Economist Warns U.S. Home Prices Must Drop 30 to 50 Percent
"Prices need to come down 30 to 50% from where they are now to get to a level where they're affordable. The problem is there are very few buyers who can afford to pay them unless the price collapses, which ultimately is what's going to happen because home prices are ultimately set by the buyers."
About this episode
Hosts Clayton and Natalie Morris dissect the breaking U.S.-Iran peace framework and America's crumbling economic foundations in a dense episode featuring defense analyst Brandon Weikert, retired Green Beret Joe Kent, and economist Peter Schiff. The show opens with leaked details from Saudi outlet Al Arabiya on a U.S.-Iran memorandum calling for immediate ceasefire, U.S. withdrawal from the region within a month, unfreezing of Iranian assets, and lifting of the Hormuz blockade. Weikert characterizes the deal as a 'conditional surrender' by the United States, noting Trump removed harsher nuclear demands after Iran rejected them and desperately needs oil flowing before strategic reserves bottom out June 22. Israel has been excluded from the text to prevent sabotage, though former Israeli intelligence officer Ari Ben-Menashe previously warned Netanyahu would release Epstein kompromat to torpedo any agreement. The linchpin remains Israeli escalation in Lebanon—Iran threatened harsh retaliation today after another double-tap strike. Trump floated letting Syria's new ISIS-linked leader handle Hezbollah, prompting Kent, whose wife died fighting ISIS, to call the proxy strategy catastrophic. Kent also confirmed outgoing DNI Tulsi Gabbard declassified over 140 U.S.-funded biolabs in 30-plus countries after fighting the intelligence community, saying 'there's a lot more there' on COVID origins. The second half pivots to the housing crisis: Schiff argues prices must fall 30 to 50 percent to reach affordability but warns Trump's stated goal is preserving boomer home equity. Schiff projects $4 trillion annual deficits, interest on debt consuming 80 percent of tax revenue within years, and inflation running 5 to 8 percent despite Fed's 2 percent pretense. He dismissed the 'Big Beautiful Bill' as a tax hike via inflation and predicted Kevin Warsh will deploy unprecedented quantitative easing despite prior QE criticism.
Key takeaways
- Brandon Weikert called the U.S.-Iran deal a 'conditional surrender' with Iran dictating terms as Trump races to reopen Hormuz before reserves hit bottom June 22.
- Former Israeli intelligence officer Ari Ben-Menashe warned Netanyahu would release Epstein files on U.S. officials including Trump to sabotage the peace deal.
- Joe Kent confirmed Tulsi Gabbard declassified 140-plus U.S. biolabs in over 30 countries and said more revelations on COVID origins are coming.
- Trump suggested Syria's ISIS-linked leader could handle Hezbollah in Lebanon, which Kent called catastrophic for reigniting sectarian violence.
- Peter Schiff said U.S. home prices must fall 30 to 50 percent to reach affordability, criticizing Trump's goal of preserving boomer home equity over young buyers.
- Schiff projected U.S. debt interest will consume 80 percent of tax revenue within years, with inflation running 5 to 8 percent despite Fed claims of 2 percent.
- Israel was formally denied access to the Iran memorandum text, a highly unusual move between close allies on critical national security matters.