The One Where I Blame Wimpy For America's Credit Problem

There's a great article over at Slate.com about a new revolutionary economic tactic, using cash rather than credit, to purchase our goods and services. The Death of the Credit Card Economy. The swinging pendulum of actions and reactions is obviously swinging back the other way. Where once lending companies were essentially giving away money (at an enormous annual percentage rate), feeding our need to get what we want immediately, now those same lenders are tighter than ... well, you fill in the blank.

The article articulates very well the pattern and progress of our borrow, borrow borrow mentality and the obvious downfall of that fake economy (yet somehow, none of us believed it would ever come). I expect things to get much much worse, in terms of cost of living, housing foreclosures and economic strains over the next 5 years (regardless of who becomes our next president). I blame Wimpy.