Americans are racking up their credit cards again, and some view it as a good thing, a sign that consumers are confident in the economy again and are willing to take on more debt.
Others, however, says it’s a sign that nothing has really changed since the economy collapsed in 2008.
Cornell University Prof. Louis Hyman says the problem is that consumer lending has crowded out business lending, and that little of this consumer debt is being put to productive uses.
Click here to read my column in The Sunday Wall Street Journal.
And here’s my take on Treasury Secretary Tim Geithner’s claim that we now suffer some collective recession amnesia.
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