Borrow... Borrow... Borrow... CRASH!

According to CNN, private Americans (people, not the country) borrowed over two trillion dollars in December.  The anchor followed this news by implying that this was great news that the economy was on track to be the way it was before the recession.

To put it bluntly... This is NOT great news!  Excessive borrowing is what brought the recession down on our heads in the first place.  People took too many loans from banks that didn't check credit, and when the time to repay the banks came, people realized "Whoops.. I don't have any money to pay you back with." So the banks foreclosed on the borrowers, people lost their houses, cars, children and wives (ok, not those last two), and their jobs.  Then the government stepped in with the stimulus, and now when things seem to be genuinely getting  better, you tell us that people are racking up thousands of dollars in debt again?  And you tell us that this is a good thing?

CNN, you aren't what you used to be, but this is just too far.  Any economist could tell you that debt is not good. You do not need that 60" 3D Hi Def TV complete with Bose surround sound speakers.  Not if buying it means going in to debt anyway.

You should only go into debt for important, huge purchases or investments like buying a house and going to university.  Not even buying a car requires debt.  (Instead of making payments to the dealer for five years, make payments to yourself for five years, so when you need a new car, you have the full amount of money ready and waiting for you).

Yes, debt is, as the anchor said, as American as apple pie.  But since when does that mean it's right?