Saturday, March 21, 2009

Small Biz Loan Boosts

After weeks of bailouts for the huge financial firms that tanked the economy, last week President Obama announced some breaks for small business owners in the form of beefed-up SBA loan programs.

I wrote about whether the programs will work to unfreeze credit and got some advice for entrepreneurs who want to take advantage of them in my Smart Answers column.

Speaking of bailouts, who forgot to send the memo to Wall Street CEOs? I mean the memo that outlines the new zero tolerance policy, dictated by hopping mad taxpayers who now own their firms, toward million-dollar bonuses, lavish junkets and posh office makeovers.

Seriously, this stuff is not rocket science. Why do they not understand that these expenses won't be tolerated while people are losing jobs and families are struggling to keep their homes? Seeing how out-of-touch and tone deaf these knuckleheads are goes a long way toward explaining how they ran their firms into the ground.

But for a more detailed explanation, see Matt Taibbi's latest article in Rolling Stone. It's a keeper.

4 comments:

  1. Thanks for the direction to the Rolling Stone article. I now feel enlightened.

    I may have to cancel the WSJ and subscribe to Rolling Stone instead.

    Your article was also very illuminating.

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  2. Thanks, Susan!

    I think Taibbi is one of the best journalists writing these days.

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  3. I think all of this bonus thing is a big distraction from the real problems. Our new president sure likes to demonize the private sector. And if our nation is governed by the rule of law how can he tell them to not honor their agreements and not pay those who worked for aig? Is it stupid to pay them so much: yes. Is it illegal: no! Hey let's get back to business here.

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  4. The bonuses are not significant in terms of numbers, true. However, they've become a powerful symbol and it's tough to dismiss the symbolic, particularly when there's such focused outrage around it. I agree, however, that it's now time to move on.

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