Rick Rieder

What happens if we get housing moving?

If you get housing moving, you create more labor mobility.

You see a job in another state, another city, you can move.

That's important.

We create, every house built in this country creates 3.1 jobs from people building houses.

That creates, and by the way, it's hard to AI building a house today.

That creates an improvement in employment.

And then I think there's a whole series of other things around technology, et cetera, that I think most of it on the fiscal side.

But I agree with you.

I think that is the trend.

So then you go back and say, okay, so then what is the equilibrium rate of interest relative to that if inflation break-evens

Our 2.3% in inflation projections by UMICH are certainly well contained.

But I think, I don't know, my point being is, yes, we have a productivity revolution.

It's hard for the interest rate tool to solve it.

But I think there's a whole series of things that can ameliorate some of what is a problem today and will be a bigger problem.

So, I mean, I won't comment on a specific initiative.

The only thing I will say is something I think we have.

I think housing is pivotal.

By the way, I normally think people underestimate how important three quarters of the wealth in this country by people is in their home.

And the way young people build wealth is through their home, the way the normal, by the way, I would even translate it, I would even relate it to, I've shown a chart on fertility rates, marriage levels, et cetera.