Obama's small business lending plan

[LeMansX5]

Is this a joke? I don't understand why they can't give some real bailout for small businesses.

Obama to Unveil Plan to Boost Small-Business Lending (Update1) - Bloomberg.com

[Wagner]

Obama = only good at giving speeches


10 whole billion given to unlock credit markets for SB. Wonderful. Out of the 800B allocated to stimulate the economy. Awesome.

This administration is DETERMINED to start a class war of epic scale. Everything is derived from a class figure.

Under the new program, SBA will guarantee as much as 90 percent of loans, up from 85 percent for those under $150,000 and 75 percent for larger ones, the person said.

No "real" small business has operating costs per month (including salary) that fall under 100-150K. * Real defined as one that provides health care, 401K and has a median salary of $40K and more than a handful of employees

The Small Business Administration typically guarantees $20 billion a year in loans, though new lending is on track to fall below $10 billion this year, the people said, citing the administration’s data.

..so your solution is to offer what use to exist? Awesomeness

Problem is, average person who loves American Idol has no concern about this. The Kool-Aid is still prevalent and chilled. Only Obama can have a 60+% approval rating while 55+% disagree with his efforts on the economy.

And what is this: http://money.cnn.com/2009/03/16/news...ion=2009031609

Fed to buy T-Bills, isn't that like buying your own product to uptick your sales...hmm..didn't Enron do that??

Or check this out:
U.S. Rep. Barney Frank, D-Mass., is calling for AIG executives to lose their jobs over plans for massive bonsues. (AP Photo) - pot calling kettle black. Frank is the same person that headed up oversight of Fannie/Freddie...he didn't lose his job

[Eric5273]

Originally Posted by Wagner

No "real" small business has operating costs per month (including salary) that fall under 100-150K. * Real defined as one that provides health care, 401K and has a median salary of $40K and more than a handful of employees

Apparently I don't have a real small business. I guess I should tell my dad that the business he ran for 30 years and my grandfather ran for 40 years before that wasn't a real business.

My company has been around since 1931, has never had more than 8 employees, and has never even grossed the figure you state above.

Nice to have the "let them eat cake" additude.

[Eric5273]

Statistics about Business Size from the Census Bureau

Number of small businesses with:

0 employees: 25,409,525

1-4 employees: 2,777,680 (average annual payroll of $59,728)

5-9 employees: 1,043,448 (average annual payroll of $187,378) <---my company is here

10-19 employees: 632,682 (average annual payroll of $407,476)

20-99 employees: 526,355 (average annual payroll of $1,273,700)

100-499 employees: 86,538 (average annual payroll of $6,790,961)


So even if we eliminate the small businesses with 0 employees and pretend they are not real businesses, then we are left with slightly more than 5 million small businesses, of which less than 25% have more than 10 employees. And according to these numbers, more than half of small businesses have an annual payroll of less than $100k.

[Wagner]

Yes you don't have a real business, you have a matured 1099 faculty

[X5rolls]

I missed your answer to my previous question about what your business is. If you posted info, sorry for asking again. What do you guys do?

Originally Posted by Eric5273

Apparently I don't have a real small business. I guess I should tell my dad that the business he ran for 30 years and my grandfather ran for 40 years before that wasn't a real business.

My company has been around since 1931, has never had more than 8 employees, and has never even grossed the figure you state above.

Nice to have the "let them eat cake" additude.

[X5rolls]

Unfortunately our president has no true understanding about business, either actually running one or what it really takes to run one.

Zippo on the operational experience front. 0 on the running something front. Nada on the have to make payroll front. Ziltch on the hiring and firing front.

Community organizing doesn't count in the business world - credits are not given for helping create programs and lining needy folks up for them. Good stuff in my opinion but it has nothing to do with business.

Lots of broad sweeping decisions on business (by the friends in Congress too) by someone with no business skills.

So the dismantling of the American engine continues nearly un abated. Great.

The economics just don't work.

Was it GOP rumor or did a French Socialist Economist actually build the economic projections within the new budget?

Originally Posted by LeMansX5

Is this a joke? I don't understand why they can't give some real bailout for small businesses.

Obama to Unveil Plan to Boost Small-Business Lending (Update1) - Bloomberg.com

[ylwjacket]

Originally Posted by X5rolls

Unfortunately our president has no true understanding about business, either actually running one or what it really takes to run one.

Zippo on the operational experience front. 0 on the running something front. Nada on the have to make payroll front. Ziltch on the hiring and firing front.

nor do almost any other politicians. the more elected people talk about how they are going to help small business, the more you know that they don't have a clue.

it's not unique to the POTUS.

[Eric5273]

Originally Posted by X5rolls

I missed your answer to my previous question about what your business is. If you posted info, sorry for asking again. What do you guys do?

We are a music production company. We produce music for television programs.