Episode notes
BLUE COLLAR AND BOUJIE — AFTER THE BELL Monday, August 31, 2026
Boujie asks whether Kevin Warsh changed his tone over a single weekend. Then he goes back and checks the transcript. The answer changes everything that follows.
WHAT'S COVERED
History — Fifty years ago this week, Vanguard raised $11 million against a $150 million target and got called un-American for the trouble. Turns out betting against Wall Street's fee structure ages pretty well.
Market Recap — Stocks close out a green August on a red note, as renewed US-Iran strikes send oil and yields higher while gold and the dollar, oddly, don't move like it's a real panic.
Movers — Edison and PG&E get repriced by a state legislature, not an earnings report. Aon pays $17 billion and gets punished the same afternoon. And somehow GameStop delivers the most boring, sensible piece of corporate finance in the whole episode.
The Checklist — Higher yields should have punished every growth name equally. They didn't. Nvidia, CrowdStrike, and Tesla all had a stronger argument than the interest rate did.
Deep Dive — Warsh says growth is stronger than people think. Warsh also says inflation isn't beaten. Boujie works out how both are the same sentence, not a contradiction — and what would have to happen for him to be wrong about it.
P.S. — Made with AI. Nothing here is financial advice. If we ever tell you to buy a specific stock, assume the model hallucinated and go find an actual licensed human.