American Recession Watch, Extreme Wealth Gap, & Crypto Stalemate I EP 17

Markets are flashing warning signs, and the U.S. consumer is taking the hit. Mike Novogratz and I break down why traders have shifted from buying the dip to selling the rally, what the wealth gap means for the economy, and where crypto stands as the Clarity Act stalls. This is a market you need to understand right now! Michael Novogratz is the Founder and CEO of Galaxy Digital. He was formerly a Partner and President of Fortress Investment Group LLC. Mr. Novogratz served on the New York Federal Reserve’s Investment Advisory Committee on Financial Markets from 2012 to 2015. He serves as the Chairman of The Bail Project and has made criminal justice reform a focus of his family’s foundation. Learn more about Galaxy here: https://www.galaxy.com/ Follow Anthony on X: https://x.com/Scaramucci Follow Novo on X: https://x.com/novogratz Anthony Scaramucci is the founder and managing partner of SkyBridge, a global alternative investment firm, and founder and chairman of SALT, a global thought leadership forum and venture studio. Learn more about SALT here: https://www.salt.org/ Pre-order my next book, All the Wrong Moves: How Three Catastrophic Decisions Led to the Rise of Trump, out on the 17th of September in the UK and the 22nd of September in the US: ⁠https://linktr.ee/anthonyscaramucci Referenced in the episode: https://www.axios.com/2026/03/28/iran... https://www.wsj.com/economy/wealthy-a... https://www.axios.com/2026/03/24/jobs... https://www.galaxy.com/newsroom/galax... Timestamps 0:00 Novo and Anthony are back! 1:12 Reagan assassination anniversary 3:05 War's impact on the U.S. consumer 5:41 Fed, Powell & Warsh rate cut outlook & shifting economy 7:45 Employment, white collar layoffs & AI replacing jobs 9:21 Wealth inequality: 430,000 households worth $30M+ 11:23 Pitchfork politics & UBI discussion 13:48 Private credit stress & is this 2008? 15:55 Trump's Sunday market rallying rhetoric 17:39 Crypto Clarity Act stalemate & Brian Armstrong 19:48 What the Clarity Act passage would mean for markets 21:20 MicroStrategy & Michael Saylor's strategy 23:52 Mike matches the U.S. Government's $1,000 Contribution for Galaxy 26:38 Final market outlook & trading advice for young investors 29:12 Bear market psychology & patience as a trading edge 32:08 Iraq War parallel & closing thoughts