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This week, the S&P 500 entered what analysts refer to as a bear market. The index has plunged around 22 percent from its most recent peak in January. Many growth stocks and crypto assets have crashed double or triple that amount.New home sales declined 17 percent in April, causing some analysts to argue that the housing market has peaked. And, in response to rising inflation, the Federal Reserve just approved its largest interest rate increase since 1994, meaning asset prices could dip even lower.To understand what’s happening in the stock market right now, you have to understand the era that preceded it. Rana Foroohar is a columnist at The Financial Times, and the author of several books on the economy including “Makers and Takers” and “Don’t Be Evil.” Her view is that a decade-plus of loose monetary policy has been the economic equivalent of a “sugar high,” which kept the prices of stocks, housing and other assets going up and up and up, even as the fundamentals of the economy have been eroding. This “everything bubble,” as she calls it, was bound to burst — and that’s exactly what she thinks is happening right now.So I wanted to have her on the show to discuss the economic choices — and lack thereof — that led to this point. We also discuss why the increasing power of the financial sector hasn’t resulted a stronger economy, whether the housing market has indeed hit its peak, the massive missed opportunity for public investment while interest rates were low, why policymakers treat asset price inflation so differently from other types of inflation, the true costs of the meat we eat and clothes we wear, why crypto represents the apotheosis of hyper-financialized capitalism, why I’m skeptical of the argument that we’re moving rapidly toward a less globalized world and more.Book recommendations:All That She Carried by Tiya MilesBeautiful Country by Qian Julie WangThe Rise and Fall of the Neoliberal Order by Gary GerstleWe're hiring a researcher! You can apply here or by visiting nytimes.wd5.myworkdayjobs.com/NewsThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast, and you can find Ezra on Twitter @ezraklein. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.“The Ezra Klein Show” is produced by Annie Galvin, Jeff Geld and Rogé Karma; fact-checking by Michelle Harris and Andrea López Cruzado; original music by Isaac Jones; mixing by Jeff Geld; audience strategy by Shannon Busta. Our executive producer is Irene Noguchi. Special thanks to Kristin Lin and Kristina Samulewski. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

It’s that time of year, when we invite listeners to send in questions, and I answer them on the air. And as usual, you delivered. I’m joined by my producer Annie Galvin, who asks me some of the most intriguing questions of the many we received: Is climate change a reason to forgo having kids? What would happen if Trump were allowed to return to Twitter, in the event of an Elon Musk acquisition? Should Biden run again in 2024? Is wokeness killing the Democratic Party?We also discuss the recent congressional hearing about U.F.O. sightings; whether it’s a good thing that so many talented young people are going to work in consulting, finance and corporate law; the worrisome anti-institutional direction of the Republican Party; why government is failing to deliver on liberals’ policies and promises — and how to start fixing that problem; whether Americans’ distrust in institutions is warranted; why I could use some recommendations for a good reading chair; and more.Mentioned:We're hiring a researcher! You can apply here or by visiting nytimes.wd5.myworkdayjobs.com/News“Your Kids Are Not Doomed” by Ezra Klein“Empirically Grounded Technology Forecasts and the Energy Transition” by Rupert Way, Matthew Ives, Penny Mealy and J. Doyne Farmer“Ibram X. Kendi on What Conservatives — and Liberals — Get Wrong About Antiracism” by The Ezra Klein Show“A Different Way of Thinking About Cancel Culture” by Ezra KleinPublic Citizens by Paul Sabin“This Is Why Your Holiday Travel Is Awful” by Marc J. Dunkelman“Are We More Polarized? Or Just Weirder?” by The Ezra Klein Show“Donald Trump Didn’t Hijack the G.O.P. He Understood It.” by The Ezra Klein Show“Robert Sapolsky on the Toxic Intersection of Poverty and Stress” by Vox ConversationsBook Recommendations:Amusing Ourselves to Death by Neil PostmanThe Invention of Nature by Andrea WulfBeautiful World, Where Are You by Sally RooneyMusic Recommendations:“Spring 1” by Max RichterChristian LöfflerThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast, and you can find Ezra on Twitter @ezraklein. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.“The Ezra Klein Show” is produced by Annie Galvin, Jeff Geld and Rogé Karma; fact-checking by Michelle Harris; original music by Isaac Jones; mixing by Jeff Geld; audience strategy by Shannon Busta. Our executive producer is Irene Noguchi. Special thanks to Kristin Lin and Kristina Samulewski. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

American socialists today find themselves in a tenuous position. Over the past decade, the left has become a powerful force in American politics. Bernie Sanders seriously contested two presidential primaries. Democratic socialists have won local, state and congressional races. Organizations like Democratic Socialists of America and socialist publications like Jacobin have become part of the political conversation.But the progressive left’s successes have been largely concentrated in well-educated, heavily blue districts, and the movement that claims to represent the interests of workers consistently fails to make meaningful inroads with working-class voters. As a result, socialists have struggled to build broad, lasting political power at any level of government.“We might feel more confident about the prospects for the left if, rather than a momentary shift leftward in liberal economic priorities or the rhetoric of certain parts of the mainstream media, there had been deeper inroads made among workers,” writes Bhaskar Sunkara. “There have been rare exceptions, but on the whole, it would be delusional to say that our ideological left has made a decade of progress merging with a wider social base.”Sunkara is the founding editor of Jacobin and the president of The Nation, two of the leading publications on the American left. He recently published an issue of Jacobin titled “The Left in Purgatory,” which attempts to grapple with the left’s failures, interrogate its political strategies and chart a path for American socialists to win over more working-class voters. So I invited him on the show to lay out where the left is now, and where he thinks it needs to go next.We discuss whether the left learned the wrong lessons from the Sanders 2016 campaign, why working-class voters across the world have increasingly abandoned left-wing parties, the fundamental error in Sanders’s theory of the 2020 electorate, why winning over working-class voters is just as much about a candidate’s aesthetic as it is about policy, why Sunkara is pessimistic that the socialists who came after Bernie will be able to match his widespread appeal, the “end of the A.O.C. honeymoon” on the left, what a “supply-side socialism” could look like, the tension between the left’s desire for government to do big things and its skepticism of concentrated power, why it costs so much to build in America, why Sunkara is worried about America’s “thin associative democracy” and more.Mentioned:“Brahmin Left versus Merchant Right: Changing Political Cleavages in 21 Western Democracies, 1948-2020” by Amory Gethin, Clara Martínez-Toledano and Thomas PikettyInfrastructure issue from Jacobin"The End of the A.O.C. Honeymoon" by Natalie ShureBook recommendations:Socialism: Past and Future by Michael HarringtonThe Age of Extremes by Eric HobsbawmThe South by Adolph L. Reed, Jr.Thoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast, and you can find Ezra on Twitter @ezraklein. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.“The Ezra Klein Show” is produced by Annie Galvin, Jeff Geld and Rogé Karma; fact-checking by Michelle Harris, Rollin Hu and Kate Sinclair; original music by Isaac Jones; mixing by Jeff Geld; audience strategy by Shannon Busta. Our executive producer is Irene Noguchi. Special thanks to Kristin Lin and Kristina Samulewski. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.