- 35 minutes 24 secondsOn The Record (07-28-26).
This week we dug into the Maduro kidnapping as the entry point for something much bigger—the Cold War racism and corporate vengeance that has driven U.S. Policy toward Venezuela for decades, why there has never actually been a socialist government anywhere on earth, and why the American left needs to get its definitions straight before the right keeps winning that argument by default. Then we checked back in on AI concentration risk, where the hyperscalers are now issuing long-dated debt at spreads approaching junk bond territory, which tells you what the market actually thinks about pinning the entire economy on a technology nobody has fully defined yet.
Chapters
Intro: 00:00:38
Quick Takes: 00:01:49
Max Notes: 00:09:36
Killer Left Take of the Week: 00:28:31
Chart of the Week: 00:31:25
Headlines: 00:33:28
Resources
The Economist: An interview with Elon Musk
The Economist: Elon Musk on AI: humans will no longer be in control in ten years
LastWeekTonight: Trump & Crypto
Diario AS: Trump’s Top 10 Jokes at the White House Correspondents’ Dinner
CNBC Television: ‘Big Short’ investor Steve Eisman: Market will have ‘a big correction’ if AI doesn’t succeed
Amnesty International: Facts and figures: Regularization and protection of Venezuelan nationals in Colombia, Ecuador, Peru and Chile
Migration Policy Institute: Venezuelan Immigrants in the United States
USA Today: Harris’ border work was on ‘root causes’ of migration; she wasn’t in charge | Fact check
GDN Online: Venezuela to sell up to 10% of shares in some state companies - Maduro
Reuters: Exxon awarded $908 million in Venezuela dispute
The New York Times: How Marco Rubio Is Running Venezuela From Afar
The Real News Network: US provides $300 million in earthquake recovery money to Venezuela while sitting on $8 billion in stolen oil wealth
The New York Times: With $8 Billion in Venezuelan Oil Money, U.S. Gives $300 Million in Quake Aid
Euro News: Venezuela calls for release of frozen assets to help earthquake recovery efforts
Current Affairs: Socialists Humiliate Clueless NewsNation Host
Bloomberg: Big Tech Debt Flood Is Taking Over Risk In Market: Credit Weekly
Jacobin: The Cockroach Protests Are Reviving India’s Ailing Democracy
The Progressive: Heat Waves Show Climate Change Is Here
Truthdig: The Monty Python Election: Binface vs. Mr. Brexit
Book Love
Anderson M Bean: Venezuela in Crisis: Socialist Perspectives
UNFTR Resources
Video: On The Record 7-28-26 (Crushing Venezuela | Trump Bombs | Elon Blows | Socialism.)
Essay: Socialism.
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29 July 2026, 4:17 pm - 24 minutesTrump and the Black Jelly Bean Theory: CLOs Echo the MBS Fiasco from the GFC.
The New York Fed released a troubling report detailing the risk of Collateralized Loan Obligation (CLO) exposure in the insurance industry. Over the past several years, private equity has taken larger and larger stakes in insurers who are historically risk averse. But now they’re acting more like hedge funds in their investment strategies and have more than $2 trillion in corporate debt exposure and nearly $300 billion of it is in mezzanine financing packaged much in the way mortgage backed securities (MBS) were in the run up to the Global Financial Crisis (GFC). Against the backdrop of persistent inflation, a renewed round of tariffs, elevated oil prices, the war in Iran and historic consumer debt, the economy is like a tinderbox. The jelly bean theory holds that you can only reach into the jar so many times before you eventually pick the black jelly bean. Apologies in advance to all those who like black licorice flavored jelly beans.
Resources
Bloomberg: Oil Takes Out $100 to Hit Two-Month High as Iran War Expands
Reuters: Trump to impose ‘forced labor’ duties on Friday as temporary 10% US tariffs expire
The New York Times: What to Know About Trump’s Tariffs on Canada, and What’s Next
Brookings: Macroeconomic implications of immigration flows in 2025 and 2026: January 2026 update
Bloomberg: The US Is Flirting With Its First-Ever Population Decline
The New York Times: Alphabet Quadruples Profit to $112 Billion, Fueled by A.I. Investments
CNBC: See how much prices have increased since 2020 — in one chart
Bloomberg: Long Bonds Are Ringing a 2008 Alarm Bell
New York Fed: Insurance Companies and the Growth of Corporate Loans’ Securitization
Investopedia: Nationally Recognized Statistical Ratings Organization (NRSRO) Definition
The DESK: Rules & Ratings: Ratings agencies spar in private ratings legitimacy debacle
UNFTR Resources
Video: Trump is Running Us Off a Cliff | CLOs Echo the Global Financial Crisis.
Episode: Is Private Credit the Pin That Pops the Bubble?
Essay: Trump and the Black Jelly Bean Theory.
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24 July 2026, 8:56 pm - 1 hour 17 minutesOmnibus (07-23-26).
Max and 99 are back for another round of Omnibus. They hit headlines on the Trump administration restricting visas for foreign journalists, tribes suing to block the gutting of the Endangered Species Act, SpaceX’s massive share unlock, and a defense of reading books in an era of mass literary abandonment. Then they tackle listener emails on coordinating progressive media against AIPAC, whether MMT is 1920s Germany, and some episode clarifications.
Chapters
Intro: 00:00:18
Headlines: 00:15:14
Emails: 00:44:38
Beyond the Bullshit: 00:59:42
Memberships: 01:16:15
Outro: 01:17:08
Resources
The New York Times: The Maduro Case May Be About to Take a Hairpin Turn
Politico: Taylor Farms still tied to cyclospora outbreak despite ‘false positive,’ FDA says
Mother Jones: Tribes and Environmental Groups Sue to Block Trump’s Gutting of the Endangered Species Act
Reporters without Borders: US imposes sweeping visa restrictions on foreign journalists, hindering global coverage of American affairs
TIME: In Defense of Reading Books
Bloomberg: SpaceX’s Great Unlocking Begins With $116 Billion Share Release
Book Love
David Peter Stroh: Systems Thinking For Social Change: A Practical Guide to Solving Complex Problems, Avoiding Unintended Consequences, and Achieving Lasting Results
Marie Arana: Bolivar: American Liberator
UNFTR Resources
Video: Trump Is a Useful Idiot for the People Behind the Scenes
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23 July 2026, 7:14 pm - 20 minutes 40 secondsShitty: The Quest to Make Everything Terrible.
Everything is getting worse, but the country hasn’t collapsed. This is all by design. Donald Trump is a useful idiot for the people behind the scenes and Project 2025, most notably Russell Vought. The Trump administration is using the nation’s finances like a personal piggy bank for themselves and large corporations while gutting agencies that provide critical services. The misconception is that Trump is driving things into the ground. He’s not. He’s just making things so shitty that the corporate state looks good in comparison.
Resources
ProPublica: “Their Entire Apparatus Is Exposed to Our Strategy”
ProPublica: “We Want the Bureaucrats to Be Traumatically Affected”
Yahoo: This Trump Official Promised To Traumatize Federal Workers — Watch His Words Come Back To Haunt Him
The New York Times: Two Dead and Scores Rescued as Flooding Engulfs Central Texas
IMF: World Economic Outlook Update, July 2026: Global Economy in Crosscurrents of War and Technology
ProPublica: “Put Them in Trauma”: Inside a Key MAGA Leader’s Plans for a New Trump Agenda
The New York Times: Why Silicon Valley’s Most Powerful People Are So Obsessed With Hobbits
U.S. Bureau of Labor Statistics: Consumer Price Index Summary - 2026 M06 Results
U.S. Bureau of Labor Statistics: Producer Price Index News Release summary - 2026 M06 Results
U.S. News: Trump Administration’s Changes to the CFPB Cost Americans $19B, a New Report Says
National Association of Realtors: NAR Pending Home Sales Report Shows 5.4% Decrease in June
The New York Times: Cyclospora Cases Rise Rapidly, With No Source Yet Confirmed
The New Yorker: The Human Cost of DOGE’s War on U.S.A.I.D.
The Washington Post: The gaps in CDC’s public health data are creating dangerous blind spots
Axios: Measurement tweaks will make inflation data look better
UNFTR Resources
Episode: “Russputin” and the Tsar.
Episode: Project 2025.
Video: U.S. Financials in Free Fall | Graham, McConnell, and the Strait of Hormuz
Video: Trump Is a Useful Idiot for the People Behind the Scenes.
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22 July 2026, 8:56 pm - 21 minutes 17 secondsOn The Record (07-21-26).
This week we went to see The Odyssey and came out thinking about Bronze Age collapse, because Nolan’s Odysseus is haunted by the wreckage of a civilization that mistook conquest for strength—and the parallels basically write themselves. Then we checked in on the Leading Economic Index, which has been declining for years while the coincident index keeps climbing, and the gap between those two lines is the gap between Wall Street and everyone else: the market’s fine, the C-suite’s fine, but the person trying to build or buy a house is living in a completely different economy.
Chapters
Intro: 00:00:38
Quick Takes: 00:01:37
Max Notes: 00:07:53
Killer Left Take of the Week: 00:14:26
Chart of the Week: 00:17:16
Headlines: 00:19:48
Outro: 00:20:53
Resources
Guardian News: Britain’s new prime minister Andy Burnham makes address
NBC News: Trump imposes 50% tariffs on dairy, alcohol, and cars from Canada
Reuters: Doctors question evidence behind Pentagon plan for testosterone screening
Fox Business: Bessent delivers remarks on far-left political terrorism
Netflix: Bill Maher Mark Twain Prize
Middle East Eye: US influencer Clavicular’s ‘Israelmaxxing’ propaganda trip ends in national scandal
Forbes: Here’s The Odyssey’s Budget And Break-Even Point At The Box Office
Africa Is a Country: Odyssey to Africa’s last colony
Drop Site News: Jeremy Scahill and Ro Khanna CLASH Over Palestinian Armed Resistance and Iron Dome
The Conference Board: Leading Economic Index® (LEI) for the US Declined in June and Partially Reversed Gains from Prior Two Months
ACLU: Defending Our Vote: The ACLU’s election safeguarding program
Grist: New York governor orders first statewide data center moratorium
The Lever: Repeat Food Contaminator Gave $2.2 Million to GOP. Now Thousands Are Sick
UNFTR Resources
Video: On The Record 7-21-26 (The Odyssey | Pete Hegseth Loves Buff Dudes | Clavicular in Israel.)
Essay: Quite the Odyssey.
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21 July 2026, 7:17 pm - 22 minutes 58 secondsOn The Record (07-14-26).
This week we read the federal budget the way it’s meant to be read: as a moral document. What it shows is individuals paying more, corporations getting refunds, classrooms getting gutted, and the pentagon getting fed, all while the deficit stays exactly where it always was. The “fiscally responsible” costume is just that. Then we looked at the strategic petroleum reserve, which is sitting at 1983 levels after nearly 100 million barrels drawn down since the Iran war began—and with China about to reenter the market and the strait still choked off, the traders who’ve been keeping oil prices contained are running out of room.
Chapters
Intro: 00:00:38
Quick Takes: 00:01:25
Max Notes: 00:05:57
Killer Left Take of the Week: 00:18:04
Chart of the Week: 00:19:28
Headlines: 00:21:35
Outro: 00:22:36
Resources
ABC News: Senator Lindsey Graham’s sister will complete the remainder of his term
Fox News: Trump REVEALS what Lindsey Graham told him before his death
CNBC: Elon Musk and Sam Altman spar on X after Apple files OpenAI lawsuit
The New York Times: How Marco Rubio Is Running Venezuela From Afar
PBS News: Who is Darline Graham Nordone, the late Sen. Lindsey Graham’s sister?
Peter G. Peterson Foundation: Chart Pack: Defense Spending
Dropsite News: Inside Israel’s Plan to Ethnically Cleanse Palestine’s Jordan Valley
eia: Weekly U.S. Ending Stocks of Crude Oil in SPR
Reuters: Crude stocks in US strategic reserve fall 3 million barrels to lowest level since 1983
In These Times: AI’s Rise is Being Fueled by the Sprawling U.S. Military State
Jacobin: Everybody Should Welcome Nationalizing AI
Truthout: McConnell’s Been on Sick Leave for a Month. US Workers Aren’t Guaranteed a Day.
UNFTR Resources
Video: On The Record 7-14-26 (U.S. Financials in Free Fall | Graham, McConnell, and the Strait of Hormuz.)
Essay: Trump’s Big Beautiful Bullshit Budget.
Video: These ‘New Democrats’ Are Literally Aligned with Trump’s Plan
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14 July 2026, 6:35 pm - 1 hour 10 minutesOmnibus (07-11-26).
Max and 99 are back for another round of Omnibus. They hit headlines on the left’s role in silencing Platner’s accusers, the ICE shooting of a Houston father, a parasite outbreak causing explosive diarrhea, and Meta using your Instagram photos to train AI. Then they tackle listener emails on the difference between socialism and social democracy, and creative vision versus collective collaboration. Enjoy!
Note: The Meta AI decision was reversed after the time of recording. Details linked below.
Chapters
Intro: 00:00:10
Headlines: 00:10:31
Emails: 00:39:18
Beyond the Bullshit: 00:59:52
Memberships: 01:09:13
Outro: 01:10:32
Resources
Support our friends at Straight White American Jesus
PBS: A Mexican father was shot and killed by an ICE officer. His son is demanding an independent probe
Chron: Did Houston ICE agents record fatal shooting? Body camera questions remain
Rebecca Watson (Skepchick): The Leftists who Mocked Graham Platner’s Victims
Wired: Meta Now Lets Anyone Use Your Instagram Photos in AI Images—Unless You Opt Out
BBC: Meta pulls new AI image feature after days of backlash
Yusuf/Cat Stevens: Father and Son
UNFTR Resources
Video: These ‘New Democrats’ Are Literally Aligned with Trump’s Plan.
Video: Objectivism in The Bear: Elon Musk vs Zohran Mamdani
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11 July 2026, 8:05 pm - 23 minutes 46 secondsThe New Republicrats: Snakes of the Democratic Party.
Ten sitting house democrats and five candidates just signed the “Promise to America” pledge ensuring the public they are not socialists. It has six banal points with no specifics, no plan, and no agenda that might actually help anyone. Of the six, five are limp, empty platitudes. The sixth is a Trojan horse to cut Medicare, Medicaid and Social Security. So either these “Democrats” are wholly and secretly aligned with the folks who wrote Project 2025, or they’re stupid. You decide.
In this episode, Max rips apart the pledge, puts this so-called movement in historical context, grades the legislators who are signatories to it, and explains why they are so out of step with what their constituents truly desire.
Resources
Politicon: James Carville: What Just Happened In The NYC Primaries
Fox News Clips: ‘WE’RE FOR CAPITALISM’: Moderate Democrat responds to socialist wins
NBC News: ‘Mamdani is a threat to my constituents,’ says New York House Democrat
Fox News Clips: Democrat TORCHES Mamdani: ‘Job-killing socialist’
Newsweek: Democrats Launch Centrist Group as Trump Attacks Socialists, Communists
Daily Kos: Promise to America: 15 Dems pledge surrender to the GOP
Wikipedia: New Democrat Coalition
Problem Solvers Caucus Members
The Peter G. Peterson Foundation: Chart Packs
UNFTR Resources
Video: These ‘New Democrats’ Are Literally Aligned With Trump’s Plan.
Essay: The New Republicrats: Snakes of the Democratic Party.
Series: The Clinton Years.
Episode: Project 2025.
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10 July 2026, 8:30 pm - 29 minutes 19 secondsOn The Record (07-07-26).
This week we asked whether 2026 is 2008 or something worse, and the answer is: different disease, same symptoms. The hiring freeze, the housing collapse, the credit stress all rhyme with the last crisis, but this time the economy is drowning in money that just isn’t moving, pooling at the top while the bottom quietly bleeds out. Then we pulled on the thread of where all that leverage actually lives, and found that the “safe” parts of the financial system—banks, money markets, insurers—are the ones funding the riskiest trades, all stacked on the same narrow AI bet. When it unwinds, the dampeners become the accelerants.
Chapters
Intro: 00:00:38
Quick Takes: 00:01:30
Max Notes: 00:08:43
Killer Left Take of the Week: 00:21:05
Chart of the Week: 00:23:01
Headlines: 00:27:41
Outro: 00:28:47
Resources
Bloomberg Television: OpenAI Proposes Giving the US Government a 5% Stake, FT Says
CNBC Television: Palantir CEO Alex Karp says ‘something has gone completely wrong’ with how AI is sold
CBS News: Trump admits he called FIFA chief about Folarin Balogun’s red card: “That wasn’t a foul”
Forbes Breaking News: Graham Platner Issues Video Statement After Allegation Of Sexual Assault Emerges
The New York Times: Nearly a Million Investors Lost a Total of $3.8 Billion on Trump Crypto Coin
MacroMicro: US - M1 & M2 Money Supply
Current Affairs: Of Course The Founding Fathers Would Have Hated Trump
Bloomberg: Leveraged ETFs Are Just the Tip of the Iceberg
Truthdig: Was USAID Really Neocolonial?
The Intercept: RFK Jr. Claims He’s Investigating Terrorism Now, Too
MotherJones: “Morally reprehensible”: Prediction Markets Offer Bets on Wildfires
UNFTR Resources
Video: On The Record 07-07-26 (2008 Parallels | McConnell Still Missing & Platner Should Be)
Essay: Is It 2008 All Over Again?
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7 July 2026, 8:34 pm - 20 minutes 40 secondsThe Bear and the American Male Archetype: Carmen Shrugged.
The hit series The Bear has finally concluded. The final episode is so uplifting that most reviewers appear to believe the arc of the show’s main character follows suit with a redemptive arc. But the connection to Ayn Rand’s famous book The Fountainhead might reveal the opposite meaning. The show’s main character Carmen Berzatto, portrayed beautifully by Jeremy Allen White, shows us a prototypical Randian archetype who understands everything and learns nothing. The deeper subtext of the show is the tension between the upper and working class, the pursuit of both greatness and a paycheck, and whether individual accomplishments supersede collective success. It’s a uniquely modern American theme being played out in real time between two of the most famous men in America. Elon Musk is the avatar of Rand’s objectivist theory, while Zohran Mamdani leverages his fame and status for the collective.
Resources
Ayn Rand: The Fountainhead
The Bear, “Napkins”
The Bear, “Replicants”
Ayn Rand Institute: The Mike Wallace Interview with Ayn Rand
Wednesday Journal: The Bear visits Oak Park’s Frank Lloyd Wright Home & Studio
New Ideal: Howard Roark and Frank Lloyd Wright
UNFTR Resources
Video: Class War in The Bear: Individual Genius vs Collective Good
Episode: Ayn Rand Was a Dick.
Essay: The Bear and the American Male Archetype.
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6 July 2026, 7:44 pm - 27 minutes 35 secondsOn The Record (6-30-26).
This week we mapped out how Wall Street has talked itself into a story it can’t stress-test—Accenture getting punished whether AI succeeds or fails, Saylor quietly selling the Bitcoin he swore he’d never sell, and the hyperscalers borrowing billions to fund a buildout that may be obsolete before it’s finished. Then we looked at the inflation numbers, which are stuck well above target, and the quiet methodology change coming this fall that’ll let everyone claim victory without prices actually moving an inch.
Chapters
Intro: 00:00:37
Quick Takes: 00:01:25
Max Notes: 00:07:06
Killer Left Take of the Week: 00:18:55
Chart of the Week: 00:21:06
Headlines: 00:26:00
Outro: 00:27:08
Resources
PBS NewsHour: Stephen Miller says ‘America’s doors are closed fully to asylum seekers’ after SCOTUS ruling
TMZ Clips: Dr. Oz Says Great American State Fair Crowd Is Huge, But Camera Pan Shows Otherwise
CBS New York: Trump says NYC rent freeze will turn buildings “into ghettos and slums”
Motley Fool: Accenture Shares Plunged 50% This Year. Here’s What Investors Need to Know.
Yahoo! Finance: Strategy Says It May Sell Up to $1.25 Billion of Bitcoin
Yahoo! Finance: Meta, Alphabet, Amazon, and Microsoft are getting hooked on debt to fuel AI boom
Reuters: Cheaper AI is better: Soaring bills are reshaping how businesses choose models
TechTarget: Will data centers become obsolete?
Breaking Points: “I’M DONE!” Carville, Dem Elites CRASH OUT, Demand Dem Divorce
Macro Micro: US - Personal Consumption Expenditure Price Index [PCE]
U.S. Bureau of Economic Analysis: Personal Consumption Expenditures Price Index
Farm Service Agency: Supplemental Disaster Relief Program (SDRP)
U.S. News: Methodology Changes Could Lower US May Core PCE Inflation, Economists Say
Daily Kos: Thanks, GOP: Student borrowers face massive bills this week
The Intercept: Abdul El-Sayed Becomes First Senate Candidate Backed by Pro-Palestine Jewish Group
UNFTR Resources
Video: On The Record 6-30-26 (Wall Street Insanity | White House Depravity | Zohran Crushing)
Essay: Wall Street Is Cooked.
Video: SpaceX IPO: What They’re Not Telling Retail Investors
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30 June 2026, 3:13 pm - More Episodes? Get the App