The conventional K-shaped narrative is roughly half reality and half overstatement — it accurately captures wealth inequality but exaggerates current cash flow deterioration.

47:18it out to be. >> You can't you can't win. Um, so yeah, to echo what Josh said, like obviously, you know, it sounds insensitive to say this, but we're looking at the data and we're listening to the people with the data inside the banks and they're all saying the same thing. They're all saying the same thing. This guy went viral, a PNC economist. They have the data. They

47:41literally have the spend and the balances and they're saying it's improving. Now, like obviously the bottom 10% of people are always struggling. That's always the case. And I think the probably where the bigger extreme is is the people at the top of the K, all the people that went to the World Cup and spent $50,000. It's obscene wealth that it makes the lower end of the K and even the

48:03>> the the the comparison. >> Yeah. >> The juxosition. >> It makes everybody It makes everybody feel shitty. Yeah, >> but it's awesome news that factually looking at data, the lower half of the K is not doing nearly as bad as some people would have you believe. And it's all it's it's virtue signaling. It's people with money saying we people don't understand how how bad people are doing,

48:27how much are getting crushed by inflation, how they can't afford the rent, how they >> If you say that though, but but if you say that though, you're right. If you come out on Instagram and say that people WILL SHARE YOUR POST. >> YEAH. >> This is how you go viral is is is say how bad how bad everything is. >> Yeah. Who's against who's against that

48:48populist message? It resonates cuz obviously people are struggling. Obviously we all know people that are struggling, >> but it's just not true. And I have to fight back against the poison even if it's an unpopular take >> cuz it's not true. >> So right. So you get So I I get on a plane. I'm in business class. Who are all these other people on the plane? You know, like who is filling up every

49:11airplane I'm on? >> Dude, we went >> I haven't been on a flight with empty seats in three years. >> When we went to the Commando Lions game, >> these are not all rich people, but there was 90,000 people there and they're all in the top of the K. >> Can't be. Um I'll let Adam have the last W one last thing. I was at Fanatics Fest