Hello, fellow rubble capitals. Hope you're well. So big day today, non-farm payrolls came out.

And, woo, boy, did it shock the market? Now, it shouldn't shock those of you who have been watching this channel for quite some time.

The suspense, I'm sure, is killing you.

Let's get into a zero hedge article.

We'll do a quick screen share.

There we go.

And the headline, drum roll, please, is negative, 92,000. I repeat, negative, 90,000.

I repeat, negative, 92,000.

And this is the headline number.

This is before revisions, which, oh, by the way, we have revisions here, and they ain't upward.

They're downward.

More on that in just a moment.

And just to kind of sum things up here, if you've been watching the channel,

you know that I've been saying we've got two indicators,

the labor market and GDP, real GDP, and they're going in opposite directions.

But one of these has to be wrong.

You can't have the labor market deteriorating and GDP going parabolic.

It doesn't work that way.

So either we have to have the labor market really start to heat up and reflect what we're seeing in the GDP numbers or we've got to have GDP start to come down and reflect what we're seeing

in the labor market. And you guys know my base case. I thought GDP would come down,

which we're just getting more and more and more data.

By the way, if you haven't been following what's happening in private credit, now it's not just

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