On “The Bailout”, Part 10: The Sunny Side of the Street

From here:

We will get out this current financial mess – not by government fiat, but because entrepreneurs and smart corporate executives and hard-working everyday people will innovate us out of it. They will come up with the new financial instruments that restructure this debt, the new technologies that will generate the wealth to make up for this loss (as they did after 9/11) and ultimately create more jobs than are right now being lost.

And if Washington really wanted to help Americans (and there is no indication right now that it does) it would, the instant it passes the bail-out bill, get to work not adding more regulations in response to this crisis, but stripping away the destructive ones we created after the last big one. And a good place to start would be Sarbanes-Oxley, which brilliantly keeps wealth out of the hands of regular workers (by keeping start-up companies from going public), all while costing, by my reckoning, $200 billion over the last six years.

If the last two weeks have taught us anything, it is that Washington is not going to get fixed, no matter who is elected. The world is moving on. Seven hundred thousand people are joining, via the Web, the Global Economy each day. If the prognosticators are right, we are now only 1000 days or so from crucial turning points in the world economy (the next billion consumers, universal wireless broadband, nanotech, thinking machines, etc.)

A new era – with new rules, new winners and new losers — is coming up on us fast, and we need to get ready for it right now. Our national leaders just had their chance to prove they were prepared for this new era – and they have failed miserably. We now have to look elsewhere for leadership… and quickly.

Amen. Read it all.

One Response

  1. This is still cold comfort to me.

    Here is what my brain is screaming: So, how do we make the next version of the USA?

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