About "Cheap Grace"

Regarding that Jacoby column...he mentioned what Dietrich Bonhoeffer (one of my heroes, by the way) called “cheap grace”. I could very well be wrong, but I think that “cheap grace” applies more to how an individual looks at his own sinfulness than how he looks at others’ sins. For example, someone who sins without any real repentance because he thinks, “well, God will forgive me,” believes in cheap grace.