Wednesday, October 01, 2008

I just sent this letter to my U.S. Senators and Congressman:

I heard Irving Crystal call global corporatism "socialism is sheepskins."

This bail out would be the full flowering.

Or it's a chance to get back to the basics of a freemarket system.

There is a need to loosen credit, but this is the wrong way to do it, in my opinion.

What would work?

I've been in businesses that go through a down cycle and show a loss for the year. Good accountants advise that inventory, receivable, and other assets be written down so there is solid footing for growth the next year.

It's time to write-down America:

1. Negotiate settlement of all U.S. debt.

2. Let irresponsible corporations go tits-up.

3. Loosen regulations so entrepreneurs can take over the assets of these corporate carcasses and step in to fill the giant demand for credit that will be created.

Joseph Schumpeter called times like this "creative destruction." Please allow it to operate.

John S. Wren, MBA+

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