All I’m saying is that given the *record* amount of foreclosures and personal bankruptcies (and getting worse) that people should be more cognizant of the risks involved with excessive leverage.
And really, the gravy train (easy credit/leverage) really is coming to a halt. No more NINJA loans, for example.
It’s perfectly reasonable to get ‘rich’, by anyones definition, with only a minimum of leverage. It just takes hard work and time.
Edit:Warren Buffet, probably the best investor of all time, on leverage:
Avoid leverage
The most dramatic way we protect ourselves is we don’t use leverage. We believe almost anything can happen in financial markets… [so] even smart people can get clobbered with leverage. It’s the one thing that can prevent you from playing out your hand.
