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The problem as I see it has been the long Repubilican, Conservative, Business interests chasing a bottom line. When people write mortgages in the 1970s or 80s or 90s, they are typically for 30 years. The economy has changed drasticly with the majority of high paying manufacturing jobs leaving the country. People can no longer make their mortgage payments as a result. The problem does not end there as it touches just about every profession that does not require a warm body or office on American soil.
No, our thriftiness is not to blame for this problem. I think our political parties are going to find out shortly how their miscalculations concerning the economy are going to bite them.
Mac