Show Notes
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 Steve Rattner on Substack 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. -- If you like #UNFTR, please leave us a rating and review on Apple Podcasts and Spotify: unftr.com/rate and follow us on Facebook, Bluesky, and Instagram at @UNFTRpod. Visit us online at unftr.com. Become a member at unftr.com/memberships. Buy yourself some Unf*cking Coffee at shop.unftr.com. Visit our bookshop.org page at bookshop.org/shop/UNFTRpod to find the full UNFTR book list, and find book recommendations from our Unf*ckers at bookshop.org/lists/unf-cker-book-recommendations. Access the UNFTR Musicless feed by following the instructions at unftr.com/accessibility Intro music by Hold Fast. Support the show: https://www.unftr.com/memberships See omnystudio.com/listener for privacy information.
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Max and 99 are back for another round of Omnibus. They cover headlines on the SSI asset trap keeping 7.5 million Americans in poverty and the 2028 Democratic slate. Then they tackle listener emails on what AI utopia actually looks like for the rest of us, using credit rating agencies to stop data center buildouts, and Russ Vought’s post-midterm constitutional endgame. Enjoy! Chapters Intro: 00:00:32 Headlines: 00:12:49 Emails: 00:25:20 Memberships: 00:59:09 Outro: 01:00:28 Resources Ken Klippenstein: Exclusive: How the Military Will Hack the Election New Republic: This Is the U.S. Government’s Most Maddening Poverty Trap Newsweek: Kamala Harris Leads Newsom in 2028 Democrat Front-Runners Poll UNFTR Resources Video: Francesca Fiorentini: Dems vs The Future -- If you like #UNFTR, please leave us a rating and review on Apple Podcasts and Spotify: unftr.com/rate and follow us on Facebook, Bluesky, and Instagram at @UNFTRpod. Visit us online at unftr.com. Become a member at unftr.com/memberships. Buy yourself some Unf*cking Coffee at shop.unftr.com. Visit our bookshop.org page at bookshop.org/shop/UNFTRpod to find the full UNFTR book list, and find book recommendations from our Unf*ckers at bookshop.org/lists/unf-cker-book-recommendations. Access the UNFTR Musicless feed by following the instructions at unftr.com/accessibility Support the show: https://www.unftr.com/memberships See omnystudio.com/listener for privacy information.
More than 20 years after his death, we’re still living in the neoliberal world Milton Friedman made. The arc of neoliberalism begins in 1947, gathers steam in the 1970s, and reaches its zenith in the 1990s before breaking into a million pieces and forever out of the control of its progenitors. The story of Milton Friedman rises and falls along with it, and it’s a complicated one of ego, ambition and academic notoriety; a confluence of factors and foibles that came to define the modern economic age. This is the story of Milton Friedman, one of the principal architects of the modern world. Resources Subscribe to Current Affairs Magazine Current Affairs: We’re Living In the World That Milton Friedman Made Mises Institute: Friedrich A. Hayek The New York Times: The Great Liberator Ancestry: Jeno Saul Friedman Johan Van Overtveldt: The Chicago School: How the University of Chicago Assembled the Thinkers Who Revolutionized Economics and Business Britannica Money: Classical Economics International Adam Smith Society: About Adam Smith Britannica Money: David Ricardo Wikipedia: Jeremy Bentham Wikipedia: Cesare Beccaria Wikipedia: Laissez-faire Stanford Encyclopedia of Philosophy: Karl Marx Competition and Appropriation: Retrospectives: The Origins of Neoclassical Microeconomics Stanford Encyclopedia of Philosophy: William Stanley Jevons Econlib: Leon Walras Econlib: Alfred Marshall Harvard University: Raising Keynes: A Twenty-First-Century General Theory Jacobin: Right-Wing Populism Did Not Kill Neoliberalism C.J. Polychroniou: Economics and the Left: Interviews with Progressive Economists Quinn Slobodian: Hayek’s Bastards: Race, Gold, Iq, and the Capitalism of the Far Right The Mont Pelerin Society: About The Atlantic: The Heritage Foundation Current Affairs: Why Libertarians Oppose Civil Rights ProMarket: Aaron Director’s Legacy: The Beginning of Doubt is the Beginning of Wisdom Stanford Encyclopedia of Philosophy: Karl Popper Econlib: Ludwig von Mises Chicago Booth: George J. Stigler Free to Choose Network: The Power of Choice - Mont Pelerin Society Investopedia: Permanent Income Hypothesis: Definition, Function, and Effects Wikipedia: Natural rate of unemployment Investopedia: Monetarism Explained: Theory, Formula, and Keynesian Comparison Harris School of Public Policy: Permanent Income Federal Reserve Bank of St. Louis: The Fed and the Dual Mandate Bureau of Labor Statistics: The Employment Situation – September 2026 Milton Friedman, Anna Jacobson Schwartz: A Monetary History of the United States, 1867-1960 Binyamin Appelbaum: The Economists’ Hour: False Prophets, Free Markets, and the Fracture of Society Freien Universität Berlin: The Methodology of Positive Economics Social Science Encyclopedia: Milton Friedman On Economic Methodology Economic Reform Australia: The F-twist – realism, economic policy analysis and climate change CATO Institute: Who Said TANSTAAFL First? Milton Friedman: The Free Lunch Myth Milton Friedman: Taxation, Inflation, and the Role of Government Investopedia: Market Definition: Economics, Types, and Key Features Bernard Harcourt: The Illusion of Free Markets: Punishment and the Myth of Natural Order Current Affairs: Ralph Nader History: Auto safety crusader Ralph Nader testifies before Congress The New York Times: A Friedman doctrine‐- The Social Responsibility of Business Is to Increase Its Profits Scholarly Commons: Powell Memorandum: Attack On American Free Enterprise System The Heritage Foundation The Cato Institute The Manhattan Institute The American Legislative Exchange Council Brookings: What we learned from Reagan’s tax cuts PBS News: Column: How Reaganomics, deregulation and bailouts led to the rise of Trump Wikipedia: Personal Responsibility and Work Opportunity Reconciliation Act of 1996 Free To Choose: The Original 1980 TV Series EdChoice: Milton Friedman on the Phil Donahue Show in 1979 Investopedia: Stagflation Explained: What We
The Bitchuation Room’s Francesca Fiorentini returns to UNFTR’s Phone A Friend to break down the midterms, what Democrats need to be focusing on next and how the current leadership isn’t up to the challenges ahead. Progressive politics often finds itself at a crossroads during election cycles. In this conversation, we look at how the establishment handles internal pressure and why the narrative surrounding the midterms remains so contentious. Francesca offers her perspective on the shifting dynamics of the left and what it means for the party base moving forward. Resources The Bitchuation Room (with Francesca Fiorentini) UNFTR Resources Video: Francesca Fiorentini: Dems vs The Future. Transcript: Phone A Friend: Francesca Fiorentini. -- If you like #UNFTR, please leave us a rating and review on Apple Podcasts and Spotify: unftr.com/rate and follow us on Facebook, Bluesky, and Instagram at @UNFTRpod. Visit us online at unftr.com. Become a member at unftr.com/memberships. Buy yourself some Unf*cking Coffee at shop.unftr.com. Visit our bookshop.org page at bookshop.org/shop/UNFTRpod to find the full UNFTR book list, and find book recommendations from our Unf*ckers at bookshop.org/lists/unf-cker-book-recommendations. Access the UNFTR Musicless feed by following the instructions at unftr.com/accessibility Support the show: https://www.unftr.com/memberships See omnystudio.com/listener for privacy information.
This week we connected some dots that should scare everyone—Russell Vought’s think tank’s 7 step playbook for refusing to seat elected members of Congress, a raid on Ilhan Omar’s home, and Trump name-dropping Vought as someone about to make history. Then we looked at France, where the eurozone’s version of our debt problem is playing out without the escape hatch of a sovereign currency (a useful reminder of exactly what we’d be dealing with if the dollar ever loses its privileged position). Chapters Intro: 00:00:38 Quick Takes: 00:01:34 Phone A Friend: 00:04:54 Max Notes: 00:07:19 Killer Left Take of the Week: 00:30:53 Chart of the Week: 00:31:51 Outro: 00:33:25 Resources Today: Pete Hegseth Vows to Livestream Execution of Fort Hood Shooter ABC10: Why Trump is reopening his effort to remove Federal Reserve governor Lisa Cook PBS NewsHour: Kimberly Guilfoyle’s full speech at the Republican National Convention | 2020 RNC Night 1 NewsNation: Kimberly Guilfoyle accuser speaks out: ’I paid her $300K’ Ziwe: Hasan Piker Is an Iconic Guest The Bitchuation Room (with Francesca Fiorentini) Common Dreams: Israel Has Demolished Majority of Villages in Southern Lebanon—Mostly After the Ceasefire USA Today: Trump hints at ‘big surprises’ to come ahead of midterm election The Hill: Trump teases diesel announcement, big move from Vought The Wall Street Journal: What Might Russ Vought’s ‘Tremendous’ Surprise Actually Be? Bradley Onishi: American Caesar: How Theocrats and Tech Lords Are Turning America into a Monarchy CRA: Can Congress Seat a Member-Elect Who Vows to Destroy our Constitution? Politico: DHS agents search Rep. Ilhan Omar’s home Vote In Or Out: The Project 2025 Progress Report The Trump Tracker: What’s Been Implemented The Hill: Bill to claw back public media, foreign aid funds clears key Senate hurdle with Vance breaking tie Project 2025 Tracker Ray Williams: Project 2025: The Architects Are Taking a Victory Lap The Heritage Foundation: Project 2025 Publishes Comprehensive Policy Guide, ‘Mandate for Leadership: The Conservative Promise’ Aeroswift Legal: The Orchestration ProPublica: “We Want the Bureaucrats to Be Traumatically Affected” ProPublica: The Shadow President CRA: Who We Are CRA: Policy Brief: Assessing the Marxist-Muslim Alliance Aimed at America’s Heart Library of Congress: Victor Berger: Topics in Chronicling America Britannica: Victor Berger Daniel Greenfield: The Constitutional Case for Keeping DSA Members Out of Office FindLaw: U.S. Code - Unannotated Title 2. The Congress § 26. Roll of Representatives-elect GovInfo: Enrolling Members; Administering the Oath United States House of Representatives: The Honorable Kevin F. McCumber Newsweek: Jeffrey Toobin on How Trump Could Intervene in Midterms Wikipedia: Gregory Bovino MPRnews: 24 hours after Bovino’s departure, ICE activity appears unchanged The Latin Times: Homan Warns Larger ICE Crackdown During Doral Speech: “Wait Until You See What We Do in 2027” The Latin Times: ICE Says It’s Deported 356,000 People This Year While 70% of Detainees Have No Conviction The Latin Times: Homan Says ICE ‘Isn’t Going Anywhere’: What His Threat Means for 5 Immigrant Hubs CBS News: Rep. Ilhan Omar’s D.C. home searched by Homeland Security investigators Reuters: US immigration authorities raid home of Democratic Trump critic Ilhan Omar DailyWire: ICE Investigating Rep. Ilhan Omar, Homan Confirms CNN: Rep. Ilhan Omar responds after federal officers search her home Zeteo: How Many Israelis Were Killed BY ISRAEL on October 7th? Paul Krugman: What’s the Matter With France? UNFTR Resources Video: On The Record 10-13-26 (Trump’s Secret October Surprise: What Is He Planning?) Episode: Project 2025. -- If you like #UNFTR, please leave us a rating and review on Apple Podcasts and Spotify: unftr.com/rate and follow us on Facebook, Bluesky, and Instagram at @UNFTRpod. Visit us online at unftr.com. Become a member at unftr.com/memberships
Max and 99 are back for another round of Omnibus. They hit headlines on what comes after hyperpolitics and whether the DSA becomes a career vehicle or a disciplining force, and the botched Tennessee execution. Then they tackle listener emails on the historical case that federal spending was never tied to tax revenue, what you’d call a hybrid of social democracy and democratic socialism, and the real estate collapse accelerating the credit crunch. Enjoy! Chapters Intro: 00:00:35 Headlines: 00:05:33 Emails: 00:33:21 Beyond the Bullshit: 01:01:34 Memberships: 01:19:21 Outro: 01:19:40 Resources The Guardian: Christa Pike is ‘up and walking’ for first time after failed execution, lawyer say Jacobin: What Comes After Hyperpolitics? -- If you like #UNFTR, please leave us a rating and review on Apple Podcasts and Spotify: unftr.com/rate and follow us on Facebook, Bluesky, and Instagram at @UNFTRpod. Visit us online at unftr.com. Become a member at unftr.com/memberships. Buy yourself some Unf*cking Coffee at shop.unftr.com. Visit our bookshop.org page at bookshop.org/shop/UNFTRpod to find the full UNFTR book list, and find book recommendations from our Unf*ckers at bookshop.org/lists/unf-cker-book-recommendations. Access the UNFTR Musicless feed by following the instructions at unftr.com/accessibility Intro music by Hold Fast. Support the show: https://www.unftr.com/memberships See omnystudio.com/listener for privacy information.