This really is starting to feel like 1932

Excessive credit / debt is being wiped out. Too bad Greenspan extended the bubble, making the correction even harder. But like he said, he did not know there was a bubble, and really, what he meant that he did not know what he was doing. Ben is the same. Problem is that these guys tend to make a bigger mess of it.....kicking the can down the road, and not dealing with the problem.

Think the UK and Europe got the message, more debt does not solve excessive debt problem.

People do not learn very well from History. Credit can only run for 50-60 years before, the debt load forces a correction.  Central planning or control can not fix the debt problem.  Individuals can and they will.  
With the US trapped in depression, this really is starting to feel like 1932 - Telegraph

Cards Raise ‘Canary in Coal Mine’ Alert in Canada

“If there’s another shoe to drop, credit cards are going to be it,” said John Kinsey, who manages about C$1 billion including bank stocks at Caldwell Securities Ltd. in Toronto. “It’s probably going to be the Achilles heel this year for the banks.”

Credit Cards - Next Credit Crunch

Prominent banking analyst Meredith Whitney warned that "credit cards are the next credit crunch," as contracting credit lines will lower consumer spending and hurt the U.S. economy.