As the latest housing bubble pops, home sellers are asking for unreal prices for their homes, while buyers are waiting for the prices to fall. Bill Pulte—Trump‘s Director of the Federal Housing Finance Agency—is demanding the Fed force down interest rates to restart the unsustainable boom.

While we often speak of measurements of inflation (such as “inflation went up by three percent”), in reality, one cannot accurately measure it, given official measurements consist of arbitrary weighted averages. It is better to see inflation as qualitative, not quantitative.

As the Texas floodwaters receded, politicians like Chuck Schumer twisted facts about the tragedy to score a political win. Examining what went wrong to prevent such tragedies from happening again is the right thing to do. But that involves looking at the actual facts.

Now is the time to admit that easy-money policy and corporate bailouts—imposed in the name of increasing homeownership—has only made housing more unaffordable.