Housing Crisis, or Something Like It

Ah, I love it when the world is going to fall apart and destroy itself.
Why you ask? Because it never seems to be happening near me.
What is with all this about money and loans and stuff? Apparently the world is going to destroy itself over people losing their homes here in the United States.
I hate to sound callous, but I do not think this is a big problem. I care that people are getting kicked out of a place to live, don't miss understand me. I just do not see how people who overspend are my problem. Let me explain:
The culture that I have experienced is one of consumption. We must buy the latest of everything to be the 'best.' Many of my friends have bought new flat screen high definition televisions costing thousands of dollars. Many people I know have new cars, paying over $350 a month in car payments and $150 a month in insurance.
However, when the 'credit crisis' hits, it doesn't hit me. Why?
Because I have worked very hard to protect myself from it. I did not buy new cars, even though I wanted them very much. I did not buy a big screen LCD when my old TV works fine. I did not buy a next generation gaming system. But these little 'sacrifices' have allowed me to save up and take wonderful vacations, fly coast to coast on a whim, and save for my retirement. So right now I see the 'credit crisis' as a correction in the market.
It is very disappointing that people are losing their living quarters due to bad financial decisions. I think we need more affordable housing for everyone. However, not everyone can or should own a home. I still lack the financial stability to risk buying a home.
People live above their means. This is a fact for many here in the United States. This ignorant and dangerous life style is coming back and teaching us a lesson. Many people will learn the hard way that life isn't about what TV you own and what car you drive. It is about the basics and working from there. With people losing their basics (a place to live, food to eat) all the extra stuff seems kinda worthless now, doesn't it?
It is a lesson we need to learn! We do not need the Government to step in and save us from ourselves! We did it, let us handle it. Hopefully we can remember long enough to not make the same mistakes again.