Banker and author Chris Whalen (@rcwhalen), chairman of Whalen Global Advisors, who is also the author of The Institutional Risk Analyst, joins Julia La Roche on episode 108.
In this episode, Whalen delves into what he terms a ‘Silent Crisis’ lurking within the commercial real estate sector and its ripple effects on regional banking and the broader economy. Whalen highlights the intricacies of the Federal Reserve’s policy shifts and how the central bank is slowly killing the world of credit and putting banks in a tough spot.
Links:
Chris on Twitter/X: https://twitter.com/rcwhalen
The Institutional Risk Analyst: https://www.theinstitutionalriskanalyst.com/
0:00 Welcome Chris Whalen to the show
1:14 Big picture is the Fed is slowly killing the world of credit
2:13 Bond market is signaling the Fed is going to stop soon
3:34 Commercial real estate risk
4:18 Banks are looking at another down quarter for net income
5:30 Commercial, not consumer
6:18 New York State Assembly killed multi-family housing
9:26 A typical recession was led by consumers, but this recession is being caused by the Fed
11:24 Landlords are a small business
13:00 Silent crisis
14:50 Impact on banks
16:00 Politics need to change if NYC is going to survive
17:30 A strange economic cycle
19:22 Half the banks in the country are insolvent on mark-to-market
20:24 Banks are a fixed income trade that masquerades as an equity trade
21:30 Fed will drop rates by end of the year because of banks
22:14 Should we have mark-to-market accounting?
23:50 Housing outlook, tips for homebuyers
27:00 Parting thoughts
#046 Whitney Tilson On Avoiding The 5 Calamities That Can Ruin You
#045 Caleb Franzen: The Fed Is Being Challenged By Ongoing Labor Market Dynamics
#044 Standing Up to the Woke Mob and Walking Away From $1 Million: Jennifer Sey's Story
#043 Jon Hilsenrath On Treasury Secretary Janet Yellen And Navigating An Era Of Upheaval
#042 MEGATHREATS: 'Dr. Doom' Nouriel Roubini's Scariest Prediction
#041 Jim Bianco: Recession Has Become The New Bull Story On Wall Street
#040 Tom Thornton On Why We Might See True Capitulation In The Markets In 2023
#039 Stephanie Link On The Fed, Markets, And Working With Jim Cramer
#038 ‘Art & Equity’ With Blythe Masters, Brett Redfearn, Elizabeth Von Habsburg, and Carlos Domingo
#037 Axel Merk On The Fed's Sledgehammer Approach To The Economy
#036 Jim Rickards: We're Looking At A Global Recession
#035 Envestnet Co-CIO Dana D’Auria On Personalizing Portfolios
#034 Carson Block On Latest Shorts And The 'Mass Investing Delusion' Of ESG
#033 Jan Van Eck On Why Now Is The Time To Buy Bonds
#032 Scott Galloway: It's Never Been Easier To Become A Billionaire, But It’s Never Been Harder To Become A Millionaire
#031 Danielle DiMartino Booth On Recession, Housing, And Killing The Fed Put
#030 Vitaliy Katsenelson On The 'Dot-Com Bubble 2.0' Ushering In 'A Value Investor's Paradise'
#029 Steve Case On Peak Silicon Valley And The Rise Of The Rest
#028 Dr. Nomi Prins On How The Fed Created A ‘Permanent Distortion’
#027 Rick Rule: The Damage Will Be Severe But Survivable
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