Consumers get credit for their part in the debacle

Washington Post
This is not good news for consumers.  Reminds me of Phil Gramm’s “whiners” comment.  “Wall Street has lived beyond its means, but so has Washington. Both did so, in part, because consumers and voters on Main Street wanted it that way. They craved cheap credit to spend on imported goods, and they resisted tough tax and spending decisions. That, too, must change, lest this generation’s costly excesses end up crushing opportunities for its children and grandchildren.”