Welcome to Passive Real Estate Investing. I'm your host, Marco Santarelli. So today I have an interesting guest. It's a little bit focused on the economy and economics to some degree, but our conversation's gonna touch on inflation, deflation. Are we in a recession? What's going on with debt? Why do we continue, quote, unquote printing money? Is it even necessary? In fact, is is inflation even necessary? My guest is a very interesting guy, David Stockman. He worked under President Ronald Reagan for a number of years. He's got over 20 years experience on Wall Street, and he publishes some regular content through his newsletter that is a little bit contradictory to what you normally hear out there, especially from the talking heads in the mainstream media, which is a refreshing take because there's all these questions, you know, are rising prices are, ask Asset is important. Is it good, is it bad?

Who's getting hurt? Is, are it the savers? Is it the people who are stacking assets? He just released a new book, interesting title, it's called The Great Money Bubble. I even asked him, you know, what exactly is a money bubble? Anyway, so I had an interesting conversation. I could have literally gone for hours with him. I didn't out of respect for his time. In fact, he told me he's got 40 minutes and I think I dragged it out. So once we do some trimming and editing, it'll probably cut it down to about 40 minutes on this episode. But yeah, I kind of forgot to ask him one question, but I, I'm gonna put it here in the intro for you. I wanted to ask him to talk about his four step strategy to protect your savings and your portfolio. We just ran out of time, however, it is covered in his book, his new book, which just came out, oh, I don't even think three weeks ago.

It's, it's got a red cover with a dollar bill on it. It's called The Great Money Bubble. So you can look that up there. I guess the other thing I wanna mention is that, you know, he's somewhat more bullish, or excuse me, more bearish about real estate and the housing market than most anybody I talk to. And, you know, he's got his reasons for that. And that's all well and fine. I think what we all agree on is that there is a correction going on and it will continue for a little while. And of course that's very much market specific. Every market is different, as they say in real estate, all real estate is local. And when you're talking about a country that has over 500 metropolitan areas and then literally thousands of smaller micro markets, you can well imagine that what happens in one area is gonna be completely different than what happens across the tracks or across the river or across the country in another market.

We didn't get that granular in our conversation. We were just talking at a very, very high level. But with rising interest rates, rising mortgage rates, and with, you know, kind of a recession looming on the horizon as well as a lot of markets being somewhat overpriced with sales, slowing down naturally. You know, it's just simple economics 101 prices will cool off in many areas, but that just leads to more opportunity as a real estate investor. There's gonna be more inventory, more deal flow, more options for you. The numbers might be better in terms of pricing coming down, even though mortgage rates have gone up often, that just lends itself to a better deal. But again, it's all math. It's not emotion. You just run the numbers and see if the deal makes sense. But there are always opportunities out there. Like I say, it's not a matter of when to invest, it's a matter of where to invest.

And when you have a country as big as this, with as many markets as we have, clearly there will always be opportunities. And, you know, if that's something that we can help you with, certainly let us know. Just contact my team here. Alright, without any more delay, let's jump into my interview with David Stockman.