America's Credit Card Bubble

Looks like the next thing to burst will be America's credit card bubble. With the combination of unprecedented levels of credit extended by banks (freely given without verification) and the average Joe's inability to live within his means, another perfect storm is brewing. It takes two hands to clap (a cliche, but too true in this case). The greedy banks give out credit lines and credit cards like candy, probably assuming a government bailout if things go belly-up. And there's the American consumer, who only knows how to consume. What happened to buying a car with cash (too few Americans do that)?