Irwin Steltzer has a great op ed in today’s Financial Times that cautions—as I did in my recent blog post—against throwing money at dying companies and industries. The dinosaurs like the American automobile companies aren’t going to create jobs and perk up the economy going forward. Innovation and with it jobs will come from new ventures with new ideas.

The FT had another worrisome article—about a third of UK small businesses are thinking of closing down. I wouldn’t be surprised if a significant portion of American ones were too. It is hard to justify throwing billions at the three stooges who flew their corporate jets to DC to beg for money when hard working small businesses people who create a lot of jobs too can’t get a loan.