The View from the Bottom of the Pyramid

"If one is going to fall out of a window, how much it hurts when one hits the ground will depend on how many stories high the window was. Some of those who live a relatively hand to mouth existence may find themselves falling out of a ground floor window. They will dust themselves off and move on. This will be much less painful than falling from the hundredth floor, as many of the better off will end up doing. People who may have nothing, but also owe nothing, are not so badly off in comparison with those who have a lot, but owe far more than they have. The latter is a very common situation, and will become increasingly common as assets prices fall in a deflationary environment, and debt servicing becomes ever more onerous"