It's Branford Marsalis — noted jazz musician (bio) whose brother Wynton (bio) was my trumpet-wailing idol in my school years — answering the question, "What have you learned from your students today?"
I pretty much agree with what Branford has to say, although I tend to look at it from a more money-centric perspective ... AND I apply it to "today's kids" parents as well.
Until just lately, it's been pretty rare for someone to be told they couldn't have something: That new McMansion? Sure, you can afford it. Credit's cheap and easy. And after all, house prices never go down.
Need a new $40k SUV? No problem. With nothing-down financing and terms to seven years, we'll mold the payment to your budget.
Couple rooms of new furniture? Extravagant stereo/theater setup for your living room?
Done, and done. All can be yours, with payments.
And look how well "Never say no!" has worked out for us.