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Are we getting our money’s worth? Discussion with Dr. Peter Linneman

April 14, 2021

Are we getting our money’s worth? Discussion with Dr. Peter Linneman

Dr. Peter Linneman

Leading Economist, Former Wharton Professor

In the latest Walker Webcast, guest Dr. Peter Linneman is welcomed on as a leading economist and former Wharton Professor.

Willy kicks off this episode on a different note than normal—he takes a dive into looking at culture and character. Listen to their discussion about the examples of sports teams that proved the need for character over skill when the times got tough. Likewise, learn how difficult times can reveal the differences between good, bad, and great institutions, based on the character, culture, and investments they make. Taking a look at Peter’s recent Linneman Letter, Willy asks Peter to share his thoughts on what we should be doing as the pandemic subsides and the economy rises. Find out more about the responsibility that vaccinated people have to start reliving normal life as they enter back into the world.

Shifting the conversation to the practicalities of what engaging with the economy looks like moving forward, Willy inquires about Peter’s opinion regarding investments. Peter talks about the reopening of investments, a “butterfly recovery”, and the uncertainty that calls for caution before discussing his perspective on the debt relief packages, economy acquisitions, and what the government is doing. Peter holds that the government debt is more manageable than it appears, but we must ask the question—“Are we getting our money’s worth?”. He touches on what he calls the “wildly mistargeted government spending” concerning the upcoming bill and how aid needs to be specifically targeted in order to serve in providing true relief. They discuss the BLS numbers, data, and unemployment realities. Take a look at the peak pre-COVID quarters in comparison to where the year ended in 2020.

Continuing the discussion, Willy addresses chairman Powell’s recent interview and Peter’s outlook on when the rebound will occur and society will switch from survival mode, to growing and taking risks. The talk through numerous questions, including: What was the greatest transfer of wealth from the government in relation to tax and interest payments? What are people doing with the excess money they received? Peter leaves us to consider what we ought to be most careful of—themselves. While there are 5 “Canaries” Peter emphasizes, he says the greatest enemy is ourselves.

The episode draws to a close as Willy takes a look at Peter’s perspective regarding projections for the markets. Listen as to why Peter holds a more tempered projection in regards to the single family market and housing stats. They chat about the strongest and weakest multi market projections for 2022, along with the office markets—all based on supply and demand. Don’t miss their final thoughts on hospitality, retail, and carbon emissions.

Links:

Check out the Linneman Letters
Connect with Peter on LinkedIn
Learn more about Willy
Connect with Willy on LinkedIn

Read Transcript

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