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The movement among Americans like Mr Bailey in Boise, Idaho, to get debt free, is going to be as big a factor as the toxic assets at banks, and foreclosuresin housing, in the fundamental changes that are going on in the economy that will last for years, decades. These are conservative lending, government lending to make up, savings, less consumption and scrapping or sale of unneeded factory capacity (plant) to developing countries.
Deleveraging: It's Not Over Till It's Over
Wall Street Journal 03/11/2009
Frugality Forged in Today's Recession Has Potential to Outlast It
Wall Street Journal 04/06/2009
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