This summer's spending spree is a warning sign for Q4. Reports show consumers are spending record amounts on travel, events, and holidays. On the surface, that looks like a strong economy. Underneath, it's a reallocation of future spending. Households have a finite pool of discretionary income. Every dollar spent on a vacation or a World Cup party is a dollar that isn't saved for a down payment in October. The 'everything boom' of the last two years is over. Now, consumers are making choices. Watch the full episode at the link in our bio.