The Julia La Roche Show, Released on 6/27/26

Chris Whalen joins Julia La Roche on this week’s episode of “The Wrap with Chris Whalen” to break down what he calls a “slow motion train wreck” in private credit, where public and private funds alike are getting hammered with redemption requests just as the firms behind them sit on impaired assets like DSCR business-purpose loans. Whalen argues we’re living through a replay of 2005 — high tide before the crack — and predicts a housing reset by 2027-2028 (“misery on the eights”), with home prices falling 10-20% and recent borrowers landing underwater. Along the way he covers double-digit inflation driven by energy supply shocks from the Strait of Hormuz, why Chair Warsh can’t slow-walk rate hikes, the volatility added by agentic AI trading and ETFs, his long-term bull case for gold and silver, the unwinding of Wall Street’s crypto trade, the futility of Mamdani’s NYC rent freeze, and viewer questions on inflation measurement and Annaly’s common vs. preferred shares.

00:00 — Intro
01:09 — Private credit: the “slow motion train wreck” and redemptions
02:24 — Rates higher-for-longer, double-digit inflation & the Strait of Hormuz
04:02 — The hidden cost of war and inflation as a tax
05:33 — Private credit shops buying insurers & DSCR loans
06:46 — “It’s 2005 again” and the road to misery on the eights
07:46 — Signposts: institutional fraud in business-purpose loans
08:45 — What a DSCR loan is vs. a residential mortgage
11:55 — The private credit gates connection
12:32 — Predicting the 2028 housing reset & price declines
14:52 — How rising prices have masked defaults
15:27 — A 10-20% home price reset explained
15:46 — Which markets crack first (Florida, Miami, blue-state Northeast)
17:10 — Mom-and-pop investors and fix-and-flips
17:49 — Advice for homebuyers: stay below the conforming limit
18:42 — AI & semiconductor stock volatility
19:15 — Agentic trading bots and market manipulation
20:35 — Precious metals: gold below $4,000, silver near $57
22:37 — PCE data, sticky inflation & the gold-silver case
23:13 — Crypto falling apart, MicroStrategy & BlackRock selling
24:33 — CME suing over perps (perpetual futures)
25:34 — The NYC rent freeze / Mamdani hot take
26:49 — Viewer mail: changing the definition of inflation
28:20 — Viewer mail: is the debasement trade over?
29:08 — Viewer mail: Annaly common vs. preferred
31:03 — What’s ahead next week (plus World Cup talk)
32:46 — Wrap-up

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, investing, private credit, real estate