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You know who you are :-). And you know me. The short explanation is: the USA has been digging itself deeper into this hole since the 70's. It has simply been living beyond its means. Back to reality, then. Belt-tightening by those who have to will be required, but that doesn't mean months of nothing but rice and beans. Just start sticking to a budget, if you aren't doing so already.
Over the long term the end result will be that the living standards in this country for the average American will decline for a while. For many it will hurt loads -- but they will be able to comfort themselves with the knowledge that they will still be better off than the great majority in the rest of the world. But it has to get worse before it gets better.
And for those who still don't understand how those oh-so-smart Wall Streeters dropped the proverbial straw that broke this camel's back, here's a simple explanation:
http://docs.google.com/TeamPresent?docid=ddp4zq7n_0cdjsr4fn&skipauth=true
