Some associates and I have recently invested capital in forming a new bank. I’m not allowed to give out its name or location here, in this column, as commercial promotion is forbidden thanks to the non-profit status of the publisher – an annoying little oddity, given that I’m writing in defense of capitalism.
But, to the point. A Business Week article from Dec. 22 was headlined “This May Be the Ideal Time to Start A Bank.” We agree, or they agree with us. Specific to banking, a start-up with no toxic assets and sufficient capital can borrow cheaply, and can be well-positioned to be acquired at a nifty gain when the recession dissipates and recovery takes over. That’s our strategy and we’re stickin’ to it.
But there’s an even bigger point here…
Right now – this day, in this economy – there are countless entrepreneurs starting ventures and countless investors risking money to fund and finance them. New jobs – even new types of jobs – are being created solely by their bold optimism. But you would never imagine it if all you did was watch, listen to and read mainstream news.
Sure, if you read Business Week, you saw the aforementioned article and maybe went “Hmmm.” If you read Forbes, you saw Rich Karlgard’s story on the guys with a U.S. manufacturing company building a new kind of private jet who just raised over $50-million in new capital from their own customers. If you read business media, you can sight lots and lots of these new blades of grass pushing through snow, of rays of sunlight behind clouds, of courageous optimism, innovation and investment.
These stories are not about Obama and his minions, nor the running up of trillions of fresh federal debt, nor bail-outs and hand-outs and all the unchecked thievery accompanying it. They are about the only people who can really rescue the economy: entrepreneurs. Entrepreneurs best left the hell alone, without government nitwits meddling in their industries, telling them what kind of light bulbs they must use in their factories and giving bail-outs to failed and failing competitors in their way.
The millions of people – including those who perpetually buy politicians’ nonsense that they can give us prosperity or health care or whatever – who never read business media never see or hear about these stories. They are left with the mainstream media-promoted picture of the U.S. as a moribund place in total economic collapse. They receive nothing but bad news, and with more gloom and doom on its horizon, they’re told the only conceivable salvation is to jettison of capitalism in favor of socialism.