Very tenuously P: London marches and revolt

[John L. Moriarty]

Paul has it exactly right.

"and borrowing is not a sound economic model"

Borrowing is very much a sound economic model. The problem is a  
combination of greed, bad judgement and a lack of integrity. No  
system based on debt works without the affirmative qualities of those  
three foundational precepts. Good character on the part of *both*  
borrower and lender are essential to the integrity of the transaction  
and the health of the system. From a regulatory perspective a  
willingness to vigorously enforce the law, not pursue policy, is  
equally essential.