Americans helped cause what outrages them: ; The credit mess is a sure sign of moral decay

THE credit crisis story has plenty of bad guys. Banks and brokersthought sub-prime mortgages were a new way to get rich, whileWashington politicians served as enablers.

But some of us are complicit as well because we, like the federalgovernment, have abandoned the concept of deferred gratification,and in doing so have run up billions of dollars of debt that addedto the strain on the credit system.

Millions of Americans want what they want now, regardless oftheir ability to pay for it. Our post-Great Depression doctrine ofsaving first, buying later has largely has disappeared in a tsunamiof demand and spending.

"There are very few people in the world today who can afford tolive like Americans," said financial author Bill Bonner.

Too bad Americans are among them."

In 2007, the average American household's credit card debt wasjust under $10,000.

Forty percent of Americans were "revolvers," carrying debt overfrom month to month - resulting in $18 billion in penalty fees, up26 percent from the year before.

Millions of Americans have turned to the equity in their homesfor more cash.

"I.O.U.S.A. One Nation. Under Stress. In Debt" reports: "Throughrefinancing, they believed that they could take money out of theirhome at any time - and that the ATM would never run out of money."

That worked as long as home prices were rising, but when pricesfell, debt grew larger than the value of the home, contributing to adramatic increase in foreclosures.

The endless pursuit to "keep up with the Joneses" and theavailability of easy money has left Americans maxed out.

Savings? Fugetaboutit.

I.O.U.S.A reports that personal savings in this country amount to2 percent of Gross Domestic Product. In China, the savings rate is20 times that.

In 2005 and 2006, Americans spent more than they took in.

That's a negative savings rate. That hasn't happened since theGreat Depression.

In Washington, the federal debt is approaching $10 trillion, andcould go higher with the Wall Street bailout. Unfunded promises inSocial Security and Medicare total $44 trillion, according to formerU.S. Comptroller General David Walker.

The trustees of our national treasure have abdicated theirresponsibility while blithely indebting future generations. Butmillions of us at home also have engaged in our own kind of spendinggluttony.

These two massive indulgences and failures of financial judgmentserve as the ultimate disrespect to the American Dream.

John Nestler, in his 1973 essay "The Freeman," wrote:

"The American Dream has undergone a metamorphosis from principlesto materialism. When people are concerned more with attainment ofthings than with the maintenance of principles, it is a sign ofmoral decay. And it is through such decay that loss of freedomoccurs."

If we continue along our chosen path we may lose more than justmoney.