General Motors Auto Loans Normalized American Consumer Debt In 1919
Andrew Ross Sorkin · Andrew Ross Sorkin on Why 1929 is Happening Again · Oct 15, 2025 · at 26:17
Financial journalist Andrew Ross Sorkin explains why the 1929 stock market crash was unprecedented, noting consumer debt was a brand-new cultural phenomenon.
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“It wasn't till 1919 that people were even started to think about taking on debt or anything like that in the country to then go trade. It was really a function of General Motors, by the way. General Motors started loaning money to people to buy cars. That was, it was a moral sin in America. Prior to that, really to take on credit. Like that was a very grubby thing to do.”
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