Intro

Quick Takes

Max Notes

Killer Left Take of the Week

Chart of the Week

Outro

This week we diagnosed the economy as a giant zit—good numbers on the surface, all of it concentrated in AI investment and stock market gains for the top 10%, while wages fall below inflation, consumer confidence hits a 12-year low, and the 10-year Treasury just blew past its 2007 peak. Then we looked at what the pop actually looks like: a private credit unwind that drags the banks with it, a Fed that can’t buy its way out this time, and Scott Bessent left holding the bag. The Buffett Indicator is sitting at 235%. Maybe that’s why he retired...

Chapters

Intro: 00:00:42

Quick Takes: 00:01:24

Max Notes: 00:01:24

Killer Left Take of the Week: 00:21:10

Chart of the Week: 00:22:15

Outro: 00:23:16

Resources

CBS Sunday Morning: Alan Alda on fighting Parkinson’s with laughter

This Past Weekend w/ Theo Von: Zohran Mamdani

NBC News: U.S. bombers scrambled out of U.K. airbase after threats

CNBC TV-18: Pete Hegseth’s ‘Just Warriors’ Speech: ‘No Fatties, No Wimps, No Radicals’

Bloomberg Television: Brazil Real Surges After Bolsonaro Takes Surprising Lead

ABC News: US monitoring reported fatal case of pneumonic plague in Russia

WSWS.org: With complicity of media and Democrats, Trump prepares major escalation of Iran war

ADP: National Employment Report

Bureau of Economic Analysis: Personal Income and Outlays, August 2026

The Conference Board: US Consumer Confidence

U.S. Bureau of Labor Statistics: Employment Situation Summary

Steve Rattner on Substack

Schwab: Fed Hikes in 12-0 Vote, Commits to Inflation Fight

Bloomberg: Treasury 10-Year Yield Hits Highest Since 2002 on Rate Outlook

Squire Patton Boggs: The Private Credit Market: The Data Behind the Headlines

Federal Reserve: Monetary Policy Report – July 2026

Federal Reserve Bank of New York: Remarks at 2026 U.S. Treasury Market Conference, Federal Reserve Bank of New York, New York City

CNBC: Fed meeting recap: Warsh says inflation is still too high as Fed hikes for the first time since 2023

Yahoo! Finance: Trump slams the Fed rate hike, says he told Warsh ‘you might as well vote with the board’

CNBC: Warsh’s regime change at the Fed pushes ahead – and meets resistance

CNBC: Warsh faces Fed independence test as Bessent moves in on central bank’s turf

PWC: Private credit’s next phase — growth under pressure

International Monetary Fund: Bank Lending to Nonbank Financial Institutions Continued To Increase Rapidly in 2025

Democracy! Now: Lula vs. Bolsonaro (Again): Brazil’s Presidential Race Goes to Runoff as Right Wing Makes Gains

MacroMicro: US - Total Market Cap (% of GDP)

UNFTR Resources

Video: On The Record 10-06-26 (Trump’s Economy is a Giant Zit.)

Episode: Private Credit: Just Because We’re Not Talking About It Doesn’t Mean It’s Not a Problem.

--

If you like #UNFTR, please leave us a rating and review on Apple Podcasts and Spotify: unftr.com/rate and follow us on Facebook, Bluesky, and Instagram at @UNFTRpod. Visit us online at unftr.com.

Become a member at unftr.com/memberships.

Buy yourself some Unf*cking Coffee at shop.unftr.com.

Visit our bookshop.org page at bookshop.org/shop/UNFTRpod to find the full UNFTR book list, and find book recommendations from our Unf*ckers at bookshop.org/lists/unf-cker-book-recommendations.

Access the UNFTR Musicless feed by following the instructions at unftr.com/accessibility

Intro music by Hold Fast.

This week we diagnosed the economy as a giant zit&mdash;good numbers on the surface, all of it concentrated in AI investment and stock market gains for the top 10%, while wages fall below inflation, consumer confidence hits a 12-year low, and the 10-year Treasury just blew past its 2007 peak. Then we looked at what the pop actually looks like: a private credit unwind that drags the banks with it, a Fed that can&rsquo;t buy its way out this time, and Scott Bessent left holding the bag. The Buffett Indicator is sitting at 235%. Maybe that&rsquo;s why he retired...
Chapters
Intro: 00:00:42
Quick Takes: 00:01:24
Max Notes: 00:01:24
Killer Left Take of the Week: 00:21:10
Chart of the Week: 00:22:15
Outro: 00:23:16
Resources
CBS Sunday Morning: <a href="https://youtu.be/ll4TB7ddLzM?t=373">Alan Alda on fighting Parkinson&rsquo;s with laughter</a>
This Past Weekend w/ Theo Von: <a href="https://youtu.be/nJ5V3pk6PEA?t=1102">Zohran Mamdani</a>
NBC News: <a href="https://youtu.be/OOMR65NVGlw">U.S. bombers scrambled out of U.K. airbase after threats</a>
CNBC TV-18: <a href="https://youtu.be/EBp8-49jTzg">Pete Hegseth&rsquo;s &lsquo;Just Warriors&rsquo; Speech: &lsquo;No Fatties, No Wimps, No Radicals&rsquo;</a>
Bloomberg Television: <a href="https://youtu.be/6mNtUUY2P1Q">Brazil Real Surges After Bolsonaro Takes Surprising Lead</a>
ABC News: <a href="https://youtu.be/IDZIwvjSJwI?t=3">US monitoring reported fatal case of pneumonic plague in Russia</a>
WSWS.org: <a href="https://www.wsws.org/en/articles/2026/10/05/vgaa-o05.html">With complicity of media and Democrats, Trump prepares major escalation of Iran war</a>
ADP: <a href="https://adpemploymentreport.com/">National Employment Report</a>
Bureau of Economic Analysis: <a href="https://www.bea.gov/news/2026/personal-income-and-outlays-august-2026">Personal Income and Outlays, August 2026</a>
The Conference Board: <a href="https://www.conference-board.org/topics/consumer-confidence/">US Consumer Confidence</a>
U.S. Bureau of Labor Statistics: <a href="https://www.bls.gov/news.release/empsit.nr0.htm">Employment Situation Summary</a>
<a href="https://substack.com/@steverattner/note/c-348164541?r=h80a">Steve Rattner on Substack</a>
Schwab: <a href="https://www.schwab.com/learn/story/fomc-meeting">Fed Hikes in 12-0 Vote, Commits to Inflation Fight</a>
Bloomberg: <a href="https://finance.yahoo.com/economy/policy/articles/treasury-10-yield-hits-highest-072955743.html">Treasury 10-Year Yield Hits Highest Since 2002 on Rate Outlook</a>
Squire Patton Boggs: <a href="https://www.squirepattonboggs.com/media/qrzaijmj/the-private-credit-market-the-data-behind-the-headlines-september-2026.pdf">The Private Credit Market: The Data Behind the Headlines</a>
Federal Reserve: <a href="https://www.federalreserve.gov/monetarypolicy/2026-07-mpr-part2.htm">Monetary Policy Report &ndash; July 2026</a>
Federal Reserve Bank of New York: <a href="https://www.newyorkfed.org/newsevents/speeches/2026/per260922">Remarks at 2026 U.S. Treasury Market Conference, Federal Reserve Bank of New York, New York City</a>
CNBC: Fed meeting recap: <a href="https://www.cnbc.com/2026/09/16/fed-meeting-today-live-updates.html">Warsh says inflation is still too high as Fed hikes for the first time since 2023</a>
Yahoo! Finance: <a href="https://finance.yahoo.com/economy/policy/article/trump-slams-the-fed-rate-hike-says-he-told-warsh-you-might-as-well-vote-with-the-board-205145796.html">Trump slams the Fed rate hike, says he told Warsh &lsquo;you might as well vote with the board&rsquo;</a>
CNBC: <a href="https://www.cnbc.com/2026/09/25/kevin-warsh-fed-interest-rates-balance-sheet.html">Warsh&rsquo;s regime change at the Fed pushes ahead &ndash; and meets resistance</a>
CNBC: <a href="https://www.cnbc.com/2026/08/20/bessent-warsh-fed-bond-market-treasury-yields.html">Warsh faces Fed independence test as Bessent moves in on central bank&rsquo;s turf</a>
PWC: <a href="https://www.pwc.com/gx/en/industries/private-equity/private-credit-survey.html">Private credit&rsquo;s next phase &mdash; growth under pressure</a>
International Monetary Fund: <a href="https://www.imfconnect.org/content/dam/imf/News%20and%20Generic%20Content/GMM/Special%20Features/042226%20Bank%20NBFI%20Special%20Feature.pdf">Bank Lending to Nonbank Financial Institutions Continued To Increase Rapidly in 2025</a>
Democracy! Now: <a href="https://youtu.be/r0NxFMupq_A?t=34">Lula vs. Bolsonaro (Again): Brazil&rsquo;s Presidential Race Goes to Runoff as Right Wing Makes Gains</a>
MacroMicro: <a href="https://en.macromicro.me/collections/9/us-market-relative/105/us-market-cap-gdp">US - Total Market Cap (% of GDP)</a>
UNFTR Resources
Video: <a href="https://youtu.be/519iYFBb5fQ">On The Record 10-06-26 (Trump&rsquo;s Economy is a Giant Zit.)</a>
Episode: <a href="https://www.unftr.com/episodes/unftr208">Private Credit: Just Because We&rsquo;re Not Talking About It Doesn&rsquo;t Mean It&rsquo;s Not a Problem</a>.
--
If you like #UNFTR, please leave us a rating and review on Apple Podcasts and Spotify: <a href="https://unftr.com/rate">unftr.com/rate</a> and follow us on <a href="https://www.facebook.com/Unfucking-The-Republic-102319714930389">Facebook</a>, <a href="https://bsky.app/profile/unftr.com">Bluesky</a>,&nbsp;and <a href="https://www.instagram.com/unftrpod/">Instagram</a> at @UNFTRpod. Visit us online at <a href="https://www.unftr.com/">unftr.com</a>.
Become a member at <a href="https://www.unftr.com/memberships">unftr.com/memberships</a>.
Buy yourself some Unf*cking Coffee at <a href="https://shop.unftr.com/">shop.unftr.com</a>.
Visit our bookshop.org page at <a href="https://bookshop.org/shop/UNFTRpod">bookshop.org/shop/UNFTRpod</a> to find the full UNFTR book list, and find book recommendations from our Unf*ckers at <a href="https://bookshop.org/lists/unf-cker-book-recommendations">bookshop.org/lists/unf-cker-book-recommendations</a>.
Access the UNFTR Musicless feed by following the instructions at <a href="https://www.unftr.com/accessibility">unftr.com/accessibility</a>
Intro music by <a href="https://www.facebook.com/HoldFastHarrisburg/">Hold Fast</a>.

Unf*cking The Republic® (UNFTR) is dedicated to progressive politics, leftist economic theories, and social justice in the United States. Join us for deep dives into socialism, labor rights, climate justice, and the fight against inequality. Whether you're curious about Marxist ideas, modern social movements, or progressive policies, UNFTR delivers thoroughly sourced critiques, analyses, and interviews with the historical context mainstream media won't provide. Subscribe for informative and unabashedly progressive coverage of the leftist political and economic landscape.

Unf*cking The Republic&reg; (UNFTR) is dedicated to progressive politics, leftist economic theories, and social justice in the United States. Join us for deep dives into socialism, labor rights, climate justice, and the fight against inequality. Whether you're curious about Marxist ideas, modern social movements, or progressive policies, UNFTR delivers thoroughly sourced critiques, analyses, and interviews with the historical context mainstream media won't provide. Subscribe for informative and unabashedly progressive coverage of the leftist political and economic landscape.