Doom, doom, dooooom.
Yeah, I'm going to take my economic punditry from a French source. After all, they must know what they're doing, our growth rate is 2/5ths of theirs! What was that, it's the other way 'round? You don't say!
Gross doesn't get around to touching, even tangentially, on the whole "destruction" half of "creative destruction" until the last paragraph. Whoop de $!in' doo, there are more business failures coming down the pike. Yeah, raising interest rates would tend to *do* that. We're five going on six years out from the last great entrepreneurial bust - that's given the wild men time to recoup and recover. *Something* would eventually come along to cause a fall-out. If it *didn't*, I'd be pretty damned worried that we're going down France's Eurosclerotic path o' damnation.