Posted on 09/27/2010 12:29:56 PM PDT by NormsRevenge
WASHINGTON (AP) -- Scoring a prized political victory five weeks before the Nov. 2 elections, President Barack Obama on Monday signed a bill to help small businesses expand and hire by cutting their taxes and creating a $30 billion loan fund.
Obama said the incentives will help small businesses right away. But any hiring may not be enough to help some Democrats ahead of crucial midterm elections in which voters are expected to vent their frustrations over a slow-growing economy and near-10 percent unemployment.
The bill had been delayed for months, blocked in the Senate by Republicans. Most in the GOP objected to the loan fund, comparing it to the 2008 financial industry bailout and arguing that it would encourage banks to make loans to risky borrowers. Two GOP senators, George Voinovich of Ohio and George LeMieux of Florida, helped Democrats break the filibuster this month -- and the bill passed.
Obama said small businesses are "the anchors of our Main Streets," creating most of the jobs in the country.
(Excerpt) Read more at finance.yahoo.com ...
Not if they depend on government they aren't!
U.S. President Barack Obama takes a giant step over a row of potted ferns as he meets members of the audience after signing the Small Business Jobs Act at a ceremony in the East Room of the White House in Washington, September 27, 2010. Obama signed a $30 billion small business lending bill into law on Monday, claiming a victory on economic policy for his fellow Democrats ahead of November congressional elections. REUTERS/Jason Reed (UNITED STATES - Tags: POLITICS IMAGES OF THE DAY BUSINESS)
And small banks are already saying they are going to refuse to take the money. They see the strings attached to the TARP (and banks being told they can’t repay the money, even if they want to).
One banker’s quote summed it up: “We don’t want to be business partners with the government, which is also our primary regulator.” (paraphrase)
Idiot. He is a complete bonified IDIOT!
Obama takes a giant step over a row of potted ferns .. lol
his new replacements on his WH team, no doubt.. and about as effective as the old ones.
All going to the imaginary green job scar and his cronies. Another highway robbery of the American taxpayer! Who the hell do you think your fooling? November can’t come soon enough and whom ever is elected they better hit the ground running, repeal, defund, prosecute!
Today's businesses have no clue as to where tax rates will be in the coming year. They have no idea how much the addition of government mandates regarding health care will increase their labor costs. And they are helpless to make any predictions on the cost of money in the near future in light of runaway deficits and the hefty expansion in the money supply that began last year.
Our worst enemy couldn't have come up with anything nearly this effective in destroying the American economy. And here we are only a few days away from an election, and small business owners still don't know what their tax rates will be on Jan 1, 2011.
November can’t come soon enough and whom ever is elected they better hit the ground running, repeal, defund, prosecute!
—
a lot of the old timer GOP in charge today cringe when they hear that..yaknow. don’t rock to rock the boat too hard, they say..
unfortunately, the only way to get rid of rats sometimes is to sink the ship.
the levels of corruption have never been so blatant and visible.. and unprosecuted, much less even “investigated”..
looks to me like he just let a big nasty loose in their general direction
The Obama administration has only made a mess a bigger one.. a typical dem MO.
Wonder if the AP will report back on how this works.
Small banks targeted for this program will be punished for not lending. Small business is hunkering down for the tax onslaught coming next year and is not going to take on new debt. Any business that takes on debt to hire employees is a dead business walking.
He is a ‘PEW’ fellow, I believe. ;-)
And her client list is found here:
http://www.seiservices.com/clientlist.aspx
The Whitehouse
Homeland Security
Housing and Urban
Nuclear Regulatory Commission
Health and Human Services
Dept of Tranportation
Dept of Defense
Dept of Energy
Dept of Education No wonder she is so elated.
As a small business owner, my husband has been contacted over the last year by banks interested in loaning us money....uh...it’s only now that he has been really working as a consultant. Does this bozo REALLY think that small business is going to take loans to employ more people? for payroll? Business will NOT expand when they see Obamacare down the road...he’s an idiot!
AP is being a bit premature in their blatant love-bias; businesses are sitting on their cash right now, so this "prized political victory" will accomplish, like all of the other "ppv's", absolutely nothing.
Looks like the guy in charge of the potted plants is the same guy in charge of Obama’s policies.
If one can achieve ‘synergy’ with big gubamint, yur set for life. IT services is at a premium these days.. a niche player can do well..
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