Bloomberg Surveillance Single Best Idea with Tom Keene: Eswar Prasad & Jed Kolko
Feb 3, 2026
Eswar Prasad, Cornell professor and author of The Doom Loop, and Jed Kolko, senior economist known for housing and labor analytics, join the conversation. They discuss globalization’s risky feedback loops. They explore housing trends, high rates and construction, and labor market dynamics. Short, timely takes on macro risks and policy shocks.
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Host Praises Prasad's Unexpectedly Stark Book
- Tom Keene highlights Eswar Prasad's book The Doom Loop and how surprising its pessimism is given Prasad's usual optimism.
- Keene points to endorsements like Janet Yellen's and signals we'll hear more about the book through the year.
Interlocking Forces Create A 'Doom Loop'
- Eswar Prasad argues that economics, domestic politics, and geopolitics are feeding off each other into a negative feedback loop.
- This 'doom loop' amplifies instability rather than restoring a stable global equilibrium.
Housing Faces Policy Headwinds but Prices Ease
- Jed Kolko notes residential construction faces headwinds from tariffs and immigration policy uncertainty.
- He also observes housing prices are rising more slowly, which may ease affordability concerns.
