Sorry Henry, your arguments do not add up. the problems occured in the American system not in the Australian. That Australia has so much overseas debt, the bulk of it privately held, made for some issues here during the crisis, but our debt was not the cause of the problem. As for debts here being used to build "unproductive" assets, family homes are not unproductive. In any case, there has been no problem with Australian private groups failing to meet lending obligations (at least not on any significant scale), or Australia as a country threatening to default on payments.
there has been a real problem with certain countries, notably in African and South America, borrowing money and then fittering it away - or having it stolen by officials - to the point where the entire country has had to default on loan payments. There is no hint of that happening here.. time to move onto other isuses..

It is just to hard not be in so much debt nowadays. Because of recession we intent to avail some loans to survive. Even we work so hard, still it is not enough especially if we have a big number of family. In relation to work ethics, Last, June 2nd is National Leave Work Early Day. No one knows just who cooked up National Leave Work Early Day, and it sounds like someone made it up to get out of work and it spread from there. However, it has spread like wildfire. Laura Stack, author of "Leave the Office Earlier" advocates checking out as soon as possible to maximize the work/life balance, for anyone, whether they’re doctors, lawyers, or payday lenders. Let us hope that no needs fast payday loans as a result of participation in National Leave Work Early Day. (See also: http://personalmoneystore.com/moneyblog/2009/06/02/national-leave-work-early-day/ ) And also in the same date the National Bubba Day, and Yell "Fudge" at Cobras in North America Day were celebrated.