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Politics : Liberalism: Do You Agree We've Had Enough of It? -- Ignore unavailable to you. Want to Upgrade?


To: Ann Corrigan who wrote (91667)9/25/2010 11:29:07 AM
From: Carolyn  Read Replies (1) | Respond to of 224705
 
Maybe he will try Cal at Berkeley next.



To: Ann Corrigan who wrote (91667)9/25/2010 11:30:51 AM
From: FJB1 Recommendation  Read Replies (1) | Respond to of 224705
 
Small biz, banks may spurn Obama's $30B program


Sep 24, 11:05 PM (ET)

By PALLAVI GOGOI


NEW YORK (AP) - 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.

Chase said the bank already has enough capital to meet the paltry demand for loans. "Our business customers are mired in uncertainty and are reluctant to invest in their businesses," Chase said.

Ninety-one percent of small business owners surveyed in August by the National Federation of Independent Business (NFIB) said all their credit needs were met. Only 4 percent cited a lack of financing as their top business problem. Plans for capital spending were at a 35-year low.

Jack Rajala just laughs when asked if he wants to take out a loan today. He's in a fight to save his family's lumber business that has been buffeted by the recession and housing meltdown.

"I've seen many ups and downs; this is unquestionably the toughest," said the 71-year-old Rajala, the third-generation owner of Rajala Companies of Deer River, Minn. Since 2008, his company closed two factories and halved the number of employees to less than 100 as orders plummeted for windows, floors and door frames. Annual revenue is down 50 percent since 2008 to $5 million, and the company is losing money.

Rajala is symbolic of the challenges faced by Obama's small business lending initiative. The $30 billion fund will be run by the Treasury Department, and money will be awarded to banks deemed strong by regulators. Banks that have less than $10 billion in assets are eligible.

"It will provide incentives to invest and create jobs for 4 million small businesses," Obama said at a news conference Sept. 10. "It will more than double the amount some small business owners can borrow to grow their companies."

Obama has to bridge the gulf between money that's available and the needs of businesses. The NFIB survey found businesses don't intend to borrow until they have more customers.

Community banks will have to pay an annual dividend of 5 percent to the U.S. Treasury. However, when banks increase their lending to small businesses, their dividend rate declines on a sliding scale. So, if a bank increases its small-business lending portfolio by 2.5 percent, the dividend payment goes down to 4 percent and so on, said Paul Merski, chief economist at the Independent Community Bankers of America, the lobbying group for small banks.

The dividend payment increases to 7 percent if banks don't lend to small businesses.

"The crucial questions facing business owners are does it make sense to make an investment right now, and will it generate positive returns?" Josh Lerner, professor of finance and entrepreneurial management at Harvard Business School.

Noah Wilcox, CEO of Grand Rapids State Bank, with two branches in Minnesota, said he already has more capital at his $250 million bank than he can lend out.

"Many of our clients, business owners, put their projects on ice in 2008 because their job number one is to see their company through to the other side of this economic crisis," said Wilcox.

And then there's concerns that the government money will have strings attached.

The fears stem from what happened under TARP, the Troubled Asset Relief Fund, formed at the height of the financial meltdown to pump money into banks. Banks that accepted TARP money had to later cut dividends to shareholders and limit compensation to top executives. They were also penalized for early repayment.

In this new legislation, the government is taking steps to avoid the tarnish that accompanied TARP. The key part of this effort: Banks can return the money without penalty if rules governing the small business loans change.

But Chase, the bank CEO in Memphis, isn't convinced.

"The rules can be changed any time," said Chase.



To: Ann Corrigan who wrote (91667)9/25/2010 4:17:54 PM
From: chartseer  Read Replies (1) | Respond to of 224705
 
At the ground zero mosque and cultural center?

comrade chartseer



To: Ann Corrigan who wrote (91667)9/25/2010 7:42:56 PM
From: lorne3 Recommendations  Read Replies (1) | Respond to of 224705
 
Wherever you stand, please take the time to read this; it ought to scare the beejeebers out of us all!

We know Dick Lamm as the former Governor of Colorado. In that context his thoughts are particularly poignant. Last week there was an immigration overpopulation conference in Washington, DC, filled to capacity by many of America 's finest minds and leaders. A brilliant
college professor by the name of Victor Hansen Davis talked about his latest book, 'Mexifornia,' explaining how immigration - both legal and illegal was destroying the entire state of California. He said it would march across the country until it destroyed all vestiges of The American
Dream.
Moments later, former Colorado Governor Richard D. Lamm stood up and gave a stunning speech on how to destroy America.

The audience sat spellbound as he described eight methods for the destruction of the United States. He said, 'If you believe that America is too smug, too self-satisfied, too rich, then let's destroy America. It is not that hard to do. No nation in history has survived the ravages of time. Arnold Toynbee observed that all great civilizations rise and fall and that 'An autopsy of history would show that all great nations commit suicide.''

'Here is how they do it,' Lamm said:
'First, to destroy America, turn America into a bilingual or multi-lingual and bicultural country. History shows that no nation can survive the tension, conflict, and antagonism of two or more competing languages and cultures. It is a blessing for an individual to be bilingual; however, it is a curse for a society to be bilingual. The historical scholar, Seymour Lipset, put it this way: 'The histories of bilingual and bicultural societies that do not assimilate are histories of turmoil, tension, and tragedy.' Canada, Belgium, Malaysia, and Lebanon all face crises of national existence in which minorities press for autonomy, if not independence. Pakistan and Cyprushave divided. Nigeria suppressed an ethnic rebellion. France faces difficulties with Basques, Bretons, Corsicans and Muslims.'

Lamm went on:

'Second, to destroy America, invent 'multiculturalism' and encourage immigrants to maintain their culture. Make it an article of belief that all cultures are equal; that there are no cultural differences. Make it an article of faith that the Black and Hispanic dropout rates are due solely to prejudice and discrimination by the majority. Every other explanation is out of bounds.

'Third, we could make the United States an 'Hispanic Quebec ' without much effort. The key is to celebrate diversity rather than unity. As Benjamin Schwarz said in the Atlantic Monthly recently: 'The apparent success of our own multi-ethnic and multicultural experiment might have been achieved not by tolerance but by hegemony. Without the dominance that once dictated ethnocentriy and what it meant to be an American, we are left with only tolerance and pluralism to hold us together.' Lamm said, 'I would encourage all immigrants to keep their own language and culture. I would replace the melting pot metaphor with the salad bowl metaphor. It is important to ensure that we have various cultural subgroups living in America enforcing their differences rather than as Americans, emphasizing their similarities.'

'Fourth, I would make our fastest growing demographic group the least educated. I would add a second underclass, unassimilated, undereducated, and antagonistic to our population. I would have this second underclass have a 50% dropout rate from high school.'

'My fifth point for destroying America would be to get big foundations and business to give these efforts lots of money. I would invest in ethnic identity, and I would establish the cult of
'Victimology.' I would get all minorities to think that their lack of success was the fault of the majority. I would start a grievance industry blaming all minority failure on the majority.'

'My sixth plan for America 's downfall would include dual citizenship, and promote divided loyalties. I would celebrate diversity over unity. I would stress differences rather than similarities. Diverse people worldwide are mostly engaged in hating each other - that is, when they are not killing each other. A diverse, peaceful, or stable society is against most historical precedent. People undervalue the unit y it takes to keep a nation together. Look at the ancient Greeks. The Greeks believed that they belonged to the same race; they possessed a common language and literature; and they worshipped the same gods. All Greece took part in the Olympic games. A common enemy, Persia, threatened their liberty. Yet all these bonds were not strong enough to overcome two factors: local patriotism and geographical conditions that nurtured political divisions. Greece fell. 'E Pluribus Unum' -- From many, one. In that historical reality, if we put the emphasis on the 'pluribus' instead of the 'Unum,' we will 'Balkanize' America as surely as Kosovo.'

'Next to last, I would place all subjects off limits. Make it taboo to talk about anything against the cult of 'diversity.' I would find a word similar to 'heretic' in the 16th century - that stopped
discussion and paralyzed thinking. Words like 'racist' or 'xenophobe' halt discussion and debate. Having made America a bilingual/bicultural country, having established multiculturalism, having the large foundations fund the doctrine of 'Victimology,' I would next make it impossible to enforce our immigration laws. I would develop a mantra: That because immigration has been good for America, it must always be good. I would make every individual immigrant symmetric and ignore the cumulative impact of millions of them.'

In the last minute of his speech, Governor Lamm wiped his brow. Profound silence followed. Finally he said, 'Lastly, I would censorVictor Hanson Davis' book 'Mexifornia.' His book is dangerous. It exposes the plan to destroy America. If you feel America deserves to be destroyed, don't read that book.'

There was no applause. A chilling fear quietly rose like an ominous cloud above every attendee at the conference. Every American in that room knew that everything Lamm enumerated was proceeding methodically, quietly, darkly, yet pervasively across the United States today. Discussion is being suppressed. Over 100 languages are ripping the foundation of our educational system and national cohesiveness. Even barbaric cultures that practice female genital mutilation are growing as we celebrate 'diversity.' American jobs are vanishing into the Third World as corporations create a Third World in America. Take note of California and other states. To date, ten million illegal aliens and growing fast. It is reminiscent of George Orwell's book '1984.' In that story, three slogans are engraved in the Ministry of Truth building: 'War
is peace,' 'Freedom is slavery,' and 'Ignorance is strength.'

Governor Lamm walked back to his seat. It dawned on everyone at the conference that our nation and the future of this great democracy is deeply in trouble and worsening fast. If we don't get this immigration monster stopped within three years, it will rage like a California wildfire and destroy everything in its path, especially The American Dream.

If you care for and love our country as I do, take the time to pass this on just as I did for you.

NOTHING will happen to change things if you don't!
Message 26845130