Basically, when times are bad, the rich are solvent enough to afford to just "buy the dip", and sit on it to appreciate during the good times when rates will be

Basically, when times are bad, the rich are solvent enough to afford to just "buy the dip", and sit on it to appreciate during the good times when rates will be low enough again, then rinse and repeat between the boom-bust cycles to increase wealth. Inflation helps them as their assets are inflation-proof and it helps wipe out their debd.