Sure, its great that Americans can fill up their cars and heat their homes for less these days but long term consequences will arise. Unfortunately the banking lobby in Washington is so powerful that they can push a bailout bill through Congress anytime they want. Basically there is no incentive for banks to manage risk when they can get a bailout from Washington, and taxpayers as usual are on the hook.
I don't need a loan right now, so I think the falling oil prices are great. I can put gas in my truck for half the cost of what I used to have to pay. With shipping costs falling, it won't cost as much for me to buy produce at the grocery store. This is good for consumers.
In spite of the effect that dropping crude oil prices is having on the world's financial markets the consumer is benefiting. The cost the heating and transportation is a major part of the typical family's spending. The drop in crude oil prices provides costs savings that goes directly to the family's bottom line. In other words, more money to spend on other essential family needs.
Although banks may suffer from increased credit losses and a reduction in loan growth, consumers still see advanced benefits from lower oil prices. The immediate effect of paying less for gasoline results in positives that immediately help the average commuter. More money saved in the present results in the ability to save more later.