While I'm not a fan of a looming crisis, I don't see enough critical mass to this space to have a lot of concern for macro impact. It is also worth realizing t

While I'm not a fan of a looming crisis, I don't see enough critical mass to this space to have a lot of concern for macro impact. It is also worth realizing that while the great recession trained us to be scared of news like this, defaults are a sign of risk taking and not necessarily a bad thing. Case in point, YC tries to make good bets, but they have a lot of losers in their portfolio. And in that case, we're talking about unsecured debt.