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   America’s credit karma
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   Plus: Burrito bowl blues.
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              <span style="color:#888888">
               Tuesday, November 4, 2025
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30px;width:66.6667%;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000;mso-line-height-rule:exactly">
             <div>
              <span style="color:#888888">
               Emilija Manevska
              </span>
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              <span style="font-size:16px;color:#000000;font-family:Helvetica 
Neue,Helvetica,Arial,sans-serif;background-color:#FFFFFF">
               Good morning, Quartz readers! It’s Shannon Carroll with the Daily Brief. Today, the U.S. consumer is tapped out, the restaurant boom is cooling, Nvidia’s best chips are still getting grounded by Washington, and YouTube and Disney are fighting for who gets the remote.
               <span class="ql-cursor">
                
               </span>
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              <span style="font-size:18px;color:#168DD9">
               HERE'S WHAT YOU NEED TO KNOW
               <span class="ql-cursor">
                
               </span>
              </span>
             </h2>
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             <div>
              <strong style="background-color:#FFFFFF;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;color:#000000;font-size:16px">
               A record-length shutdown could mean record 
damage.
              </strong>
              <span style="background-color:#FFFFFF;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;color:#000000;font-size:16px">
               Goldman Sachs expects the impasse to shave more than one percentage point off growth, with missed food stamp payments and stalled federal projects
              </span>
              <a data-linktext="amplifying 
private-sector pain." data-linktype="Normal" style="color:#168DD9;text-decoration:none;background-color:#FFF;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;font-size:16px;" target="_blank">
               amplifying private-sector pain.
              </a>
              <span style="color:#000000;background-color:#FFFFFF;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;font-size:16px">
               
              </span>
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20px;line-height:1.5;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000;mso-line-height-rule:exactly">
             <div>
              <strong style="background-color:#FFFFFF;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;color:#000000;font-size:16px">
               Recession talk has moved from Wall Street to the Cabinet.
              </strong>
              <span style="background-color:#FFFFFF;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;color:#000000;font-size:16px">
               Scott Bessent said Sunday that the U.S. economy is shrinking “in several areas,”
blaming the Fed and claiming there will be wider damage
              </span>
              <a data-linktext="without more aggressive easing." data-linktype="Normal" style="color:#168DD9;text-decoration:none;background-color:#FFF;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;font-size:16px;" target="_blank">
               without more aggressive easing.
              </a>
             </div>
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             <div>
              <strong style="font-size:16px;color:#000000;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;background-color:#FFFFFF">
               Trump wants Nvidia’s best chips to stay home.
              </strong>
              <span style="font-size:16px;color:#000000;font-family:Helvetica 
Neue,Helvetica,Arial,sans-serif;background-color:#FFFFFF">
               The president said the company’s new, most powerful Blackwell processors should go only to U.S. firms, a move that could continue to rewrite global tech alliances and deepen the AI rift
              </span>
              <a data-linktext="and race with Beijing." data-linktype="Normal" style="font-size:16px;color:#168DD9;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;background-color:#FFF;text-decoration:none;" target="_blank">
               and race with Beijing.
              </a>
              <span style="font-size:16px;color:#000000;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;background-color:#FFFFFF">
               
              </span>
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20px;line-height:1.5;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000;mso-line-height-rule:exactly">
             <div>
              <strong style="background-color:#FFFFFF;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;color:#000000;font-size:16px">
               Kimberly-Clark is reaching for the medicine cabinet.
              </strong>
              <span style="background-color:#FFFFFF;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;color:#000000;font-size:16px">
               The maker of Kleenex and Huggies will buy Tylenol parent Kenvue for $48.7 billion, 
merging two fading household names into a new consumer-health giant with about $32 billion in annual sales, as the legacy brands
              </span>
              <a data-linktext="search for new life." data-linktype="Normal" style="background-color:#FFF;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;color:#168DD9;font-size:16px;text-decoration:none;" target="_blank">
               search for new 
life.
              </a>
             </div>
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                  Sponsored
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                <td class="td100" colspan="6" style="padding:10px 20px;font-family:Arial,Helvetica,sans-serif;font-size:18px;line-height:1.5;color:#168DD9;width:100%;background-color:#F0F0F0;vertical-align:top;mso-line-height-rule:exactly">
                 <h2 style="mso-line-height-rule:exactly;Margin:0;font-family:Arial;font-size:20px;color:#000;">
                  Invest in recession-resilient Mobile Home Parks with Vintage 
Capital
                 </h2>
                </td>
               </tr>
               <tr style="padding-top:10px;padding-bottom:10px">
                <td class="td100" colspan="6" style="padding:10px 20px;line-height:1.5;font-family:Arial,Helvetica,sans-serif;font-size:16px;width:100%;background-color:#F0F0F0;vertical-align:top;color:#000000;mso-line-height-rule:exactly">
                 <p>
                  Invest in recession-resilient Mobile Home Parks with Vintage Capital. Invest direct or in a fund of 20+ underlying assets. 1031s are also available. Access stable, income-generating properties with consistent demand and low tenant turnover.
                 </p>
                 <p>
                  Now 
is the time to act: Current market conditions are creating opportunities to acquire properties at attractive valuations.
                 </p>
                 <p>
                  Our fund targets a 15%-17% IRR and makes monthly distributions, which provides a steady income stream alongside strong upside potential and tax-efficient benefits.
                 </p>
                 <p>
                  Why Mobile Home Parks?
                 </p>
                 <ul>
                  <li>
                   <span class="ql-ui">
                   </span>
                   Recession-Resilient: Affordable housing demand drives stable returns in any economy
                  </li>
                  <li>
                   <span class="ql-ui">
                   </span>
                   High Tenant Retention: The average MHP tenant stays 10-12 years (compared
to 2-3 in Multifamily)
                  </li>
                  <li>
                   <span class="ql-ui">
                   </span>
                   Proven Expertise: $100MM+ track record in mobile home park investments.
                  </li>
                  <li>
                   <span class="ql-ui">
                   </span>
                   Tax-Smart Investing: Bonus depreciation offers tax advantages.Free music/podcasts, access to lightning deals, and try before you buy are just a few of the many perks that Prime has to offer. Make sure you're not missing out, and get the most out of Amazon Prime.
                  </li>
                 </ul>
                </td>
               </tr>
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                                  Access Deal Room
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border-radius: 6px; color: #FFFFFF; text-decoration: none; font-family: Arial; font-size: 18px; font-weight: bold; border: none; display: block; ">Access Deal Room</a><![endif]-->
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              <span style="color:#168DD9;font-size:18px">
               DEBT TO RIGHTS
              </span>
             </h2>
            </td>
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             <div>
              <span style="font-size: 16px">
               The American consumer might be running out of both credit… and credibility. New data from FICO show that the average U.S. 
credit score slipped to 715, down two points from last year, and its first notable drop in years, as delinquencies on auto loans and credit cards climb and credit use rates hit decade highs (creeping toward 36%). The numbers don’t yet spell crisis, but they do suggest strain: a soft underbelly beneath all those record earnings and still-strong spending reports.
              </span>
             </div>
             <div>
              <br/>
             </div>
             <div>
              <span style="font-size: 16px">
               Auto loan delinquencies are up 24% since 2021, credit card delinquencies are up 48%, and millions of student loan borrowers 
have rejoined the repayment rolls after a three-year pause. More than six million Americans saw a delinquency added to their reports this spring, the first real sign that the “resilient consumer” might finally be running out of resilience. Even as average scores stay above 700, balances are ballooning, savings are shrinking, and the bill for years of borrowed optimism is starting to clear.
              </span>
             </div>
             <div>
              <br/>
             </div>
             <div>
              <span style="font-size: 16px">
               A two-point drop might sound minor, but the message is major. Credit cards now carry average 
interest rates north of 21%, and total balances have hit $1.21 trillion — a record high that’s anything but flattering. Economists call it “credit normalization.” Everyone else calls it stress. The country’s most dependable stimulus — consumer spending — now rests on an increasingly fragile foundation of debt. And for a nation that built its prosperity on the promise of paying later, “later” may have just arrived.
              </span>
              <a data-linktext="Quartz’s Deborah Kearns has more on how consumers are maxing out more than their cards." data-linktype="Normal" style="font-size:16px;color:#168DD9;text-decoration:none;" target="_blank">
               Quartz’s Deborah Kearns has more on how consumers are maxing out more than their cards.
              </a>
             </div>
            </td>
           </tr>
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              <span style="color:#168DD9;font-size:18px">
               LETTUCE PRAY
              </span>
             </h2>
            </td>
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             <div>
              <span style="font-size: 16px">
               The fast-casual era may finally be losing its appetite: A restaurant recession seems to be taking hold, and it’s hitting the quinoa-and-burrito-bowl crowd first. After years of riding millennial loyalty and Gen Z brand 
worship, chains such as Chipotle, Sweetgreen, and Cava are watching sales wilt as younger customers trade counter service for kitchen counters. Margins are slipping, traffic is thinning, and what once looked like affordable luxury now reads like an expensive habit.
              </span>
             </div>
             <div>
              <br/>
             </div>
             <div>
              <span style="font-size: 16px">
               Younger customers, once the lifeblood of chains that sold “fresh” and “authentic” in compostable bowls, are now eating at home. Cash-strapped, debt-burdened, and squeezed by a softening job market, they’re trading $14 
salads for pasta and canned tuna. Executives are admitting what the numbers already made clear: Consumers are tapped out. “It’s pretty obvious the consumer is not in a great place overall,” Sweetgreen’s Jonathan Neman said — an understatement dressed in ranch.
              </span>
             </div>
             <div>
              <br/>
             </div>
             <div>
              <span style="font-size: 16px">
               Even McDonald’s can’t escape the downturn. The chain reported double-digit declines in visits from low-income customers last quarter, underscoring what Fed Chair Jerome Powell recently called a “bifurcated” economy, one where 
the top tier is still splurging on filet mignon and luxury travel while everyone else reheats leftover pizza. The Golden Arches are still glowing, but mostly for those who can afford the convenience. For the rest of America, lunch has become another budget line to cut — a reminder that even comfort food can’t comfort everyone at once.
              </span>
              <a data-linktext="Quartz’s Catherine Baab has more on the fast-casual crash course in consumer fatigue." data-linktype="Normal" style="font-size:16px;color:#168DD9;text-decoration:none;" target="_blank">
               Quartz’s Catherine Baab has more on the fast-casual crash course in consumer fatigue.
              </a>
             </div>
            </td>
           </tr>
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              </table>
             </div>
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                  Sponsored
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                  <img class="img100" data-linktype="Normal" data-target="_blank" src="https://inboxflows.com/_/image/https%253A%252F%252Feditor.ne16.com%252Fquartz-prod%252F110325-vantage.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZlZGl0b3IubmUxNiIsInRpbWUiOjE3NjIyNTQ2NDQuMjYzMzI0fQ:1vGEw0:J32ayA93uLuJpng9bNaGY7-X_0FcSJpuRSOKW_MdGD8" style="width:600px;max-height:317px;vertical-align:middle;border:0;" width="600"/>
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                 <h2 style="mso-line-height-rule:exactly;Margin:0;font-family:Arial;font-size:20px;color:#000;">
                  Invest in recession-resilient Mobile Home Parks with Vintage 
Capital
                 </h2>
                </td>
               </tr>
               <tr style="padding-top:10px;padding-bottom:10px">
                <td class="td100" colspan="6" style="padding:10px 20px;line-height:1.5;font-family:Arial,Helvetica,sans-serif;font-size:16px;width:100%;background-color:#F0F0F0;vertical-align:top;color:#000000;mso-line-height-rule:exactly">
                 <p>
                  Invest in recession-resilient Mobile Home Parks with Vintage Capital. Invest direct or in a fund of 20+ underlying assets. 1031s are also available. Access stable, income-generating properties with consistent demand and low tenant turnover.
                 </p>
                 <p>
                  Now 
is the time to act: Current market conditions are creating opportunities to acquire properties at attractive valuations.
                 </p>
                 <p>
                  Our fund targets a 15%-17% IRR and makes monthly distributions, which provides a steady income stream alongside strong upside potential and tax-efficient benefits.
                 </p>
                 <p>
                  Why Mobile Home Parks?
                 </p>
                 <ul>
                  <li>
                   <span class="ql-ui">
                   </span>
                   Recession-Resilient: Affordable housing demand drives stable returns in any economy
                  </li>
                  <li>
                   <span class="ql-ui">
                   </span>
                   High Tenant Retention: The average MHP tenant stays 10-12 years (compared
to 2-3 in Multifamily)
                  </li>
                  <li>
                   <span class="ql-ui">
                   </span>
                   Proven Expertise: $100MM+ track record in mobile home park investments.
                  </li>
                  <li>
                   <span class="ql-ui">
                   </span>
                   Tax-Smart Investing: Bonus depreciation offers tax advantages.Free music/podcasts, access to lightning deals, and try before you buy are just a few of the many perks that Prime has to offer. Make sure you're not missing out, and get the most out of Amazon Prime.
                  </li>
                 </ul>
                </td>
               </tr>
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border-radius: 6px; color: #FFFFFF; text-decoration: none; font-family: Arial; font-size: 18px; font-weight: bold; border: none; display: block; ">Access Deal Room</a><![endif]-->
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