Understanding Debt

Of course, not all debt is bad. Debt used to finance investments is good, to the extent that it produces superior positive cash flows. In addition, investment debt is self-liquidating, as it provides the means not only to pay the interest but retire the principle. However, consumer debt, used to pay for basic necessities, luxury goods, take vacations, or remodel kitchens, produces no income at all, and merely works to ultimately bankrupt the debtor. In actuality, current consumption financed by debt, ultimately leads to far less future consumption. Ironically, it is savings, the deliberate act of under-consumption, that maximize lifetime consumption, as savers, rather than struggling to repay debts, enjoy the extra consumption financed by compound interest.

steal from the poor , give to the rich

"Privatize the profits, socialize the loses"
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and...

"History doesnt repeat itself, it just rhymes"
Mark Twain