On episode 479 of Animal Spirits, Michael Batnick and Ben Carlson discuss: the Treasury bond buybacks, Stanley Druckenmiller's op-ed, the real government debt risk, the most hated asset class in the world, why Bitcoin woke up, the end of the Go-Go years, finance bros are having a moment, private market fraud, the high cost of housing and transportation, Jean-Claude Van Damme and more. This episode is sponsored by YCharts. To learn more and get 20% off your initial YCharts Professional subscription, visit https://go.ycharts.com/future-proof-2026 (new customers only). ► 00:00 - YCharts Ad ► 00:47 - Can the Treasury Force Interest Rates Lower? ► 05:37 - Druckenmiller, the Bond Market and AI ▶ 12:03 - Is a U.S. Debt Crisis Actually Coming? ► 28:05 - Bitcoin’s 20% Surge and the Dollar Debasement Trade ▶ 33:44 - How This Bull Market Could End ► 39:38 - The ETF That Lost 96% in a Bull Market ► 45:14 - ChatGPT vs. Claude and the Cost of AI Shortcuts ► 49:22 - The Housing Affordability Emergency ► 51:33 - Why $15,000 Buys a Much Worse Used Car ▶ 52:48 - Are Braces a Racket? ► 53:54 - Streaming, DVDs and ’90s Nostalgia ► 1:00:02 - What We’re Watching: Speed, Van Damme, Spider-Man and Tires 👕 Check out The Compound shop: https://idontshop.com 🎙️Listen to our podcasts: TCAF: https://podcasts.thecompoundnews.com/show/TCAF/ Animal Spirits: https://podcasts.thecompoundnews.com/show/animalspirits/ Ask The Compound: https://podcasts.thecompoundnews.com/show/ATC/ The Compound Newsletter: https://www.thecompoundnews.com/subscribe Linkedin: https://www.linkedin.com/company/the-compound-media/ Instagram: https://instagram.com/thecompoundnews Twitter: https://twitter.com/thecompoundnews Tik Tok: https://www.tiktok.com/@thecompoundnews Investing involves the risk of loss. This podcast is for informational purposes only and should not be or regarded as personalized investment advice or relied upon for investment decisions. Michael Batnick and Ben Carlson are employees of Ritholtz Wealth Management and may maintain positions in the securities discussed in this video. All opinions expressed by them are solely their own opinion and do not reflect the opinion of Ritholtz Wealth Management. See our disclosures here: https://ritholtzwealth.com/podcast-youtube-disclosures/ The Compound Media, Incorporated, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. For additional advertisement disclaimers see here https://ritholtzwealth.com/advertising-disclaimers. #thecompound #investing #stockmarket