Silverlake's private equity chief: Is there still hope for growth and innovation?

Ultimately, it became clear that there was a direct link between Wall Street and Main Street.

As a result, the federal government's response has been "breathtaking." According to Hutchins, the guarantees, bailouts and spending have reached about $10 trillion (keep in mind that the US's GDP is $14 trillion). He says that the resources committed to World War II amounted to $5 trillion (adjusted for inflation).

So, despite all the criticism, the US government is certainly taking aggressive action. Perhaps policymakers have learned lessons from prior financial collapses?

But according to Hutchins, the real key to sustained growth is innovation and entrepreneurship. Hey, after all, it was during the terrible 1970s that we saw the emergence of great companies like Microsoft Corporation (Nasdaq: MSFT), Intel Corporation (Nasdaq: INTC) and Oracle Corporation (Nasdaq: ORCL).

So, what are the big opportunities now? Hutchins thinks the big play is in mobile. The space could have far-reaching impacts, such as with new devices, network gear, applications, and so on.

It's a hopeful message – but I think realistic. So long as the world economy can stabilize -- and there are signs that this is happening -- entrepreneurs will be in a better position to work their magic.

Tom Taulli is the author of various books, including The Complete M&A Handbook and the founder of BizEquity, a free online business valuation tool for small businesses. You can reach him on Twitter.