this post was submitted on 24 Dec 2023
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Both of you are wrong. They borrow, they borrow and borrow against their assets, borrowing to pay off the previous loan and then some, just an ever-revolving door of credit and basically free money, which they do not pay taxes on, guaranteed by their non-liquid capital assets.
Banks have entire offices just to cater to these folks. Like, a personal banker on call 24/7 in case they need some money.
It’s like, breaking the speed of light, financially. The rules of the universe stop mattering to you, and if you can do that, you can pretty much get away with anything.