A few hundred years ago there were a lot of people who worried about sailing too far from shore and falling off the edge of the earth. Some people did sail into waters too treacherous for their skill-set and they suffered a fate different than falling of the edge of the earth, but with the same outcome: We never heard from them again.
There was this guy named Columbus, and there were others, who had a vision of how the world was put together, and they ventured out to sea.
It matters not whether you are Romney building an empire known as Bain, Mulally bringing Ford back from the edge of the earth, Steve Jobs coming back a number of years ago to build Apple into what we know today, or the Melvin Simon organization owning, operating and building shopping centers near where you live, DEBT is just part of business. In fact, for most of us, DEBT is just part of personal life.
From a RADIO point of view (a listener, a fan, a team-member of the industry) we love to get CC down on the floor and stomp on them like some kind of college hazing event. If no one would loan CC all that money, they couldn't RUIN the tradition and memory we want to cling to.
From a business point of view, from the MBA point of view, borrowing money
to acquire enterprises and to revamp enterprises is about a natural as some young couple having an extra fling at sexual activity on a long holdiday weekend. If you truly want to understand radio... The Big Picture... get over this fundamentalist view of debt!