Obama and his liberal comrades in Congress had no rest until they passed the $30 billion small business loan bill. That may sound all well and good like the regime is focused on getting the economy going again.
But, the dirty little secret is that small businessmen are not looking for loans. They are too terrified by the president's threats of income tax hikes, mandated health insurance, increased energy prices, and all the nasty added regulation coming from the White House. With such a depressing scenario and such a crappy economy, who in their right mind wants to take on added debt?
Read from Weasel Zippers:
Another Fail? Obama’s Small Biz Lending Program – Nobody Wants Any Part Of It.
"We don’t want your stinkin’ loans.
Recent survey shows that 91% of small business owners say all their credit needs are being met. They need customers!
(My Way) — 'President Barack Obama’s $30 billion small community business lending program faces one big challenge: many of the community banks and businesses it’s supposed to help don’t want it.
The lending program is part of a bill that passed the House of Representatives on Thursday and now awaits the president’s signature. The legislation contains a mix of tax cuts and credits aimed at helping small businesses. The centerpiece of the bill is an effort to make billions of dollars available to community banks for loans to small businesses. It seems like a simple effort to unclog a credit pipeline that has been blocked since the financial meltdown two years ago. But interviews with seven community bankers, as well as small business owners, show a reluctance to participate.
“People in my constituency can’t get credit, and this will get money out to small businesses, who are the engine of job creation for this country,” said Republican Sen. George LeMieux of Florida, who co-authored the amendment that created the lending program.
Bank executives say their customers don’t want loans, even at low interest rates, because the sluggish economy has chilled expansion plans. Some say the federal money isn’t worth it because they fear it will come with too much regulatory oversight.
“We have taken a strategic decision not to have our primary regulator, the government, also be a partner in our bank,” said William Chase Jr., CEO of Triumph Bank in Memphis.'
Read the rest here."
Oh well, if they don't want Obama's loans, he can add the money to his Democratic slush fund.