On The Record (6-30-26).

This week we mapped out how Wall Street has talked itself into a story it can’t stress-test—Accenture getting punished whether AI succeeds or fails, Saylor quietly selling the Bitcoin he swore he’d never sell, and the hyperscalers borrowing billions to fund a buildout that may be obsolete before it…

Is Private Credit the Pin That Pops the Bubble?

Is private credit the pin that pops the market bubble? The short answer is no—but that’s the wrong question entirely. Private credit is now a $1.8–$3.5 trillion market, rivaling the entire U.S. leveraged loan and high-yield bond markets combined. It’s direct lending, shadow banking, and middle-mark…

Omnibus (6-27-26).

Max and 99 are back, back, back again. They hit headlines on the Supreme Court shielding Roundup from cancer lawsuits, Stephen Miller quietly gutting disability rights, a socialist congressman who tried to abolish the Senate in 1911, and the Netherlands criminalizing conversion therapy. Then they d…

On The Record (6-23-26).

This week we said goodbye to Alan Greenspan, the man who spent two decades quietly rigging the economy for the wealthy, and encouraged working people to take on debt he knew would blow up in their faces (he would eventually call this a “flaw” ). Then we looked at housing starts, which just posted t…

We Lost More Than This War: Iran Ascendant.

Trump lost more than the war with Iran. U.S. media tends to look at things through a bilateral or ethnocentric lens of winners and losers. The bigger story is how Trump singlehandedly altered the calculus for multiple nation states, and fundamentally shifted historic alliances. Israel stands to los…

Omnibus (6-20-26).

Your host pals Max and 99 are back for another round of Omnibus! They hit headlines on AI as a political problem dressed up as a spiritual one, Carville’s prediction that Trump walks away by Easter, the new Spielberg film, and a leaked member list from Peter Thiel’s secret society, then tackle list…

On The Record (6-16-26).

This week we took a detour into the joy of the Knicks championship and what it says about New York, collective identity, and why Zohran Mamdani’s politics make sense in a city where the billionaire and the bodega worker share the same sewer pipe. Then we got back to the markets, where a flood of ne…

Omnibus (6-13-26).

Max and 99 are here for another round of Omnibus. They hit headlines on Jared Kushner’s foreign entanglements, the screwworm outbreak threatening the beef supply, a tribute to revolutionary historian Gordon Wood, and a 77-year-old who lost his life savings to a gold coin scam. Then they tackle list…

Demand Destruction and the “Resilience Paradox.”

Donald Trump has already destroyed much of the global economy, but the worst has yet to hit the United States. This “resilience paradox” is the result of early stage demand destruction, something economists fear and policy makers have no defense against. There are multiple factors holding the U.S. …

The SpaceX IPO Fraud: Truly Out of This World.

This episode of UNFTR is an exclusive deep dive into the SpaceX IPO prospectus. It reveals what might be the biggest fraud and money grab in the public markets ever. The baseless $1.77 trillion dollar valuation at a list price of $135 at auction stands to add hundreds of billions of dollars to Elon…