I just finished reading “The Day The Bubble Burst” a social history of the Wall Street Crash of 1929 (Gordon Thomas and Max Morgan-Witts 1979 Doubleday & Co.).
In summation on pg. 403 I quote “On the day the bubble burst, the land was dotted with houses bought on partial payments; cars bought on credit; clothes, jewelry, vacations, luxury goods of every kind acquired on the promise to pay in the future—often when stock profits* came in.” (*stocks that were purchased on borrowed money)
Here we are in late 2023. No one wants to be frugal; no one wants to live below their means and save for the future. All they want to do is co-own their large homes and luxury cars with a bank and swipe their plastic to pay for their vacation of a lifetime. We are screwed.
Many are neck-deep in high water, for sure. :(