"From 1997 through 2007 consumer spending rose much faster than GDP and went from 67.0 percent to 71.6 percent of GDP. It was not because Americans were making more money or using their savings. It resulted from easy credit. First it was chiefly through credit cards. Then it was by refinancing home mortgages and through home equity loans; this was possible during a period of rising home values, which itself was driven by making money for mortgages far too easy. More mortgages, more borrowing, more cash, more spending until the housing bubble burst in the summer of 2007. From 1997 through 2006, Americans withdrew some $9 trillion in cash from the equity stored up in homes, and credit card debt spiked to unprecedented levels. This postponed the inevitable. And along with this manipulated consumer demand and easy credit came incredible overbuilding of houses and all kinds of retail stores, which is why you are now seeing hundreds of Starbucks stores closing as well as the closing of chains like Circuit City." - Joel Hirschhorn
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