The American consumer was, in effect, ground zero in this horrific crisis. Far too many US households made enormous bets on the property bubble, believing that their paper gains were permanent substitutes for stagnant labor income.
这其实也并不令人奇怪。美国消费者处在这次危机的暴风眼。太多美国家庭在房地产泡沫上下了重注，认为他们的纸面收益能够永远补偿劳动收入的停滞不前。于是他们用这笔收益支撑了创纪录的消费狂欢。更糟糕的是，他们还享受了巨大的信用泡沫，可以融资填补支出和基于收入的储蓄之间的缺口。