Detroit’s Lafayette building - demolished in 2009
The American economy is less entrepreneurial now than at any point in the last three decades. That's the conclusion of a new study out from the Brookings Institution, which looks at the rates of new business creation and destruction since 1978.
Not only that, but during the most recent three years of the study -- 2009, 2010 and 2011 -- businesses were collapsing faster than they were being formed, a first. Overall, new businesses creation (measured as the share of all businesses less than one year old) declined by about half from 1978 to 2011.
The authors don't mince words about the stakes here: If the decline persists, "it implies a continuation of slow growth for the indefinite future." This lack of economic dynamism, particularly the steep drop since 2006, may be one reason why our current recovery has felt like much less than a recovery. As Matt O'Brien noted on Wonkblog last week, annual job growth rates have stubbornly refused to budge above 2 percent for the duration of the recovery.
Yay! Way to go America! smh
Please read more here.
Detroit is a bankrupt American city in the state of Michigan. Should Detroit annex itself to the Ukraine to receive US financial aid?
Biting satire, as The Daily Show and The Colbert Report so uproariously reveal, is often closer to the heart of reality than the "packaged reality" it mercilessly skews.
In the BuzzFlash at Truthout e-mail this weekend, we received our weekly quips from Howard Albrecht, an octogenarian comic writer who staffed many of the top shows of the golden age of comedy during the '50s and '60s. Retired now, Albrecht's audience is his list serve. This Saturday, his package of one-liners included this one: "To help stabilize the region, the US is giving a billion dollars to Ukraine. In an effort to uplift their city, Detroit just declared war on Russia."
Please read more here.
Miami is attracting the LeBron James of Wall Street, the Dwyane Wade of Greenwich equity, and the Chris Bosh of Boston — financial titans who are relocating to pay less in taxes and maintain a luxury lifestyle with a glittering social scene.
It's already the 2nd most popular financial hub in the country after NYC, and The Miami Downtown Development Authority is doing everything it can to make itself attractive to bankers through an initiative called the DWNTWN campaign.
Lloyd Blankfein and Leon Black are rumored to have bought Miami condos recently, and the latest hotshot to move his business there is Mark Spitznagel, founder of hedge fund Universa Investments.
“Florida’s business-friendly policies ... offer the perfect environment for us as we expand,” said Spitznagel. “I would expect to see more firms like Universa voting with their feet and relocating to a more hospitable business and tax environment, especially as many local governments are trying to tighten their grip on businesses.”
The nightlife and beaches don't hurt either.
Now you see. We don't just fool around in Miami Beach. We handle our business too. LOL!