It would be bad, but necessary. Eventually the market will have to correct itself in the form of a recession/depression but the longer we wait and the more institutions we “bail out” the worse it will be. We’ve been living far beyond our means with a completely consumption based economy that can not sustain itself.
No you don't need a complete meltdown for an effective correction.
We’ve been living far beyond our means with a completely consumption based economy that can not sustain itself.
You're mostly right and eight years of W has made the problem worse.