As of October 2024, U.S. households have reached a record stock allocation of 48%, mirroring levels last seen during the Dot-Com Bubble. This increase reflects a significant rise in retail investor enthusiasm, with the stock market now deemed the most expensive in modern history. The S&P 500's price-to-sales ratio has hit a record 3.3x, surpassing its previous peak in 2021, while the price-to-book ratio stands at 5.4x, the highest since the 2000 Dot-Com Bubble. Concurrently, U.S. public debt has surged to an unprecedented $36 trillion, with the government borrowing approximately $182 billion monthly since the start of 2024. The budget deficit reached $367 billion in November 2024, contributing to a total deficit of $624 billion for the first two months of the fiscal year 2025. Additionally, U.S. bankruptcies have surged to 634 year-to-date, the highest level in 14 years, as companies face mounting debt pressures amid these economic challenges.