#410 Chris Whalen: Age of Uncertainty - Falling Home Prices, Cracks in Private Credit, & Sidelined Fed

The Julia La Roche Show · Sep 19, 2026 · 34m

Chris Whalen returns after the FOMC's 25-basis-point hike and calls it what he wrote in his notes: lame. His argument is that the Fed has become the tail and the Treasury the dog — with a $2 trillion deficit running above 6% of GDP, monetary policy is close to irrelevant, and Kevin Warsh will eventually be forced back into QE and debt monetization whether he wants it or not. That leaves Congress, which Whalen says has stopped doing the one job only it can do, prompting a provocative exchange with Julia about whether a fiscal crisis ends with a manager running the purse the way FDR ran 1933…