In this comprehensive presentation, Jason provides a detailed analysis of the state of the US economy as the end of Q1-2023, with a particular focus on the transformation of real estate from a stable asset into a speculative one. He expertly guides the audience through the stages of a crisis, drawing from the insights of economists Minsky and Kindleberger. Jason illustrates these concepts with concrete examples, such as the surge in debt levels and rapid price increases in the multifamily residential sector. He underscores the growing challenges in the banking sector, especially among smaller banks with significant real estate exposure. The presentation offers two potential paths forward: a bailout, which may temporarily avert deflation but weaken long-term growth, or a period of deflation followed by economic improvement as unproductive assets are shed. Ultimately, Jason advocates for stabilizing the supply of money and credit to prevent a boom-bust cycle and address the issue of asset speculation within the real estate sector.