Beginning in the 1980s with liberalization and wage stagnation, credit essentially came to replace socioeconomic policy. Average workers and students have had to borrow more and more just to stay afloat and for the economy to sustain rising consumption. Now that mass layoffs have begun, those student loans, credit cards, and auto payments are going unserviced, and because those loans are also sliced and diced in securitization methods, it’s rendering toxic large portions of the assets moving between major financial institutions.
