This is not a banking crisis

I ran across a article from 2010 describing the real economic crisis we have been experiencing.  Funny that the banks were bailed out when this article so eloquenty makes the case that it is a consumer crisis:

When the housing bubble imploded in 2008, it shattered consumer balance sheets.  Make no mistake – this is not a government debt crisis in the United States (as the  hyperinflationists and defaultistas have tried to convince us).  It is not a banking crisis (as Ben Bernanke has told us).  It is a private sector debt crisis – primarily a household debt crisis.

Good reading if you want to know what’s really happening in our economy rather than the nonsense repeated by the media and our politicians.

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