In his weekly address, the president has asked Treasury Secretary Timothy Geithner and SBA administrator Karen Mills, to convene a conference of regulators, congressional leaders, lenders, and entrepreneurs to come up with additional steps to improve the flow of credit to small businesses looking to expand. Image Credit: cf News13
Obama's Weekly Address: Small Businesses Are Next Money Target Of Attention
These people, these uneducated in economics, Maoist/Marxist true believers ... really do not have a clue how jobs are created and sustained. They honestly think it is about the object, "Money", and not the concept and process of "Needs Satisfaction" that actually causes people to spend the representation of their labors in exchange for something.
HOPE placards from Barack Obama's presidential inauguration. A scribble on a placard is about all that our nation can "hope" for. Image Credit: TwitPic
This excerpted and edited from Bloomberg -
Obama Says Small Businesses Must Be at Forefront of Recovery
By Catherine Dodge and Julianna Goldman - Oct. 24 (Bloomberg)
President Barack Obama called small businesses the “engine” of the U.S. economy and said too many are still struggling to get the credit they need to operate.
In his weekly address on the radio and Internet, Obama said the nation’s banks, supported by taxpayers in the economic crisis, now need “to stand by the creditworthy small businesses.”
The president this week announced measures to open up credit for small business, such as capital injections for community banks to spur lending. Obama also asked Congress to raise the limits for Small Business Administration loans from $2 million to $5 million and as much as $5.5 million for manufacturing.
“The goal here is to get credit where it’s needed most -- to businesses that support families, sustain communities, and create the jobs that power our economy,” Obama said.
Two Words: T-A-X C-U-T
But oh, no ... he went on to say:
“It’s time for those banks to fulfill their responsibility to help ensure a wider recovery,” Obama said. “We’re going to take every appropriate step to encourage them to meet those responsibilities.”
This strategy will only keep these businesses alive. Small businesses need to have a strong purchasing environment to succeed and the current leadership has saddled the economy with way too much debt (Stimulus & Omnibus) and uncertainty (Cap & Trade and Obamacare) for operating cash loans to really keep businesses in business.
We have a socialist, black hole economy, and it will get worse when the Bush tax cuts get repealed by the current Democrat Congress Leadership.
This concept of Obama's (Banks lending operating Capital) is like priming a pump that has no water in the well!
This is a bit like the "Sub-Prime" mortgage mess we are trying to come out of, in that, the Government is doing everything it can by throwing money into a place it will do the least good.
Throwing Loans to people who can not qualify or pay for them (Fannie Mae/Freddie Mac Government money) or throwing loans to small businesses to keep them alive (TARP money from the Government and lowered interest rates from the Government to the Banks) even though nobody has a job or the money to purchase the goods and services they produce.
The Government needs to back away and STOP MEDDLING in our free market economy. Everything they do, no matter how well intentioned or evil intentioned, is the exact opposite of what it takes to get a free market economy back on the tracks ... the one they threw off of the tracks in the first place through social engineering programs and regulatory inaction.