Tuesday, July 27, 2010

A letter I sent last month to Chairman Ben Bernanke of the Federal Reserve.

Dear Mr. Chairman: I have written to you many times about small business, job creation, and Main Street over the past several years. My worst fears concerning the loss of jobs, the loss of individual and economic freedom, and the death of Main Street are happening as we speak. I stated my fears a long time ago, and it is at the point to where many of the positive actions that would have mimimized the damage are no longer available. A lot of my solutions were targeted to small business lending, but it appears that money used for stimulus funding for Big Business, Big Government, Big Unions, and Wall Street has lessened the ability of government to respond. I'm not sure the President or the Congress really care about small business, until it means something with the November elections. With 80% of the job losses coming from small business, and the fact that more than 80% of net, new jobs come from small business, it is time to do something before we have a Japanese style recovery. We are rapidly going down that path. The problem is that nobody really sees small business until conditions are so bad that it is almost too late to help. That is because the small business is no longer in business. That means that Main Street and the character of the community are lost and it can't be brought back. That could have been avoided, but nothing was done. Banks aren't lending and communities are dying. I have written so much about this I am tired of saying the same thing. This creates a permanent shift to Big Business, Big Labor, and Big Government. The job engine that truly is small business is gone and the innovation that it brings is lost during a single generation. This isn't a business cycle. This is a change in the structure of the American economy and culture. My only satisfaction with this is that at some moment in time when we run out of money or the ability to print/borrow money, we will need to get back to the basics of creating a real job. That means small business. That requires capital. That requires some creative thinking on your part because nobody else seems to have a clue. The President and Congress's solution is more unemployment benefits and stimulus programs. They don't work and they will eventually take the last of our freedoms away for good. I am requesting that you pick up your message about small business lending and develop some way to get capital to small business that creates a real job. Small business wants to borrow and grow, no matter what the banks say. The banks of today are so far removed from the banks of the past that built this country, they really don't know what I am talking about. The tragedy is that being right about this potential catastrophe is not satisfying to me or anyone else who really cares. I believe you care and you have the ability to do something about it. You mentioned one time that you didn't want to be the Chairman of the Fed during the next Great Depression. I think it would be worse to be the Chairman when we lost Main Street.

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