I've read that too in WSJ and other places, and have seen a lack of investment from small but established businesses. There's lots of reasons but generally I think the downside is viewed with more relevance than is the upside of business starts and further investment. I have much to say on this subject, but briefly, I sense a shortage of "animal spirits". Entrepreneurs are a fragile yet resilient breed. They respond to positive and negative incentives and growing and shrinking markets. The incentives right now generally are not in their favor. Every category, market and individual is different but past lead-ups to economic booms started with a growing sense of invincibility and an upbeat confidence that there was money to be made and empires to build. The last 8 years or so has seen that feeling diminish. There are growth areas for sure, but previous booms were powered by exuberance at the upside potential. If and when the mist clears, and with a little getting out of the way by government regulators, we could be teeing up a new golden age of new business starts. Or, we can be staring down the barrel of the next recession. Just don't know yet.