There are a few things I mean by the credit system, I suppose. (Yes, some of those are tied to the banking system.)
One aspect is the relinquishment of so much personal data to third parties. Using biased algorithms to ‘sort’ people. Data breaches abound.
Another is that as so much of the economy shifts to service providers, consumers + workers are nickel + dimed more and more; paycheck to paycheck.
For consumers with no or ‘bad’ credit, they ultimately pay more for everything as they are squeezed by APR.
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1J6h7Bex83EVCGvamT5LMVm9MECX4bSquW VerifiedHow much is ‘banking’ vs how much is ‘sleazy business practices’ vs ‘smart leveraged contracts’?
The lines become fuzzy pretty quickly - there are intelligent people at all levels working all these angles, too, “doing God’s work”. (ie: Lloyd Blankfein)
Most really smart nerds don't know what to work on and are easily misled by incentives. Perverse incentives, bailouts, etc.. abound. But there are some really cool "Big Short" types, see NNT, Mark Gorton, etc..