Ever since the recession hit, businesses and individuals have been cutting back. Some of that is good and frankly long overdue, especially in the case of those who had run up exorbitant credit card bills and viewed home ownership as a path to easy riches … with financial institutions turning a blind eye to borrowers’ credit worthiness and collateral, just as long as profits were good.
But some of that caution has been counter-productive. Businesses forced to shed jobs as the economy spiraled downward are now reluctant to rehire those employees, even after their balance sheets have begun to turn around. Money loaned to major industries at obscenely-low rates by the federal government, intended to stimulate growth and innovation, is instead being hoarded or used to buy up more company stock.
Their reluctance is understandable. But it won’t lead to an economic recovery. What is needed is foresight, innovation and a little risk-taking. And what better place to star...
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