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The great deleveraging and political revolt

For many Americans, the end of the credit cycle has been jarring - fuelling the current desperation and anger

NO CREDIT: Before the crisis, lifestyles had been built around the extra cash, and people didn't realise it could just disappear.

New York

AMERICANS lost so much in 2008 - jobs and homes, incomes and wealth - that the recession still dominates the public mood three elections later. They lost something else too, something less talked-about on the campaign trail: a credit lifeline.

For households before the...

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