| To: Snowshoe who wrote (71393) | 9/17/2009 11:11:38 PM | | From: Maurice Winn | 1 Recommendation of 74257 | | | I don't see anything wrong with debt. I quite like people owing me money and paying high interest rates. When lots of people want to borrow it pushes up interest rates. <We need to have a national conversation about the perils of excessive debt in the USA. >
It's annoying when everyone is trying to get out from debt and Big Ben is lending money to anyone who has a pulse for ridiculously low interest rates.
I can't get even a Happy Meal for my huge stash of cash in the bank.
Fortunately, I have a tranche of more risky preferred stock which weathered the storm and is paying 9% [PHR = Prudential preferred shares]. I was very tempted to buy a mountain more at the bottom but decided to hold fire to see if things got even worse. They didn't - yet.
If things don't go bad again, I'll just have to spend the cash on something nice like a Gulfstream or maybe just a new or newer car, some holidays in the sunshine or something. Maybe a cancer cure, or bloodstream nutrient monitoring for children, or genetic engineering would be good things to buy.
Most people probably have figured out that debt isn't necessarily a way to get rich quick via speculative assets, even if too late for themselves. The time for a conversation about debt was back at least as long ago as "I Am A Mindless Zombie" stream in 2002. But "Neither a borrower nor a lender be..." goes back half a thousand years and even when Jesus was arguing the toss in Israel there was concern about money lenders. Heck, if there were written records, we could probably go back to the last ice age and no doubt back to when that bloke first left Africa 20,000 or 30,000 years ago, to father all non-African humans, probably fleeing the debt collectors in Ethiopia or somewhere.
Mqurice |
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