The article is fairly comprehensive but misses a major point. The driving factor behind this whole mess is overstimulated consumption, made possible through inexpensive debt. The whole world bought into this paradigm, as promoted by Greenspan.
My point is that, in addition to the financial displacements typically mentioned, it is possible that a fundamental, secular change might be occuring in the form of responsible consumption (buy what we can afford). The entire consumptive model may have shifted. If this happens, then additional economic/financial disruptions are possible beyond what is currently predicted. This behavior is not assured, but I thought the analysis was worth presenting.
