those already at the bottom are at the bottom, the middle class will suffer. Thus leading to a widening of the gap in wealth inequality. You will own nothing and be happy.
Just because you have to sell the jet ski and the SUV and might have to sell both houses because you over-leveraged trying to leech off of the rest of the working class doesn't mean you're being hurt more than the single mothers with two minimum wage jobs that are now homeless.
These days it's getting ever harder to pull it off, if not impossible. Mostly because housing market jumped the shark.
Selling assets can be a problem anyway since many of them actually depreciate hard. Jet ski and old fuel guzzling SUV likely nobody will want. The house, maybe, but it will get ever harder to sell them as buyers are starved of money and credit.