So here's my question (and this is not rhetorical - the whole world is spinning trying to figure out a way around it, so I'm really looking for insight here):
Why is a credit crunch bad?
I mean, the reason that we're in this mess is that people borrowed too much, to the point of having so much debt that they have to borrow money to make the payments on what they already owed.
Maybe a credit crunch is exactly what is needed to get us to start living within our means, to eliminate those financial entities that got rich by encouraging us to spend beyond our means, and to get sensible regulations and social support systems in place for the future.
Given that most of America is up to their eyeballs in debt and sinking, why again is additional borrowing a GOOD idea?