Chris Whalen: Fed 'Clearly Late,' Big Beautiful Bill Drives Inflation - America Needs 'Milei Moment'

Chris Whalen, chairman of Whalen Global Advisors and author of The Institutional Risk Analyst blog, returns to the show. He argues the Fed is ""clearly late"" in addressing a commercial real estate nightmare while consumer credit remains quiet, creating a ""silent recession"" ignored by markets. He warns the ""Big Beautiful Bill"" will drive inflation higher despite Trump's demands for rate cuts, with Treasury Secretary Bessent's shift to T-bill issuance representing a ""last resort before default."" Whalen predicts NYC mayoral candidate Mamdani will win and destroy real estate values with rent freezes, while inflation radicalizes politics nationwide. He advocates for gold as central banks abandon dollars, positioning in short-term treasuries and bank preferreds, and warns America needs an Argentina-style ""Milei moment"" crisis to force real change.