# #391 Chris Whalen: $4 Trillion Private Credit Risk, Double-Digit Inflation & Housing's 2005 Warning

Page: https://stenobird.com/podcast/the-julia-la-roche-show-5842803/391-chris-whalen-4-trillion-private-credit-risk-double-digit-inflation-housing-s-2005-warning
Text version: https://stenobird.com/podcast/the-julia-la-roche-show-5842803/391-chris-whalen-4-trillion-private-credit-risk-double-digit-inflation-housing-s-2005-warning.md
Podcast: [The Julia La Roche Show](https://stenobird.com/podcast/the-julia-la-roche-show-5842803)
Published: 2026-07-18T10:00:00+00:00
Episode link: https://podcasters.spotify.com/pod/show/julia-la-roche/episodes/391-Chris-Whalen-4-Trillion-Private-Credit-Risk--Double-Digit-Inflation--Housings-2005-Warning-e3m79no
Audio file: https://anchor.fm/s/41aa63c4/podcast/play/122971320/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2026-6-17%2F428143322-44100-2-9f93e5db797cb.mp3
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JSON: https://stenobird.com/v1/public/podcasts/the-julia-la-roche-show-5842803/episodes/391-chris-whalen-4-trillion-private-credit-risk-double-digit-inflation-housing-s-2005-warning
Duration seconds: 2029

## Resource

In this episode of The Wrap with Chris Whalen, Chris breaks down a blockbuster week of bank earnings — and why the record numbers mask a growing problem. Wall Street trading and investment banking revenues are exploding, but banks aren't making money on money, as asset yields fall for a sixth straight quarter and private credit giants like Apollo poach deals. Whalen flags roughly $4 trillion in bank exposure to non-depository financial institutions, warns "there are no regulators in Washington" watching the risks, and says the housing market's business-purpose loan boom "feels like 2005." He sticks with his double-digit inflation call, arguing diesel — not oil — is the real story, and predicts fuel shortages, maybe even rationing, before the midterm elections. Plus: Kevin Warsh's Greenspan-style Fed debut, gold's selloff as a buying opportunity, viewer questions on Annaly, and a World Cup prediction. Thank you to our sponsor, Monetary Metals. Learn more at https://www.monetary-metals.com/THEWRAP/ Links: The Institutional Risk Analyst: https://www.theinstitutionalriskanalyst.com/ The Wrap: https://www.theinstitutionalriskanalyst.com/post/theira869 Twitter/X: https://twitter.com/rcwhalen Seeing Around Corners book: https://www.theinstitutionalriskanalyst.com/product-page/seeing-around-corners-achieving-success-in-business-and-life-hardcover Use the code TheWrap2026 for 25% off your first year of The Institutional Risk Analyst https://www.theinstitutionalriskanalyst.com/plans-pricing Timestamps: 0:00 — Intro and welcome 00:55 Bank earnings and oil prices soar as Middle East war reignites 2:36 — Bank earnings disconnect: Wall Street booms, lending shrinks 3:55 — Why big deals keep going to private credit (Apollo, Blackstone) 5:59 — The hidden risk: bank…

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