During the bubble times, we could rely on the equity of our homes to increase dramatically. Then we could borrow on this increase. The money we borrowed could be spent on buying more crap, sex, drugs, boats, cars....
In other words, Something From Nothing (SFN).
Americans of the present generation have always - everywhere and everywhen - believed in a free lunch. We have thought the free lunch is our right. There is always a free lunch.
That's one of the reasons we have always been hard on welfare: by appearing to oppose a "free lunch" we ensure that we will not jeopardize our "free lunch" ; if we did not constantly state our objections to welfare, we would run the risk of eventually realizing that we had the free lunch.
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