The Julia La Roche Show, Released on 1/17/26

In this episode of The Wrap, Whalen breaks down why GSE release is officially off the table after Trump ordered them to buy back their own debt—a move Whalen calls “politics” driven by midterm election fears. He shares his take on crypto as “a polite form of gambling,” explains why he prefers gold over silver despite silver’s recent run, and dives deep into the housing market’s affordability crisis. Whalen reveals his biggest concern for 2026: the hidden risks in private equity and credit, calling them “rancid pools of illiquid, opaque assets” that could cause major bank losses. He also weighs in on the DOJ’s subpoena of Fed Chair Jerome Powell, predicting Kevin Warsh will likely be the next Fed chair, and closes with his outlook on markets, the dollar, and bank stocks.

0:00 Welcome back to the Wrap with Chris Whalen
0:30 GSE release officially off the table?
2:32 The $200 billion announcement is politics
4:08 Political landscape and midterm elections
4:49 Crypto legislation falls apart
5:14 Crypto as speculation vs. gold & silver
6:40 Silver’s short squeeze and volatility
8:30 Gold vs. silver as long-term trades
9:07 Copper and Dr. Copper as economic indicator
10:10 Housing policy and affordability crisis
12:10 Will the Fed allow home prices to fall?
14:30 Bank earnings season takeaways
16:50 Consumer delinquencies and economic warning signs
18:12 The hidden risk in private equity and credit
19:48 The “POOP” problem in private lending
21:42 Private credit as a ticking time bomb
22:58 Jerome Powell’s DOJ subpoena
24:21 Kevin Warsh and the future of the Fed
27:05 Could the Fed resume MBS purchases?
28:56 Viewer question: NLY/Annaly REIT
30:52 Parting thoughts and 2026 outlook
31:46 Closing

Richard Christopher Whalen is an investment banker and author who lives in New York City. He is Chairman of Whalen Global Advisors LLC and focuses on the financial services, mortgage finance and technology sectors.

  chris whalen, economy, financial crisis, gold, investing, silver