Well, somewhere along I get the feel that we are doing a US vs. India scenario here which I always disagree with. Both countries have different cultures and dynamics and macros which makes any comparison baseless. As far as excessive consumerism goes, all I have to say is that citizens with no money lead a better life in America although they maybe living on living on borrowed money. Where as in a country like india [although i hate comparisons]they dont even have that option.Afterall everyone has one life live. I agree there should have been more controls while disbursing loans, but no country is perfect, just have to learn from mistakes.
