While it catalyzes a more generalized demand – the elderly plumber who works longer hours in the boom spends more on his stamp collection – it is not unreasonable to believe that much of debt-fueled demand is more focused. So, as lending dries up, borrowing households can no longer spend, and demand for certain goods changes disproportionately, especially in areas that boomed earlier.
事情的要害在于，举债维持的需求，集中于特定地区的特定人群，针对特定货物。虽然它也会带动其他需求——房地产热使上年纪的管道工业务增加，让他可以花更多的钱去集邮——但说大部分举债维持的需求是较为集中的并无不妥。所以，一旦贷款枯竭，举债消费的家庭再也无钱开销，对特定货物的需求便以超常的方式崩塌，特别是在早前繁荣的那些地区。