"You have talked about past recessions being real opportunities for
business. But in past recessions, wasn't business able to get lending? And
doesn't the tightness of the credit market today inhibit some opportunities?
Typically not. Most new innovations are started without access to credit in
good times or bad. Microsoft (MSFT) was started without any access to
credit. It's only in crazy times that people lend money to people who are
experimenting with innovations. Most of the great businesses today were
started with neither a lot of venture capital nor with any bank lending
until five or six years after they were [up and running]."
-------------------------------------------
agi
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