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To the Point

Economic Decline in a Culture of Credit

To the Point

KCRW

News

4.4583 Ratings

🗓️ 24 July 2008

⏱️ 51 minutes

🧾️ Download transcript

Summary

Americans are carrying $2.5 trillion in consumer debt. The average household owes credit card companies $8,500. Will that be the next bubble to burst? Also, Barack Obama speaks in Berlin, and another disaster in the river off New Orleans.  

Transcript

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0:00.0

From PRI, Public Radio International and KCRW Santa Monica, this is To the Point.

0:07.9

Economic decline in a culture of credit.

0:14.4

Hello again, I'm Warren Olney, and this is To the Point from Public Radio International.

0:18.7

A daily look at the issues Americans care about most.

0:21.3

There may be fewer paper towels in the package, but you're still paying the same price.

0:25.9

Same thing for dog food and trash bags. Hidden inflation in supermarkets is just one sign of how

0:31.9

consumers are affected by a troubled economy, even when they don't notice. As mortgage lenders

0:37.3

and Wall Street brokerages are bailed out,

0:39.7

the next bubble to burst may be in the credit card market.

0:43.4

On to the point, what's next for low-income retirees,

0:46.1

recent college graduates, and first-time homebuyers?

0:49.1

If you've got some money, is this the time to invest?

0:52.3

On reporter's notebook later on, another disaster in the

0:55.1

Mississippi River off New Orleans. First, here's the news.

0:58.9

Support for To the Point comes from subscribers of KCRW Santa Monica and from the Public Radio

1:04.6

International Program Fund, whose contributors include the Ford Foundation and the John

1:09.3

D. and Catherine T. McArthur Foundation.

1:11.6

Hello again, Warren Alony, back with To the Point. Americans are carrying $2.5 trillion in consumer

1:17.3

debt. The average household owes credit card companies $8,500. On To the Point, will that be the next

1:24.4

bubble to burst? Will consumers change their behavior to meet

1:27.5

the challenges of a troubled economy? On reporter's notebook, an oil spill has closed the mouth of the

1:32.0

Mississippi River to shipping, but not to pollution. We'll hear about threats to wetlands and the water

...

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