Saturday, January 30, 2010

Banks pull another $1 billion from small business lending
By Catherine Clifford, staff reporter
January 18, 2010: 2:50 PM ET

NEW YORK (CNNMoney.com) — The nation’s biggest banks cut their collective small business lending balance by another $1 billion in November, according to a Treasury report released late Friday. The drop marked the seventh straight month of declines.

The 22 banks that got the most help from the Treasury’s bailout programs have cut their small business loan balances $12.5 billion since April, when the Treasury began requiring them to file monthly reports on the tally. The banks’ total lending has fallen 4.6% in that seven-month period, to $256.8 billion.

As Wall Street megabanks return to health — and celebrate with lavish bonuses — President Obama and his administration have been pushing financiers to help spur a Main Street recovery. Small business owners are still reporting difficulty finding banks willing to extend the credit they need to launch, run and grow their ventures.

You claimed that you supported the working class and poor, the average American. Before you took office, you gave us the impression that you support small business. I know I didn’t believe you from the beginning, but a lot of Americans did. A lot of Americans thought you wouldn’t be just another politician. I can’t lie; you rekindled a feeling of hope in my heart for honesty, intelligence, and integrity in the White House. But I had a feeling this would be the outcome.

Your masters on Wall Street and the International Banking Elite gave you orders to support the banking system at the expense of the American people, no matter what. That’s why you have not made a serious effort to INCREASE lending for small and medium sized businesses and the entrepreneurs that drive American prosperity and provide the majority of jobs for American workers. In fact, the top 22 banks that received your bailouts have cut their small business loan balances by $12.5 billion since April.

So you don’t have to come on TV and try to convince me that you’re doing everything you can to support Main Street. Not that I was checkin for you anyway. You can’t trick me!

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  1. You know Jay...his US senate voting record alone was an indication to me that he wasn't going to be trumpeting the cause of the common man. I told everybody and most just looked at me and shook their heads. Now in office he's trumpeting healthcare reform but voted against the Kucinich/Conyers single payer health bill. He voted in favor of the infamous Patriot Act and in support of continuing the Iraq/Afghan wars, voted against predatory credit card interest cap...dude was foul to anyone that took the time to view his record or read his policies/stances on issues.

    The problem is most don't seek out information or take the time to read. They abdicate the responsibility of being well informed.

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