Danielle DiMartino Booth (CEO, QI Research) joins Jeremy Szafron to issue a critical warning about the credit markets, urging investors to "follow junk bond issuance" as the ultimate recession signal. She warns that a freeze in this market previously culminated in a "bloodbath in the stock market," and cracks are already appearing.In this interview, DiMartino Booth breaks down the Fed's sudden decision to "stop draining liquidity" from the system, warning that funding dislocations could make the end of December "ugly." She argues that "cockroaches continue to crawl out from underneath the woodwork" in private credit, pointing to contagion risks beyond the major players. DiMartino Booth also exposes a "40% exhaustion rate" in unemployment benefits—leaving millions with "literally nothing"—and questions the quality of Nvidia's cash flow, citing reports of "factoring their accounts receivables."Recorded on November 20, 2025

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