« previous | TPM CAFÉ READER POSTS HOME | next »
Hillary's 5%
What would you say if I told you I made $240K last year but spent $260K, taking $10K out of savings and putting $10K on my credit card. Extravagant living? Or a little bit of excess? Trust me, I had a lot of fun with that $260K, so that's not the issue. And I figure I took on less than 5% debt from that.
Let's look at another aspect - I ordered a lot of wine last year. A lot. Perhaps $30K worth. But I only paid the shop $28K so far. Of course they know I'm good for it - I've been going to them for years, but had a small cash flow problem, so I told them I'd pay them the rest when I got my next paycheck. Now, let's look at it from their perspective - they already made about $14K off me if we assume that wine cost them 50%, so even if I never pay them (trust me, I will), they still have a clear profit of $12K.
So now let's think about the Clintons. How worried should we be about her debt? The lady generated a quarter billion dollars worth of business (actually much more - there are multipliers involved), raised almost a quarter billion in donations, came out only $20 million shy (and is taking care of half that herself) while running the closest primary race in memory (a 50-state race that will pay off in excitement come November). So that leaves her with about 5% of her campaign expenses to worry about. To put it in perspective it's just over double her and her husband's debts when he left office. And about 30-35 speeches from Bill with his typical fee. (She'll likely pull down something close once she leaves the Senate).
Of course some people think Hillary should pay off all the debt. Like every wealthy candidate should pay all their own expenses? That's a pretty hefty tax on the rich. She got 18 million people excited enough to vote for her and made it a contest, and is paying off half her debt herself. Seems pretty fair, 50% tax rate.
The last funny thing to point out is how little people have ever worried about campaign debts. What did John Edwards owe? Twice? Bill Bradley? John McCain was over $4 million in debt in February. Barack Obama put his failed House bid on his credit card. Chris Dodd still has over a million he has to pay somehow (anybody worried about his small vendor debts?) How is it that every little thing Hillary does creates a swirl of alarm and hysteria and good ol' concern? I guess some people have it and some people don't. But I have 3 words of advice from someone wise: "Get Over It".
Comments (64)
Never put any debt on a Credit Card under any circumstances.
June 26, 2008 7:40 AM | Reply | Permalink
If that was the case, there would be no Dell Computers as the company was founded, in part, on Micheal Dell's Credit Cards. That investment paid off.
June 27, 2008 2:16 AM | Reply | Permalink
I remember John Edwards' arm twisting Obama about his debt like it was yesterday.
June 26, 2008 8:19 AM | Reply | Permalink
Mr. Ghost. The salient feature of your opus is the wine, yes? I suggest that you send me one bottle of your best for each post you have made in adoration of the lady in question. All debts would be settled from my point of view. How big is your wine cellar and is there no problem with heat from your natural state of being? I only do French. No cheapos from Spain. You can throw in some Turkish "Bull's Blood" which I'm thinking you will know.
June 26, 2008 8:45 AM | Reply | Permalink
That's Hungarian Bull's Blood (Egon Biker or something). The Turks have some new vintages that are winning quite a few awards, though it'll take some education to get it into the market. The Greeks have a few nice ones in there as well, but I'm mostly dealing with small Spanish family owned vineyards - quite the opposite of the stuff they export by the tank full.
June 26, 2008 9:16 AM | Reply | Permalink
June 26, 2008 9:49 AM | Reply | Permalink
js, Bull's Blood has made you strong as one can see!
June 26, 2008 11:11 AM | Reply | Permalink
Yeah, but who's that guy standing in FRONT of js?
June 26, 2008 11:17 AM | Reply | Permalink
LOL
June 26, 2008 11:47 AM | Reply | Permalink
So the average schnook in the States can't get any of these Spanish or Greek treasures ? Really, could you name a few. I'll send two dollars to Hillary for five names.
June 26, 2008 11:13 AM | Reply | Permalink
Sangre de Toro is wine lake, but it's good wine lake.
June 26, 2008 11:42 AM | Reply | Permalink
Bee... Why did I KNOW you'd be first replaying here? Hmmmm. You got a search function on these issues or somethin'? Or is it some kinda superpower? "Ack! Someone needing liquid knowledge & refreshment! I must be off!"
I hope you understand, I say this humbly, and with respect, coming from a family tradition 7 generations deep of falling-down-drunk-daily. (In my case, late-night-falling-onto-the-keyboard.) Ark!
June 26, 2008 12:48 PM | Reply | Permalink
I'm jealous that I can't participate knowing nothing of wines other than watching Sideways. But I really do like a fine bordello with a cabaret to back it up.
June 27, 2008 3:19 AM | Reply | Permalink
Under no circumstances would I turn down Spanish cheapos and neither would any sensible Frenchman. Together with Avruga instead of Beluga and Serrano instead of Parma, regal delights at a sensible budget.
June 26, 2008 1:40 PM | Reply | Permalink
I used to work for boxed wine busking - good day = 2 boxes, bad day = off to bed sober.
June 26, 2008 2:10 PM | Reply | Permalink
Cricket's thirsty!!!
June 26, 2008 7:49 PM | Reply | Permalink
Get chirping, play for the crowd.
June 27, 2008 1:42 AM | Reply | Permalink
I guess I missed the swirl of alarm. Yes, I've heard some say no way are they sending a dime. That's fine, nobody is putting a gun to their head. I've heard others say - I'll be happy to help.
I also saw Hilary's email yesterday where she said that the money she lent the campaign was her investment and was not looking for donors to help pay her back. So actually, you can knock $10-11 million off her debt. This went a long way for me in deciding whether to help or not.
She wasn't my candidate, but I have never had issue with having Obama Campaign do something that is fairly standard. The winning candidate assist the loosing candidate pay down campaign date. McCain is doing it right now for Giuliani. Granted without much success:)
All that said I do believe there is an order to the help. The first people who should step up are her supporters large and small. She ran for them. After that the Obama supporters, if they wish. As far as the Obama supporters go Obama has already said he is only going to be asking his big money donors to help. His small donors he is allowing them to decide for themselves and is not going to be making a direct appeal.
June 26, 2008 9:08 AM | Reply | Permalink
Like jsfox (et al.), it's not on my concern radar, but there's a problem with your analogy. She's bought "wine" from many different shops, and some of those shops haven't seen a penny of profit yet. Don't get me wrong—like you, I'm sure she's good for it. However, I don't think you can blame those shops that haven't been paid yet for getting a bit antsy about it. (Other than them, however, I don't know why anyone else would really be that concerned about it.)
June 26, 2008 9:19 AM | Reply | Permalink
Do you know this? Can you point me to a report that shows how bad this situation is? What's the longest a vendor hasn't been paid? Is this unusual compared to other campaigns? Hillary loaned her campaign money - do you think some of this money went to pay small vendors? There was big concern that some staff members didn't receive pay in February - is this part of your concern? Is it still a current concern or has it been taken care of?
June 26, 2008 10:29 AM | Reply | Permalink
No, I don't know this. I don't know anything about her debt because it's not one of my concerns. I do know that whatever money she owed, however, was not to a single entity, which was my primary point. That, and that if I were a vendor with outstanding debts, my concerns wouldn't be assuaged that much by knowing that other vendors had been paid or that other campaigns also owed debts. (Of course, if it is standard fare for campaigns, and I don't know whether it is, then you'd expect the companies to know this.)
June 26, 2008 11:27 AM | Reply | Permalink
But you're repeating these points as if they're true.
Weren't they primarily a spawn of a HuffPo article a few months ago to provide temporary ammo against her campaign? In the meantime she won several big states and managed to raise $10 million in a day and what not.
June 26, 2008 11:42 AM | Reply | Permalink
There's only one questionable point in what I said: "not a penny of profits"
I've not heard anyone dispute this point, however. Merely that it's an unknown at this point because maybe she's paid these people now. I'm not faulting her here. I'm merely pointing out that we're talking about multiple vendors, and while some have no doubt been paid, if she still has debt (which is what the recent call for help would definitely imply), then presumably some people have not been paid yet.
I'm not placing blame nor pointing a finger. I'm merely pointing out that we're not talking about a monolithic entity that should be pleased that it's made more money than it's lost.
June 26, 2008 12:58 PM | Reply | Permalink
No, we're talking about a whole lot of unverified speculation presuming the worst.
June 26, 2008 1:10 PM | Reply | Permalink
Maybe you're talking about it, but I'm not. If you still think I am after re-reading what I wrote, please point it out.
June 26, 2008 1:24 PM | Reply | Permalink
Okay, it's the less hysterical "presumably some people have not been paid", which might be Patti Solis Doyle and Marc Penn which would make everybody squeal with glee.
June 26, 2008 2:12 PM | Reply | Permalink
There creditors are not a wine store.
These creditors are not a Savings bank.
That you could make the analogy fro this perspective indicates that you have not stopped to consider the difficult balancing act of many small businesses - caterers, lighting shops, sound system providers - whose accounts receivable were thrown into chaos byt Hillary stiffing them
Were they fools because these small shops BELIEVED in this candidate would pay her bills? Should they go under because it is HILLARY who is the source of the zero dollar amount shown in their accounts receivable columns - while the accounts payable columns must SIMULTANEOUSLY have to cover the one or six other crew whose ability to survive depends on that paycheck? Or to SIMULTANEOULSY have to go into debt - maybe a HO LOC on their home - becuase they paid cash to a food wholesaler? Or to other accounts payable whom they must pay or risk never being able to purchase from them again?
Do you really think this is translatable to the macro-economics of the market?
or the 'mini' economics of an upscale suburban bank or wine merchant?
I personally believe that much of this debt is actaully screwing actual people whose actual businesses are on the line because they counted on those bills being paid.
But that's just me. I am one of those kinds of folk who really needs those account receivables paid, so I am probably biased.
June 26, 2008 10:50 AM | Reply | Permalink
One of the publishers I work for used to be owned by AT&T. One month I was late getting paid, so I was late on my AT&T Bill.
It was kind of maddening.
June 26, 2008 11:44 AM | Reply | Permalink
Or ironic
June 26, 2008 11:48 AM | Reply | Permalink
That, too.
:)
June 26, 2008 11:49 AM | Reply | Permalink
Who are these mysterious creditors, dsalexan? How do you know a large part of the late payment isn't to Mark Penn? You probably have 1 concrete example from a HuffPo article months ago? Anything else that's current?
June 26, 2008 1:17 PM | Reply | Permalink
I believe Obama has said he'd help, especially with the unpaid creditors. Even if he helped get the whole ten $mil paid off, he'd still come out way ahead. She has thousands of well-off donors that topped out to her but could give to him and vice versa. Her fundraising is going to mean a lot to his campaign (her donor lists and major bundlers that she is asking to join his camp are worth... $plenty).
Somehow I don't think money is a problem to the candidates ultimately. But it has gotten too, too much. A $billion plus spent to conduct a job interview? When I see how much these industries are giving despite reforms to limit donations, I almost think they're not getting their money's worth when their guys get in office! But, unfortuneately, they are.
June 26, 2008 7:19 PM | Reply | Permalink
I understand that to people like Des, these types of debts mean little or nothing.
I suppose they mean little or nothing to all our politicians who make a quarter million a year.
Perhaps that is why they can't understand the "lower" 90% or better of us. Can't, not won't. So, their legislation is aimed at those they "understand." Rich elites. Perhaps public office should be expenses paid plus $1 a month to "keep it real."
June 26, 2008 11:48 AM | Reply | Permalink
Nonsense - I just don't know how many of these little debts there are. All of this gossip is fueled by vicious speculation of the worst kind. Somebody somewhere 4 months ago started collection procedures, and the whole blogosphere got up in arms. How many 10's of thousands of vendors has Hillary dealt with the last year and a half? How many are upset? How long have they waited to get paid?
Again, why is there the assumption that it's little guys Hillary hasn't paid? That's a whole lot of work for not much gain. If I'm going to not pay a bill, I want it to be for a half a mill minimum so I'm not answering a million phone calls from little vendors pissed off. The big guys know it's not worth getting into a legal battle if they'll get their money in a couple of months.
But approaching these things through logic is not very satisfactory when the hanging party is already suiting up.
June 26, 2008 1:22 PM | Reply | Permalink
I'm afraid you missed my point, Des.
Yes, you are correct, all these campaigns run debts, and likely hurt little guys, or (more likely) run up big bills with big guys. Whatever. My point is, they wouldn't run up these debts if they knew little guys, or better yet, WERE little guys. Considering most of the country is comprised of little guys, it would behoove the majority to elect them, and see to it that they stayed little guys.
That is all.
June 26, 2008 4:54 PM | Reply | Permalink
Campaigns run on little and big vendors. They typically don't screw them or the prices go way up next time.
You're acting like Hillary is actually trouncing on little people. Where's the proof? One bill got paid late? Out of a quarter billion smackeroos spent?
Here's what tipped me off a few months ago, with waitress-gate. They had $150 diner tab, the waitress said she didn't get a tip, someone from the campaign said he left $100 as tip. One hundred bucks. 66%. And no one blinked at the explanation. That's how money gets passed around in Iowa and elsewhere. Now, if that diner had to wait 2 months to get paid that $150 plus a 66% tip, should you cry for them? These are the little people we're talking about. It's Christmas time out in those streets. Sure, there might be a few people who got a really rotten deal, and I can sympathize, but let's be realistic. A lot made out like bandits. Read Oregon's comment. And if Hillary had folded up early, that would have been $50 million or so less spent. Would you rather wait a few months to see your $50 million or just do without the business? It's not like this is the first time a small vendor took a chance. Remember all those stories about how much Hillary spent on flowers? What's the markup on flowers? Huge. So you wait a few months to get paid - big deal - you've got huge profits because this lady is out spending tons of money you wouldn't have gotten to otherwise. So why exactly is everyone so freaked on so little information?
June 27, 2008 2:13 AM | Reply | Permalink
I'm not acting. I don't play that way.
You are reading more into my comment then what I wrote. I think the elites don't know their ass from their elbow. Including Hillary, Obama, and you. Your economic theories are just that. Things like reality don't seem to penetrate the area of space between you and the outside world where 90% of us live.
How do I know this? I see the breadlines.
Yeah.
Breadlines.
Heck of a job, elitists! Maybe it's time we stop electing these jerks, and stop paying them so much for so very little. My dog could do a better job running this country and she's not just a bitch, she's a moron.
June 27, 2008 7:05 PM | Reply | Permalink
Des. You had to go with wine didn't you? Just to attract the "anti-elitist" crowd, throwing bottles & such. Jeez.
I think you know my views on "Get Over It." As a phrase & an attitude, I find it not just part of a dumbing down - it's a sign of a nasty, divisive culture that's been cultivated. Things like "Survivor" and U!S!A! - no empathy, no soul. Not the way you treat loved ones.
Debt? I think anyone who raises it against HRC is basically... a wanker. Really. It just doesn't make my Top 100,000 issue list. She & Bill have money, and can clean up their own debt - fine. Check. Next issue? On the wider debt, she has every right to ask for help, and to expect that if she pulls alongside Obama, he'll help too. Which he will, and should. One for all, right? And yeah, I have to separate the fact that Penn's co. will get $ from this, from HRC herself. I just find this hard to take. But I ALWAYS find this with campaigns. I come to dislike some people/firms on MY team, and thus, sending $ is hard to stomach. I'll get over it.
Twisting to the stuff that engages me more Des, as the armies merge, and then the GE populace begins to come on-board, there are 1001 issues, risks, problems that come along. As they jostle in next to each other, there'll be some of elbowing.
But I suspect the fleet and nimble runners will stay on the flanks, run up ahead, and begin to survey the landscape of what's COMING. You're as fleet & nimble of mind as they come (other than on the wine-sodden evenings, perhaps!), and I'm more interested in what you see up there.
Meanwhile, I really don't care whether you wear an Obama T-Shirt and matching keychain, or whether you learn the words to the marching songs. (Mumble mumble... Great And GOOOOOD... something something.) I've never been good at that. But DO crank those mighty brain cells up, and pitch your eye out ahead a bit. I know I'd love to hear what you see out there, and even - motley crew though it is - what you would DO to ensure progress. The shit-eating dogs will follow along behind, but it'd be a hell of a waste to have you arguing with their owners.
Yeah. Light touch, I know, I know.... ;-) And there's nothing wrong with wearing the HRC patch on your shoulder as you do so. And I hope she proves you right in your support. Just stick a Possumus badge on there somewhere, wink, and see if you can help turn the 18 million into 80 million, who'll actually get there, and then do something useful with their victory. Shutting up now.....
June 26, 2008 12:42 PM | Reply | Permalink
...
I wasn't sure if this was intentional or not, but I found it funny. ;)
(And yes, there's a mile of difference between telling someone else to get over it and deciding to do so yourself.)
June 26, 2008 1:02 PM | Reply | Permalink
I even find a lot of the slams against Penn unverified. He was pretty obviously not controlling the budget, which was a pretty huge issue back there in lat Jan/early Feb. And he didn't really hang out there defending himself like some other people - I don't think that should be condemned.
But I won't win any points defending him, that's for sure.
June 26, 2008 1:13 PM | Reply | Permalink
I'm happy to give you points for defending Penn, in terms of some of his campaign work. Some of it was just damned good. Some... not so good. Seriously, I just find B-M a bit monstrous. Maybe they're not comparable to our Blackwater friends, but there's some really bad historical actions in that firm IMHO. And he's the CEO. I hope he makes it a lot better company. But when they still take on work for guys like Blackwater, it bugs me. This is not much an HRC shot though, as one through Penn, at his firm. 'Nuff said.
June 26, 2008 2:56 PM | Reply | Permalink
It's a slimy job but someone's gotta do it...
June 26, 2008 3:44 PM | Reply | Permalink
And I even try selling wine when I'm not drinking cappuccinos (very very large, I might add, a half dozen a day). Yes, I'm an elitist. That's why I'm such an expert on them.
June 26, 2008 1:15 PM | Reply | Permalink
Fuck.
You.
June 26, 2008 4:56 PM | Reply | Permalink
Come on, bee, don't be a grumpy drunk. I'm sure Q drinks wine *AND* beer. And rotgut *AND* fine vintage. He's a multitasker (meaning he can't stay on message or concentrate). He's just slaloming between elitism and populism and sometimes hits the wake and goes airborne.
June 27, 2008 2:15 AM | Reply | Permalink
You could verify her debt by checking her FEC reports. However, most unpaid campaign debts are not to the small local printer and the event systems rental company because those cause ill will and bad press. The last paid tend to be campaign staff and event fees to cities and universities.
Cities and universities have a good racket in jacking up fees for candidates doing campaign events. A stadium that costs 10,000 to rent most of the time suddenly costs 30,000 when a candidate comes to town. Cities charge fees for police time, extra garbage collection and every other thing they can think of to the tune of 50 -150,000.
Campaigns are routinely overcharged by printers, by mail houses, by everyone. For example, the phone company requires a special deposit for political organizations, committees in anticipation of their failure. They are adding in the possibility they may get stiffed by an unsuccessful campaign in advance, I don't know. What I do know is that the majority of vendors who contract with campaigns pad their bills - and know the risks.
June 26, 2008 1:41 PM | Reply | Permalink
Don't forget $100 tips for waitresses.
June 26, 2008 2:09 PM | Reply | Permalink
And it's not like the people who took on contracts in May hadn't read the news about Hillary's fundraising the previous 3 months. Of course she probably spent $50 million in April and May to make a few people happy.
June 26, 2008 2:15 PM | Reply | Permalink
"Clinton campaign owes $231,000 in Pa."
http://politickerpa.com/alexroarty/661/clinton-campaign-owes-23100-pa
June 26, 2008 4:23 PM | Reply | Permalink
Well, the latest FEC report on expenses is right here...
http://query.nictusa.com/cgi-bin/dcdev/forms/C00431569/346097/sd/12
There are LOTS of debts to small vendors. I don't know why Desidero is invoking "logic" when she or he could simply look at the reports.
Over $4.6 million is owed to Penn's company, so it is indeed a large fraction of the debt, which is $10.3 million (this excludes the Clintons' money). Nearly a million is owed to "MSHC Partners, Inc." in DC.
June 26, 2008 10:37 PM | Reply | Permalink
Look at the PA story mentioned above - most of the money is to schools and cultural centers. Look closer - $15,000 for a rushed air conditioner system for an April 20 rally. So less than 60 days out the school is bitching about not getting paid yet for what's going to be a free revamp of their A/C system probably for a single event. My heart goes out to them. I'm sure they had to cancel lots of more profitable concerts to fit her into the schedule.
There is an A/V company owed $38,000 which is a good bit of money. But then it's possible if they worked state-wide they made in the hundreds of thousands and this is a small portion. Or they could be hurting and screwed by the campaign. I have no way of knowing, but it's the exception that sticks out.
Here's what some of the people say:
Many of those still waiting for payment remain hopeful. "We are confident that we will get paid for it," said Stephen Bledsoe, owner of Dakota Pizza in Montgomery County. His Wynnewood restaurant and catering business fed Clinton, her campaign and the media corps that traveled with her to the tune of more than $11,000 in food leading up to the primary. He said he is owed $5,933. "I was concerned a week ago, but the check I got alleviated that," said Bledsoe, who catered about 30 meals for Clinton staff and traveling press, each time feeding about 45 people. "We did custom orders for the campaign. Anything from grilled, marinated shrimp to mango-black bean salad to marinated artichoke hearts." For Clinton herself, "a lot of organic soups and things. She likes lighter food."
Okay, so Wynnewood received $5500 out of $11,000 owed - costs are covered, profits not yet.
Here's another: York Mayor John Brenner said the campaigned reimbursed the city last month for police and public works overtime required for an April 19 rally, though the campaign reported the debt still on its books. "The city of York received a check from the Hillary Clinton for president committee and we cashed it," Brenner said Monday. Okay, already paid but not reported.
Here's another: Brad Koplinski, a Harrisburg councilman, quit his state job to work full time for Hillary Rodham Clinton's presidential campaign in Pennsylvania. ... Koplinski, who on Monday held a reimbursement check from Clinton's campaign for $424.14 for tolls and gas, couldn't imagine that Clinton would allow her debts to go unpaid. Yes, she got paid out $424 and is owed $200 more. Does that sound like bad faith on the campaign's part?
Another: Clinton's campaign recently contacted the center to say it did not have a completed contract, a copy of which Flynn promptly returned. "They called us," Flynn said. "I'm hoping that's a good sign." Campaigns, particularly losing ones, are usually the worst at paying debts. Democratic Sen. John Kerry's 2004 presidential campaign didn't pay a bill from a campaign event for nine months, Flynn recalled. Not only did they call you, they asked for a completed contract, which might explain why you haven't been paid yet.
Other area firms report being paid promptly. "I was paid rather quickly ... within about three weeks," said Chuck Carlson, owner of a Taylor Rental location in Carlisle. Carlson provided a tent for former President Clinton's visit to Dickinson College at a cost of $1,431. Note that "rather quickly". Typical terms can range from 30 to 90 days depending on the contract. If you supply larger chain stores, they like to pay slower. I don't recall any front page stories about it. Also note how much money we're talking about for a tent.
During their seven-week occupation of Pennsylvania, the campaigns spent $2.6 million on hotels, food, gas, rentals of event space and equipment. About $1.6 million of that was spent in April, according to the most recent FEC reports. The debt to the A/V company was $5000 as of April 20 and $38,000 now, so most of this debt is less than 2 months old.
Here's a funny wrinkle: the Reading School District waived fees for an April rally held at a local high school for U.S. Sen. Barack Obama (D-Ill.). But now, school board member William Cinfici says that may have been illegal. While other school board members disagreed, The Morning Call reports, Cinfici equated waiving the fee with a donation to the campaign he called unfair to taxpayers.
June 27, 2008 3:28 AM | Reply | Permalink
Much of that was supposed to be block quote.
June 27, 2008 3:30 AM | Reply | Permalink
I think it all comes down to how people feel about money and debt. I don't know about the Clinton's, but personally, I hate debt.
Owing past a month makes me feel antsy and nervous. I pay off my all by debts every month. I hate the idea of owing anything, period. Which is why I wonder how she does it.
I sent her money, btw. Her site is flaky, so I mailed her a cheque with a letter telling her how much I appreciated her contributions to our country.
That's not to say that I did not flame her in the heat of the primaries. I did. Or that she did not enrage me. She did. But, that was then, this is now. I don't see the gain or the merit in still hating her or demeaning her or disliking her or dismissing her. There are lots of ways I can work out my pathologies, and Hillary Clinton does not figure in any of the ways.
June 26, 2008 11:20 PM | Reply | Permalink
Trust me, one of the great things about our country is easy access to debt - i.e. credit. Sometimes this gets carried away, from both consumer and lender sides, but really, it's a big reason why we kick other countries' ass on productivity. I can go max out my credit card and start a company in about 1 day, and with PayPal/eCommerce can be making money the next. In a lot of other countries, there's all sorts of paperwork and getting hold of cash is much more difficult. The US has venture capitalists willing to fund balmy ideas. In Europe they're looking for references from the last 14 generations. Slightly exaggerated, but not much.
Debt is good if it's in reasonable proportions. It lets you extend the reach of what you own. If I can purchase a fleet of trucks with only 10% down, I can start selling on a large scale and make the money to pay off the rest. If I have to wait to have enough to buy the trucks outright, I'd never get my business off the ground. Of course banks calculate risks and default rates and in the end do quite well. For small vendors a single large default of course can mean the end of their business. I should know.
June 27, 2008 2:25 AM | Reply | Permalink
I wonder what you'll be saying when you discover that you owe the whole country to China.
June 27, 2008 4:51 AM | Reply | Permalink
???
June 27, 2008 8:05 AM | Reply | Permalink
He already devoured China. Both columns. He ate the soup and the rolled fried thing. He skipped the fortune cookie since he knew the what was inside.
June 27, 2008 9:18 AM | Reply | Permalink
Is this an update to The Little Caterpillar? Don't let W hear you, he thinks he owns that book.
June 27, 2008 6:25 PM | Reply | Permalink
Very Hungry Caterpillar, bad blooging skills showing up, need a vacashun.
June 27, 2008 6:25 PM | Reply | Permalink
It's a matter of public record.
June 27, 2008 3:33 AM | Reply | Permalink
I should finish reading downthread responses before I comment.
June 27, 2008 3:37 AM | Reply | Permalink
Don't do it. Don't do it. Devour down here without thinking. You're a saur not a human.
June 27, 2008 9:20 AM | Reply | Permalink
There are a lot of saur humans around here.
June 27, 2008 6:26 PM | Reply | Permalink
Not saur as such, but you sounded a bit tinfoil-hatty upthread 'sall.
June 27, 2008 10:23 PM | Reply | Permalink
Post a Comment