In this episode of The Wealth Effect, we break down a week defined by the arrival of "the bill" for the last decade of economic and technical decisions. We examine the collision between rapid innovation and legacy friction, where digital locksmiths are exposing decades of human error and the federal government is being forced to settle a $200 billion tab.

Inside This Episode:

The Model Too Dangerous to Ship: A deep dive into Anthropic’s "Claude Mythos." We discuss why a model capable of finding 27-year-old "zero-day" vulnerabilities is being treated as a national security asset rather than a consumer product.
The $166 Billion Refund: The Supreme Court has ruled, and the Treasury is opening the floodgates. We look at the massive "illegal" tariff refund tsunami hitting American business balance sheets and the political tug-of-war over the payout.
The Ternus Era at Apple: Tim Cook is stepping down. We analyze what the promotion of John Ternus means for the future of Apple’s hardware-first AI strategy and a $4 trillion legacy.
Europe’s Six-Week Countdown: With the Strait of Hormuz effectively closed, Europe is burning through its strategic jet fuel reserves. We explore the "tankering" strategies and the triage mindset taking over the aviation industry.
The "Chapter 22" Strategy: Spirit Airlines is back in bankruptcy court, but this time it’s a calculated move to become merger-ready. We discuss the potential $500 million government lifeline and JetBlue’s shadow looming over the proceedings.
The IRS Diet & Consumer Resilience: A look at why the IRS is betting its future on a leaner, AI-driven staff, and how the "New Upper Middle Class" is keeping the consumer engine running despite 21% surges in gas prices.

Week of April 24, 2026

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IRS, Hackers, and More | Weekly Recap