The economy has shifted away from a reliance on traditional W2 employment toward new definitions of job security.

“But what I can tell you is the uh the entire economy is flipped with regard to job security and with regard to the definition of a of a good job.”

While official labor data is not yet signaling a recession, the market is facing a liquidity crisis that could lead to broader economic pain.

“The problem is again cash and liquidity. And what's amplifying that lack of cash? Well, what's amplifying that lack of cash? In my opinion, too much collateral risk. In other words, too many cockroaches. And I actually think that's why we're seeing some of this funding stress starting to show up ove”