The Momentum Trader nailed the Cook sideshow masking real damage—but they're still missing the forensic angle. (https://www.cnbc.com/2026/08/07/long-term-unemployment-job-market-workers-labor-force.html) while labor force participation collapses means credit quality is deteriorating *faster* than headline unemployment reveals. Bank models assume displaced workers find jobs and rebuild savings. They don't assume mass workforce exit.

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