Bloomberg Businessweek Bloomberg Businessweek Weekend - December 19th, 2025
Dec 20, 2025
Chris Whalen, a former Wall Street banker, talks about the dangers of private credit risks and questions AI's productivity gains. Fred Thiel, CEO of Mara, shares insights on Bitcoin's recent slump and the company's strategy behind holding mined Bitcoin. Michelle Korsmo, head of the National Restaurant Association, discusses the impact of labor shortages and the challenges facing restaurants such as fluctuating commodity prices. Bob Shea reveals innovative 3D foot-scanning technology at Surefoot, while Juliette Feld Grossman outlines the resurgence of live events and diverse talent sourcing.
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Hidden Risk In Private Credit
- Private markets hide risks through complex leverage and forbearance, creating unseen vulnerabilities in the financial system.
- Chris Whalen warns public markets are benefiting from liquidity recycled out of private credit, masking real stress.
Pandemic Forbearance Fueled Today's Credit Issues
- Chris Whalen recounts pandemic forbearance and Fed rate cuts that inflated lending and masked loan stress.
- He links post-COVID borrowing and policy to today's accumulation of pressures in housing and credit markets.
Scrutinize Bank Earnings Closely
- Watch bank earnings for signs of hidden losses despite headline strength in asset returns.
- Look beyond published numbers by talking to credit pros and reading investigative reporting, Chris Whalen advises.