ITS ALL YOUR FAULT!

BANZAI7 NEWS--We are in a global debt crisis. In some parts of the world and in some parts of the U.S. economy, the extent of the damage isn't even apparent yet.

The main reason?

It wasn't investment banks borrowing wildly and designing crazy derivative schemes. It wasn't corporations running up debt instead of issuing new stock shares. It wasn't the federal government or the Federal Reserve Bank. It wasn't the butcher the baker or the candle stick maker.

A new analysis by the McKinsey Global Institute lays most of this debt at the feet of middle-class consumers – Americans, Britons, Canadians and others – who bought bigger houses than they could afford.

"Instead of buying big McMansions and building huge extensions, Americans should have been sleeping in their cars and on subway platforms."

And it certainly wasn't those over priced consulting firms like McKinsey,  home of your average Wall Street investment banker wannabes who could not make the cut.

"Indeed, these days America is looking like the Bernie Madoff of economies: for many years it was held in respect, even awe, but it turns out to have been a fraud all along."
Paul Krugman