Henrik Zeberg, head of macro at Swiss Block, makes the case that the US economy is already deteriorating beneath the surface while the stock market runs to new highs. Credit card delinquencies are now above their peak levels from 2008 and 2009. Surveys show consumers fear losing their jobs more than falling seriously ill. Labor markets are softening and home prices are beginning to fall in certain states. The labor market is 70% of GDP through private consumption. And consumers are already feeling it. Helpful links: tastylive: tastylive.com Get Tom's pre-market analysis every morning: tastylive.com/newsletters FREE Options Strategy Guide: tinyurl.com/bp9ms763 Follow tastylive on X: x.com/tastyliveshow CHAPTERS: 00:00 The economy is deteriorating beneath the surface 02:00 Labor market as the true recession signal 03:00 Credit card delinquencies above 2008 peak 04:00 Consumer fears and home price declines 05:30 AI euphoria vs real economy fundamentals 07:0...