Nick Martell

Is it to investors, bankers, CEOs?

The American spending public.

And ordinary people.

It's one that leads to the number one question our listeners had, the eddies and the besties.

The biggest curiosity they had is, our millennial listeners grew up in a world without inflation.

Our Gen Z listeners have grown up in a world- With only inflation.

Yeah.

And they're both facing the same housing challenges.

You once said that if housing costs more than 31% of your income, you're at risk of foreclosure.

And Jack, where are we kind of right now in this situation?

Right now, the average American is at risk of foreclosure based on your definition.

Yeah, yeah.

That was a very difficult time.

The president had to take your recommendations with a grain of salt because you had a personal skin in the game.

I feel seen right now, Austin, especially coming at you from San Francisco right now where, yeah.

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.