Now this is scary

Vox Day illustrates something that should scare the dickens out of us; overall debt levels in our country exceed levels seen at the peak of the Great Depression. Scarier; consumer spending didn't recover until over a decade after that peak of debt. Scariest; the only part of debt that appears to be declining, and that only marginally, is individual debt. One would infer that individuals right now are acting more intelligently than corporations, government, and government sponsored enterprises.

All in all, it seems that overall debt levels have gotten to the point where the only way out is mass repudiation of certain debts. Hopefully government allows this to happen before we "bail ourselves out" into poverty.