Current debt levels are dangerously high, with $17.1 trillion in household, $12.0 trillion in mortgage, $1.6 trillion in auto loans, and $1.0 trillion in credit card debt.

For the first time in history, the median monthly mortgage payment is nearing $3000/month.

Mortgage rates are now at their highest since 2002.

Inflation has made many basic necessities into unaffordable things.

Follow us @KobeissiLetter for real time analysis as this develops.

— The Kobeissi Letter (@KobeissiLetter) August 20, 2023

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— Win Smart, CFA (@WinfieldSmart) August 20, 2023