Financing the American Dream: A Cultural History of Consumer Credit. By Lendol Calder. Princeton University Press, 377 pp.
Everyone seems to agree that America's moral fabric is being undermined by the unwise proliferation of consumer credit. We readily believe those who claim that easy credit fuels rampant hedonism and leads many to bankruptcy. Wistfully, we compare ourselves to ancestors who supposedly controlled their spending and never went into debt. We believe that our present affluence is a bubble that will surely burst.