Doug French explica: "the bill can't be paid and won't be paid. That much should be obvious. But denying the obvious is a mental trait built into the structure of the system. The economic crisis of 2008, which continues to produce shock waves, was really just the realization that the consumer-debt load at the time was unsustainable.
Washington was the head cheerleader for, and architect of, the entire racket. The culprits weren't Wall Street, Bear Stearns, and Lehman Brothers; the real driving force was decades of government policies that "expanded the numbers of Americans in debt and legitimated borrowing as an alternative to saving," writes Louis Hyman in his extraordinary book Debtor Nation: The History of America in Red Ink.
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