Debt: Engine of Prosperity or Road to Ruin?
Takeaway: Gain a more comprehensive understanding of the role of debt in the economy
Money Learnings: Richard had a pretty typical upper middle class upbringing. He got an allowance and had a part-time job
Bio: Richard Vague’s career has spanned fields as varied as banking, energy, government, and the arts. He recently served as Secretary of Banking and Securities for the Commonwealth of Pennsylvania. Vague previously was managing partner of Gabriel Investments, an early stage venture capital company; was also co-founder, Chairman and CEO of Energy Plus, an electricity and natural gas supply company; and also co-founder and CEO of two banks – First USA, which was sold to Bank One, and Juniper, which was sold to Barclays PLC. He is author of numerous books. His new book is Paradox of Debt: A New Path to Prosperity Without Crisis (Univ of Pennsylvania Press, Juuly 11, 2023). Learn more at richardvague.com
Highlights from this episode:
- Richard Vague discusses how he fell into a career in banking accidentally after dropping out of college and needing a job to pay for school
- Richard talked about what inspired him to write his book “Paradox of Debt”
- Vague explains how excessive mortgage lending led to the 2008 financial crisis
- Discussion about government spending and debt actually creates wealth by injecting money into the economy
- The paradox of how debt is both beneficial in growing the economy yet also increases inequality and leads to financial crises over time
- Vague recommends being skeptical of both government and the private sector, as both are capable of doing good and harm.
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Some music provided by Junan from Junan Podcast
Any financial advice is for educational purposes only and you should consult with an expert for your specific needs.
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