About this episode

Chris Whalen discusses the implications of recent bank earnings and the risks in private credit and the housing market.

In this episode of The Wrap with Chris Whalen, Chris breaks down a blockbuster week of bank earnings — and why the record numbers mask a growing problem. Wall Street trading and investment banking revenues are exploding, but banks aren't making money on money, as asset yields fall for a sixth straight quarter and private credit giants like Apollo poach deals. Whalen flags roughly $4 trillion in bank exposure to non-depository financial institutions, warns "there are no regulators in Washington" watching the risks, and says the housing market's business-purpose loan boom "feels like 2005." He sticks with his double-digit inflation call, arguing diesel — not oil — is the real story, and predicts fuel shortages, maybe even rationing, before the midterm elections. Plus: Kevin Warsh's Greenspan-style Fed debut, gold's selloff as a buying opportunity, viewer questions on Annaly, and a World Cup prediction. Thank you to our sponsor, Monetary Metals. Learn more at https://www.monetary-metals.com/THEWRAP/ Links: The Institutional Risk Analyst: https://www.theinstitutionalriskanalyst.com/ The Wrap: https://www.theinstitutionalriskanalyst.com/post/theira869 Twitter/X…

People in this episode

Host: Julia La Roche

Guest: Chris Whalen

Topics covered

• private credit risk
• bank earnings
• double-digit inflation
• housing market
• fuel shortages
• investment banking

Keywords

• private credit
• bank earnings
• inflation
• housing market
• fuel shortages
• investment banking
• Apollo
• Monetary Metals

Sponsors

Monetary Metals

Mentioned in this episode

Organizations: Apollo, Kevin Warsh, Greenspan, The Institutional Risk Analyst

Books & works: Seeing Around Corners

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