Is the Story of Debt Relevant to the Crisis?

This crisis, unlike the one in two thousand seven and eight, did not originate with issues of debt. So that's for sure. The broader ssue i think we have now is that any shock, like this shock, is going to become worse if there's too much debt outstanding. We were pretty lucky in that debt levels were not at completely unsustainable levels when this crisis hit. But this crisis is really bad, and it's going to lead to serious problems with people making mortgage payments,. If it continues on and the economy remains weak. Debt will certainly amplify it, unless we have a pretty strong policy reaction....