Posted on 03/16/2009 3:06:13 PM PDT by cc2k
Notice: The people responsible for producing these credits have been sacked.
                                Â
Notice: The people responsible for sacking the people responsible for producing these credits have been sacked.
April Lexington wrote:
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I posted on the thread "Remarks by the President to small business owners community lenders and members of Congress," but I'll put something here as well.
Pres__ent Obama said today:
It looks like he's proposing a secondary buyer (GSE, like Fannie and Freddie?) for small business loans and "securitize" them. This worked so well for mortgages, let's do it for small business loans as well.</sarcasm>
“So with this action, any lender that provides SBA small business loans will have a buyer for those loans. And in turn, community banks will no longer have to choose between providing loans to creditworthy small businesses and maintaining the required capital and liquidity.”
And of course, once the government is buying these loans, the banks will have to loan to a diverse assortment of borrowers. And they will probably require banks to lower standards to promote "diversity."
Get down on your knees and be thankful, small business. And oh yes, you have to kiss the ring too. Don’t forget to fill out the union rep contact sheet on your way out the door, too.
Who in the heck would borrow money in this economic climate? Only those desperate to stay afloat are looking for money and they are likely the worst credit risk. So, whoever buys these loans is buying huge risk of default. Just like the sub-prime mess that Geithner can't fix. This program is stupid.
The only thing that will get business owners to take the risk of hiring people and buy equipment and inventory is a growing economy. We don't have that right now. So, how will this new loan program help business????
Answer... It won't it will just bring businesses that take the money under the control of the federal government. Then, the rules start to apply regarding salaries, bonuses, who you can hire, etc...
Yep, too easy
Call for Quarterly Reports of Small Business Lending By All Banks:
Thanks but no thanks is what many will tell them.
Because the debtor is slave to the lender.
_____________
AMEN.
FU** NBC
Here's something the Obama administration neglected to mention:
Few Small Business Owners Seek SBA Loans
While the Small Business Administration reports that it will receive $630 million from the American Recovery and Reinvestment Act for loan programs and loan fee reductions, most small businesses would not seem to be interested. When asked if they had ever applied for an SBA loan, 90 percent of owners said no.
If SBA loans became easier to get, 58 percent of small business owners say it is not very likely or not likely at all that they would apply; 40 percent said it was very likely or somewhat likely that they would apply; and 2 percent were unsure.
http://www.discovercard.com/business/watch/
SBA loans are completely out of reach for most small businesses and require that the business owner put up their own, personal assets as collateral. More:
The SBA uses the following criteria to determine whether a business qualifies as a small business that is eligible for SBA loan assistance:
Construction: Average (three years) annual sales or receipts of not more than $33.5 million, depending upon the specific business type
Manufacturing and mining: Not more than approximately 500 employees
Retail or service: Average (three year) annual sales or receipts of not more than $35.5 million
Wholesale: Not more than 100 employees
Special trade contractors: A limit of $14 million
Agricultural industries: A limit of $.75 million
The SBA loan program will not provide funds for businesses that are able to obtain or provide their own financing. Alternative resources for funding, including personal assets, if available, must be used first.
The administration is pressuring banks to issue more SBA covered loans, and accept additional oversight from the very people who brought you the banking crisis to begin with.
Fed-up Americans mobilize: More than 150 tea parties
World Net Daily | 3/16/09 | Chelsea Schilling
Posted on 03/16/2009 10:05:46 AM PDT by truthandlife
http://www.freerepublic.com/focus/f-news/2207627/posts
Taxes have Georgians looking for action (Tea Party/Tax Revolt)
Rome News-Tribune | March 15, 2009 | Walter C. Jones
Posted on 03/16/2009 4:35:57 AM PDT by abb
http://www.freerepublic.com/focus/f-news/2207412/posts
Thousands at Cincinnati ‘Tea Party’ Protest
Say ‘Stimulus Bill Too Steep’ - Worth Watching!
Breitbart TV/WKRC-TV Coverage | 3-15-09 | Andrew Breitbart
Posted on 03/16/2009 12:41:42 PM PDT by dalight
http://www.freerepublic.com/focus/f-news/2207720/posts
I bet the real plan is; loan them money they won’t be able to pay back, then take over their businesses as punishment.
You been drinking?
Gotta love Obamanomics!
What a crock! Look at a all the negative impact the Obunch is putting on small business and everyone else. There won’t be anything left to stay in business or purchase business products. They are wrecking this country for their own idiology.
The only good thing about this plan is that our highly leveraged competitors will be cratering if they take this money...
But....but....but....only businesses/individuals earning over $250K will get a tax increase....90% of all small businesses will not see a tax increase!!!
What these freaking idiots don’t understand is the businesses that are doing + $250,000.00 are the ones who are MORE likely to employ people. And as the taxes on those businesses increase, less jobs will be retained/created!
To this bunch low taxes are like garlic to a vampire.
correctamundo
Say it loud, say it PROUD:
O ne
B ig
A ss
M istake
A merica!
How many of these “loans” will go unrepaid just like mortgages. Looks like the same deal to me.
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