Beyond the Housing sector. It seems like this type of crash was inevitable simply through the nature of our economy and spending habits. I mean consumption has to continuallly increase in our economy. So to do wages. On average to continually turn out profits, people will have to spend more every year (hopefully with higher wages) but usually through credit. I blame gross consumerism on the problem and credit.
There are some predatory credit practices like credit cards targeting freshman college students, but primarily it's the American way. I think the scapegoating I've seen recently is a bit ridiculous - blaming deregulation etc. It would have happened eventually since the whole country, from the poor to the rich (obviously not all) spend more than they have.
I think it's the cultural mentality and several commercials reaffirm this idea . Royal Carribeans "Why Not?" - "You deserve it" these memories are "Priceless"
-It's become so ingrained that spending money on frivolous things has become a right, blame advertising or what have you but most of all blame every American that spends more than he/she makes.
http://money.cnn.com/2006/12/21/news/economy/savings_rate/?postversion=2006122114
Shit we could have been two years into (or two years through) what we are going through now, if anyone read the reports and realized that the economy is going to have to transition cause that can't last.
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