Saturday, October 24, 2009
A Good idea From Obama...IF (and only if) There Are No Strings Attatched.
| "These are the very taxpayers who stood by America's banks in a crisis, and now it's time for our banks to stand by creditworthy small businesses and make the loans they need to open their doors, grow their operations and create new jobs," Obama said. "It's time for those banks to fulfill their responsibility to help ensure a wider recovery, a more secure system and more broadly shared prosperity," said Obama. The President said the administration will "take every appropriate step to encourage them to meet those responsibilities." He did not specify what those steps might be. Those were the words of President Obama in his radio address. Sounds good. Small businesses need loans and capital to expand and create jobs. I can not and will not disagree with that. It seems on the surface that someone in the White House is finally understanding the the road to economic recovery is paved with jobs. But are there strings attatched to the small businesses that take loans from banks who received bailout money? We are all very aware, as are the companies that took federal bailout or stimulus money (see GM's 'former' CEO), that taking and spending those funds came with strings attatched. Strings that allow the federal government to dictate pay, jobs, facilities, production, etc. at the 'behest' of the taxpayers. Some of the strings were tied to necessity, some were tied to nothing. Banks are still failing and bankruptcies still happening in companies that took the government golden egg. CEO's were fired from the oval office and profitable dealerships shut down. Many jobs were still lost and control over some companies fate went from their shareholders to the government. The price you pay for doing business with the taxpayer money and a government bent on control. As I read the transcript of the Presidents address I was optimistic that maybe finally the light bulb went on over someone's head. I also remain skeptical because once again, they offer no specifics on how to make it happen. Being both optimistic and skeptical creates a new word, "Optikal". I relate it to the saying "I will believe it when I see it". But for a brief moment I will at least have hope that this is a job creation gesture and not a move for more control. |
| |
<< Home