Nick Martell

But curious, so what do you think like looking forward?

Like what's the solution here?

How do you make housing less expensive?

Part of the solution is to boost productivity of building houses, but that's not an easy solution, right?

And of course, that's totally outside the purview of the Fed.

But channeling our inner economist, after Liberation Day in April of 2025,

All of the economists thought inflation would go out of control.

It merely stayed flat-ish compared to what it had been.

So we were curious, looking back on it, how do you feel about your colleagues judging the impact of tariffs on the economy?

It's like, what

Wait a minute.

Those are both the same.

Well, you know, the inflation situation, as we call it.

Jack and I described this as Godzilla.

We didn't see it for so long, and then it kind of came out of nowhere and freaked everyone out.

But there is one more kind of scary monster here.

Stagflation.

Oh, jeez.

You know, the stagflation potential situation, which, Jack, what's the analogy we like to use for that?

When the fire is both burning and being flooded at the same time.