Commentary: Next generation won’t have a Bill Gates
If we cannot borrow money…The next generation won’t have a Bill Gates, a Steve Jobs or a Mark Zuckerberg because the budding American entrepreneur won’t be able to secure the financing to create the next dynamic technology company that would have energized the economy.
Why? Because kids with super rich parents will no longer get massive amounts of money from their parents with which they can startup a business? While I understand where this guys coming from, Venture Capital is actually one of the few places that is in no way impacted by the banks having trouble loaning. And Microsoft was hardly started by poor kids with no means, securing standard small business loans with a brilliant business plan.
The US’s spending is in a scary place. The bailouts are scary. But if anything we should be talking about how we regulate these markets so that no single bank can fail in the future and take out the rest of the banking system. If a company is being watched for being too big to fail, it should be broken up. Trust busting is essential to keeping the free market moving.