Obama blames banks for his failed policies and stangant economy

Specop 007

Diamond Member
Jan 31, 2005
9,454
0
0
Sweet Christ. This administration couldnt run a fucking lemonade stand on the corner. So in Obama's eyes the reasons small business isnt hiring and giving raises is because banks wont give small business loans to do so. Genius.

I know that if I still owned a small business I'd run right out to take on debt so I could hand out paychecks. Thats just smart accounting right there. Take out loans to hand out paychecks. Never mind uncertainty over new taxes, over new fees for medical insurance. Never mind expiring Bush tax cuts, never mind uncertainty in economic growth. It all comes down to banks not loaning.

The fact is this Administration is largely composed of students and career politicians. When it comes to actual business and running one these guys couldnt manage an ice cream stand Florida during the summer.

http://spectator.org/blog/2010/02/09/obamas-lack-of-business-sense

Obama's Lack of Business Sense

By Robert P. Kirchhoefer on 2.9.10 @ 4:40PM

Some baffling comments by President Obama in today's press conference.

Asked how how and why small business loans would help small business, President Obama replied:

"If [small businesses] can get the bank loans to boost their payroll... they will do so." He further claimed that in his "travels" he has spoken with small business owners nationwide, and they see optimism and new customers.

I'm curious where these travels took him? A land inhabited with a fairy, children, and a flying boy in a green suit?

Unfortunately, a Presidential decree that small businesses are ready to hire, even from this President, does not make it so. In truth, small businesses are not excited about their 2010 prospects. They need to be. As a Wall Street Journal economic report states, small businesses are stymied:

"Optimism has clearly stalled in spite of the improvements in the economy in the second half of 2009," said William Dunkelberg, chief economist for the lobbying organization. "Small-business owners entered 2010 the same way they left 2009 -- depressed."

Yet, our President advocates taking loans for the purpose of boosting payroll -- in the middle of an economic draught. It just makes no sense. Unnecessary risk is not what strengthens and repairs the backbone of our economy -- small business.

Going into debt for the purpose of maintaining payrolls you cannot afford is not how capitalism works. It's not how industries recover.

It was how the Soviet Union worked, however -- before it imploded.

And to think McCain was the one who claimed a weakness in economics. Would that other leaders were as honest.

Small businesses need a long term commitment to conditions necessary for growth -- long term. They need to be shown that their taxes will stay low, and they need to be shown that their government will help them, by getting out of the way.

They don't need false hope, and neither do we.


obamacabinet.jpg
 

umbrella39

Lifer
Jun 11, 2004
13,819
1,126
126
That's OK, you've been blaming him for the same thing since day one. Nothing new to see here. Becoming more and more what you hate every day.
 

StageLeft

No Lifer
Sep 29, 2000
70,150
5
0
More than anything they are not hiring because the economy sucks and it's that simple and they know it.
 

Hacp

Lifer
Jun 8, 2005
13,923
2
81
You know what would help small business even more? Lower taxes and lower minimum wage.
 
Feb 16, 2005
14,023
5,305
136
You know what would help small business even more? Lower taxes and lower minimum wage.

DAMN RIGHT! Those working poor have it way too good right now. And if you lower the taxes, the deficit will go away, like magic. Hell yea!
 

DesiPower

Lifer
Nov 22, 2008
15,366
740
126
DAMN RIGHT! Those working poor have it way too good right now. And if you lower the taxes, the deficit will go away, like magic. Hell yea!

No, sell some states to china and feed, house and medicade the home grown and imported poor vote bank, it will buy 3 more years.
 

HumblePie

Lifer
Oct 30, 2000
14,667
440
126
Sweet Christ. This administration couldnt run a fucking lemonade stand on the corner. So in Obama's eyes the reasons small business isnt hiring and giving raises is because banks wont give small business loans to do so. Genius.

I know that if I still owned a small business I'd run right out to take on debt so I could hand out paychecks. Thats just smart accounting right there. Take out loans to hand out paychecks. Never mind uncertainty over new taxes, over new fees for medical insurance. Never mind expiring Bush tax cuts, never mind uncertainty in economic growth. It all comes down to banks not loaning.
<snip>...

Specop, can you start a discussion topic without first name calling, being condescending, and blaming without first thinking things through and being rational first? A good example would be...

Here's this article I found, it states these actions done by so so and so. Here is the opinion of the article writer. Here is my opinion as well. Does anyone else agree or disagree? Does anyone else have extra input?

If you stick the that format, I *might* not think of you as a propaganda spouting loon. But here is some advice, you come off as that to just about everyone even if you may be right.




Now back to the topic at hand. Ummm... you do realize most small business owners actually NEED to take out money to start up. Actually that is pretty much all of them. Without investment capital attained, there is no way to start a business unless the person is already wealthy to begin with. Which is rarely the case because people start businesses to get wealthy. Damn near everyone borrows money to get started. People either get it through banks, credit cards, friends and family, or if they start something big enough through shareholders. It's ALL loaned money. Damn near every business and company in the country started out this way. This is why interest on investment loans are typically MUCH lower by government mandate. Why? It stimulates growth and the economy to do so.

So when banks stop giving out loans, people can't start new business ventures. There are also plenty of other avenues to also get some extra starting capital through grants and what not, but they are rarely enough.

So putting some blame on the banks is perfectly valid as some blame DOES rest with them on the low growth rate of businesses. It's not the only reason, that's for sure.
 

spidey07

No Lifer
Aug 4, 2000
65,469
5
76
So he blames the banks and then continues his war on banks to punish them? And then he wonders why they're not lending?

We have a lunatic in the White House. Stop screwing up the economy Obama, you're killing us.
 

brencat

Platinum Member
Feb 26, 2007
2,170
3
76
So in Obama's eyes the reasons small business isnt hiring and giving raises is because banks wont give small business loans to do so. Genius.

Never mind uncertainty over new taxes, over new fees for medical insurance. Never mind expiring Bush tax cuts, never mind uncertainty in economic growth. It all comes down to banks not loaning.

Small businesses need a long term commitment to conditions necessary for growth -- long term. They need to be shown that their taxes will stay low, and they need to be shown that their government will help them, by getting out of the way.
You guys may not like Specop's delivery, yet what he is saying is absolutely correct. Obama blames banks for not lending the money, but it is well known that loan demand is way down.

Before a business owner decides he WANTS to expand or take a chance on hiring, the conditions must be right for him to actually want to get a loan. He can't be rejected by the bank until he actually goes to apply for it!

Uncertainty over health costs going up under Obama, Bush tax cuts expiring this year, higher energy cost due to cap and trade, and massive uncertainty created by bad govt economic policies are keeping business owners from ever getting in their cars to go to the bank for a loan. That's reality.
 

HumblePie

Lifer
Oct 30, 2000
14,667
440
126
So he blames the banks and then continues his war on banks to punish them? And then he wonders why they're not lending?

We have a lunatic in the White House. Stop screwing up the economy Obama, you're killing us.

No, banks aren't lending because they are sitting on a bunch of foreclosed land they are stuck with and will lose money over. They lost money through credit cards as well. They lost a bunch on idiotic gambling and hoping to earn a ton of cash through "fees" by giving loans to higher risk people they shouldn't have. Now they are "nursing" their wounds.

Real estate, banks, unions, car manufacturers, and credit card companies have put our country in a financial shit-storm right now. That was the "private" sectors doing. The government added to that shit-storm by making us go to a unwanted, and unneeded war with Iraq, although the war on Afghanistan terrorism was and is perfectly acceptable.

Although banks are "somewhat to blame" and I am not saying fully or all the way to blame, I understand perfectly their reasoning and motivations behind the current actions of not loaning money. I don't agree with that, but I understand it.
 

HumblePie

Lifer
Oct 30, 2000
14,667
440
126
You guys may not like Specop's delivery, yet what he is saying is absolutely correct. Obama blames banks for not lending the money, but it is well known that loan demand is way down.

Before a business owner decides he WANTS to expand or take a chance on hiring, the conditions must be right for him to actually want to get a loan. He can't be rejected by the bank until he actually goes to apply for it!

Uncertainty over health costs going up under Obama, Bush tax cuts expiring this year, higher energy cost due to cap and trade, and massive uncertainty created by bad govt economic policies are keeping business owners from ever getting in their cars to go to the bank for a loan. That's reality.

He's not absolutely correct, but he, like you in this case do make some good points. Many business owners ARE scared for various reasons. I'm just saying there are multiple places to place "blame" on the slowing growth. However, coming across foaming at the mouth doesn't exactly make your argument endearing to anyone.
 

jhu

Lifer
Oct 10, 1999
11,918
9
81
Banks, the government, and the populace are all at fault for what's happening now.
 

drebo

Diamond Member
Feb 24, 2006
7,035
1
81
That's probably why you failed miserably as a small business owner in the first place

I think you missed the sarcasm of his post. He was patronizing Obama for suggesting that small businesses should sacrifice their credit ratings and futures so that they can hire more people and pay people more than they're worth.
 

Xellos2099

Platinum Member
Mar 8, 2005
2,277
13
81
Obama is showing excellent example of being a former community organizer. He demands change be made but push the burden of change on someone else. I mean seriously, all this happen because of bank's excessive lending and now they are cutting back and Obama want them to lend out again?
 

MotF Bane

No Lifer
Dec 22, 2006
60,865
10
0
Taking out loans to do payroll? What the fuck is he thinking? Small businesses can't run like the federal government.
 

spidey07

No Lifer
Aug 4, 2000
65,469
5
76
Taking out loans to do payroll? What the fuck is he thinking? Small businesses can't run like the federal government.

It was a stupid statement. But it isn't unusual for a struggling business to get a line of credit to keep paying expenses, of which payroll is one of them. Of course they have to have a darn good reason and solid plan to be profitable again.

In the current conditions of washington punishing and badmouthing business that solid plan will be hard to come by because business is constantly under attack from this administration.
 

HumblePie

Lifer
Oct 30, 2000
14,667
440
126
It was a stupid statement. But it isn't unusual for a struggling business to get a line of credit to keep paying expenses, of which payroll is one of them. Of course they have to have a darn good reason and solid plan to be profitable again.

In the current conditions of washington punishing and badmouthing business that solid plan will be hard to come by because business is constantly under attack from this administration.

Holy shit!!! spidey07 finally said something rational, reasonable, and intelligent for once! Well, the first paragraph was, the second not so much but I'll let it slide because it wasn't completely derogatory in nature, just a view point that I am somewhat in agreement with. See, you can make points and do a reasonable debate without coming across as rabid first. I'm so proud of you!
 

DesiPower

Lifer
Nov 22, 2008
15,366
740
126
So he blames the banks and then continues his war on banks to punish them? And then he wonders why they're not lending?

We have a lunatic in the White House. Stop screwing up the economy Obama, you're killing us.

obama-graph.jpg
 

brencat

Platinum Member
Feb 26, 2007
2,170
3
76
Banks, the government, and the populace are all at fault for what's happening now.

Mostly the populace...for being consumer whores as someone else in another thread mentioned succinctly and correctly. We have done this to ourselves, and now we are reaping what we sowed.
 

umbrella39

Lifer
Jun 11, 2004
13,819
1,126
126
So he blames the banks and then continues his war on banks to punish them? And then he wonders why they're not lending?

We have a lunatic in the White House. Stop screwing up the economy Obama, you're killing us.

Yeah! THAT'S why the banks aren't lending! FFSLMFAO.

Seems we have some right wing lunatics posting in P&N who only became concerned about the economy once Obama took office. We call that transparent hacks folks, again, nothing to see here, move along, just another liar.