By Greg Hunter’s USAWatchdog.com - December 13, 2025

Former Wall Street money manager Ed Dowd warned in September we were at the “Beginning of Panic Rate Cut Cycle.” Since that prediction, the Fed has cut interest rates three times. Looks like Dowd called it correctly. So, when does the panic kick in? Dowd says, “The panic kicks in when there is some sort of banking wobble or stock market wobble, which is in the process of setting up. Private credit is the first to show problems. We had Tricolor Holdings (subprime auto lending bankruptcy) go poof. We had First Brands (bankruptcy) go poof. This is all private credit. We have had other lenders like PrimaLend (bankruptcy) starting to go poof. Private credit is just like subprime. It not a very big part of the Jenga credit chain, but it’s enough to start a daisy chain of knock-on effects. So, this is where we are, at the beginning of the credit destruction cycle. We are seeing consumer credit card delinquencies nearing all-time highs, auto loan delinquencies and, next up, we will be seeing mortgage delinquencies. People stop paying their credit cards first, then their auto loans and stop paying on their homes last. As the layoffs accelerate, and we are already seeing more high-profile layoffs at Amazon, UPS and you name it, once those begin, we will be seeing higher delinquency rates.” . . .

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There is much more in the 45-minute interview.

Note - The video is missing at the USAWatchDog site at the link below . . . SC