Right now there is a dead bomb sitting smack dab in the center of the American economy

because you see commercial real estate in this country is in a state of total free fall

visit any mainstream commercial building here in New York. On the ground

floor everything looks great. You have restaurants, Starbucks, artisanal bakeries, and so on. It looks great. But you go up the elevator and you'll find that floor after floor after floor

is nothing but absolutely emptied out office space. No companies, no employees, no workers, no nothing.

Just a giant loan from the bank that no longer has any rent to support it.

That's exactly what I'm talking about.

It's fair to say that we are living in a new gilded age.

The 1920s was of course... that we are living in a new gilded age.

The 1920s was of course a gilded age and the 2020s appear to also be a gilded age.

On the surface, everything looks fine.

It's New York City, it's the Commerce Capital of America,

you have skyscrapers packed one next to each other, people walking around.

I mean again on the surface everything looks bustling. But on the inside, you have emptied out buildings

one after the other, with floor after floor

being totally vacant.

In fact, let's move this episode somewhere

a bit more apt. But of course it's not only New York. The same

is true in many other large cities as well, Chicago, Dallas, Houston, Los Angeles, Washington, D.C. San Francisco,

Denver, Seattle, San Jose, Portland, Atlanta, and so on. In fact, right now, the U.S. has roughly 1 billion square feet of office space

sitting empty just like this.

Just for a visual, if you stack all these empty floors one on top of another it would make a building that's

...