Back around 1960, the words “car rental” and the name Hertz were as identical in the public mind as was “refrigerator” and Frigidaire” or “ soft drink” and “Coke.” Robert Townsend the guy who made Avis into a real competitor to Hertz was, therefore, a genius.

Like your genius, Bob, the man at Avis had a few simple guidelines, which he wrote down in a short bestseller called “Up the Organization.”

He warned of the what I call “institutionalization.” In industry it is known as “going a little bit public.”

A closed corporation will often put some of its stock on a stock exchange because the value of this openly sold stock sets a value on all of its stock that a bank can use as the basis of loans and the corporation can use as a basis for giving “fair value” when one of the owners has to be bought out. This can be useful.

But Townsend warned against it. He said that people said they were issuing a few public shares to “set the value,” but it in the real world, it doesn’t stop at that.

Theoretically putting ten percent of the shares on the market would attract the highest bidders only: Less supply for the highest demand.

The problem is, says Townsend, PEOPLE mess this logic up. Very soon the only public evaluation of their stocks, the little bit out there in public, becomes the decision-maker. Previously the Board made its choices only in view of the long term goals the corporation was aiming for. Now, every time there is a decision, it is made in public and the shares react.

It doesn’t matter if it is one percent or ten percent of the shares, every meeting is now concerned with the public reaction rather than the goals only the company management knows it is pursuing. He could not have done what he needed to do at Avis if it had been “a little bit public.”

When I say “institution” one normally thinks of a Hudson Institute or the United States Senate. But an institution can be just “a little bit public.”

When Dave explained his problem with our White Genocide approach, he was speaking as someone who has built up an organization. That is a lifelong job which he and Don have done. Please note that Townsend would consider you a bit crazy if you interpreted him as saying, “Going a little public makes the Director into Evil, Greedy nutcases, probably JEWS.”

An institution simply forces one to have a different imperative from someone who has no institution.

This put Dave into a bad position. He and Don must decide what to do with their organizations. BUGS would not be here if it weren’t for Stormfront.

In fact, Dave’s personal fame is an institution in itself.

In other words, with a little bit of thinking one can figure out where people are coming from without deciding they are Evil or Jews or Traitors.