Lately, President Obama has tried to assure the American people that he’s working really hard to get our money back from that TARP bailout he’s been using as a revolving slush fund. Nonetheless, since yesterday was a day ending in “y”, it was evidently time for another bailout. Rules are rules, after all.
This time it was $30 billion for loans to small businesses:
“The $30 billion in loan financing would come from money repaid by big banks that got help from the $700 billion Troubled Asset Relief Program…That $30 billion would be used to create the Small Business Lending Fund, separate and distinct from TARP, according to two senior administration officials who outlined the program on condition of anonymity before Obama’s announcement.”
Did you catch that little two-step? Small businesses can get money for lending that comes from TARP but somehow…isn’t TARP. The distinction sounds like nothing more than window dressing, but why hide the truth? Maybe it’s because past TARP recipients (sometimes forced recipients) have been stigmatized and demonized by their association with this seemingly endless bailout fund. Or maybe it’s because businesses have learned an important lesson about TARP: where there’s a carrot, there will be sticks. Big sticks, and if I was a business owner considering an entanglement with TARP, I’d be more than a little wary of getting whacked.
Anyone can see that small businesses have been struggling. But even if President Obama assigned every last penny of TARP to this new TARP-redux for small businesses, he still won’t have addressed the real issue preventing robust private sector growth – the looming impact of smothering new taxes, mandates, regulations, and payoffs for Big Labor. These are some serious sticks that will beat down private enterprise with or without a loan from TARP.
If we continue down this path, the sustainable economic growth and long-term job creation we want simply won’t appear. Instead, we need to provide a commerce-friendly environment of lower taxes, lower debt, and lower spending. Not to mention we need to close down TARP to prevent the White House from using $700 billion of your money to bailout whatever company, industry, or sector it wants.
This time it was $30 billion for loans to small businesses:
“The $30 billion in loan financing would come from money repaid by big banks that got help from the $700 billion Troubled Asset Relief Program…That $30 billion would be used to create the Small Business Lending Fund, separate and distinct from TARP, according to two senior administration officials who outlined the program on condition of anonymity before Obama’s announcement.”
Did you catch that little two-step? Small businesses can get money for lending that comes from TARP but somehow…isn’t TARP. The distinction sounds like nothing more than window dressing, but why hide the truth? Maybe it’s because past TARP recipients (sometimes forced recipients) have been stigmatized and demonized by their association with this seemingly endless bailout fund. Or maybe it’s because businesses have learned an important lesson about TARP: where there’s a carrot, there will be sticks. Big sticks, and if I was a business owner considering an entanglement with TARP, I’d be more than a little wary of getting whacked.
Anyone can see that small businesses have been struggling. But even if President Obama assigned every last penny of TARP to this new TARP-redux for small businesses, he still won’t have addressed the real issue preventing robust private sector growth – the looming impact of smothering new taxes, mandates, regulations, and payoffs for Big Labor. These are some serious sticks that will beat down private enterprise with or without a loan from TARP.
If we continue down this path, the sustainable economic growth and long-term job creation we want simply won’t appear. Instead, we need to provide a commerce-friendly environment of lower taxes, lower debt, and lower spending. Not to mention we need to close down TARP to prevent the White House from using $700 billion of your money to bailout whatever company, industry, or sector it wants.
Small Business is the HEART of OUR Economy and JOBS!
ReplyDeleteIt Seems Since Massachucet Election All of a Sudden Small Business Has Moved Up on Nobamas Agenda,at Least that is WHAT He SAYS! Once again Not Always What he DOES!
It is Amazing that SUCH a SMART Man who as SURROUNDED Himself with Intellectuals to ADVISE Him that ECONOMY Was on Back Burner for SO Long! Oh Never mind,Nobama Said with STIMULUS Unemployment Would NOT Go Over 8%! Majority of STIMULUS is NOT Been Spent YET but Will Be Just Prior to Novemeber Elections,Hum!
Why Was this Tax Payer Money ACTUALLY Not Put into the Economy and Given Back to the TAX PAYERS! Common Sense is NOT this Administrations Srtong Suit. Economy Seems to Be the Enemy of this Administration, What Other Explanation for Their DITHERING. Only other Explanation is INCOMPETENCE BUT How Could that BE this Administration is LOADED With Intelligence!
AL did you know that Obama doesn't have anyone around him from the private sector? Obama hates the business that give us our jobs. I think they know what they are doing and to them it is just a social experament to them. They are our Dr.Mangala.lol
ReplyDeleteChris On The Job Training! Worked Great When I was In The Navy BUT I Beleive its a BAD WAY to Learn Economics!!
ReplyDeleteWonder What Grade Citizens Give this Administration in Economics 10!
Who's Killing Financial Reform? by Robert Reich
ReplyDeleteWhat's Your Reaction:
Greedy
Typical
Scary
Outrageous
Infuriating
Senator Chris Dodd, the chairman of the Senate Banking Committee, scolded Wall Street representatives at a hearing Thursday for sending "an army of lobbyists whose only mission is to kill the common-sense financial reforms" needed by the public. "The fact is," Dodd said, "I am frustrated, and so are the American people." He charged that Wall Street's intransigence was the reason for Congress's failure to pass any bill to regulate the Street. "The refusal of large financial firms to work constructively with Congress on this effort borders on insulting to the American people who have lost so much in this crisis."
In other words, it isn't Congress's fault. It isn't the Senate Banking Committee's fault. It certainly isn't Dodd's fault. The reason more than a year has passed since the biggest bailout in the history of the world and nothing has been done to prevent a repeat performance -- even as the biggest banks are doling out more than $30 billion of bonuses, even as Goldman Sachs is awarding its big traders $16 billion in bonuses (more than the $13 billion Goldman collected from taxpayers via the bailout of AIG), even as AIG itself is handing out bonuses -- the reason is ... what, exactly, Senator? Because the Street has sent an army of lobbyists to Capitol Hill?
Call me old fashioned, but I thought Congress was in charge of passing legislation, not Wall Street.
Dodd left out the most telling detail, of course. Wall Street is where the campaign money is. Dodd of all people knows that. He's been on the receiving end of lots of it over the years.
Wall Street firms and their executives have been uniquely generous to both political parties, emerging recently as one of the largest benefactors of the Democratic Party. Between November 2008 and November 2009, Wall Street firms and executives handed out $42 million to lawmakers, mostly to members of the House and Senate banking committees and House and Senate leaders. During the 2008 elections, Wall Street showered Democratic candidates with well over $88 million and Republicans with over $67 million, putting the Street right up there with the insurance industry as among the nation's largest equal-opportunity donors.
Some Democrats are quietly grumbling that all the tough talk emanating from the White House in recent weeks -- the President calling the Street's denizens "fat cats" and threatening them with limits on their size and the risks they can take, even waiving a watered-down version of Glass-Steagall in their faces -- is making it harder to collect money from the Street this mid-term election year. And the Street is quietly threatening that it may well give Republicans more, if the saber-rattling doesn't stop.
Congress isn't doing a thing about Wall Street because it's in the pocket of Wall Street. Dodd's outburst at the Street is like the alcoholic who screams at a bartender "how dare you give me another drink when all I've done is pleaded with you for one!"
Dodd is right about one thing. The American people are frustrated, and the failure of Congress to pass real financial reform is insulting. But in trying to place responsibility for this appalling failure on Wall Street, Dodd insults us even more.
Obama confuses heroic corpsman with undead footsoldier [video]
ReplyDeletehttp://dailycaller.com/2010/02/05/obama-confuses-corpseman-with-corpse-man-video/
Speaking at the National Prayer Breakfast yesterday, President Obama made one of the few mistakes that’s even more embarrassing than confusing colonels with kernels: he mixed up (twice) a Navy Corpsman who helped save lives in the aftermath of the deadly earthquake in Haiti with what sounds like a B-movie nickname for a zombie. It’s a silly teleprompter mistake, of course, but it’s one of those pronunciations you’d expect would come naturally to the commander-in-chief of the U.S. armed forces — a lot like, say, the word ‘nuclear.’
The incident is particularly jarring as a growing number of critics, including The Daily Show’s Jon Stewart, have suggested recently that the president needs to ditch the training wheels to avoid awkward speaking situations and connect with Americans. Stewart’s concerns came after President Obama used a teleprompter to address a small sixth-grade classroom.
And at a closed-door meeting with the Middle Class Task Force earlier this week — a situation that practically begged for intimate and open communication — the president opted to again rely on his teleprompters to read prepared remarks. Vice President Biden, for his part, adopted a conversational tone during the meeting and spoke without a teleprompter.
More proof of where the Hypocrat's heavy-taxing ways will push tax revenue DOWN:
ReplyDeletehttp://www.examiner.com/x-28973-Essex-County-Conservative-Examiner~y2010m2d4-New-Jerseys-richest-citizens-flee-its-taxes