Wow, paying cash and living within your means! What a concept!
China is right, of course. No one held a gun to these folks heads and told them to buy houses out of their price range or sign off on ridiculous mortage agreement. However, the government is holding a gun to our heads and making us pay for others’ foolishness and greed.
And now that the crap hit the revolving blades, they are holding a gun to our heads to bail them out.