Today's Animal Spirits is brought to you by our friends at Why Charts.

To start the show off today, I'm going to be using some data from our friends at Why Charts

that I pulled up very quickly because they showed it to me before to show why auto loans are not the next subprime and they're not worse than

student loans and because there was a story in the Wall Street Journal that everyone's

freaking out about because debt levels are extremely high and I'm going to prove

them wrong and use some whyCharts data for the research here.

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Welcome to Animal Spirits, a show about markets, life, and investing.

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So this is pretty shitty.

33% of people who traded in cars to buy new ones in the first night of the show there, by the

way.

Thank you.

What I was trying to say was, borrowers owed about $5,000 on average after they traded it in their cars

before taking on new loans.

So what's going on?

...