Money makes the world go 'round. But today it's plastic power instead of paper dollars fueling the economy -- and it's launching millions deep into debt. In this hour of To the Best of Our Knowledge, why even the middle class is watching out for the repo man. Also, a look at the nation's bad credit, maxing out with a four trillion dollar deficit.
James Medoff teaches labor and industry at Harvard. He is the co-author (with Andrew Harless) of "The Indebted Society: Anatomy of an Ongoing Disaster." He talks with Jim Fleming about the national debt -- how it got so huge, its effects on American society, and what we ought to do about it.SEGMENT 2:
Financial counselor Connie Kilmark tells Anne Strainchamps how credit card companies craft their offerings to target specific demographic groups and how middle class and professional people get themselves into financial trouble with personal debt. Also, Karal Ann Marling, who teaches art history and American Studies at the University of Minnesota, tells Steve Paulson what's good about shopping malls.SEGMENT 3:
Anthropologist Jack Weatherford is the author of "The History of Money." He tells Judith Strasser that cash caused trouble from the moment it was invented several hundred years B.C. and that within our lifetime, it may disappear into cyberspace.
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