[quote=briansd1]Credit innovation is just a way to borrow from the future in a way that makes it seem less painful today.
People used to buy cars with cash savings. Then they could buy cars with 20% down. Then they bought cars with zero down. Then they leased cars with residual value at the end of the lease.
Consumption/production gets front-loaded but the debts need to be paid back some way, somehow, in the future.
Wall Street “earned” up-front commissions on making credit available so they don’t care if the debt is ever paid back. The onus will be on the government to bailout the system.
We all end-up in debt servitude where all of our income goes to service debt and to pay for services that we think we need.[/quote]
