Small banks to Obama–”No one wants our money….”
So on Tuesday the President met with a cadre of small banks, begging with them to loan more.
Two things very interesting about this:
1. As the Washington Post noted, these weren’t just any banks, or even a cross section of small banks from around the country. These were banks from congressional districts where Democrats face tough races this fall. You see…this has nothing to do with economics or what’s good for the American people. EVERYTHING he and the others do in Washington is political. (It was all politics, not economics, when they decided to pull the plug on the dumb idea to tax plastic surgery procedures and switch it to another dumb idea to tax tanning salons.)
But, as Harry Reid defended the bribe paid (with YOUR money) to Nebraska Senator Ben Nelson (hey Senator, here’s what I’ll give you if you vote for health care reform–we are going to treat Nebraska differently from other states and give you a permanent exemption from Nebraska’s share of Medicaid exemption…how’s that?”) …”That’s what legislating is all about.”
How brazen.
How B.S.
2. Back to the bankers. Know what their response was?: “it takes two to tango and right now there is no demand for loans. This is exactly what the small businesses I work with are telling me… ”
a. “too risky to expand”–no telling what the rules will be next year
b. “too expensive to expand”–health care reform will surely increase my costs, cutting into my profits
c. “end of recession? What end of recession?” : until the economy gets going and people are getting back to work no one is buying…so what do I need to borrow money for?