"Upstart may succeed or it may fail, but the principle behind it is unlikely to disappear … The old way of borrowing was predicated on a world in which the job market was stable and everyone had a steady income. That world of work is changing. The way we finance it needs to change, too."
Surowiecki doesn’t say this, but the “world of work” isn’t just “changing.” Like ice floes and Miley Cyrus, its changes over time are the product of human intervention. In this case, the human error has been a jobs-destroying financial crisis, short-sighted fiscal policy, a credit crunch, and a well-funded deficit-reduction movement that has drawn attention away from the jobs crisis. If these things hadn’t happened, we might not be in the position of needing to mortgage decades of future earnings for the chance at a one-time loan. We’d work hard at full-time jobs with benefits, get fixed-rate loans when we needed to buy stuff, and keep our wages for ourselves once the loans were paid off.