"Obama unveils small-business loans program; $15b set for effort to free up lending" by Bloomberg News | March 17, 2009
WASHINGTON - President Obama and Treasury Secretary Timothy Geithner said the United States will free up credit for small businesses by raising loan guarantees and spending $15 billion to bolster the secondary market.
THAT'S IT? The BANKS got TRILLIONS to "FREE UP CREDIT" and we got NOTHING! Now the small business owner is going to get a PITTANCE?
"Small businesses are the heart of the American economy," Obama told a gathering of business owners, community banking executives, and lawmakers at the White House.
Then WHY the CHUMP CHANGE?
He said the measures disclosed yesterday are "a first step" of a continuing effort to help small business.
How come the public, aka the taxpayer funding all this, has had to WAIT, and WAIT and WAIT for MONTHS while BANKS get THEIR DOUGH RIGHT AWAY!!!??
Geithner urged banks "to go the extra mile" to offer loans and said they bear a "special responsibility" to assist in the recovery because of their role in the financial crisis.
I'm sick of s***-swill slop coming from government globalists and their mouthpice media.
See:
U.S. Banks Driving Credit Crunch ON PURPOSE!!
Bush Administration Created Credit Crunch Crisis
Banks Cut Off CreditThe administration is seeking to restore confidence in the economy and build public support for Obama's strategy.... The president also is trying to head off a backlash over government efforts to rescue banks and Wall Street firms.
To help entrepreneurs and business owners, the administration said the Small Business Administration will step up lending guarantees. The SBA currently guarantees payment on 85 percent of a loan up to $150,000 and as much as 75 percent on loans of more than $150,000. The administration is raising the guarantee to 90 percent, reducing lender risk as an incentive to lending.
You are loaning money and insuring yourself, isn't that grand, taxpayers? How come they just don't let you keep your money then?
In addition, fees of as much as 3.75 percent of the loan's face value are being waived effective today, and people who obtained loans and paid fees since Feb. 17 qualify for a refund of those fees. Canceling fees will lower the cost of money, administration officials said in a conference call with reporters.
Obama ordered the Treasury Department, effective March 31, to begin using as much as $15 billion from the $700 billion bank rescue fund to purchase SBA loans on the secondary market, freeing up bank liquidity to make more loans.
Have you had it will the MSM bulls*** chucking or.... ?
Many companies are struggling as credit has tightened....
WHERE, oh WHERE, did ALL THOSE LUBRICATING TRILLIONS GO?
The administration also announced new reporting requirements on lending. The 21 largest banks getting government bailout money must provide monthly reports on how much they are lending to small businesses, and all other banks must make quarterly reports on such lending, under the plan. --more--"
Yeah, yeah, whatever. You worried about tracking the money and corruption? DON'T GIVE THEM ANY MONEY!!!!! They must think we are idiots out here. Here they are HANDING THEM TAXPAYER DOUGH -- no strings -- and then FEIGNING INDIGNATION for PUBLIC FOOLEY!!!!
Yes, POLITICAL SHIT is MOST DISTASTEFUL to the MSM Monitor!!! He's eaten way too much of it.
