PBD Podcast Barry Habib On The Government Lying About The Unemployment Rate | Ep. 246 | Part 2
Mar 14, 2023
In this discussion, Barry Habib, a real estate expert and three-time Zillow Crystal Ball Award winner, delves into the misleading government unemployment statistics, questioning their accuracy. He highlights the alarming rise in credit card debt and the decline of full-time jobs since 2022. The conversation shifts to the mortgage market, analyzing the impact of inflation on rates and affordability. Habib also explores the recent banking crisis, emphasizing the need for consumer protection and the risks of potential bank runs, offering insights into the current economic landscape.
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Misleading Jobs Report
- The government's reported January jobs number doesn't reflect reality.
- BLS data reveals 2.5 million job losses, masked by a seasonal adjustment.
Unemployment Rate Manipulation
- The low unemployment rate is misleading, as it's based on manipulated data.
- Undocumented workers from 2022 were added to 2023's January figures, artificially lowering the rate.
Mortgage Rates and Inflation
- Mortgage rates are primarily influenced by inflation, not the Fed's interest rate decisions.
- The Fed's rapid rate hikes caused market imbalances, leading to instability like the Silicon Valley Bank collapse.