The fund would allow the Treasury Department to use $30 billion in taxpayer dollars to throw into community banks -- those with less than $10 billion in total assets. But this money comes with strings attached. Stephen Spruiell of National Review notes that each recipient bank applying for funds would be required to submit a small-business lending plan to "describe how the applicant's business strategy and operating goals will allow it to address the needs of small businesses in the areas it serves, as well as a plan to provide linguistically and culturally appropriate outreach, where appropriate." Linguistically and culturally appropriate? Treasury would also have to prioritize banks that serve "small businesses that are minority-, veteran-, and women-owned and that also serve low- and moderate-income, minority, and other underserved or rural communities." In other words, political factors replace creditworthiness in deciding who gets loans. This is the same path that created the housing crisis and the Great Recession of 2008 from which America has yet to recover.
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Here's the gist of that bill --- 30 billion MORE dollars (on top of what they already have been given) will be passed out to banks and all they have to do is submit a "plan" (a plan?!) to use it for small business loans...not a requirement, just a "plan"...hmmmm. And then, despite the fact that ALL taxpayers paid into this 30 billion dollar fund, the ones who get "prioritized" are poor minorities, women, veterans and "rural" people. Makes it almost a crime to be white with a business that need help. Further, instead of LOANING small businesses more money (placing them in even greater debt, which is one of the problem they ALREADY face), why not cut their tax rate? Well?? which one of you liiberal Kool-Aid drinker wants to explain the reasoning behind THAT??? Give small businesses MORE bills to pay....sounds like a good idea....to Alice (in wonderland).
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