For 2008, savings is $392, debt is $117,951. (Source.) I guess we've long known that Americans save a lot less than people in other countries. I heard on several occasions that the American savings rate had hit zero. Of course, this didn't mean that household equity was zero, as people put money into mortgages rather than savings. But now that the housing market is falling, many do find themselves with zero, or even negative, equity. Not a pretty picture... And yet, how could we not have seen this coming? Not to invoke Jared Diamond or anything, but what were we thinking? Calls to mind the immortal exchange in "Inherit the Wind":Drummond: That first day, what do you think, it was 24 hours long?
Brady: [The] Bible says it was a day.
Drummond: Well, there was no sun out. How do you know how long it was?
Brady: The Bible says it was a day!
Drummond: Well, was it a normal day, a literal day, 24 hour day?
Brady: I don't know.
Drummond: What do you think?
Brady: I do not think about things that I do not think about.
Drummond: Do you ever think about things that you do think about?!
