Worst Is Yet to Come

permanent change. American's standard of living is undergoing a "permanent change" - and not for the better as a result of:
An $8 trillion negative wealth effect from declining home values.
A $10 trillion negative wealth effect from weakened capital markets.
A $14 trillion consumer debt load amid "exploding unemployment", leading to "exploding bankruptcies."
"The average American used to be able to borrow to buy a home, send their kids to a good school [and] buy a car," Davidowitz says. "A lot of that is gone."
I cant say that it is gone I'm gonna say it is being postponed. I feel banks are being more careful about who they are giving there loans to and how much. the reason the banks are having problems is because at one point they would just give a loan to just about anyone. Bankrupts is a way for a company to recheck all its assets and put things in order without paying there bills Intel they get things back in order. at this point i feel our economy is trying to get things in order Intel it is able to go back to full strength. for now the american people should live below their means and when things are back to normal do the things we use to do.