Entrepreneurs, bankers, politicians, and bureaucrats should all make the same resolution for 2009...

We resolve not to panic.

We are realistic: we know this is going to be a difficult year. There is no avoiding that. Yet there is no reason to make things worse than they need be.

We resolve not to talk down the economy. We accept a recession is overdue, but it need not be a depression unless we make it into one.

We resolve not to encourage politicians to follow their natural inclination, which is to spend more money. This situation has been triggered by irresponsible borrowing. More borrowing is not the answer. Postponing the day of reckoning will only make it worse. We resolve to face it now and get it done.

We resolve to make a choice – today – whether to fold or to fight. If a business has no realistic hope of surviving this year, we resolve to end it immediately, rather than build up debts that cannot be repaid. If, however, we choose to fight, we resolve to do whatever it takes to survive.

Either way, we resolve to live with our choice.