Every debt is ultimately paid, if not by the debtor, then eventually by the creditor.
Credit is money of the mind.
[T]he first bad bank loan was no doubt made around the time of the opening of the first bank.
In almost every walk of life, people buy more at lower prices; in the stock market they seem to buy more at higher prices.
The Fed can change how things look, not how things are
Progress is cumulative in science and engineering, but cyclical in finance.