Guys here in Illinois we’re starting to see a lot of community banks that loan to small and mid size businesses and provide HELOC and other consumer loans being pulled off the table, even to people with decent credit. This is not some scare bs - this is really happening and if the economy slows then companies can tap into LOCs to make payroll in some instances which causes layoffs. So while I am all in favor of doing this right, there has to be some intervention here. Unemployment increases will only hurt McCain further. Please re-review what’s on the table and add suggestions to your Congressman instead of “oh let the market correct itself” - the only correction you’ll see is further pain on this - so if you’re cool with tightening your belt further or losing your job in some areas, then I guess fine, but I’m not going that route. Heck even my office (as an MD) is susceptible. So it hits all areas.
Maybe some of these businesses that are on the edge of going out of business should get a business tax break. What about eliminating their expensive environmental regulations they have to pay for. How about the large State taxes they are under! Making more money available to these business in order to keep them afloat is like taking water out of the other end of the bucket.
This all started with giving our tax dollars to the minorities and the poor that never had any intent on paying the money back. Until this practice stops and those who stole this money are in jail, US Congress should let the free market work. Only when they stuck their greedy fingers into the money market and the banks did the whole thing blow up in their face.
Get the government our of our lives and step back and watch how many more businesses and jobs will be created without living on the edge of bankruptcy each and every day.
I see the market came back up today. What does that mean? Does it mean it is correcting itself without the bailout?