Billy Glynn’s venture capital plan for reforming American spending
August 23, 2010
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Filed under: Credit, Debt, Bankruptcy
To say that Billy Glynn expresses controversial, self-styled views for solving America's economic woes is putting it mildly. A self-described "think tank of one," the venture capitalist and entrepreneur is used to raising money by the millions in fields from music technology to molecular science; InformationWeek once ranked him as one of 15 top global innovators. Now, he's out to raise some ire with his new book, "The United States of Bankruptcy: 20 Great Ways to Save the American Way of Life" (Franklin Green). In it, Glynn maintains that America has gone bankrupt -- socially, spiritually and financially -- and that our nation's politicians have become "nothing more than [objects of] consumer branding led by commercials designed for us to buy a political product." Ouch.
So where does economic recovery begin? As Glynn told WalletPop, Americans need to start acting not merely as citizens, but shareholders with everything at stake: "If we allow our government to do more of the same, we will lose more international confidence in our economy than we have already." he says. "We will be cut off from those nations buying our debt and keeping the U.S. from bankruptcy right now. As bleak as all this sounds, I believe solutions can be brought to the political process."
But those solutions, as Glynn outlines them, would involve some wholesale changes many in power would find hard to swallow. Likewise, Flynn has some harsh words of rebuke for Americans who have spent themselves into all sorts debt.
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Categories: Alan Greenspan, Bankruptcy, Billy Glynn, Consumers, debt
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