In this episode, William Black and Bob Jankowitz discuss consumer credit and its impact on the economy. They explore the definition of consumer credit and its various categories, such as mortgages, credit cards, auto loans, and student loans. They also examine the current health of consumer credit, highlighting the paradoxical nature of the macroeconomic environment and consumer performance. They discuss the potential risks and vulnerabilities in the consumer credit market, including the impact of rising interest rates. They touch on the background and experiences of William Black, the sentiment of consumers in the current economic environment, and the issue of swipe fees. They also discuss the potential effects of new legislation on swipe fees and the role of rewards programs in the credit card industry.