Ferdinand has a hysterical post in which he calls Megan McArdle a paid-whore of the plutocracy for suggesting that people pay their debts.
I happen to believe that people should pay their debts. In fact, if they sign their name to a piece of paper that says “I will do X and if I fail to do X then Y will happen” they should do X and stop whining about Y happening if they haven’t done X.
If you borrow too much money, you have to suffer the consequences. The problem with modern society is that people don’t want to suffer any consequences of their actions.