I have followed with fascination the debate about whether or not to bailout banks, car companies etc and the long term effects on our economic system.
I was then struck by a recent example of a situation of where there wasn't a bailout for a struggling local business.
A local bar which was in a great location was failing because of poor and inept management--the place was a mess and eventually closed its doors and the owners suffered a significant economic loss. Enter another set of entrepreneurs who picked up the location at a bargain and who went in and did a significant renovation. A new successful and popular establishment emerged--generating lots more revenue and taxes--employing many more people. The question I ask--what would have been gained if the old bar and gotten a "bailout" and had been allowed to stay in business and limp along following its old management ways?
Tell me what you think...
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