Friday 2011-11-11

John Robertson points to an Atlanta Fed poll of small businesses.

Older small businesses seem to have used bank lending, while newer entrepreneurs used personal capital. One can read this many ways:

  1. Banks haven't been lending
    1. They are in capital-adequacy trouble
    2. The ideas are junk
  2. Small company startup costs have fallen
  3. People have more Capital

It's probably some combination thereof.