Debt is always repaid, either by the borrower or by the lender.

The 1980s are to debt what the 1960s were to sex. The 1960s left a hangover. So will the 1980s.

Nothing beats a little cash in a bear market, of course, and the oldest form of cash is gold.

It's about bums on seats. If nobody wants to listen to what you are doing, it kind of defeats the purpose really, doesn't it?

The Fed can change how things look, not how things are

Growth at an exceptional rate is a red flag in banking. It is hard enough to manage an ordinary bank; to control a sprouting weed is well-nigh impossible. If loans are expanding too quickly, the lending officers have probably been saying 'yes' too frequently.

It is an axiom nowadays that no bank fails for lack of capital; unprofitable lending is always the underlying cause.