Nassim Taleb comes to a similar conclusion, but with much better examples (one of the best Planet Money Podcasts ever IMO... just posted it here: http://news.ycombinator.com/item?id=1623713)

Taleb slams Obama & the media, prefers recession over high deficits, advocates clawbacks, slams forecasting models when high debt levels are present and predicts the broad failure of public companies due to fundamentally misaligned incentives.

That said, here are two (rather discomforting) counter arguments to both Cuban and Taleb:

  1) A warning against credit derivatives 
  (or betting the market will go down): 
  "The market can stay irrational longer 
  than you can stay solvent." - Keynes

  2) In an inflationary environment, high levels of 
  long-term debt can actually be a good thing for the 
  issuers. It's the short-term debt that must be rolled
  over that creates most of the problems (e.g. ARM mortgages 
  and a majority of commercial loans).