With the stock markets taking a pounding, the fig leaf for this political direction has been removed. In its place we see that the politics of the past 15 years has been based on the assumption of permanent economic prosperity. Meanwhile America's baby boomers sit and fret. With each market bulletin they see their hopes for a comfortable retirement and a sound educational grounding for their children fade. Worse still, with the paper value of their assets plummeting, many have spent against savings that have withered away.
Economists call it dis-saving.
The trouble is, like those who took out endowments 20 or so years ago in Britain only to find they cannot pay off their mortgage today, many here thought they were playing it relatively safe. But their choices were limited.