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--:-- Host (Georgia Howe): The NFL is back, and FanDuel's got everything you need to play your game. From same-game parlays to live betting. Right now, new customers bet $5 and get $300 in bonus bets if you win. 21-plus in president select states. 18-plus in Kentucky and Wyoming. Must be first online real money waging. $5 deposit required. Bonus issued is non-withdrawable bonus bets that expire seven days after receipt. Restrictions apply. See full terms at FanDuel.com slash sportsbook. Gambling problem? Call 1-800-GAMBLER.
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--:-- Host (Georgia Howe): Economists are predicting that rising inflation could cost Americans more than $5,000 over the next year in higher food, energy, and housing prices. The inventory shortage is everywhere. The demand is across the board and across all price points. Now the Federal Reserve is warning that we may be facing a housing bubble.
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--:-- Host (Georgia Howe): I'm Georgia Howe with Daily Wire editor-in-chief John Bickley. It's Thursday, March 31st, and this is Morning Wire. A new explosive video leaked from a meeting at Disney shows the company is doubling down on their efforts to increase sex and gender messaging in children's content. Our leadership over there has been so welcoming to my not-at-all-secret gay agenda. And China's worst COVID outbreak in two years is wreaking havoc on the residents of Shanghai. Thanks for waking up with Morning Wire. Stay tuned. We have the news you need to know.
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--:-- Host (Georgia Howe): This show is sponsored by Birch Gold Group. The market's slow decline has now worsened, and you need to make sure that your savings are protected with alternative investments. Hedge your savings today before it's too late with Birch Gold. Text the word WIRE to 989898 to claim a free info kit on physical gold and silver today. Again, text WIRE to 989898 to protect your savings with Birch Gold today.
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--:-- Host (Georgia Howe): As inflation continues to hit record rates, new data from the Census Department shows that for the first time, the average sale price of a new home in the U.S. is above half a million dollars. Now, the Federal Reserve is warning that a housing bubble could be brewing. Here with more is Daily Wire's Cabot Phillips.
--:-- Cabot Phillips: So, Cabot, first, tell us just how drastic this price increase has been, and then we'll get into the root causes.
--:-- Host (Georgia Howe): Yeah, if anyone's house hunting right now, this won't come as a huge shock. But according to the monthly residential sales report from the Census Bureau, the average new home sold for $511,000 in February. For context, that is a 25% spike over the last year alone, and nearly double the average price of a new home in 2012. Cities with the biggest spikes were Phoenix, Miami, and Tampa. But overall, it was houses in southeastern states that saw the largest spike in 2021. But again, it's not isolated to any one spot. It's really happening everywhere across the country.
--:-- Cabot Phillips: Right, just really a countrywide issue here. Obviously, prices on a lot of things are going up these days, but do we know about the main reasons for the spike, specifically in housing costs?
--:-- Host (Georgia Howe): Well, it's a combination of things for sure. Obviously, inflation is playing a role in driving prices up across the board. Anytime you've got an 8% inflation rate year to year, you're going to see prices on everything go up, and houses aren't exempt from that. As the price of lumber and fuel go up, it just costs more to build a house these days. A big part of the current spike can also be attributed to COVID lockdowns. During the pandemic, new construction projects were almost all halted. And that means the number of houses now up for sale is just lower than usual. It's simple supply and demand. And unfortunately, on that front, it will likely take years for new home construction to once again meet demand. That's according to real estate companies. So a solution to the shortage isn't coming anytime soon. It looks that way, no.
--:-- Cabot Phillips: Another interesting factor here is the rise of remote work during COVID and how during lockdowns many people left big cities like LA and New York but kept their high-paying jobs which in many smaller cities set off bidding wars for the houses that were available in those markets. And if you're looking to escape rising home prices by renting, you're still going to be paying a premium as rental rates have also gone up 17% compared to this time last year. Now, the Federal Reserve weighed in on the possibility of a potential housing bubble this week. What'd they say?
--:-- Host (Georgia Howe): Yeah, the Dallas Federal Reserve Bank has a research index that measures different variables of the housing market, like income per capita, housing rates, long-term interest rates, things like that. And they published a fairly alarming post on their website this week. They say home prices have become, quote, unhinged from fundamentals and, quote, abnormal for the first time since the boom of the early 2000s. They added that although the underlying causes for the housing boom this go-round are different than they were in 2008, There are similar levels of disconnect between price and value, and that's what's concerning them. They refer to what we're seeing now as, quote, market exuberance. In other words, people are overpaying for houses, and eventually that's got to stop somewhere. So is there any end in sight here for the escalating prices?
--:-- Cabot Phillips: Yeah, as always, it just depends on who you ask. Some real estate experts say that increasing mortgage rates should cool the market a bit. Remember, mortgage rates were down around 2% during the pandemic. So a lot of people were simply able to afford houses that a few years earlier would have been out of their price range. But rates are already up around 4% for most people. And that number is expected to continue climbing over the next year, which will theoretically lower the purchasing power of most buyers and in turn cause prices to go down. But others say that until the supply of houses meets the overwhelming demand that we're seeing right now, prices are just going to continue to rise. Well, let's hope we're not seeing a rerun of the 2008 crash.
--:-- Host (Georgia Howe): Cabot, thanks for the reporting. Anytime.
--:-- Cabot Phillips: That's Daily Wire's Cabot Phillips.
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--:-- Host (Georgia Howe): Coming up, a leaked video from Disney has parents concerned. This show is sponsored by Good Ranchers. Meat and seafood prices are up 20% in the last year. You can combat this out-of-control inflation with a Good Ranchers subscription. When you subscribe, your price is locked in for the life of your subscription. Grocery store prices will always be changing, but you can be secure in your food budget with Good Ranchers. Get American meat sourced from local farms delivered to your door at a consistent, affordable price. Visit GoodRanchers.com slash WIRE or use code WIRE at checkout to get $30 off and free shipping today.
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--:-- Host (Georgia Howe): Florida Governor Ron DeSantis officially signed the Parental Rights and Education Bill into law on Monday, meaning public schools are banned from discussing sexuality and gender identity with children in kindergarten through third grade. But the fallout over Disney's response to the new law continues. Now, a leaked video from a company-wide meeting on March 21st has many people outraged. In the video, a Disney creator openly states she has a, quote, secret gay agenda for children's entertainment. Here to give us the details on the video and how people inside the company are reacting is Daily Wire culture reporter Megan Basham.
--:-- Megan Basham: So, Megan, tell us about this leaked video.
--:-- Host (Georgia Howe): Well, you know, to start, there were actually a few explosive moments from that video leak. So let's start with the one that seems to be getting the most attention. This is audio of Disney writer and executive producer Latoya Raveneau talking about her experience working on Disney children's shows. I don't have to be afraid to like, let's have these two characters kiss. Let's in the background. Like I was just wherever I could just basically adding queerness. No one would stop me and no one was trying to stop me. So some important context for this is that Raveno just inked a new deal with Disney to launch some new preschool programming. So understandably, that's a little disconcerting to a lot of parents who for the most part don't want any sexual content of any kind in their kids' content. So it seems to confirm some of the worst suspicions about not just Disney, but Hollywood in general. And I'd say it's really just compounding the incredibly negative PR cycle that Disney's in right now.
--:-- Megan Basham: And I'd say it's really just compounding the incredibly negative PR cycle that Disney's in right now. And of course, it wasn't the only somewhat explosive revelation from that video leak. We also heard Disney's corporate president, Carrie Burke. I'm here as a mother of two queer children, actually. One transgender child and one pansexual child. And also as a leader. Right after adding that context, Burke seemed to reference Disney's reimagined initiative that is asking for 50% of characters and content to come from underrepresented groups. Typically, that includes LGBT characters. Another clip showed an activist from an outside LGBT organization telling gay and trans Disney staffers that DeSantis wants to, quoting here, erase you, criminalize your existence, and take your kids. Yet another clip showed Disney's diversity and inclusion manager explaining that the company no longer says ladies and gentlemen or boys and girls at their theme parks as part of an effort to erase gender distinctions. So overall, you have to say this is a pretty eye-opening peek into the politics at Disney.
--:-- Host (Georgia Howe): Right. But since then, we've seen also the hashtag boycott Disney trending. So do you think consumer opinions will ultimately sway these execs at Disney?
--:-- Megan Basham: Well, I wondered about that myself. And so I asked a Disney executive about it. And this is a guy who's actually very unhappy with the fact that the company decided to come out against the parental rights bill. And he told me that boycotts really don't move the needle much. Mostly, he said, it's because Disney is such a massive multinational company that bad PR tends to stay mostly localized to the US. It's not going to do as much damage as boycotters think. What he said does tend to spook the boards of directors is negative reaction from shareholders. So with that, I went and asked investment manager and finance author Jerry Boyer what he thought about that. Now, he was at that shareholder meeting where Disney CEO Bob Chapik reversed course on keeping the company out of the political fight in Florida. Here's what Boyer told me.
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--:-- Host (Georgia Howe): One of China's largest cities, Shanghai, suddenly imposed a widespread lockdown this week in response to rapidly rising COVID cases. Here to explain the impact this lockdown could have on both the city and international trade is Daily Wire's Ian Howarth.
--:-- Ian Howarth: So, Ian, what do we know about what's happening in China?
--:-- Host (Georgia Howe): Well, on Monday, half of Shanghai, the financial capital of China, went into lockdown in response to what authorities think is a COVID-19 outbreak that is getting out of control. On Sunday Shanghai announced a two-week lockdown of the city and then reported a record 3 new COVID cases doubling the number of infections every few days. Again, these are numbers from the Chinese government, so we can assume they're massively underreporting the true numbers. And what's interesting here is that we're looking at an experimental lockdown strategy. On Monday, authorities were putting up barricades shutting off parts of the city, with public transport shut down in many areas. All the residents living east and south of a river which divides the city will be under lockdown until Friday morning. At that point, the lockdown will end and shift over to the other side of the river. Authorities also resisted imposing a lockdown for weeks, at least in part because of the economic importance of Shanghai. Some companies based in the city, such as Tesla, suspended manufacturing for a few days, while other factories have been allowed to continue in a closed-loop bubble system. And the sudden change in policy has sparked panic among residents. First off, people are having to prepare to be both forced to stay in their homes for an unknown amount of time and then prepare to be placed in a quarantine facility if they test positive.
--:-- Host (Georgia Howe): If you test positive, then you're immediately taken to one of those centralized quarantine centers. So to do that, I've packed a go bag. I brought the essentials, things like tissues, deodorant, because you're in very close quarters with other people, sanitation wipes, anything to try to clean yourself because they don't have access to a lot of that running water and basic necessities of really trying to keep hygiene in check. My real concern is this guy. So my dog, a lot of people have pets here. You are separated from your pets. And there have been some horror stories of pets being even killed because they have been concerned to carry the virus. And then there's the mass panic and chaos as people rush to get basic necessities like food before the lockdown began with the phrase snatch groceries first, then get a COVID test, becoming an anthem for Shanghai's lockdown, as The Economist put it.
--:-- Ian Howarth: Now, you mentioned Shanghai's role as the financial capital of China. Is there a concern that this lockdown could have international impacts?
--:-- Host (Georgia Howe): Oh, definitely. For now, many of the city's major production centers and its port remain running. But even if they do stay open, the international supply chain is going to feel the strain as the flow of goods from factories to the port is going to be hit as the lockdown hits truck drivers and storage facilities, to name just a few links to the chain. Really, this is going to be the ultimate test of China's zero-COVID strategy. And given how much they rely on their export economy, it'll be interesting to see whether a self-inflicted collapse of the supply chain on their end will have any further consequences, as major importers of Chinese goods are already signaling a desire to move away from their dependence on China. Meanwhile, this is yet another factor that could add to the ongoing supply chain problems.
--:-- Host (Georgia Howe): Ian, thanks for reporting. Thanks, Georgia.
--:-- Ian Howarth: That's Daily Wire's Ian Howarth.
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--:-- Host (Georgia Howe): Other stories we're tracking this week. Senator Susan Collins has come out as the first Republican senator to support Judge Ketanji Brown-Jackson's appointment to the Supreme Court. And a NASA astronaut returned to Earth on Wednesday after spending 355 days at the International Space Station, which is a U.S. record. Mark Vande Hei came back in a Russian capsule and landed in Kazakhstan. Thanks for listening to Morning Wire. We created this show to bring more balance to the national conversation. If you love our show and you stand with our mission, consider subscribing, leaving us a five-star rating, and most importantly, sharing our podcast with a friend. That's all the time we've got this morning. Thanks for waking up with us. We'll be back tomorrow with the news you need to know. If you liked this podcast, subscribe to our Morning Wire newsletter, available exclusively to Daily Wire members. Use code MORNINGWIRE to try a Reader's Pass membership and get your first month for only 99 cents.
