On today’s Capital Record, David looks at the issue of housing affordability and walks through Rahm Emanuel’s new op-ed in the Washington Post whereby a confused explanation of the financial crisis is given, and even more confused solutions are offered to a problem Rahm mostly identifies correctly. Few subjects in the American economy touch more people than housing, and if housing has become unaffordable for too many, the one thing we really cannot afford is to get this subject wrong.

Show notes:
What’s Really Depressing America’s Young Men

David looks at the unspeakable recent murder of the Blackstone Real Estate CEO and those who have celebrated the murder. Highlighting their despicable lack of moral clarity is the easy part. But unpacking the inexplicable economic ignorance embedded in their murderous hatred is perhaps an equally important subject. Fortunately, most people do not condone horrific murders; but unfortunately, far too many do buy the rationale that a Blackstone Real Estate CEO was doing something bad for regular people. And that assumption is what we will take to the woodshed in today’s Capital Record.

David is joined by his first podcast guest of 2025, and what a guest it is! The distinguished economist, Dr. Lacy Hunt, joins David to talk about a real assessment of the labor market; of economic growth; and of the second, third, and fourth order impact of tariffs. He transcends the mere first order inflationary impact to delve into the second order disinflationary impact. It is a fascinating conversation that is apolitical, objective, and vitally important.

Quarterly Review and Outlook

David responds to his National Review colleague Michael Brendan Dougherty's recent attack on free trade. David tries to be far more charitable in tone and content than protectionists appear willing to be, but seeks to hold the anti-free-trade crowd to the same thing all engaged in public argument ought to be held to, especially in an economic way of thinking: first principles, a limiting principle, and, most of all, the accountability of real life.

David takes a look at certain efforts to undermine the spirit of the law, whether or not the letter of the law is followed, and what it means for our financial markets. This is a golden issue for Capital Record, an optimal application of where freedom and virtue must be juxtaposed.

This week, David unpacks some really important lessons on the current state of U.S. manufacturing: why the electoral and the political cannot be confused with the economic, and why neither should be confused with the cultural. There is something in here for everyone to be bothered by, so jump on in to a reality check about U.S. manufacturing.

Audio clip from FLVOICENEWS.COM

How should we think about people who make billions of dollars managing the capital of others? Does a hedge fund manager like Bill Ackman add any value to society? Why would someone worth $50-100 million hate someone worth $9 billion? This week’s Capital Record doesn’t have time to get into dog-whistle antisemitism, but it does have time to get into class envy, the embarrassing error of believing capital allocation is a valueless exercise, and the merit of achievement embodied by someone like Bill Ackman.