Senate Republicans blocked a $30-billion plan to help community banks boost lending to small businesses, dealing a blow to President Barack Obama’s election-year battle to reduce unemployment.
Tempers ran high as Democratic leaders failed to muster the 60 votes needed to advance the measure over a Republican filibuster…
Even if the Senate passes the small business lending bill next week, it will be too late to get it to Obama’s desk before mid-September. The House of Representatives, which passed its version of the bill in June, is set to begin a six-week break on Friday. The House will be unable to vote on the version passed by the Senate until then…
Obama has been pushing for passage of the lending measure arguing that getting more capital into the hands of independent community bankers would lead to more small business loans. It is supported by independent bankers and business groups.
Right now, in my neck of the prairie, there is no sector of banking with more energy and activity than small business lending. Every penny made available to community banks would be going straight back out the door into economic stimulus – and to qualified borrowers at that.
The Republican Party could care less.
“The Republican Party could care less.”
Eideard, you’re an idiot. If you had two neurons that made a single connection, you would write “couldn’t care less”.
Democrats care so much about people that they will gladly spend somebody else’s money.
The the progressive mindset is, “Let’s you and him spend more money on the problem.”
George, you might have a valid point about progressives except for the Republican-led congress while Bush was president.
#21–Georgie==maybe you can tell us what the Repugs have suggested to help main street/the people AFTER getting the super rich big banks bailed out?
Was it their suggested budget for 2009 that showed only goals and not a single number?
Was it fillibustering extension of unemployment?
Was it offering apologies to BP for making them set up a compensation fund?
The Repugs quite simply are the party of/for/and by the SUPER rich and idiots like you, Lotsa, JB and all too many others think you have the same interests of “America” at heart. You simply are fools being taken advantage of. That would be “ok” except you are taking the rest of us down with you.
I’ve got mine, screw you.
Aren’t SBL’s supposed to be paid back? and by providing these funds to local small banks the probability of payback is quite high?
So, this is not a “give away”/stimulus/grant/pork/wastful spending, it is an “investment” in local communities aimed at actually creating jobs.
Can anyone tell me what is wrong with this?
When it comes to funding perpetual war, Republicans almost universally have no problem sinking our country into debt. So don’t tell me that they are fiscally responsible. That just doesn’t fly.
If we are going to borrow money, I’d rather see it spent here at home to shore up our infrastructure, improve our education and health systems, and create local jobs not related to killing others in foreign nation-building adventures. At least the democrats seem to consider these things important. Too bad many of them also are war mongers.
Only FOUR posts so far, Bobbo? What’s wrong? Sick?
I have a close friend who is in charge of SBA lending at a community bank in the Pacific Northwest. She tells me that for the most part the banks don’t care about this $30 billion give away. That is not the reason that small business loans have been slow. They have the capital. The real reasons:
First, a number of businesses are not qualified lenders because the banks realizing what dopes they have been are now requiring that lenders have the ability to pay back loans.
Second, lending requirements have been hiked up by the federal regulators.
Third, although the secondary market for SBA these loans is now available–there are some federal regulations (developed because of the problem with derivatives in the housing mortgage market–even though there was no problem with derivatives and the secondary market with SBA guaranteed loans) which are causing a great deal of difficultly in developing loans the local banks can sell on the secondary market.
Its like so much in the Obama administration–the solution is always pour in federal money, and tighten up regulations so the fat cats can not only not cheat–but can’t make a decent profit.
the gop has never cared about small business of any kind but neither have the banks. when they started to let the large regional banks crowd the smaller hometown banks and then buy them up, small businesses had to resort to programs like sba to make up the difference and for the most part they have… the irony here is that most small business ppl tend to vote gop
#8 Selling off lots of government assets into an economy without much demand is the answer? Not only would the government get the WORST deal right now for its lands, but capital used to purchase those lands would not be usable for investments in other areas.
Instead why doesn’t the government jack up the prices for using it’s land? If cattlemen and mineral extraction companies could buy this land outright they don’t need the hidden stimulus that ultra-low land use fees provide.
Apple Poop==maybe you can help me out? Whats the concern? I initially post on threads I find of interest. Half the time, its an initial posting, the other half its to challenge or question someone’s posting as I am right now to you. If no one responds to my initial post, most often my posting stops. If however someone picks up my own interest or wants to challenge or question me, then the posting continues to conclusion.
So, whats the issue?
The mirror concern of mine is why too many come here, shit their opinion, then leave without having the courtesy or intelligence to back up what they say. Its not even a lack of links, its failure to backup what they say or defend it all. Rather the product of people who can only offer bumper sticker responses without any thinking at all.
Prove me wrong?
and of course no rule is without the exceptions:
Here is a nice little article about how “Deficit Hawks will Kill Us”
http://huffingtonpost.com/johann-hari/the-demands-of-the-defici_b_665076.html?utm_source=DailyBrief&utm_campaign=073010&utm_medium=email&utm_content=BlogEntry
Bias will find itself into any political discussion, but there are “some things” that should be clear? Like “real” economic stimulus to correct a recession is more beneficial to most rather than an austerity program? Don’t confuse the fact that when good times return, its then time to pay off the debt created? And don’t confuse THIS recession with a normal business cycle?
Yes, so many balls up in the air. One should be easy to grab? As the slap chop guy says: “Everybody loves my nuts.”
Have Charlie Rangel sponsor the bills.
Time to move on to the obligatory Anne Rice Christianity story to give the atheist some support.
NO to domestic spending, but a big YES to unnecessary wars. Gingrich came all out for attacking Iran AND North Korea, so we can ‘finish the job’ that Dubya so wisely said we need to do.
http://huffingtonpost.com/2010/07/30/newt-gingrich-suggests-at_n_665063.html
Oh, that’s right, military spending doesn’t count. It’s only social spending that counts.
“Jobs saved” doesn’t count, it’s only “jobs created” that count.
Folks there are 60 Democratic Senators. They could pass anything they want to pass. They just don’t have the balls to do anything without some Republican cover.
If these small business loans are so great, then why aren’t more people making these loans? Why does the government have to send 30 billion to the banks to make loans? Sounds like another bailout waiting to happen.
Sometimes ‘No’ is the correct answer. And with the agenda being pushed by this administration, ‘No’ is almost always the correct answer.
Why are the libs so upset? The republicans are just helping them follow their own rule they passed and trumpeted which they claimed would freeze government spending.
http://politifact.com/truth-o-meter/statements/2010/jan/27/barack-obama/obama-criticized-mccain-spending-freeze/
http://huffingtonpost.com/2010/01/26/obamas-spending-freeze-a_n_437017.html
22-youre confusing Republican and conservative. Progressive Republicans started a lot of problems that progressive Democrats are now taking to a whole new level. Basically were all screwed.
Awake #32
“NO to domestic spending, but a big YES to unnecessary wars.”
You must be talking about the current congress.
A July 2010 House vote on a war funding bill for Afghanistan and Iraq passed by a margin of 308 to 114.
#35 aslightlycrankygeek
Two very good links, thanks!
Hamster, ok maybe, it’s a distinction without a difference. I wish that distinction let them vote independently but that doesn’t happen. They all vote the same, all the time usually.
GigG, there are 57 Democrats in the Senate. Two independents caucus with the Dems, making 59.