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Inflation 8.5%. this has to go up by meaningful amount and go up quickly. if it doesn t the inflation spirals. pete: if that does go up and goes up quickly. how does that impact borrowing and other aspects of our economy. it s huge. if you are buying a home right now, you are saying wait a second back in december i was looking at 3% interest on a mortgage. now i m talking about 5.5. by the end of the year that could be 6. that jacks up your borrowing costs. this has real consequences for people. and they are nervous about it. people are looking at the home buying environment, for example right now and they are saying this is the worst i have seen since 1978. remember 1978 what we were dealing with inflation. not a good spotted. people are getting nervous. the economists keep saying the consumer is strong. they will plow us through all of this. guess what? i don t think so. i think they are more wore out than a lot of economists are seeing. and that s a real risk right now. i m conc
Steve: anti- biden chance this is in around. but no doubt passing the two bills and even this week will that make things better? it doesn t in political terms because after all the public haggling it is a defeat and about work in policy terms because it s such bad policy. who thinks spending more money is a smart move when it s on - inflation spirals out of control not even the chief economic advisor told the new york times this week that biden s first giant spending bill is too much the original sin wise an oversized american rescue plan that contributed to the higher output but also higher prices who thinks increasing welfare payments is a good idea when businesses cannot find workers because biden paid them to stay home?
Steve: anti- biden chance this is in around. but no doubt passing the two bills and even this week will that make things better? it doesn t in political terms because after all the public haggling it is a defeat and about work in policy terms because it s such bad policy. who thinks spending more money is a smart move when it s on - inflation spirals out of control not even the chief economic advisor told the new york times this week that biden s first giant spending bill is too much the original sin wise an oversized american rescue plan that contributed to the higher output but also higher prices who thinks increasing welfare payments is a good idea when businesses cannot find workers because biden paid them to stay home?