So does the accumulating debt matter? Some say that as long as asset values rise faster than debt, there's no problem. In 2005 Americans were $12 trillion in debt, but their personal assets stood at $64 trillion. Others argue that we are sitting on a time-bomb. Asset value will not continue to rise indefinitely and when they crash, millions of people will be plunged into negative equity. Liabilities remain the same but assets can go up and down in value. This was the case with stock market values, which saw sharp falls around 2000. Crisis was averted only because investors moved their money into real estate. For millions of Americans this only confirmed the culture Alan Greenspan had been promoting, debt is good. And if he turns out to be wrong, well, we all had fun in the meantime.