I don't disagree, but that doesn't absolve him of responsibility. He is as much a perpetrator of this as the banks are. If he'd needed the money, that would be one thing, but he took unnecessary loans to do speculative, risky investing.
I doubt he understood that he was doing speculative, risky investing.
Mid-bubble, I can't count how many people told me that the market can only go up, or who looked at me like I was insane when I said I was watching month-over-month sales to try to avoid getting creamed when the bubble inevitably burst.
