M20:33
嗯，先说第一个关于债务的问题，我觉得要对整个消费者群体下判断是很难的。
Well, the first question about debt, I think it's very hard to answer about the consumer as a whole.
我每天都会收到很多来信，都是生活中遇到问题的人写来的。
I get letters every day from people who have problems in life.
这些问题——我是说，基本上不是健康问题，就是债务问题。
And they revolve— I mean, they're either health or debt.
而且很多时候，债务通常又跟健康问题连在一起。
And usually, frequently, the debt is connected with health.
你知道，对他们来说，借钱一直都很容易，结果债务压得他们喘不过气来，到那一步基本就全完了。
You know, but they— it's been very easy for them to borrow money, and they're in over their heads, and it's all over then.
毫无疑问，从总体上看，美国消费者的负债确实比以前更高一些，但我觉得，要判断这是否会构成一个严重问题，是很难得出结论的。
And there's no question that the American consumer is somewhat more indebted in aggregate, but it's a very hard thing, I think, to come to conclusions about whether it poses a serious problem.
你知道，大多数人直接或间接持有的资产，价值都大幅上涨了，尤其是房地产，还有一部分是证券。
You know, most people have had assets directly or indirectly that have gained in value enormously, particularly in real estate and some in securities.
所以，随着赚钱能力增强、持有资产增加，承受债务的能力也更强了。
So, there's a greater capacity to carry debt as earning power increases and assets held increase.
我知道，就整个世界来说，我没法给你一个真正有用的答案；不过我倒是经常给年轻人提建议，除了我们的股东群体之外，我基本也就跟他们说这些。
I know I can't give you a useful answer in terms of the world as a whole, but I give— I constantly give advice to young people, and those are the only people I talk to aside from our shareholder group.
不过我就是——别一开始就让自己处于劣势。
But I just— don't start out behind the 8-ball.
我的意思是，背上债务这件事很疯狂，因为债一旦欠上了，就太难还清了。
I mean, it's crazy to get in debt because it's so hard to get out of debt.
还有，我是说，信用卡债这种东西——虽然我们旗下所有业务也都在发信用卡，别的零售商也都一样。
And I mean, the idea of having credit card debt— and we issue credit cards in all our businesses, and, you know, and so does every other retailer.
但如果你想着按百分之十八的利率去借钱，还觉得这样能让自己在人生里领先，那是行不通的。
But the idea of trying to borrow money at 18% and thinking you're going to get ahead in life, it isn't going to work.
我会劝大家，信用卡可以用，但我劝他们一定要在它开始滚动计息之前就把钱还清，因为那实在太贵了。
And I urge people, they can use their credit card, but I urge them to pay it off before it starts revolving because it's just, it's too expensive.
Charlie 和我拿百分之十八成本的钱，都赚不到钱。
Charlie and I can't make money with 18% money.
我的意思是，我们到处找 float，就是因为我们连百分之五的资金成本都不想付。
I mean, we're looking around for float because we don't want to pay 5% for money.
所以，我非常理解人们为什么会陷入债务，但一旦陷进去，想出来可真是太痛苦了。
So, I'm very sympathetic to people getting debt, but once you get in it, it is hell to get out.
我是说，Charlie 对这个话题，大概还能引几句 Ben Franklin 的名言。
I mean, Charlie will have a few Ben Franklinisms to quote on that subject.
其实，你现在要不要先来几句 Ben 的？
In fact, you want to give a few from Ben now?
他其实很乐意，不过——是我引他说这话的方式不太对。
He'd love to, but he— I lured him into it the wrong way.