Well, you sure as shit nailed this. The American consumer is leveraged to the hilt. The entire American economy is built on debt. Savings? What's that? No one saves, the government just prints more and the American consumer borrows and when they can't pay off their debt they borrow more. It's a big house of cards that's about to come crashing down. The Fed is doing their best to stop it, and they may for now, but eventually if the debt isn't worked out of the system and brought down to reasonable levels the American economy will collapse and take the rest of the world with it.