by Skye Jethani

The financial talking heads are attributing the current economic crisis to a number of things: lack of regulatory oversight, bad mortgage lending practices, and globalized market structures. But some of the more plainspoken pundits sum up the mess in a single word: Debt.

Simply put, for too long people have been spending more than they have. We have been purchasing homes we cannot afford, saving less than we should, and racking up debt at an unprecedented rate. The average American currently has a negative savings rate and over $8000 in credit card debt. As Dave Ramsey says, we are not "acting our wage." On a national level, we have been importing more than we export and borrowing money from foreign governments to make up the difference.The picture is not pretty. We've made the foundation of our economy consumer spending rather than manufacturing, saving, or production. All that debt simply cannot hold the weight of the economy over time, and now we're starting to see the ...