My personal opinion part 4- Affirmative Action


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I'd love to see an example from 2000 forward where someone built a business from scratch without a loan

I think you have a mistaken idea of how businesses are funded. It's mostly retained earnings. A chosen few can float High Yield bonds at historically very low rates since 2002, mostly in shale gas & oil, leveraged buyouts (taking a public company private) and airline mergers.

I need clarification on this because you must be right-- I dont understand how businesses are funded.

Also as far as your links go,

1. It is very interesting to see that there is a lot (I put that in parenthesis because I haven't looked at how much money is available to non minority businesses) so my question to you would be, why do you think that there are fewer minority businesses than the population counts/ratios would lead one to expect?

edit: actually in reading the links, they all seem to be loans for expanding your already established business, so those are probably not pertinent to my gripes (damn, caught responding to a link without actually reading it first--shame on me)

2. My point in my quote wasn't so much to show that money out there isn't strictly limited to traditional banks (after all there is the angel investor industry) but that the capital costs to start a business now are so high that one cannot do it on their own and that includes help from family, unless of course that family was already rich...

But again, this is another thread and I was happy to see this one thread not dissolve into a multitude of other topics

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Rich kids generally don't start businesses. They don't have to.

Back on the topic of education, there are certain people of every race and class that excel in an institutional setting. I wasn't one of them. Lack of (or refusal to seek) formal credentials has a measurable cost, so conventional wisdom urges everyone to stay in school and rise through the ranks of conventional qualification. For an engineer or licensed professional (doctor, lawyer, hairdresser) that makes perfect sense. Unfortunately, U.S. colleges have historically produced about 50 percent more graduates than are hired into engineering jobs each year. [WaPo] Law schools churn out about 25,000 “surplus” lawyers every year. [Bloomberg, PBS] The outlook for doctors is considerably brighter, with ObamaCare inspiring older physicians to quit. [Bloomberg, USC Annenberg]

The last thing I wanted was a life sentence of serving sick people. Steve Jobs and Steven Spielberg were college drop-outs.

Spike Lee has a masters degree from NYU, and Barack Obama did something at Harvard (?) so there's that.

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Reading "zerohedge" (at Wolf's recommendation). There is this: http://www.zerohedge.com/news/2014-09-20/why-socialism-doesnt-work

Q1: "What people in the western world don't understand is that in 3rd world countries, EVERYONE is an entrepreneur, because they have to be! And thankfully, there are few regulations stopping them from being such."

Q2: "In the West, this girl (and the restaurant, the boat driver, me the tourist) would have been in violation of numerous health codes, fishing laws, OSHA standards, tourism permits, and more. Leaving her with only one real choice – dependence on a flawed welfare system."

Older, but related entry by the same author, from his website: http://joshgalt.com/the-real-difference-between-rich-and-poor-is-hope/

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Derek,

For the record, we are more in agreement than it may appear, especially the more you've explained. The difference I see between our views is that you respect "top university" education way more than I do. I have a degree from a community college and a degree from Tulane University. The community college degree got me way farther than the other. It has paid for itself many times over, while the Tulane degree is a piece of paper.

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Derek,

The difference I see between our views is that you respect "top university" education way more than I do.

I do respect it a lot, funny thing is though that I don't personally care for school

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