By exploiting a record credit bubble to borrow against an unprecedented property bubble, American consumers spent well beyond their means for many years. When both bubbles burst, over-extended US households had no choice but to cut back and rebuild their damaged balance sheets by paying down outsize debt burdens and rebuilding depleted savings.
背后的原因并不难看出。前所未有的地产泡沫造成了创纪录的信贷泡沫，借此东风，多年来美国消费者的支出均远高于其支付能力。当两个泡沫均以破灭收场时，过度消费的美国家庭别无选择，只能削减开支，通过偿还巨额债务和补充耗竭的储蓄来重建其受损的资产负债表。