# #350 Chris Whalen: Powell Stays, Warsh Waits, and Trump Has Nobody to Blame But Himself Page: https://stenobird.com/podcast/the-julia-la-roche-show-5842803/350-chris-whalen-powell-stays-warsh-waits-and-trump-has-nobody-to-blame-but-himself Text version: https://stenobird.com/podcast/the-julia-la-roche-show-5842803/350-chris-whalen-powell-stays-warsh-waits-and-trump-has-nobody-to-blame-but-himself.md Podcast: [The Julia La Roche Show](https://stenobird.com/podcast/the-julia-la-roche-show-5842803) Published: 2026-03-21T12:00:00+00:00 Episode link: https://podcasters.spotify.com/pod/show/julia-la-roche/episodes/350-Chris-Whalen-Powell-Stays--Warsh-Waits--and-Trump-Has-Nobody-to-Blame-But-Himself-e3gnhpp Audio file: https://traffic.megaphone.fm/APO6262332657.mp3 Processing state: not_requested JSON: https://stenobird.com/v1/public/podcasts/the-julia-la-roche-show-5842803/episodes/350-chris-whalen-powell-stays-warsh-waits-and-trump-has-nobody-to-blame-but-himself Duration seconds: 2382 ## Resource In this episode of The Wrap, Chris Whalen says the private credit unwind is now spreading to consumer credit funds and warns that retirees and pension funds will feel the pain most — while the firms that sold these products face devastating reputational damage. On the Fed, he calls Trump's handling of Powell "truly incredible, almost like he wants to screw it up" and warns Powell could remain Fed Chair for three more years if Trump doesn't back down. He says the Fed is late, oil above $100 is not a monetary problem but a political one, and that if Trump puts Marines in the Persian Gulf it could effectively end his presidency. He's buying gold and silver on the dip and watching the K-shaped economy crack wider. Thank you to our partners at Goldco. Get your free 2026 Gold & Silver Kit at https://goldco.com/thewrap Links: The Institutional Risk Analyst: https://www.theinstitutionalriskanalyst.com/ Inflated book (2nd edition): https://www.barnesandnoble.com/w/inflated-r-christopher-whalen/1146303673 Twitter/X: https://twitter.com/rcwhalen Website: https://www.rcwhalen.com/ Use the code TheWrap2026 for 25% off your first year of The Institutional Risk Analyst https://www.theinstitutionalriskanalyst.com/plans-pricing Timestamps: 0:00 Introduction and welcome 0:52 - Consumer credit 3:16 - Big banks now offering ways to short private credit 4:53 - How private equity evolved into private credit — and why quality collapsed 7:25 - "Risk Concealed" — SPE loans, PIK structures and hidden bank exposure 9:26 - How do you know if YOU are exposed? You don't. 11:29 - "We're all exposed" — what bank disclosure actually tells you 13:12 - The opacity problem — loan by loan, you can't see it 13:58 - Will everyday investors feel this? Retirees and pension fu… ## Actions - request_transcript: `POST https://stenobird.com/v1/public/podcasts/the-julia-la-roche-show-5842803/episodes/350-chris-whalen-powell-stays-warsh-waits-and-trump-has-nobody-to-blame-but-himself/transcription-requests` — Idempotently request low-priority transcript generation for this episode. - read_markdown: `GET https://stenobird.com/podcast/the-julia-la-roche-show-5842803/350-chris-whalen-powell-stays-warsh-waits-and-trump-has-nobody-to-blame-but-himself.md` — Read the agent-friendly Markdown representation of this episode resource. A page view does not enqueue transcription. Agents should invoke `request_transcript` explicitly when they need this episode processed. ## Transcript Full transcripts are not published on public pages unless there is a clear rights basis.