On The Record (10-06-26).
Unf*cking The Republic
Brazil’s Rightward Electoral Threat
Max highlights Flavio Bolsonaro’s lead, his ties to organized crime, promised amnesty, and alleged U.S. interference in Brazil’s election.
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: 00:06:35
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
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.
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