Earlier quoted context omitted.
> Customer behavior is driven by the tides of capital Source? The best argument against this is how elastic demand was when ZIRP ended. Customers responded to an underpriced product. When the price was raised to a profit-clearing level, it no longer cleared most of the market.
I don't understand your argument. It sounds like customers were reacting to their environment more than driving change.
It sounds like customers had agency. Tides of capital gave them more or fewer options, and they chose them at their discretion when the terms were advantageous. When they weren't, ever or any longer, they didn't.