On The Record (09-22-26).

This week we put a proper endcap on the summer’s debt discussions—the $40 trillion number is real, but the conversation around it is almost entirely dishonest, designed to make cuts to grandma’s Medicare seem inevitable while military spending and corporate tax rates never even make the list. Then we looked at the housing market, where sellers are quietly stuffing concessions into nearly half of all deals to keep headline prices from falling, which is either a buyer’s market emerging or the last gasp before demand destruction, depending on which generation you’re in.

Chapters

Intro: 00:00:38

Quick Takes: 00:01:41

Max Notes: 00:07:29

Killer Left Take of the Week: 00:21:05

Chart of the Week: 00:21:48

Outro: 00:24:03

Resources

The New York Times: U.S. and China Balance A.I. Risks and Rivalry

The New York Times: Trump Officials Eject 750,000 From Obamacare Markets, Claiming Fraud

Senator Chris Murphy: Why did Russia pay for Donald Trump Jr.’s wedding?

The New York Times: Photos Spur Speculation About Possible Demolition of Kennedy Center

CNN: Trump says proposed triumphal arch will double as military complex with snipers and drones

CNBC: AI Models Are Stealing Your Data & The AI Safety Truth

The Independent: Scott Bessent cannot say where Venezuelan billions are going

Mother Jones: Bo French Sent a Tweet So Racist, His Own Party Finally Took Notice. It’s Just the Tip of the Iceberg.

U.S. Department of the Treasury: Debt to the Penny

U.S. Department of the Treasury: Major Foreign Holders of Treasury Securities

Federal Reserve: Federal Reserve Balance Sheet: Factors Affecting Reserve Balances

U.S. Department of the Treasury: Treasury International Capital Data for July

U.S. Department of the Treasury: Treasury International Capital Data for July 2026

Federal Reserve: Financial Accounts of the United States

Federal Reserve: FEDS Notes

Federal Reserve: Estimating Yield Impacts of Treasury Demand and Supply Changes

Levy Economics Institute: Can Taxes and Bonds Finance Government Spending?

CEPR: Ron Paul’s Surprisingly Lucid Solution to the Debt Ceiling Impasse William Mitchell: Central banks should just write off all their government debt holdings

Yahoo! News: House Speaker Mike Johnson denies backing cuts to benefits amid Social Security shortfall warning

Congressional Budget Office: Distributional Effects of Public Law 119-21

The Elephant Graveyard: How Comedy Drowned in a Radioactive Cesspool of Corruption and Depravity

Redfin News: Nearly Half of Homebuyers Get Concessions From Sellers as Most Markets Tip in Buyers’ Favor

UNFTR Resources

Video: On The Record 9-22-26 (The Truth About the $40 Trillion Debt—And Why They Want You Scared.)

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