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Development firm with a small venture capitalist firm. robert, i want to start with you since it comes out of you. there's been so much talk, you guys put a report out a year ago saying small business is the engine that drives the economy and now one year later you're coming out and saying small businesses aren't even hiring. what does that mean for the economy? >> so actually what our previous report said is that it's not just any small business, it's really new businesses. those are under five years old that have been responsible for the -- for virtually all new jobs since 1980 but we took a...

New firm start-up business engine slowing down janld the answer is, yes. we found that actually the number of jobs that are created by new firms started slowing in 2005 and then took a dramatic dip during the recession and really hasn't returned. >> robert, is this a function of -- in part it is. how big of a part of firms failing or firms not having the capital to grow versus technology? >> that's a very good question. actually, the raw numbers don't give an answer to it. all we can do is make guesses. the fact that the numbers started falling before the recession may mean that the new busine...