"Had the people at the top of corporate America, Wall Street banks and hedge funds not taken a disproportionate share -- most Americans would not have felt the necessity to borrow so much."
Reich is only partly correct here. Excessive consumer debt has always been with us since the credit card became universal. What was new was remortgaging the home that had nothing to do with improvements and maintenance to enhance or retain price integrity of the residence. Credit and debt by definition is symbolic of the haves and have nots. The greater the wealth of the elite the greater the debt of us lowlife,especially when the latter over the years continually are shortchanged in real wages.