About a dozen years ago, it finally dawned on American elites that working class Americans weren’t earning enough money to keep the economy humming. So, they thought and thought about what could be done to boost the earning power of working class Americans and came up with a three-pronged strategy:
- Sleazier loans (If Americans can’t earn more money, then, uh, they can borrow more money!)
- More immigrants (Because isn’t that the solution to all our problems?)
- Sleazier loans to more immigrants!
And for a few years in the middle of the last decade, that seemed to prong the economy into overdrive, at least judging by Human Signs, SUV rims, and the World Series of Poker. Now we could go around all day about who was to blame for the subsequent subprime mortgage series of unfortunate events, but be assured that our elites won’t let that happen again (for at least another 9 to 18 months).
But subprime used car loans? That’s a no-brainer:
In a Subprime Bubble for Used Cars, Borrowers Pay Sky-High Rates
By JESSICA SILVER-GREENBERG and MICHAEL CORKERY