The wonders of debt

The wonders of debt

by digby

Chris Hayes hosted an interesting conversation about private equity on his show today. I think my favorite observation is this one from Joe Wiesenthal:

“One thing about private equity is it benefits tremendously from the favorable legal stance toward debt. And so the great thing about Mitt Romney, were he to become president, is that his whole career is a testament to the wonders of debt, the wonders of borrowing cheaply.

And I’m trying to think if there’s one institution out there that’s borrowing incredibly cheaply right now that could afford to spend a lot more.. Uh, the US Government could afford to spend a lot more by borrowing cheaply right now. Hopefully, if he takes the lessons he learned from private equity, that will be the lesson he takes away.”

Somehow I doubt he believes that the government should run like a business in quite this way.

In any case, here’s the whole discussion:

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