Creating quite a stir, this article..
Simple logic:

1. From the late 1970s, wages lost touch with productivity growth
2. To share in the wealth, households reduced savings and increased borrowing
3. Helped by financial deregulation and rises in asset prices, leading to a bubble in the latter
4. Bubble imploded, household debt remains, leading to increased savings and reduced borrowing to repair balance sheets

Seeking Alpha editorial award and 100+ comments

Rising Inequality And The Economic Crisis – Seeking Alpha