I’ve seen a lot of economic stuff recently with cars specifically, and I wonder about who is actually making these horrific choices en masse. Obviously every demographic will have a set of people who have zero financial literacy or get very unlucky with the timing of a wreck at a bad financial spot in their lives, but I just can’t imagine that the average working class to middle class White American is the one providing the bulk of stupid car purchases with these awful or predatory loans. The White people in trouble I see are either upper middle class liberal women overextending to flex an electric car (and not doing any research lol) or a lower class White man who wants a big truck that won’t leave the pavement, and they aren’t that big of a group overall.
So are the idiots who support the car market’s insatiable greed composed mostly of financially illiterate immigrants? How much of our economy is based on helping the financially illiterate dig deeper holes?
Based mostly on personal observation and some of what I've heard regarding investing, I go with it being a couple things depending on what you mean by predatory loans.
If you are talking cheap no-credit get your car here places, I mean one just failed called "tricolor" in the last year, they heavily marketed to mexicans. They call that subprime auto, and it's started to look like the 2008 housing market in some ways. It's just that they are really just a subset so if all that falls apart it's not world changing.
Insanely overpriced new cars stuff is for blacks. They cannot be seen driving something beneath the kangs they wuz n sheeit. They also have both no shame and no sense of forward looking as to why it might be a bad deal, and for a while the banks were handing out credit to them like candy. You probably get a similar idea from the other side the lower class white guy with the big truck, but in modern times they are just blacks in lifestyle anyway but instead of whatever shit the niggers wear it's stuff that is "country" when they wouldn't know what the country was if it hit them in the face.