People who took credit, were frowned upon, farmers and the like who needed money to plant crops.
How fast we turned from a country that made things into a 90% service economy where everyone else in the world makes things, and we borrow to the hilt to buy them.
The world will overtake us, when they isolate their own economies from the need for borrowed US dollars.
India and China are about one generation, 7 years, away from telling us to kiss their oriental asses.
How do I know? Same thing happened on Long Island, which used to be the bedroom community of Manhatten. With many industry going to the east coast of the island, more people commuted east than west over the next fifty years.
What's the point? Centers of wealth don't have to stay in traditional places for rational reasons. With the irrational helping the US economy into the toilet, we aren't far behind becoming a second rate power in the financial world.
I mean noticably, not just statistically as we are now.