Peter St Onge Podcast Ep 119 Weekly Roundup: GDP Goes Negative. And it's Glorious.
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May 5, 2025 This week, a deep dive into the fragile housing market reveals a 16-year low in home buying and Congress's inability to act. Political shifts in Canada spark discussions on new economic policies under Prime Minister Mark Carney. Meanwhile, economic turbulence grips the manufacturing sectors in China and Canada. In contrast, America's reindustrialization is gaining momentum with $5 trillion in foreign investments, promising job creation and a surprising silver lining in GDP figures.
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Filibuster Paralyzes Congress
- The filibuster paralyzes Congress by requiring 60 votes for almost all bills, effectively locking in the Uniparty and blocking reform.
- Changing filibuster rules would enable majority rule on most issues, breaking structural gridlock and enabling urgent government action.
Housing Market Locked by Mortgages
- U.S. homebuying hits a 16-year low due to mortgage rates rising from 3% to about 7%, freezing millions of homeowners in place.
- This lock-in sharply reduces inventory and threatens a housing market crash when mortgage rates eventually fall and frozen homes flood the market.
Canada's Turn to Left Globalism
- The Canadian Liberals won decisively with Mark Carney, a WEF advocate, promising more immigration, spending, and a CBDC, deepening authoritarian control.
- This shift risks Canadian jobs, liberties, and economic ties with the U.S., worsening middle-class decline and increasing dissatisfaction.