-By John J. Raskob (1929)
John J. Raskob
John J. Raskob (1879-1950), associated with Du Pont and General Motors, served as chairman of the Democratic National Committee, the choice of AI Smith. Himself an investor in the stock market, here he provides some investment tips for one of the period's popular magazines, Ladies' Home Journal.
John J. Raskob（1879-1950），在杜邦公司和通用汽车公司任职。曾担任民主党全国委员会主席，是艾-史密斯选择的他。他本人是一位股市投资者，在这里他为当时流行的杂志之一《女士家庭杂志》提供一些投资建议。
Source: From Samuel Crowther, "Everybody Ought to Be Rich: An Interview with John J. Raskob," Ladies' Home Journal (August 1929). Copyright 1929, Meredith Corporation. All rights reserved. Used with permission of Ladies' Home Journal.
资料来源：摘自Samuel Crowther，《每个人都应该富有：对John J. Raskob的采访》，《女士家庭杂志》（1929年8月）。Copyright 1929年，Meredith公司。保留所有权利。经《女士家庭杂志》许可使用。
Being rich, of course, a comparative status. A man with a million dollars used to be considered rich, but so many people have at least that much in these days, or are earning incomes in excess of a normal return from a million dollars, that a millionaire does not cause any comment.
变得富有当然是一种相对的状态。一个拥有一百万美元的人曾经被认为是富人，但现在有很多人至少有这么多钱，或者正常回报的收入超过了一百万美元，所以一个百万富翁不会引起任何评论。
Fixing a bulk line to define riches is a pointless performance. Let's rather say that a man is rich when he has an income from invested capital which is sufficient to support him and his family in a decent and comfortable manner, to give as support, let us say, as has ever given by his earnings. That amount of prosperity ought to be attainable by anyone. A greater share will come to those who have greater ability...
用一个大的界限来定义富有是一种毫无意义的表现。这样说吧，当一个人从投资资本中获得的收入足以以体面和舒适的方式养活他和他的家人，也就是说，像他的收入所给予的支持一样，他就是富有的。任何人都应该能够达到这种繁荣的程度。那些有更大能力的人将获得更大的份额......
It's quite true that wealth is not so evenly distributed as it ought to be and as it can be. And part of the reason for the unequal distribution is the lack of systematic investment and also the lack of even moderately sensible investment.
财富确实没有像它应该的和可以的那样平均分配。而分配不均的部分原因是缺乏系统的投资，甚至缺乏适度合理的投资。
One class of investors saves money and puts it into savings banks or other mediums that pay only a fixed interest. Such funds are valuable, but they do not lead to wealth. A second class tries to get rich all at once, and buys any wildcat security that comes along with the promise of immense returns. A third class holds that return from interest is not enough to justify savings, but at the same time has too much sense to buy fake stocks, and so saves nothing at all. Yet all the while wealth has been here for the asking.
有一类投资者把钱存起来，放到储蓄银行或其他只付固定利息的媒介。这种资金是有价值的，但它们不会带来财富。第二类人试图一次致富，并购买任何带有巨大回报承诺的野猫证券。第三类人认为利息的回报不足以证明储蓄的合理性，但同时又有太多的意识去购买假股票，所以根本没有储蓄。然而，在这段时间里，财富一直在这里等着你。
The common stocks of this country have in the past ten years increased enormously in value because the business of the country has increased. Ten thousand dollars invested ten years ago in the common stock of General Motors would now be worth more than a million and a half dollars. And General Motors is only one of many first-class industrial corporations.
这个国家的普通股票在过去十年中价值大增，因为这个国家的商业已经增加。十年前投资于通用汽车公司普通股的一万美元，现在价值超过一百五十万美元。而通用汽车公司只是众多一流工业公司中的一个。
It may be said that this is a phenomenal increase and that conditions are going to be different in the next ten years. That prophecy may be true, but it is not founded on experience. In my opinion the wealth of the country is bound to increase at a very rapid rate. The rapidity of the rate will be determined by the increase in consumption, and under wise investment plans the consumption will steadily increase.
可能有人会说，这是一个惊人的增长，未来十年的情况会有所不同。这个预言可能是真的，但它没有建立在经验之上。在我看来，国家的财富必然会以非常快的速度增长。速度的快慢将由消费的增长决定，而在明智的投资计划下，消费将稳步增长。
We have scarcely started 我们还没开始呢
Now anyone may regret that he or she did not have ten thousand dollars ten years ago and did not put it into General Motors or some other good company—and sigh over a lost opportunity. Anyone who firmly believes that the opportunities are all closed and that from now on the country will get worse instead of better is welcome to the opinion—and to whatever increment it will bring. I think that we have scarcely started, and I have thought so for many years.
现在任何人都可能为他或她十年前没有一万美元而没有把它投入通用汽车公司或其他一些好公司而感到遗憾--为失去的机会而叹息。任何坚信机会都已关闭，从现在开始国家将变得更糟而不是更好的人，都会欢迎这种观点，并欢迎它带来的任何增量。我认为我们几乎还没有开始，而且我多年来一直这样认为。
In conjunction with others I have been interested in creating and directing at least a dozen trusts for investment in equity securities. This plan of equity investments is is no mere theory with me. The first of these trusts was started in 1970 and the others in the years immediately following. Under all of these the plan provided for the saving of fifteen dollars per month for investment in equity securities only. There were no stocks bought on margin, no money borrowed, nor any stocks bought for a quick turn or resale. All stocks with few exceptions have been bought and held as permanent investments. The fifteen dollars was saved every month and the dividends from the stocks purchased were kept in the trust and reinvested. Three of these trusts are now twenty years old. Fifteen dollars per month equals one hundred and eighty dollars a year. In twenty years, therefore, the total savings amounted to thirty-six hundred dollars. Each of these three trusts is now worth well in excess of eighty thousand dollars. Invested at 6 percent interest, this eighty thousand dollars would give the trust beneficiary an annual income of four hundred dollars per month, which ordinarily would represent more than the earning power of the beneficiary, because had he been able to earn as much as four hundred dollars per month he could have saved more than fifteen dollars.
我和其他人一起，一直对创建和指导至少十几个信托基金投资于股权证券感兴趣。这个股权投资计划对我来说不仅仅是理论。这些信托中的第一个是在1970年开始的，其他的是在紧接着的几年里开始的。在所有这些计划中，规定每个月只存15美元用于投资股权证券。没有用保证金购买股票，没有借钱，也没有为快速转手或转卖而购买任何股票。除了少数例外，所有的股票都是作为永久性投资而购买和持有的。每个月都有15美元的储蓄，购买的股票的红利被保存在信托中并进行再投资。这些信托中的三个现在已经有二十年的历史了。每月十五美元等于每年一百八十美元。因此，在二十年里，总储蓄额达到了三千六百美元。这三个信托中的每一个现在的价值都远远超过了八万美元。按6%的利息投资，这八万美元将给信托受益人带来每月四百美元的年收入，这通常代表着超过受益人的挣钱能力，因为如果他能够每月挣到四百美元，他就可以储蓄十五美元。
Suppose a man marries at the age of twenty-three and begins a regular saving of fifteen dollars a month—and almost anyone who is employed can do that if he tries. If he invests in good common stocks and allows the dividends and rights to accumulate, he will at the end of twenty years have at least eighty thousand dollars and an income from investment of around four hundred dollars a month. He will be rich. And because anyone can do that I am firm in my belief that anyone not only can be rich but ought to be rich.
假设一个人在23岁时结婚，并开始每月定期储蓄15美元--几乎任何有工作的人都能做到这一点，只要他努力。如果他投资于良好的普通股票，并允许红利和权利的积累，那么在20年结束时，他将至少拥有8万美元，每月有大约400美元的投资收入。他将成为富人。因为任何人都能做到这一点，我坚信任何人不仅可以成为富人，而且应该成为富人。
The obstacles to being rich are two: The trouble of saving, and the trouble of finding a medium for investment.
致富的障碍有两个。储蓄的麻烦，和寻找投资媒介的麻烦。
If Tom is known to have two hundred dollars in the savings bank then everyone is out to get it for some absolutely necessary purpose. More than likely his wife's sister will eventually find the emergency to draw it forth. But if he does withstand all attacks, what good will the money do him? The interest he receives is so small that he has no incentive to save, and since the whole is under his jurisdiction he can depend only upon his own will to save. To save in any such fashion requires a stronger will than the normal.
如果人们知道汤姆在储蓄银行里有两百美元，那么每个人都会为了某些绝对必要的目的而去拿它。更有可能的是，他妻子的妹妹最终会找到应急借口，把它抽出来。但是，如果他真的经受住了所有的攻击，这些钱对他有什么好处呢？他收到的利息是如此之少，以至于他没有动力去储蓄，而且由于整个资金都在他的管辖之下，他只能依靠自己的意志去储蓄。以任何这种方式储蓄都需要比正常人更强的意志。
If he thinks of investing in some stocks he has nowhere to turn for advice. He is not big enough to get much attention from his banker, and he has not enough money to go to a broker—or at least he thinks that he has not.
如果他想投资一些股票，他没有地方可以征求意见。他的资金量还没有大到可以从他的银行家那里得到很多关注，他也没有足够的钱去找经纪人，或者至少他认为自己没有。
Suppose he has a thousand dollars; the bank can only advise him to buy a bond, for the officer will not take the risk of advising a stock and probably has not the experience anyway to give such advice. Tom can get really adequate attention only from some man who has a worthless security to sell, for them all of Tom's money will be profit.
假设他有一千美元；银行只能建议他购买债券，因为高级职员不会冒险建议购买股票，而且可能没有经验来提供这种建议。汤姆只能从一些有不值钱的证券可以出售的人那里得到真正充分的关注，对他们来说，汤姆的所有钱都将是利润。
The plan that I have had in mind for several years grows out of the success of the plans that we have followed for the executives in General Motors and the Du Pont companies. In 1923, in order to give the executives of General Motors a greater interest in their work, we organized the Managers Securities Company, made up of eighty senior and junior executives. This company bought General Motors common stock to the then market value of thirty-three million dollars. The executives paid five million dollars in cash and borrowed twenty-eight million dollars. The stockholders of the Managers Securities Company are not stockholders of General Motors. They own stock in a company which owns stock in General motors, so that, as far as General Motors is concerned, the stock is voted as a block according to the instructions of the directors of the Managers Securities Company. This supplies an important interest which can exercise a large influence in shaping the policies of General Motors.
几年来，我心中的计划是在我们为通用汽车公司和杜邦公司的高管所实施的计划的成功基础上发展起来的。1923年，为了让通用汽车公司的管理人员对他们的工作有更大的兴趣，我们组织了由80名高级和初级管理人员组成的管理人员证券公司。这家公司购买了通用汽车公司的普通股，当时的市场价值为三千三百万美元。高管们支付了五百万美元的现金，并借了两千八百万美元。经理人证券公司的股东不是通用汽车的股东。他们拥有一家公司的股票，而这家公司拥有通用汽车的股票，因此，就通用汽车而言，这些股票是根据经理人证券公司董事的指示作为一个整体进行投票。这提供了一个重要的利益，在制定通用汽车的政策方面发挥了很大的影响。
FROM $25,000 TO A MILLION
The holdings of the members in the securities company are adjusted in case of men leaving the employ of the company. The plan of the Manager Securities Company contemplates no dissolution of that company, so that its holdings of General Motors stock will always be en bloc. The plan has been enormously successful, and much of the success of the General Motors Corporation has been due to the executives' having full responsibility and receiving financial reward commensurate with that responsibility.
成员在证券公司中的持股量在有人离开公司的情况下进行调整。管理人员证券公司的计划没有考虑该公司的解散，因此其持有的通用汽车公司的股票将永远是整批的。该计划取得了巨大的成功，而通用汽车公司的成功在很大程度上是由于高管们承担了全部责任并获得了与该责任相称的经济回报。
The participation in the Managers Securities Company was arranged in accordance with the position and salary of the executive. Minimum participation required a cash payment of twenty-five thousand dollars when the Managers Securities Company was organized. That minimum participation is now more than one million dollars.
在管理人证券公司的参与是根据行政人员的职位和工资来安排的。管理人证券公司成立时，最低参与额需要支付2.5万美元的现金。现在这个最低参与额已经超过了一百万美元。
Recently I have been advocating the formation of an equity securities corporation; that is, a corporation that will invest in common stocks only under proper and careful supervision. This company will buy the common stocks of first-class industrial corporations and issue its own stock certificates against them. This stock will be offered from time to time at a price to correspond exactly with the value of the assets of the corporation and all profit will go to the stockholders. The directors will be men of outstanding character, reputation and integrity. At regular intervals—say quarterly—the whole financial record of the corporation will be published together with all of its holdings and the cost thereof. The corporation will be owned by the public and with every transaction public. I am not at all interested in a private investment trust. The company would not be permitted to borrow money or go into any debt.
最近，我一直主张成立一家股权证券公司；也就是说，一家只在适当和谨慎监督下投资普通股的公司。该公司将购买一流工业公司的普通股，并针对这些股票发行自己的股票证书。这种股票将不时地以与公司资产价值完全一致的价格发售，所有利润将归股东所有。董事们将是具有杰出品格、声誉和诚信的人。每隔一段时间，例如每季度，公司的全部财务记录将被公布，同时公布其所有的资产及其成本。该公司将由公众拥有，每笔交易都要公开。我对私人投资信托基金一点也不感兴趣。该公司将不被允许借钱或负债。
In addition to this company, there should be organized a discount company on the same lines as the finance companies of the motor concerns to be used to sell stock of the investing corporation on the installment plan. If Tom had two hundred dollars, this discount company would lend him three hundred dollars and thus enable him to buy five hundred dollars of the equity securities investment company stock, and Tom could arrange to pay off his loan just as he pays off his motor-car loan. When finished he would own outright five hundred dollars of equity stock. That could take his savings out of the free-will class and put them into the compulsory-payment class and his savings would no longer be fair game for relatives, for swindlers or for himself.
除了这家公司之外，还应该组织一家与汽车公司的财务公司相同的折扣公司，用于以分期付款计划出售投资公司的股票。如果汤姆有200美元，这家折扣公司将借给他300美元，从而使他能够购买500美元的股权证券投资公司的股票，而汤姆可以安排偿还他的贷款，就像他偿还汽车贷款一样。完成后，他将直接拥有五百美元的股权股票。这可以把他的储蓄从自由意志类中拿出来，放到强制支付类中，他的储蓄将不再是亲戚、骗子或自己的公平游戏。
People pay for their motor car loans. They will also pay their loans contracted to secure their share in the nation's business. And in the kind of company suggested every increase in value and every right would go to the benefit of the stockholders and be reflected in the price and earning power of their stock. They would share absolutely in the nation's prosperity.
人们为他们的汽车贷款付款。他们也会支付他们的贷款合同，以保证他们在国家商业中的份额。而在所建议的那种公司中，每一个价值的增加和每一项权利都将归于股东的利益，并反映在他们的股票价格和收益能力上。他们将绝对分享国家的繁荣。
CONSTRUCTIVE SAVING
The effect of all this would, to my mind, be very far-reaching. If Tom bought five hundred dollars' worth of stock he would be helping some manufacture to buy a new lathe or a new machine of some kind, which would add to the wealth of the country, and Tom, by participating in the profits of this machine, would be in a position to buy more goods and cause a demand for more machines. Prosperity is in the nature of an endless chain and we can break it only by our own refusal to see what it is.
在我看来，这一切的影响将是非常深远的。如果汤姆买了价值500美元的股票，他就会帮助一些制造商购买一台新的车床或某种新的机器，这将增加国家的财富，而汤姆通过参与这种机器的利润，将有能力购买更多的商品，引起对更多机器的需求。繁荣的本质是一个无止境的链条，我们只能通过自己拒绝看到它的本质来打破它。
Everyone ought to be rich, but it is out of the question to make people rich in spite of themselves.
每个人都应该富有，但让人们不顾自己而富有是不可能的。
The millennium is not at hand. One cannot have all play and no work. But it has been sufficiently demonstrated that many of the old and supposedly conservative maxims are as untrue as the radical notions. We can appraise things as they are.
千禧年并不在眼前。人不能只玩不做。但已经充分证明，许多旧的和所谓的**保守的格言与激进的观念一样不真实。我们可以对事物的现状进行评估。
Everyone by this time ought to know that nothing can be gained by stopping the progress of the world and dividing up everything—there would not be enough to divide, in the first place, and, in the second place, most of the world's wealth is not in such form it can be divided.
这时，每个人都应该知道，停止世界的进步和分割一切都不会有任何好处--首先，没有足够的东西可以分割，其次，世界上的大部分财富都不是可以分割的形式。
The socialistic theory of division is, however, no more irrational than some of the more hidebound theories of thrift or of getting rich by saving.
然而，社会主义的划分理论并不比一些更多的节俭或通过储蓄致富的束缚理论更不合理。
No one can become rich merely by saving. Putting aside a sum each week or month in a stock at no interest, or in a saving bank at ordinary interest, will not provide enough for old age unless life in the meantime be rigorously skimped down to the level of mere existence. And if everyone skimped in any such fashion then the country would be so poor that living at all would hardly be worth while.
没有人能够仅仅通过储蓄变得富有。每周或每月把一笔钱放在无息的股票里，或放在普通利息的储蓄银行里，都不能为老年生活提供足够的资金，除非在此期间严格地把生活缩减到仅仅是生存水平。如果每个人都以这种方式节衣缩食，那么这个国家就会变得如此贫穷，以至于活着都没有什么意义了。
Unless we have consumption we shall not have production. Production and consumption go together and a rigid national program of saving would, if carried beyond a point, make for general poverty, for there would be no consumption to call new wealth into being.
除非我们有消费，否则就不会有生产。生产和消费是相辅相成的，一个严格的国家储蓄计划，如果超过一定的限度，就会造成普遍的贫困，因为没有消费就不会有新的财富。
Therefore, saving must be looked at not as a present deprivation in order to enjoy more in the future, but as a constructive method of increasing not only one's future but also one's present income.
因此，不能把储蓄看成是为了在未来享受更多的东西而进行的对现在的剥夺，而是要看成是一种建设性的方法，不仅可以增加一个人的未来，也可以增加一个人的现在的收入。
Saving may be a virtue if undertaken as a kind of mental and moral discipline, but such a course of saving is not to be regarded as a financial plan. Constructive saving in order to increase one's income is a financial operation and to be governed by financial rules; disciplinary saving is another matter entirely. The two have been confused.
如果把储蓄作为一种精神和道德的约束，可能是一种美德，但这样的储蓄过程不能被看作是一种财务计划。为增加收入而进行的建设性储蓄是一种金融操作，应受金融规则的约束；纪律性储蓄则完全是另一回事。这两者已经被混淆了。
Most of the old precepts contrasting the immorality of speculation with the morality of sound investment have no basis in fact. They have just been so often repeated as true that they are taken as true. If one buys a debt—that is, takes a secured bond or mortgage at a fixed rate of interest—then that is supposed to be an investment. In the case of the debt, the principal sum as well as the interest is fixed and the investor cannot get more than he contracts for. The law guards against getting more and also it regulates the procedure by which the lender can take the property of the borrower in case of default. But the law cannot say that the property of the debtor will be worth the principal sum of the debt when it falls due; the creditor must take that chance.
大多数将投机的不道德性与健全的投资道德性相对立的古老戒律都没有事实依据。它们只是经常被当作真理来重复，以至于被认为是真理。如果一个人购买了债务，即以固定利率购买有担保的债券或抵押贷款，那么这应该是一种投资。在债务的情况下，本金和利息都是固定的，投资者不能得到超过他所签订的合同。法律防止获得更多，而且还规定了在违约情况下贷款人可以拿走借款人财产的程序。但是，法律不能说债务人的财产在债务到期时就能值回本金；债权人必须抓住这个机会。
The investor in a debt strictly limits his possible gain, but he does not limit his loss. He speculates in only one direction in so far as the actual return in dollars and cents is concerned. But in addition he speculates against the interest rate. If his security pays 4 per cent and money is worth 6 or 7 per cent then he is lending at less than the current rate; if money is worth 3 per cent, then he is lending at more than he could otherwise get.
投资者对债务的投资严格限制了他可能的收益，但他并没有限制他的损失。就以美元和美分计算的实际收益而言，他只在一个方向上进行投机。但除此之外，他还针对利率进行投机。如果他的证券支付4％，而钱的价值是6％或7％，那么他是以低于当前利率的价格出借；如果钱的价值是3％，那么他是以高于他可以得到的价格出借。
The buyer of a common share in an enterprise limits neither his gains nor his losses. However, he excludes one element of speculation—the change in the value of money. For whatever earnings he gets will be in current money values. If he buys shares in a wholly new and untried enterprise, then his hazards are great, but if he buys into established enterprises, then he takes no more chance than does the investor who buys a debt.
一个企业的普通股的购买者既不限制他的收益，也不限制他的损失。然而，他排除了投机的一个因素--货币价值的变化。因为他得到的任何收益都是以当前的货币价值计算的。如果他购买的是一个全新的、未经检验的企业的股份，那么他的风险就很大，但如果他购买的是成熟的企业，那么他所冒的风险并不比购买债务的投资者大。
It is difficult to see why a bond or mortgage should be considerer as a more conservative investment than a good stock, for the only difference in practice is that the bond can never be worth more than its face value or return more than the interest, while a stock can be worth more than was paid for it and can return a limitless profit.
很难理解为什么债券或抵押贷款应被视为比好的股票更保守的投资，因为在实践中唯一的区别是，债券的价值永远不会超过它的面值，或者回报超过利息，而股票的价值可以超过为它支付的费用，并且可以回报无限的利润。
One may lose on either a bond or a stock. If a company fails it will usually be reorganized and in that case the bonds will have to give way to new money and possibly they will be scaled down. The common stockholders may lose all, or again they may get another kind of stock which may or may not eventually have a value. In a failure, neither the bondholders nor the stockholders will find any great cause for happiness—but there are very few failures among the larger corporations.
人们可能在债券或股票上都会有损失。如果一个公司倒闭了，它通常会被重组，在这种情况下，债券将不得不让位给新的资金，而且可能会被缩减规模。普通股票持有者可能会失去所有的东西，或者他们可能会得到另一种股票，这种股票最终可能有价值也可能没有价值。在失败的情况下，无论是债券持有人还是股票持有人都不会有什么大的幸福感，但在大公司中很少有失败的情况。
BENEFICIAL BORROWING
A first mortgage on improved real estate is supposedly a very safe investment, but the value of realty shifts quickly and even the most experienced investors in real-estate mortgages have to force close an appreciable percentage of their mortgages and buy in the properties to protect themselves. It may be years before the property can be sold again.
**改善型 **房地产的第一笔抵押贷款 **按理说 **是非常安全的投资，但 **房地产 **的价值 **转变 **很快，即使是最有经验的房地产抵押贷款投资者也不得不强制关闭 **相当 **比例的抵押贷款，买入房产以保护自己。可能要过几年才能再次出售房产。
I would rather buy real estate than buy mortgages on it, for then I have the chance of gaining more than I paid. On a mortgage I cannot get back more than I lend, but I may get back less.
我宁愿购买房地产，也不愿意购买房地产的抵押贷款，因为这样我有机会获得比我支付的更多的收益。在抵押贷款上，我不能拿回比我借出的更多的钱，但我可能拿回的更少。
The line between investment and speculation is a very hazy one, and a definition is not to be found in the legal form of a security or in limiting the possible return on the money. The difference is rather in the approach.
投资和投机之间的界限非常模糊，在证券的法律形式或限制资金的可能回报中找不到定义。区别在于方法。
Placing a bet is very different from placing one's money with a corporation which has thoroughly demonstrated that it can normally earn profits and has a reasonable expectation of earning greater profits. That may be called speculation, but it would be more accurate to think of the operation as going into business with men who have demonstrated that they know how to do business.
下赌注与把钱放在一个已经彻底证明它能正常赚取利润并有合理期望赚取更大利润的公司那里是非常不同的。这可能被称为投机，但更准确的做法是将这种操作视为与那些已经证明他们知道如何做生意的人做生意。
The old view of debt was quite as illogical as the old view of investment. It was beyond the conception of anyone that debt could be constructive. Every old saw about debt—and there must be a thousand of them—is bound up with borrowing instead of earning. We now know that borrowing may be a method of earning and beneficial to everyone concerned. Suppose a man needs a certain amount of money in order to buy a set of tools or anything else which will increase his income. He can take one of two courses. He can save the money and in the course of time buy his tools, or he can, if the proper facilities are provided, borrow the money at a reasonable rate of interest, buy the tools and immediately so increase his income that he can pay off his debt and own the tools within half the time that it would have taken him to save the money and pay cash. That loan enables him at once to create more wealth than before and consequently makes him a more valuable citizen. By increasing his power to produce he also increases his power to consume and therefore he increases the power of others to produce in order to fill his new needs and naturally increases their power to consume, and so on and on. By borrowing the money instead of saving it he increases his ability to save and steps up prosperity at once.
旧的债务观与旧的投资观一样，都是不合逻辑的。任何人都无法想象，债务可以是建设性的。每一个关于债务的旧观点--肯定有一千个--都与借贷而不是挣钱联系在一起。我们现在知道，借贷可能是一种赚钱的方法，对每个人都有好处。假设一个人需要一定数量的钱来购买一套工具或其他能增加他收入的东西。他可以采取两种方法中的一种。或者，如果提供适当的便利，他可以以合理的利率借钱，购买工具，并立即增加他的收入，使他能够在储蓄和支付现金的一半时间内还清债务并拥有工具。这笔贷款使他马上就能创造出比以前更多的财富，从而使他成为一个更有价值的公民。通过增加他的生产能力，他也增加了他的消费能力，因此他增加了其他人的生产能力，以满足他的新需求，自然也增加了他们的消费能力，如此反复。通过借钱而不是存钱，他增加了自己的储蓄能力，并一下子就提高了繁荣程度。
THE WAY TO WEALTH
That is exactly what the automobile has done to the prosperity of the country through the plan of installment payments. The installment plan of paying for automobiles, when it was first launched, ran counter to the old notions of debt. It was opposed by bankers, who saw in it only an incentive for extravagance. It was opposed by manufacturers because they thought people would be led to buy automobiles instead of their products.
这正是汽车通过分期付款计划对国家的繁荣所做的事情。分期付款购买汽车的计划刚推出时，与古老的债务观念背道而驰。它遭到了银行家们的反对，他们认为这只是对奢侈行为的一种刺激。它遭到了制造商的反对，因为他们认为人们会被引导去购买汽车而不是他们的产品。
The results have been exactly opposite to the prediction. The ability to buy automobiles on credit gave an immediate step-up to their purchase. Manufacturing them, servicing them, building roads for them to run on, and caring for the people who used the roads have brought into existence about ten billion dollars of new wealth each year-which is roughly about the value of the farm crops. The creation of this new wealth gave a large increase to consumption and has brought on our present very solid prosperity.
结果与预测完全相反。赊账购买汽车的能力使他们的购买力立即得到了提升。制造汽车，为汽车提供服务，为汽车运行修建道路，以及照顾使用这些道路的人，每年带来大约100亿美元的新财富--这大约是农作物的价值。这些新财富的创造给消费带来了巨大的增长，并带来了我们目前非常稳固的繁荣。
But without the facility for going into debt or the facility for the consumer's getting credit—call it what you will—this great addition to wealth might never have taken place and certainly not for many years to come. Debt may be a burden, but it is more likely to be an incentive.
但是，如果没有负债的便利或消费者获得信贷的便利--随你怎么说--这种财富的巨大增加可能永远不会发生，当然在未来许多年也不会发生。债务可能是一种负担，但它更可能是一种激励。
The great wealth of this country has been gained by the forces of production and consumption pushing each other for supremacy. The personal fortunes of this country have been made not by saving but by producing.
这个国家的巨大财富是由生产和消费的力量相互推动而获得的。这个国家的个人财富不是通过储蓄而是通过生产获得的。
Mere saving is closely akin to the socialist policy of dividing and likewise runs up against the same objection that there is not enough around to save. The saving that count cannot be static. They must be going into the production of wealth. They may go in as debt and the managers of the wealth-making enterprises take all the profit over and above the interest paid. That has been the course recommended for saving and for the reasons that have been set out—the fallacy of conservative investment which is not conservative at all.
单纯的储蓄与社会主义的分化政策密切相类似，同样也会遇到同样的反对意见，即周围没有足够的储蓄。有意义的储蓄不能是静态的。它们必须投入到财富的生产中去。它们可以作为债务进入，而创造财富的企业的经理们则拿走支付的利息以外的所有利润。这一直是为储蓄推荐的方案，其原因已被说明--保守投资的谬误在于它一点都不保守。
The way to wealth is to get into the profit end of wealth production in this country.
财富之路就是进入这个国家的财富生产的利润端。
Questions
- What essentially is Raskob's advice?
- What challenges does he believe face those who want to be rich?
- Which problems does Raskob ignore?
- Raskob的建议本质上是什么？
- 他认为那些想成为富人的人面临哪些挑战？
- Raskob忽略了哪些问题？