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The Roaring Twenties And The Birth Of Consumer Credit - Martha Olney
The Joe Walker Podcast
The Punitive Penalties of the 1930s
In the 1930s, when wages were cut 10%, people had to cut back everywhere else. They did not default on their cars, they paid off the car loans,. But they cut back on every other part of consumption they could. That dropped the consumption spending, and that's what shot the unemployment up in 1930. So it's really the very harsh penalty for defaulting that leads people not to default in 1929 - which unfortunately causes consumption spending to fall.
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