Chris Whalen: Fed Caused Housing Emergency, Rate Cuts Won't Fix It
The Julia La Roche Show
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Hey there! Welcome to The Julia La Roche Show. I started this channel because I wanted to bring more people in-depth conversations with some of the brightest minds in investing, business, and technology. I spent over a decade as a journalist and have interviewed top CEOs like Google, Goldman Sachs, Starbucks, Salesforce, Walmart, and more, as well as leading investors like Paul Tudor Jones, Bill Ackman, Ray Dalio, Jeffrey Gundlach, Charlie Munger, and others. But I've long felt traditional financial media, with its time constraints of 5-7 minute segments, didn't allow for deeper conversations, and guests would frequently get interrupted by the host. As a viewer, I was always left wanting more. My goal with this show is to change that. And I'll promise you I'll always make it about the guest, never me. Please subscribe so you won't miss any of these amazing guests. Thanks for your support. Julia
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Chris Whalen, chairman of Whalen Global Advisors and author of The Institutional Risk Analyst blog, returns to the show for an in-person episode to recap the FOMC, discuss the state of the economy, housing, and his highest conviction ideas. Sponsor: Monetary Metals. https://monetary-metals.com/julia Links: Twitter/X: https://twitter.com/rcwhalen Website: https://www.rcwhalen.com/ The Institutional Risk Analyst: https://www.theinstitutionalriskanalyst.com/ Inflated book (2nd edition): https://www.barnesandnoble.com/w/inflated-r-christopher-whalen/1146303673 Stanley Middleman book: https://www.theinstitutionalriskanalyst.com/product-page/seeing-around-corners-achieving-success-in-business-and-life-hardcover Timestamps: 0:00 Welcome and introduction - Chris Whalen's first in-studio appearance 0:24 Julia's introduction highlighting Chris's credentials and analysis 1:16 Fed takeaway - Steve Miran only governor wanting 50bp cut 2:19 Housing emergency coming - Fed drove prices up, Trump faces constraint 2:31 Housing scenarios - mortgage rates retreating after quarter point 4:17 Monetary Metals ad read 5:34 Housing psychology - homeowners trying to sell at the top 6:53 Office space comparison - no longer premium asset class 7:38 Fed rate cut outlook - may not see more cuts for months 9:58 Bank balance sheet problems - mortgage securities underwater 10:54 Politics of inflation - housing affordability crisis 13:10 Viewer housing question response - Florida 1924 parallels 15:32 DC trip on GSEs - still no roadmap from Treasury 18:43 Fannie/Freddie trade - made 30% then got out 19:54 Taking profits 22:36 Watching the herd mentality 25:20 Dollar/deficit thesis - weaker dollar, Treasury pressure ahead 27:47 Fed restructuring vision - eliminate Board of Governors 31:09 Housing emergency declaration - resuming MBS purchases discussion 33:51 Mixed economy - wealthy vs bottom quartile struggling 34:34 Debt myths - Americans love inflation, debt is currency 36:18 Highest conviction trade - gold and strategic silver
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