welcome back to the show macro trends advisors, he is founding partner, mitch roschelle. on. now we got this house blueprint, right? one trillion vote first on infrastructure. then the 3 1/2 trillion. there is no guarranty any of this goes forward. pelosi can't afford to lose three votes anymore votes than that it is done. senator manchin, kirsten sinema saying we don't like 3 1/2 trillion on we just want infrastructure. kevin mccarthy says work the phones to get americans out of afghanistan first, don't work the phones to bully this, what do you say, mitch. >> anybody voting in the midterms elections is the mess in afghanistan. the economy is grinding along, improving day by day. a piece of legislation that will ultimately hurt the economy and not help it is not going to help voters with the number one issue they had prior to two weeks ago when afghanistan was top of mind which is the economy. this $3.5 trillion social infrastructure program which will be inflationary, at best, could be more devastating than that will hurt the very people that the democrats want to help w

mitch roschelle, thanks for joining us.me back soon, mitch roschelle. next up president biden capitulates, gives in to taliban demands. there are still tens of billions of dollars of military hardware missing in afghanistan. why should we trust nancy pelosi with multitrillion dollar spending plans when she is saying stuff happens? this is what happens in wartime. tens of billions of dollars missing. this is what happens when you withdraw. really? story next. ♪ ♪ ♪ ♪ ♪ ♪ monitor, check and lock down you money with security from chase. control feels good. chase. make more of what's yours. ♪ music playing. ♪ there's an america we build ♪ ♪ and one we explore one that's been paved and one that's forever wild but freedom means you don't have to choose just one adventure ♪ ♪ you get both. introducing the all-new 3-row jeep grand cherokee l jeep. there's only one. ♪♪ ♪♪ ♪♪ ♪. elizabeth: joining us now house foreign affai elizabeth: joining us now house ford affairs pennsylvania congressman dan, we would like your reaction to the p

let's bring in our good friend mitch roschelle.hole delta variant and the notion that perhaps schools may be masked up or partially virtual has got people who live in cities, not just new york, picking up the phone, calling realtors, going online in the suburbs, asking very important question what does your local school intend to do this fall. ashley: that's interesting. do still see a chronic shortage of inventory or is that starting to loosen up a bit? >> i think in the suburbs it loosened up a little bit. however we're still talking about it being a fraction what it was a year ago. even a bigger fraction what it was at its peak around the time of the housing crisis. ashley: we've seen because of that, you know, there is big demand and a lot of, not a lot of supply. so that naturally means higher prices. are prices still high and is that hurting first-time home buyers? >> yeah. it is certainly hurting first-time homebuyers. the only good news you mentioned, mortgage rates have come down as the 10-year treasury has come down. that

mitch roschelle with us macro trends advisors founding partner s. es and maybe just the hassle of the airline industry and you talk about even the airbnb and other reporting numbers but saying, you know, covid could put a crimp on future holiday bookings and people thinking of those bookings. what do you make of all of this? >> you know, i think there's so much pent-up demand, neil, with the regular consumer that they're willing to wade through all of it. what i really worry about with the travel industry including airlines is the business customer. they are deferring back to the office some companies until january and the mandate to stay off of airplanes still seems to be in effect. i think a lot of companies have produced earnings by cutting costs and one of the things that they cut out is you got to love them, the boone doggles, there haven't been many of them sending customers and salespeople off to glorious locations, conferences and the like. i know a lot of industry conferences that are scheduled for the fall are now in hybrid and thinking abo

this seems to be an attempt to run around that, mitch roschelle joins us macro trends advisors foundingpeople back to work, this curve ball. listen, neil, there were three reasons that were widely cited by proponents of that supplement al $300 keeping people out of the workplace. one was perhaps that supplementa l benefit and the second was health concerns in the workplace and the third was child care concerns. well, child care concerns are thrown, you know, for a wiz right now, because we have schools maybe opening, maybe not opening, and then we have workplaces not fully opened. i couldn't imagine something more disruptive right now to the labor markets that literally was banking on that benefit disappearing, with labor shortages "coast to coast", so i think it's bad policy, which is going to be bad outcome in the long run. neil: it flies in the face of the administration since the recovery is on the boom is back, america's back and then you're saying yeah but we're still going to provide an extensive amount of unemployment benefits. it sends a different message, doesn't it? >> yeah,

back with us, mitch roschelle and erin gibbs. mitch, i will let you respond to that.ortez probably never collected a rent bill in her life so she has no idea what that is like but the reality is, this is from the urban institute, 77% of small dwellings are owned by mom-and-pop landlords. all of this eight going to tenants isn't finding its way to tenants but the landlord still has to pay property tax payments, still has to pay utility bills. most single family homes in america could be -- family homes. single family is defined by freddy and fannie, you live in one-half and rent the other. there is no relief for the mom-and-pop landlords. they are the bread and butter in many communities where people rent their homes. jackie: absolutely. when we think about small businesses in this country, erin, the backbone of our society, we think about retail, we think about restaurants. but i would include the mom-and-pop landlords in there as well. they still have to pay their mortgage. >> absolutely. when we look at just how much has been distributed, i think that is really the

we've got crossmark global investments' victoria fernandez, and mitch roschelle.t to turn off the spigot, so what happens then? >> you have to remember, charles, they're not going to turn that off all at once. it's a very slow turn for that spigot, to turn it off x. meanwhile, they're not taking away any of that accommodation, they're still adding to what's already there. they're still supporting the economy, just not as much each time. so i think the most important thing is not that they're going to taper because accommodation is going to be there for the markets and support the markets, it's what does that mean for the timing for rate hikes x that's what's going to move the equity market once we have that answer, which i'm not sure we're going to get in jackson hole. charles: i'm not sure either. mitch, what about the up whiting babies on -- then whining babies on wall street the minute the fed tapers in. >> well, they're only hurting themselves. it's a self-inflicted wound. they did it late in 2018, and it caused a terrible slide. hopefully, they remember that.

our real estate guy is mitch roschelle and he joins us now. hat this boom would last and it wasn't a bubble and i still am with that 100%. we saw a little bit of slowing in a couple of markets. the good news is more inventory. we saw existing home sales numbers yesterday. more inventory came on the market. sellers that are putting their homes for sale are getting a bit more realistic. i think right now it is smooth sailing for the housing market and with demand greatly outpacing supply, we'll continue to see prices go up. stuart: what everybody is worried about of course is the repeat of the crash in real estate 2006, 2007, 2008. that was a crash. it came because of a housing bubble. i guess you say it's a boom, not a bubble, it is a boom, there will be no crash, is that accurate? >> yeah, although boom is exactly not not the right -- for a crash. a decade ago, that was a bubble created by excess financing. if you're listening to the program, applying for a loan to purchase or refinance, you know howardous that is. it is baked into the system a