The Real Eisman Playbook Consumer VibeCession & Private Credit Risk with Lakshmi Ganapathi | The Real Eisman Playbook Episode 45
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Feb 9, 2026 Lakshmi Ganapathi, founder of Unicus Research and forensic equity analyst focused on consumer credit and asset-backed markets. She dives into growing U.S. consumer stress and why official data can hide pain. They cover used-car market fractures, private credit’s opaque risks, the yen carry trade, and looming trouble in asset-backed and CRE markets.
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BNPL Is Masking And Amplifying Payment Risk
- Buy‑Now‑Pay‑Later fills gaps left by traditional credit and masks stress.
- About 19% of BNPL users forget payments because multiple BNPL products fragment tracking.
Recession Exists For The Bottom Of The K
- Lakshmi argues a recession already exists for lower‑income groups while headline spending comes from the top K.
- Broad credit stats remain upbeat because stress is concentrated, not uniform.
Securitization Is Hiding Loan Deterioration
- Many consumer loans are securitized immediately, hiding deterioration on bank balance sheets.
- ABS pools show rising modifications and worsening loan quality over multi‑year periods.