Jun 30, 1999

vol 116 No. 19

Contents are posted gradually over two weeks. Logged-in subscribers can also download the issue PDF via the link above.

The credit revolution

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.
June 29, 1999