Economic pain: 'Payback' for debt-fueled growth?
For nearly a decade, consumers grew accustomed to the idea of ever-rising home prices. Housing-related prosperity boosted consumption, as consumers tapped home-equity loans for cash to pay for everything from new cars to college for the kids. As the boom roared on, regulators stood on the sidelines, convinced that the magic of the market would sort out any problems.
"It seemed too good to be true, and it was. Absolutely (today) is payback," says ...
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