Maybe those big companies just need to be allowed to die.
A lot of people in Washington seem to find that a terrifying prospect. More terrifying, evidently, than being trillions of dollars in debt.
It didn’t have to be this way, if the policy makers had been willing to put their money where their months have been for years.
The U.S. economy used to be famous for something called creative destruction. That’s the process by which large marketplace incumbents that failed to adjust to changes in said marketplace eventually disappeared, to be replaced by a new set of businesses that eventually grew to become our current large marketplace incumbents.
But it’s pretty hard for those feisty little upstarts to start up and get anywhere if the government steps in and refuses to let creative destruction clear the underbrush.
from The Journal Blog