The money for nothing mentality at its finest. Practiced on all levels of income
Everybody is up to their eye ball, and way way beyond.
After initial phase of tech bubble and outsourcing craze, leveraging to the hilt has become the prevailing mode of making big money quick. Everybody did it, almost everybody.
In order to have orderly delivering and eventual soft-landing, there should lots of people out there who have not been into insane level of leveraging. There have to be many times more of them than those who were into leveraging mania. However, that is not the case. There are simply not enough people to absorb all those pounding(heavy loss) from deleveraging, and contain the situation.