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Consumer Complicity in the Credit Crisis

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The finger of blame for the worst economic mess since the Great Depression has been pointed mainly at Wall Street. But what about Main Street, where ordinary Americans have been living on credit cards and sub-prime mortgages, borrowed money they'll never pay back? Now that the roof's falling in, can consumers afford to continue spending? If they don't, what happens to economic recovery? China's consumer economy is booming, with a high savings rate and very few credit cards. Is that a better model? Will the crisis change America's values? We'll raise these and other questions today.

Credits

Guests:
Linda Chavez - Center for Equal Opportunity, Dean Calbreath - Business reporter and Columnist, San Diego Union-Tribune, Brian Wesbury - Chief Economist, First Trust Advisors, Lisa Chow - Economics Reporter, WNYC radio, John Willman - UK Business Editor, Financial Times

Host:
Warren Olney

Producers:
Frances Anderton, Katie Cooper, Sonya Geis