Whenever you have situations defined by some financial fuckery (or “innovation”), you end up with “unanticipated consequences” that your grandma could anticipate.

Anything can be collateralized, including things that don’t have stable value. In our quest to provide stimulus, fiscal policy has made capital so cheap that all sorts of dumb things are possible.

There’s no scenario where some dude off the boat from Pakistan or Haiti without assets should be able to borrow $1M for the right to drive a single cab. This story makes the exploitive and scummy Uber/Lyft business model seem ok in comparison.