Well, howdy there, internet people, it's bell again.

So today, we're going to talk about Trump's economy and your debt.

We haven't done a deep dive into the underlying health of the economy lately,

and one of you had a conversation over Thanksgiving that led to a message.

And it's probably time to check on things so nobody's caught unaware.

Here's the message.

Bell, I have a Thanksgiving dinner question that isn't about debate.

My brother, who describes himself as a non-Maga Republican, was talking about the shape of

the economy. He said it wasn't great. He kept talking about a bifurcated economy and said that

while the stock markets were doing well, the underlying economics aren't good. Of course, that made me think of you. I'm wondering if a

bifurcated economy means a k-shaped economy or any of the other terms you've used and what

everybody's individual debt has to do with it. He lost me at that point. Okay, so depending on usage,

bifurcated economy could mean a case-shaped economy. It means the economy is splitting

where some sections do well while others do poorly. We know this as the rich get richer and the poor get poorer.

But in this context, what he meant was probably closer to when we talk about the stock market being untethered from reality.

What he's probably looking at is the stock market performing like we're in a raging economy,

while ignoring various bright red warning signs coming from what he's calling debt.

But he's probably talking about delinquency.

As an example, subprime auto loan delinquency rates are ridiculously high. These are

loans that are more than 60 days past due. By ridiculously high, I mean the highest in more than 30

years. That's a bad sign. Perhaps more telling is U.S. credit card delinquencies of more than 90

days. Reports show that being more than 12% in the third quarter of 2025. We haven't seen

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