Ping!
Joseph A. Schumpeter said of the consumer crisis in his 1939 book Business Cycles: “Consumers’ borrowing is one of the most conspicuous danger points in the secondary phenomena of prosperity, and consumers’ debts are among the most conspicuous weak spots in recession and depression... the load of debt thus light heartedly incurred by people who foresaw nothing but booms should become a serious matter whenever incomes fell. Nothing is so likely to produce cumulative depressive processes as such commitments of a vast number of households to an overhead financed to a great extent by commercial banks.”
That is so amazing.