The Supreme Court and the Bankrupt: Is Debt the American Way?

Making News

Tunisian President Flees Country amid Mounting Protest ()

Tunisian President Zine El Abidine Ben Ali has fled that North African country after promises of lower food prices and more political freedom failed to stop massive street protests in the capital city of Tunis. Blake Hounshell, Managing Editor of Foreign Policy magazine, is in Doha, Qatar, and updates the rapidly changing situation.

Guests:

• Blake Hounshell: Managing Editor, Foreign Policy magazine, @blakehounshell

Links:

• President Ali addresses Tunisian people (January 10)
• FP on Tunisia as the first WikiLeaks 'revolution'
• FP on democracy promoters' lack of interest in Tunisia

Main Topic

The American Dream and Extended Credit ()

Despite the recession and unemployment near 10 percent, Americans are still accumulating more debt. Solicitations for credit cards doubled last year. Lenders and retailers say the American Dream -- a big home, a big car and college — makes consumers willing to go into hock. They also see signs of "frugality fatigue." Others contend the law itself is rigged to favor indebtedness, with incentives that reward debt and discourage saving. Why are people spending money they don't have? Is it good for the economy? Is the government setting the right example?

Guests:

• John Carney: Editor, CNBC's NetNet
• Todd Zywicki: Professor of Law, George Mason University
• Marshal Cohen: Chief Analyst, NPD Group
• Robert Manning: Founder and President, Responsible Debt Relief Institute

Links:

• Ransom v FIA Credit Card Services, US Supreme Court on
• Manning's study of Walmart's expansion into consumer finance
• Manning's 'Credit Card Nation: The Consequences of America's Addiction to Credit'

Reporter's Notebook

Pope John Paul II on the Way to Sainthood ()

A French nun diagnosed with Parkinson's disease prayed to Pope John Paul II after his death. She wrote his name on a piece of paper and, the next day, she woke up cured. Pope Benedict XVI said today that meets the standards for a miracle and beatification, the first step toward sainthood. But critics have raised questions about the miracle itself and the fast track to sainthood for a popular and conservative church leader. John Allen covers the Vatican for the National Catholic Reporter.

Guests:

• John Allen: Senior Correspondent and Columnist, National Catholic Reporter