what do you think is going to happen with inflation? because the number was not just high, but it was surprisingly high, over 8%. yeah, the thing that really stood out for me was housing within that. really huge housing bubble in this country. again, housing is the epicenter of all the easy money being pushed into the system. you have bubbles and the pandemic. people work from home. you have bubbles in mplaces tha we ve never had them. add in higher interest rates, and the cost of a mortgage on an average home is up about 50% year on year. so that s what i m thinking about. now, one of the things you talk about in the book is how we re at an inflexion point, where the economy is going to change substantially. describe what that change is. we re talking about asset bubbles. about financial markets that are
because the number was not just high, but it was surprisingly high, over 8%. yeah, the thing that really stood out for me was housing within that. really huge housing bubble in this country. again, housing is the epicenter of all the easy money being pushed into the system. you have bubbles and the pandemic. people work from home. you have bubbles in places that we ve never had them. add in higher interest rates, and the cost of a mortgage on an average home is up about 50% year on year. so that s what i m thinking about. now, one of the things you talk about in the book is how we re at an inflexion point, where the economy is going to change substantially. describe what that change is. we re talking about asset bubbles. about financial markets that are so unmoored from main street. and that s gone hand in hand with a certain kind of globalization within the last 40 years. it was all about cheap capital
their lows back in june. the s&p up 4% off the bottom. and gas prices keep falling, $3.83 a gallon just ahead of the labor day travel weekend. let s bring in chief economist at the payroll company adp. good morning. your read of private sector hiring slowed a bit. you call it an inflexion point and a shift toward more conservative hiring. is that good thing? you know, it is the reality. i think that we would all like to see blockbuster growth in the economy and strong labor and jobs for everyone who wants them. but in a more realistic economy, one that is slowing, one that is post-pandemic, one that is readjusting to higher inflation, higher prices, but thankfully lower gas prices, we have to get more of a reality gut check in our data as well and what we re seeing is a bit of a step back
probe into an ex-president s handling of classified material. new york times notes that it is incredibly rare for even a partial affidavit to be released at all. they add this, quote, the submission by the justice department is a significant legal mile post in an investigations that has swiftly emerged as a major threat to trump, whose lawyers have offered a confused and at times stumbling response, but it is also an inflexion point for attorney general merrick garland who is trying to balance protecting the prosecutorial process by keeping secret details of the investigation and providing enough information to defend his decision to request a search unlike any other in history. the impending release of a critical document in doj s investigation into the ex-president is where we begin today with some of our favorite reporters and friends. carol leonnig is here and former national security adviser to
the midterms. the party until power always loses seat in midterms. do you think that reality holds, given these weird times we re living in with weird variables? well, katy, we re at an inflexion point. i believe democrats have gotten a triple boost from falling gas prices eating into biden s messaging about inflation. and from the referendum in kansas, democrats turned out extraordinarily high. and in addition, we ve got donald trump becoming front and center in this campaign. and republican primaries focusing so much on trump that the whole republican field very far to the right and in his direction. now, we ll see how durable this is. and i think a good sign, some good clues are going to be the upcoming house special election in minnesota tonight, alaska next week. and the week following in new york s 19th district.