If you wake up with a thought, write it down

HERE'S SOMETHING I MUST HAVE WRITTEN IN THE MIDDLE OF THE NIGHT A FEW WEEKS BACK.
JUST FOUND IT THIS MORNING.

The problem is not bad debt, but excessive debt.

Or, more belabored:

It may seem to someone who was not watching, that the problem is bad debt. But to politicians and policymakers and hobbyists like me, and to anyone who looks, it should be clear that debt went bad because it was excessive.