Rantings and tirades of a frustrated economist.
Great Post Cappy!
Also helps explain all those good Catholic girls who don't mind marrying and raising children for the mafia.
This is what I don't get? Why not go neck deep into debt, get laid like tile and then file for bankruptcy and stick those idiots who lent you the money in the first place with the bill? Seems to me like the better proposition than save the money which funds other people's lifestyle (well this is not strictly true the way the monetary system works)? You wrote it yourself: Your bank lent money to people who it shouldn't lend to. So there is no real moral argument to be made for paying the loans back.
I suspect that while Bambi McDitz does understand that debt needs to be paid back someday, she just thinks "that's his problem", or that he will have to bust his ass to get it paid back when the day comes. That paying it back might actually imply less future consumption is something that won't necessarily cross her mind.
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