i'll celebrate by defaulting on my mortgage, maxing out my cards, and stop paying my student loans and then ask for a handout from the rich/ government.
Sounds similar to how people celebrated the Bush victories: shunt minorities into predatory loans, qualify them at the teaser rate withoutverifying their ability to repay post-reset, securitize high-risk loans into tranches while severing accountability for loan-originators, market fee harvestingcredit cards, rent to own operations, and payday lending services with the express purpose of luring consumers into perpetual borrowing..... then ask for ahandout from the government.
If most working people had their choice, they'd prefer to earn a true living wage and spend within their means rather than go into debt.
If most business owners had their choice, they'd prefer working families to enter a cycle of perpetual borrowing in order to artificially maintain a highstandard of living despite a marked decline in real wages.
The chickens came home to roost - and it's a result of LENDER irresponsibility more so than consumer irresponsibility. Oops. Whatever you do: don'tcall it a market failure. It'll self-correct! *cough* but... we need $700 billion or the economy will explode. Y'know... because the consumers werereckless. Perfect information? What's that? It's not like that's a lynchpin to Adam Smith's (PBUH) infallible dogma.
From your perspective, it's as easy as saying "well, I'll just practice deferred gratification and forego that pair of Gucci sunglasses foranother month." Tell that to the mother whose lights are about to get cut off. She goes to a payday lender, so her kids have some light to read under,and she's trapped. Classic victim blame.
We went from a $236 billion federal surplus when W. took office to a $482 billion deficit. Talk about irresponsibility.