Inc magazine interviewed their list of top thirty entrepreneurs under thirty years old to get their take on the current economic conditions. These young entrepreneurs will be leading this economy over the coming decades. I was impressed by their wisdom and the realistic view they are taking regarding the current situation.
What gave me the most confidence for our future is their belief in the power and resiliency of the free market economy. Here are two excerpts:
I think we should stop the bailouts to avoid creating a moral hazard that will engender worse market corrections in the future. It's best to take our hits now and build a solid foundation for the next 100 years of growth. American entrepreneurs are just as smart and hard-working as they were two months ago and we can grow our way out of this slump. (Matt Mullenweg, 24, founder of Automattic, a San Francisco-based software firm).
Historically, the market has always corrected itself. I feel very uncomfortable with the government picking and choosing what companies they bail out. The government and Federal Reserve must continue to make a business-friendly environment with lower taxes and other pro-growth policies. At the same time we must learn from this incident. The way companies will learn is by not getting get bailed out for making bad decisions. This country became great through capitalism and the free market. Over-regulation will hurt us in the long term. (Rob Van Etten, 28, founder of Brighton Cromwell, a Randolph, N.J.-based supply chain management firm).
Great post! It's good to know that my peers are optimistic about the same free market economy that has enabled them to be successful.
I agree. Let the chips fall so the money that would be used to hold these failing financial firms can be used by new businesses to rebuild the economy. The sooner we take the loses that better.