2021 November BankNotes
The central message of Nelson Nash in BYOB is that everybody needs to rely (at least implicitly) on financing for life’s major purchases. Even if you buy a car
with cash, you are forfeiting the opportunity of investing that cash and earning a return on it. So even people who always “pay cash” still experience the same implicit tradeoffs between spending now versus later. Therefore, Nash argues, the real question is whether you are going to obtain your financing from a bank controlled by outsiders, versus a bank that you control.