In the years leading up to the crisis, two bubbles – property and credit –&#160;fueled a record-high personal-consumption binge. When the bubbles burst, households understandably became fixated on balance-sheet repair – namely, paying down debt and rebuilding personal savings, rather than resuming excessive spending habits.
美国消费者的悲剧正是这种政策后果的典型例子。在危机前的几年中，两种经济泡沫——房地产和信贷——加剧了创纪录的个人消费热潮。当泡沫爆发时，不难理解每个家庭都开始关注如何改善其负债——也就是偿还债务并重新开始储蓄，而不是恢复过度消费的习惯。