U.S. Personal Debt a Factor in Slowdown

The Fed says the falling stock market is behind the decline [“Americans See Drop in Their Net Worth,” March 14]. This is only a weak reason for the decline. The fact is American households have driven themselves into unprecedented debt. Many are facing bankruptcy. The overly exuberant and sometimes careless shop-till-you-drop syndrome by the consumer created the exuberance in the stock market. The households of America are economically spent, hence negative corporate earnings on Wall Street. For the time being, all the king’s horses, all the king’s men, all the king’s tax cuts and Al Greenspan can’t put the market together again. Only the consumer can, but right now they can’t spare a dime.

KEN JOHNSON

Pinon Hills, Calif.