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It's easy to blame social media, but banks, credit card issuers, central banks, etc. don't seem to be pulling back on the levels of credit they're extending. FO
by chiefalchemist 2y ago
It's easy to blame social media, but banks, credit card issuers, central banks, etc. don't seem to be pulling back on the levels of credit they're extending. FOMO and social media didn't create excess in student loans in the USA. The US gov itself is trillions in debt. That's not from social media, FOMO, etc.
Social and FOMO is a symptom.
- toomuchtodo 2y agoWhy would you pull back when it’s profitable? People are spending beyond their means, and it’s profitable to extend them credit to do so, even accounting for losses.
- chiefalchemist 2y agoIt is, until it's not. It's a classic Tragedy of the commons.