And there are signs that a positive outcome may be a return to simple common sense.
Things like saving money, for example, something Americans used to learn when their parents took them to the bank with a few coins to start a savings account.
But in the months leading up to the disaster, the personal savings rate had fallen to near zero. People had stopped putting money aside for a rainy day.
But then the deluge came, a potent reminder of the importance of having something to fall back on. The personal savings rate rose to 4.2 percent in July and is expected to hit 6 percent in coming months.
Another pearl of common wisdom was not to carry too much debt, a tenet that was often forgotten in the days of easy credit. Now, driven partly by rising interest rates, consumers are acting in their self-interest to pay down credit card balances.
In July, revolving credit, which is primarily made up of credit cards, declined by $6.1 billion. On an annualized basis, the decline would be 8 percent over last year.
Economists also see consumers being more prudent about spending -- shopping for bargains and clipping coupons like the older generation did.
We also hope this return to common sense by consumers is mirrored by bankers, credit card companies and by Wall Street.
Banks are being rightly criticized for overdraft fees on ATM cards that can be $35 for a 50-cent overdraft. Likewise, credit card companies charge outrageous over-limit and late fees and raise interest rates whenever they feel like it. They should be helping their customers, not gouging them.
And unfortunately, the new regulations on Wall Street that seemed inevitable a short time ago now appear bogged down. That's sad, because the most irrational thinking -- indeed, the cause of the meltdown -- came from Wall Street. If it refuses to adopt common sense practices, they should be imposed.
