Squawk Pod – March 17, 2026

Episode Summary: Kevin Hassett, Sen. Rand Paul & The Property Brothers

Main Theme

This episode dives into the economic and geopolitical implications of the ongoing Iran war, upcoming Homeland Security leadership confirmation, and the complex realities of America’s affordable housing crisis. Featuring interviews with National Economic Council Director Kevin Hassett, Senator Rand Paul, and TV personalities Drew & Jonathan Scott (the Property Brothers), the show explores high-level policymaking as well as on-the-ground realities facing American families and markets.

Key Discussion Points & Insights

1. War in Iran: Economic and Political Updates

Guest: Kevin Hassett, National Economic Council Director
Segment Start: 04:54

• President Trump’s Resolve and War Timeline

  • Hassett asserts the administration’s strong position and confidence in achieving objectives quickly.
  • Quote (05:26): “We have an enormous amount of success so far… we’ve destroyed the military of Iran, we’ve coordinated 135 countries in the UN including no veto for China and Russia to isolate Iran.”
  • The stated expectation is a “four to six week war,” and Hassett says operations are ahead of schedule.
  • Quote (06:53): “[End] in weeks, not months.”

• Impacts on Oil & Global Markets

  • Anticipates a return of West Texas Intermediate (WTI) prices “down into the 60s again by the fall.” (07:13)
  • Temporary supply disruptions, but strategic reserves and alliances are in place for mitigation.
  • US seen as resilient due to net energy exports, with more pronounced impacts predicted for Asian and European economies.

• Broader Economic Confidence

  • US productivity and business confidence are robust, unaffected by the war’s turbulence.
  • Quote (08:26): “There’s no way that President Trump’s going to back down until he sees this through to the end.”

• Fertilizer and Commodity Security

  • Action plans in place to source critical imports like fertilizer from alternate countries (Venezuela, Morocco) given Strait of Hormuz closures. (13:27)
  • Focus on prioritizing US farmers’ needs.

• Notable Moment

  • Hassett downplays risks of long-term disruption, reinforcing administration optimism.

2. Homeland Security Confirmation and Congressional Ethics

Guest: Senator Rand Paul, Chair of Homeland Security
Segment Start: 16:58 (Interview: 17:22)

• Homeland Security Leadership Transition

  • Sen. Paul previews a thorough, critical confirmation hearing for Sen. Mark Wayne Mullen.
  • Emphasizes need for accountability over DHS use-of-force incidents.
  • Quote (15:34): “That doesn’t mean it’s going to be a hearing without scrutiny.”

• Stock Trading Controversy

  • Mullen’s prolific and highly successful stock trading—especially in defense stocks—draws ethics questions.
  • Paul calls for tougher rules: “It doesn’t really pass the smell test.” (19:11)
  • Highlights the public’s increasing skepticism regarding congressional stock trading.

• The Cost and Endgame of War in Iran

  • Paul is vocally critical of the conflict, arguing against its value for US interests.
  • Quote (21:33): “I’m against the war because I don’t see a national interest in the US expending $12 billion a day. ...I don’t believe that ultimately it’s in our national interest to send our young men and women in to fight and die in Iran.”
  • Skepticism about negotiated settlement: “There’s not going to be an agreement. In the end, I don’t think we know who we'd make an agreement with.” (23:24)
  • Urges more genuine policy debate rather than preordained conclusions.
  • Quote (25:12): “Often people say, ‘oh, this war is in our national security interests.’ Well, that’s a conclusion, not a debate. The debate is really, why do you think this war is in our national security interest?”

3. Affordable Housing Crisis: On the Ground with the Property Brothers

Guests: Drew Scott and Jonathan Scott
Segment Start: 27:42

• Severity and Causes of the Crisis

  • Both confirm that affordability is “meaningfully worse than it ever was” (28:18).
  • Regulatory red tape, NIMBYism, and rising building costs—especially for government-backed projects—are key culprits.
  • Quote (28:18; Jonathan): “If I was going to do an affordable housing project today ...using government funds, it’s about 40% more expensive because of all of the regulation.”

• Supply vs. Mortgage Rates

  • Supply, not just interest rates, is the fundamental problem.
  • Quote (29:25; Drew): “It's not a rate issue... It’s a supply issue. 80% of people have mortgages under 6%. So nobody wants to do anything. ...You just don’t have inventory.”

• Barriers to More Rapid Housing Development

  • Union wages, tariffs, lengthy approval timelines, and prevailing wage rules add to project costs (28:52; 29:06).
  • Developers find little incentive to build affordable housing.

• Developer Incentives: Lessons from Canada

  • Applaud Canada’s MLI Select program—allows refinancing up to 95%, lower rates, and 50-year amortizations for affordable projects (33:22).
  • Contrast with restrictive US lending policies.

• Institutional Ownership and Policy Misdirection

  • Drew cautions against over-focusing on institutional landlords, who hold less than 5% of single-family homes.
  • Quote (32:56; Drew): “That’s not a solution... They need better incentives for developers.”

• Rentals, Short-Term Lets, and Vacant Properties

  • Cities are placing limits on short-term rentals (like Airbnb) to prevent artificial scarcity (35:17).
  • Jonathan flags growing numbers of unoccupied second/third homes as an obstacle (35:36).

• Social Mindsets and Stigma

  • Jonathan rebuffs the myth that affordable housing downgrades a neighborhood:
    • Quote (31:46): “People should be able to live where they work. These are nurses, doctors, teachers, people who are going to be in that community.”

• Innovative Approaches

  • The brothers tout modular construction (Canada: one-bedroom units for $180,000 CAD) as a solution—pointing out US policy must stop letting speculators immediately resell below-market homes at profit (34:44).

Notable Quotes & Memorable Moments

• Kevin Hassett:

  • “We’re very optimistic that this is going to be over in the short run and then there’ll be price repercussions … But we've really got a plan for every corner of the disruption from fertilizer to getting fuel to the west coast.” (06:29)
  • “There’s no way that President Trump’s going to back down until he sees this through to the end.” (08:26)

• Sen. Rand Paul:

  • “I'm against the war because I don't see a national interest in US, you know, expending $12 billion a day. ...I just don't believe that ultimately it's in our national interest to send our young men and women in to fight and die in Iran.” (21:33)
  • “Often people say, ‘oh, this war is in our national security interests.’ Well, that's a conclusion, not a debate. The debate is really, why do you think this war is in our national security interest?” (25:12)

• Property Brothers:

  • Jonathan: "If I was just going to build a building that cost $20 million … as an affordable housing project using government funds, it’s about 40% more expensive because of all of the regulation.” (28:18)
  • Drew: “It's not a rate issue... It’s a supply issue. ...You just don’t have inventory.” (29:25)
  • Jonathan: “People should be able to live where they work. These are nurses, doctors, teachers…” (31:46)
  • Drew: “That’s not a solution because institutional ownership of single family dwellings is, I think it’s around 5% or less than 5% of the market.” (32:56)

Timestamps for Major Segments

| Segment/Topic | Time | |-------------------------------------------------------|-----------| | Kevin Hassett on Iran war and economic impact | 04:54–15:11 | | Rand Paul on DHS nominee & war skepticism | 16:58–25:25 | | Property Brothers on affordable housing | 27:42–36:36 |

Tone and Style

The episode maintains CNBC’s trademark blend of brisk, data-driven analysis, tough questioning, and candid insight from policy insiders and practitioners. Hassett is confident and policy detail-oriented; Senator Paul is skeptical and principled; the Property Brothers balance plainspoken frustration with constructive optimism and practical proposals.

For Listeners

This episode offers a panorama of the challenges facing the nation: war and global markets, the ethics of congressional leadership, and bread-and-butter issues like finding—let alone affording—a place to live. Whether you’re tracking world events, government accountability, or looking for solutions to the housing squeeze, the discussions go beyond headlines to the real questions at stake.