If you want to know where the economy is really heading, don’t watch headlines — watch delinquencies. In every slowdown, the first warning isn’t layoffs, bankruptcies, or market crashes; it’s quiet, rising missed payments across mortgages, credit cards, and auto loans. This week, Vince explains why delinquencies don’t predict pain but confirm financial stress that’s already happening, why rate cuts often fail to relieve cash-flow pressure, and what always comes next when banks react late and tighten credit. 

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