[s1artibartfast]

Both can lead to those bad outcomes. Many crises have been centered around assets that have some sort productive or utilitarian use.

Housing bubbles obviously come to mind, where there is obvious income and utility potential. Bubbles are about the balance of these return factors with pricing, not a result of their entire absence.

Either way, there is a fundamental question about whose moral authority it is too allow or not allow certain behaviors of others, and what that threshold is.

If I want to buy a smart TV, flashy car, or a case of beer on credit because I value pleasure today over cost tomorrow, who are you to tell me it is illegal?