Today's economic situation has been painful for many American's. Having gone through financial difficulties myself, I don't wish this for others, that said, perhaps this can be good for American's, who can now begin to change there habits, i.e.
1. Realizing that the Stock and Real Estate markets do not automatically rise every year.
2. Understanding that 3-6 months in living expenses in savings is a good idea.
3. Understanding that a family of four does not normally need 2000+ sq ft. of living space, and more than one automobile.
4. Understanding that one does not need to own the latest trendy electronic device.
5. Understanding that reading ALL of the fine print of any agreement before signing it, IS imporntant (including credit card agreements.)
6. Understanding that balancing one's bank statement each month, and holding one's bank accountable for for errors is a responsible course of action.
7. Understanding that charging one's credit card for prestige consumer items is just plain stupid!
And the list goes on...America's financial institutions share a measure of blame for this present economic downturn, but American's themselves, with there wreckless spending habits, have contributed greatly to there own financial downfall.