> Why are you talking about 2008? I'm talking only about consumer borrowing and spending prior to the crisis in 2008. My understanding is that, five years aft

> Why are you talking about 2008? I'm talking only about consumer borrowing and spending prior to the crisis in 2008. My understanding is that, five years after the crisis, consumer spending still has not recovered[1], which seems rather unusual for an economic recovery. PS. I modified the first paragraph in my comment above, so it more clearly conveys what I actually meant to say. -- [1] For example, see http://www.clevelandfed.org/research/trends/2014/0214/01houcon.cfm http://www.clevelandfed.org/research/trends/2014/0214/01houc...