Posted on 08/10/2010 6:05:22 PM PDT by mdittmar
This is too little, too late, and it doesn’t solve the bigger problem of over regulation of small businesses.
Why should we need another bill for small business? We still have our stimulus money in the bank somewhere you don’t dare to ask.
Why would these 2 campaign in Wallingford? Is there any more liberal neighborhood in the whole state? Isn’t it part of Bagdad Jim McDermott’s district? Patty should be campaigning in Wenatchee, Walla Walla, and Spokane.
I think everyone missed the real reason for this bill. From the article: “The $30 billion lending fund would allow the U.S. Treasury Department to purchase preferred stock in small banks with assets of less than $10 billion. The banks would repay the money at an interest rate that would decline as their small-business loans increased — encouraging them not to just sit on the cash.”
“purchase preferred stock” = government ownership of banks. And while it says they’ll repay the money, it doesn’t say when (if) Treasury will return the stock to the banks.
Although I do wonder, should the banks fail, if Treasury would be left with worthless paper as the preferred stock owners of GM were.... Nah. I don’t think banks are extorted by a large union that regularly stuffs Democrat campaign coffers.
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