The real problem

Consumers use credit like everyone else, to bet the future. The collapse in credit means they see no future. The cause is the government using regulated banks to cover past due, and unaffordable, promises. The mechanism is the inevitable Fed Tax which is no magic. How many times to we have to tell the economists there is no magic? We can see the same credit collapse on a smaller scale in 2009. The Fed Tax is becoming a permanent part of the tax system and it is quite regressive. After each recession there is a long scramble for the consumer to recover. The magical economists will lie about this, flat earthers.