It is a generational problem, the younger generation (which I am probaly part of but I credit my small town US Great Plains upbringing for my conservative financial values) had credit cards from their teenage years. They don't understand the concept of not being in debt. Buying real estate you couldn't afford was just another means of living life on money you would have in the future. General mentality has been why not live high now, no sense of sacfificing for the future. This is a general trend that I see, of course, it does not apply to everyone.

In general, there has to be a contraction of the US economy and world economy. The US consumer has been the driving force behind the global economy and this is unsustainable. We will reach a period of slower growth after the rapid decline but hopefully more sustainable. That is my optimistic view.

You don't want to hear my pessimistic view.

By the way, I actually support the stimulus bill something Texaner and I probably disagree on. I have my reasons.