In a consumption society, the 2008 credit failure has altered the spending habits of all Americans including the death of mega consumption economy, which accounts for 70% of Gross Domestic Product (GDP). The collapse in property prices, job market collapse, and the collapse in the stock market were catastrophic to the finances of the consumer. The banks are being an advocate of immediate profits in lieu of the moral responsibility to the economic literacy and health of the community. Banks provided easy money, no win loan products, and services to rake in fee income. Banks are regrouping from credit losses and the tightening of existing credit in closing or reduction on credit cards, equity lines, and business credit lines and issuance of new credit to all borrowers including creditworthy business and consumers. The tide of easy money is not available in the post crisis world. The consequence of a post debt gorge is consumer whose are debt rich and savings poor. The attitude on finance … [Read more...]