Remember “costless” credit? Neither do I, neither do you the reader, neither does Elon Musk. As Walter Isaacson’s biography of the world’s richest man makes very apparent, Musk was so desperate for cash during the 2010s to fund his various entrepreneurial ventures that at one point his then-wife’s parents offered to mortgage their house in England.
Yes, right as the Fed was at “zero,” there wasn’t a lender or investor in sight willing to back Musk. And it wasn’t just Musk. The unofficial motto at Nvidia, presently the world’s most valuable corporation, is that “Our company is thirty days from going out of business.”
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