"I'll Bet" [Reflections on Book Theory of Business Enterprise Thorstein Veblin, Chap. 7A - Welfare]
When I buy shares I bet you’ll win;
Buy bonds, bet you’ll crap out;
Both pay a dividend meantime
(That’s not what it’s about).For, Veblen says, collateral
Is in your head as well;
Real value does not shift that much,
When cash goes all to hell.So ownership is where it’s at
When I buy bonds from you;
At end of business I get chips –
Machines, and buildings too.The interest-rate is nice of course,
But not as nice as toys
Which hold their value, little changed,
Through dust and smoke and noise.Imputed value of those toys
Goes up and down of course;
Keep eyes on real value then
Reduce your deep remorse.I thought “Residual got claimed”
When biz ground to a halt;
But no – it’s bankers pull the plug,
And put you in default –So they can get their real goal –
An increase in their kit;
Not sometime down the line, but now,
And so they throw a fit –If you can’t meet their call for cash,
You’re out there on the street;
If yes, it ricochets down line,
And others crash toute-de-suite.Is that just on a whim one day,
Or what riles bankers up?
Share price – intangibles, goodwill –
That drops, and things get rough.It’s all connected-in and out
Of business – it’s a net
Of inter-woven businesses,
So cycle’s what we get.Folks game the system, game your biz,
Of folks don’t give a hoot;
So watch yourself out there, my friend,
Or you’ll go down the chute.Thanks Lord for this.
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