Unfortunately, this is what happens when we have over a decade of ‘emergency’ interest rates. Rather than take the pill at the time, the can has been kicked repeatedly down the road and is now the size of a supertanker. At some point, we’re going to to have to pay the piper which will mean a correction and pain for the over leveraged who cannot service their commitments. Bail outs amount to sticking another propeller on the supertanker heading towards land. The alternative conclusion is that the next (even current) generation will rent from the bank for life, which could of course be the plan.