Morgan Housel

You could never do that today.

It would never.

But because of regulations?

Yes, yes.

I mean, if you went to the suburbs of Philadelphia right now and said, I want to build 20,000 homes in the next year,

It's going to take you five years to try to get a permit.

And your odds of even getting one during that period are probably 50-50 at best.

And it's going to cost you millions of dollars to get there.

And so this is why it's a – and I'm not saying all permitting is bad.

I want to live in a world that is well thought out.

I care about the environment.

So I understand this is not black and white.

But I think anyone who digs into it knows that the pendulum has swung so far into the area of –

It's virtually illegal to build the most precious and important asset in the world, which is just somebody's house.

If you break the conveyor belt and say nobody can fall off the other end, then nobody can climb on the other end.

I wonder if, I agree with every word you said, but I wonder if you and I, and I don't think we ever will, were suddenly the governor of California or the mayor of LA.

I never will too.

But I wonder if you and I would say, I get it now.

So no, I would still believe the principles.

I just would never get elected.