I agree with this...too laxed ratings standards and too much government financial backing pre and post crisis encourages moral hazard. The issue lies in making sure the income from what the debt buys offsets the service payments and pays off the principle in a reasonable amount of time….rather than being indebted in perpetuity...or worse, using debt to pay debt.
Encouraging people to do their homework to make sure it’s affordable instead of depending on the "experts" for financial guidance is the message we should send. At the very least, if the government and industry make bad policy, the people can choose not to follow it with their own money.