It’s looking like America’s Culture of Debt is finally getting the better of us. All of those credit cards, so many carried-over balances, adjusted-rate loans, second mortgages, etc. have helped to create the facade of wealth where weakness really existed. Now, unfortunately, we’re in for it. Let’s hope FEMA doesn’t get the cleanup job!
Recession Levee
Published January 21, 2008 5:00am ET
