate dropped anyway. Jerremy Alexander Newsome and Dave Conley read that as a labor force shrinking by 264,000 rather than a job market healing. Dave ties it to people leaving the country entirely — which pushes inflation up, not down, especially in skilled trades and services. Diesel, gas and jet fuel now run 45% above February, and Iran has named its price to reopen the Strait of Hormuz: lift the naval blockade, withdraw forces, pay war reparations, release frozen assets. Google reported $9.11 earnings per share against a $2.87 estimate on $119 billion in quarterly revenue, and fell 21% anyway. They close on chart setups in Robinhood, SpaceX and Airbnb.

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22.6 million U.S. households now pay more for housing than they can afford, and the average home costs five times what the average family makes. Sam Froerer co-owns thousands of apartment units through Compass Capital — and has never owned his own home. He tells Jerremy Alexander Newsome and Dave Conley that the industry's top 50 owners control less than 11% of it, and most landlords treat tenants as a commodity to evict and replace rather than serve. Chick-fil-A makes three times the revenue of the average McDonald's despite longer wait times, and Sam argues that gap is exactly what his industry ignores: the experience, not the price.

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The 30-year Treasury hit 5.28% intraday this week, the highest borrowing cost since 2007, and it has nothing to do with a recession. Jerremy Alexander Newsome and Dave Conley open on Palantir, which Dave calls "wired into" the central nervous system of the US government heading into tonight's earnings — the stock sits right on its 100-week moving average after a 40% pullback, and a gap below $117 could trigger one of the biggest sell-offs in months. Apple posted strong earnings but gapped down anyway, admitting it's getting bullied on AI the same week Amazon and Nvidia printed record gains. Dave ties the bond blowout to $1.4 trillion in Treasury borrowing over nine months, with AI companies now competing for the same capital. Jerremy is still short SpaceX ahead of a lockup that frees 20% of its shares for sale within days, and expects the stock to drop below $100.

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The top 400 richest families in America pay about 2% in taxes while everyone else pays 20 to 26%. Jerremy Alexander Newsome and Dave Conley kick off a new series on housing, laying out why the American dream of homeownership is structurally rigged — flat wages, boomers holding 70% of property, and a tax code built as welfare for the top 20%. They trace housing booms back to the 1920s and post-WWII Levittowns, then debate renting versus owning, closing with international fixes from Tokyo, Vienna, and Austin.

Timestamps:

• (00:00) The thesis – wages never caught up to housing costs
• (10:02) The new housing law – bans corporate landlords, completely unfunded
• (17:37) The tax code confession – secretly a welfare program for owners
• (30:36) Zoning's ugly origin story – the real reason those laws exist
• (41:34) The case for renting – Dave makes it, no hedging
• (51:20) Tokyo vs. Vienna vs. us – how other countries solved housing

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Real estate investor Grant Cardone says never buy a home — rent instead, and put your money in the market. Jerremy Alexander Newsome and Dave Conley debate the case for renting versus owning. Dave, who's rented for over a decade, lays out the freedom of renting against the nonstop chores of ownership. They find zero libertarian voices anywhere in their research — everyone agrees housing is broken. Internationally, Vienna's rents run roughly a third of market rate, Tokyo's the cheapest big city on Earth, and one city's rent control crushed new construction by 48%.

Timestamps:

• (00:00) The case against buying – a top investor says rent, don't own
• (04:48) Being a landlord right now – what happens when nobody's renting
• (09:59) Tokyo vs. Vienna vs. us – how other countries solved housing
• (16:08) The closing thesis – two things guaranteed to affect every voter

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The top 400 richest families in America pay about 2% in taxes — while everyone else pays 20 to 26%. Jerremy Alexander Newsome and Dave Conley dig into what surprised them most in their research. Dave says the tax code was quite literally built for people not to pay taxes, funneling mortgage and college-savings deductions mostly to the top 20%. He found 30 million American children living in poverty — more than any country in Europe, Korea, or Japan. Economist Assar Lindbeck's line comes up: rent control is the fastest way to destroy a city besides bombing it.

Timestamps:

• (00:16) The tax code confession – Dave calls it a welfare program in disguise
• (07:33) Housing booms, then and now – what the 1920s got right
• (13:14) Zoning's ugly origin story – the real reason those laws exist
• (15:53) An economist's brutal verdict – rent control compared to bombing a city

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