This is not a banking crisis

I ran across a PragCap.com 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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