March 10, 2016 | Forbes

“Credit, private or public, is of greatest consequence to every country. Of this, it might be called the invigorating principle. -Alexander Hamilton

So which is it? Is lending a good business, where moats and profit pools are durable and one can build billions in equity value … or is it an inevitable cash bonfire when the cycle turns? Is credit a critical lubricant for the economy, the more the better, or a creeping contagion to be limited, particularly in the “shadow” banking system? As someone who co-led the seed round in one of the first alternative lending companies (OnDeck), and went on to serve as Chairman, but who has not invested in a single lender since, I stand somewhat astraddle this issue.”

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