Private Debt 2012 (18): The Limits to Debt

People have to see their parents doing well and their grandparents retiring well, or all is for naught.

Yes, you can put the stranglehold on, and eke out a few more dollars of interest for a few more years, but nobody likes that too much and people will turn against you, and turn against your economic system. Not only will they abandon their underwater homes. They will also give up on the concept of economic growth.

Don't expect people to be "rational".