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David Chilton On Binge Spending

David Chilton ('The Wealthy Barber Returns') talks about our cultural addiction to spending, the documentary 'Inside Job,' and why his mother still does his laundry.

He's in the red chair tonight, along with actress Lisa Ray.

David compares our addiction to spending to alcohol addiction:
George: I kind of feel like we're being sold a bill of goods, in this sense. You saw it post-9/11, you see it all the time. When the economy starts to drop and things get bad, the natural inclination is "we better to start saving our money." But they make it seem like it's practically unpatriotic not to get out there and shop. They keep selling this and selling this idea and that's insanity to me?

David Chilton: It's so true and the first thing we do every time we have problems caused by debt is to lower interest rates so people can borrow more money, like holy smokes. It's like sending an alcoholic on some sort of drunken binge. When we have an alcoholic binge. It makes no sense. It's happy hour and it makes no sense at all, but that's the fall-back position. And let's be honest, a lot of it is because politicians' primary objective is to get re-elected and the way you get re-elected is to have a strong economy, very low unemployment, robust growth and the way you do that is with lower interest rates and spurring people to spend. In the long run, we need to have a reasonable savings rate..."