13 April 2009

Riding Out the Tsunami – Part 1 渡過金融海嘯-上卷

There is a new expression in the U.S. “That’s so August of you” is a jab at people who continue to spend lavishly during what has been touted as the greatest financial crisis since the Great Depression. For too long, Americans have been sleepwalking through life in the shopping mall, their bank accounts ebbing and flowing through the credit card billing cycle. From the gas-guzzling SUV to the fancy kitchen remodeling, every expense is put on the credit card or financed with a second home mortgage. “Spend within your means” is an axiom that has gone unheeded for generations.

The world’s wealthiest country has a long and dysfunctional love affair with plastic. The credit card is at once a symbol of high-rolling panache and a fuel for irresponsible spending...


Read the rest of this article in HONG KONG State of Mind, published by Blacksmith Books, available at major bookstores in in Hong Kong, on Amazon and at Blacksmith Books.

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