From the Desk of Anthony Pompliano Black Friday Exposed The HARSH TRUTH About The US Economy
Dec 1, 2025
Peter St. Onge, an independent economist known for his insights on macroeconomics, joins to dissect the dual narrative of post-Black Friday America. While high-income households enjoy record spending, many others are weighed down by debt and rising prices. They explore the implications of the K-shaped economy, how Fed policies influence asset prices, and the challenges posed by automation. The discussion also touches on inequality, ownership of assets, and controversial ideas like UBI, revealing the complex landscape of today's economy.
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Black Friday Hid A K‑Shaped Economy
- Black Friday headline sales mask a K-shaped recovery where the wealthy spend and lower-income households rely on credit.
- Buy Now, Pay Later usage surged among young and lower-income shoppers, signaling consumption financed by debt.
Growth With Uneven Winners
- GDP and stock market gains coexist with poor consumer sentiment and rising delinquencies.
- Asset owners win as growth concentrates in asset prices while many households feel worse off.
Position For Fed‑Fueled Cycles
- Expect Fed liquidity to drive asset price inflation and fund rapid AI development in the near term.
- Prepare for a larger future bust and hedge portfolios accordingly rather than assuming perpetual upside.