When is comes to the state of our economy the US government is out of answers and out of time.
In his report yesterday Bernake, head of the Federal reserve, acknowledged that after hundreds of billions of dollars in bailouts the economy is still in dire straits.And that the deep wounds the economy has suffered actually required more than billion dollar band aids
It may be a bleak image, but it’s the one staring back at us in the mirror.
Fortunately, entrepreneurs have not been sitting idly by.
In 2007, as customers of Northern Rock in London made a panic fueled run on the bank, Mark Pincus was launching Zynga. In 2008, as Goldman Sachs, Bank of America and others consumed hundreds of billions in bailout money, yCombinator was helping to launch future billion dollar businesses like DropBox and AirBnB for tens of thousands of dollars. While upwards of 25 million of our fellow Americans are hopelessly out of work, our portfolio companies can’t fill seats fast enough. While the rest of the nation sinks deeper and deeper into the depths of the greatest depression in our history, entrepreneurs are debating the presence of a bubble and frothy funding environments.
The contrast is stark.
The economy we’ve constructed to support us in the past will not support our future. The insulation these institutions have relied on in the past will not protect them going forward. The same entrepreneurial energy that built this country will recreate it with, or without, the support of government leaders.
They had their chance to bail us out and they failed. It’s our turn to lead. We’ve done, with our hundreds of millions, what they couldn’t do with their hundreds of billions. From here on out we should work to build each of our company’s like the fate of our country depends on it.
Because, quite frankly, it does.
Great post. Especially…
"From here on out we should work to build each of our company’s like the fate of our country depends on it. Because, quite frankly, it does.