Episode Details

In this week's episode of The Wrap with Chris Whalen, Chris joins Julia La Roche to break down why affordability, the economy and the Iran war have put Republicans on the defensive, and why a Democratic Congress could mean two years of investigations and a tougher regulatory climate for markets. Ahead of the Mortgage Bankers Association annual in Chicago, Chris says the mortgage business is facing a “funeral,” with volumes and profits down, headcount still bloated from COVID, and plenty of firms quietly for sale. He explains why inflation and soaring construction costs are keeping home prices supported despite 7%+ mortgage rates, and why he’s pushing back on Jim Bianco’s bullish bond call. In Chris’s view, the federal deficit nobody in Washington or at the Fed wants to discuss is the biggest force behind higher long-term yields. He also covers the narrow, AI-driven stock market, stalled bank stocks, and viewer questions on capital gains taxes, home prices and whether energy stocks still make sense if the Iran war ends.

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Links:    

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Twitter/X: https://twitter.com/rcwhalen    

https://www.amazon.com/Inflated-Money-Debt-American-Dream/dp/139428571X

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Timestamps:

00:00 – Intro

00:49 – Midterms less than a month out: how Trump has hurt GOP chances

03:11 – Affordability is still the No. 1 issue

04:33 – MBA Annual in Chicago: firms quietly up for sale

07:35 – How much downside is left in housing if rates hold?

09:06 – Replacement cost vs. market value, and why builders are pulling back

10:30 – Housing outlook: still a seller’s market

11:59 – Why Chris disagrees with Jim Bianco’s bullish bond call

14:01 – What’s really pushing the 10-year higher: the Treasury buyback misstep

15:42 – Why the Fed won’t talk about the deficit

18:33 – Are we headed for a debt reset or “Jubilee”?

19:40 – Record S&P highs vs. AI bubble fears

23:05 – Why financials are “dead in the water”

24:26 – The mortgage industry “funeral”: downsizing and consolidation

26:27 – Viewer Q: Where are mortgage rates and home prices headed?

28:55 – Viewer Q: Should Congress hike capital gains taxes?

30:50 – Viewer Q: Should you wait to buy energy until the Iran war ends?

33:58 – What Chris is watching next week

The content of this podcast is provided for informational, educational, and entertainment purposes only and does not constitute financial, investment, tax, or legal advice. Nothing discussed should be interpreted as a recommendation or solicitation to buy, sell, or hold any security. Guests' views are their own. Always do your own research and consult a qualified financial professional before making investment decisions.