We saw a historic moment in History today as stock market’s plummeted over 500 points. Two of America’s most respected financial institutions faced collapse today, one saving face through an acquisition by Bank of America, making BofA the second largest asset holding bank in the U.S., the other’s fate was not as forgiving; filing for bankruptcy with no bail out from the government (I’d like to note that Lehman Brothers had over $639 billion in assets and $613 billion in debt, meaning even with $26 billion in equity they were not able to stay afloat. source).
I believe this is the beginning of the Era of the Entrepreneur; a time for our generations best and brightest to break free from and old system’s boring work environment and innovate! Generation Y definitely has a hold on what they want out of life and the workplace, and I believe a crash like this will proliferate the creation of Small Businesses and Start-up companies.
You can see that people are already gunning for the young blood from wallstreet already. My hope is only that the brightest will see they have a fair chance at success themselves and become their own boss.
There are plenty of start-up accelerators and incubators ready to hatch the next bunch of billionaires. Newsweek outlines them here.
Political Candidates want to drop small business and startup capital gains tax to 0%.
The time is right, the time is now. I say grab your smartest companion and jump into that World Arena; we’re ready to make a change on all fronts of our lives and who is to say the time isn’t now, at our darkest hour!?
