Tuesday, October 21, 2008

Next Up . . .

There have been a lot of "other shoes" dropping in the economy lately. But there is one that is Yao Ming-sized: credit card debt.

Welcome to the next crisis. (Link 1) (Link 2)

Those arguments I've seen in other quarters that the absence of bread lines and the fact that Americans can watch football on plasma screens that project a clearer image than their eyes actually allow -- and, oh look, because of this the economy keeps growing, like clockwork, like nature -- proves the stagnation of real wage growth isn't a problem, those arguments are increasingly worth about as much as the balance transfer check I just filled out.

But don't fret, they'll always have their moralistic appeal to greed as the primary culprit (if we were all but a little more responsible, Bank of America couldn't take advantage of us like they do!). Why admit a systematic, materialistic deficiency when an abstraction alone will do the trick?