On The Tape with Danny Moses The Big Short Visits Global Alts Miami 2026
Feb 28, 2026
Vincent Daniel, a private-credit and macro specialist; Meredith Whitney, a data-driven bank and consumer-credit analyst. They discuss AI’s soaring power and energy needs. They probe private credit risks, gating and asset-liability mismatches. They tackle consumer stress, home equity taps, and the appeal of gold and silver as hedges.
AI Snips
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AI May Trigger A Deflationary Bust
- AI could create a productivity boom while simultaneously causing a deflationary bust if mass layoffs follow automation.
- Vincent Daniel warned CEOs will use AI to cut workforce (he cited hopes to lay off ~30%), creating structural unemployment risks and downstream deflationary pressure.
Wealth Effect Masks Fragile Consumer Underpinnings
- Retail passive flows can mask underlying shifts in consumer employment and spending patterns.
- Danny Moses highlighted the wealth effect from markets broadening beyond tech and warned retail flows turning negative while passive flows persist could amplify market-to-economy feedback.
Private Credit Echoes Precrisis Product Innovation
- Private credit's retail distribution resembles pre-crisis product innovation where misaligned incentives sell unsuitable products.
- Danny Moses compared current private-credit retail push to 2004–05 mortgage product innovation that was packaged and resold to investors.