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Businesses laud Obama plan
Program would require bailed-out banks to lend to business owners
Published Tuesday, March 17, 2009
Local business owners were pleased to hear the news of President Barack Obama’s plan to help small businesses.
Monday, Obama announced a plan that would get banks to increase lending to small businesses by buying up existing loans, freeing those banks to again lend to struggling businesses.
“I know that this area definitely seems to be comprised of many small business owners,” said Debra Donaldson with Coldwell Banker First Choice Realty. “If it helps the banks loosen up money (to businesses), then it’s going to help us all grow.”
Obama said Monday he wants the large banks who received federal bailout funds to make more loans to small businesses. In order to make that happen, the federal government will spend up to $15 billion to purchase the small-business loans that are currently clogging the books of community banks and other lenders, enabling them to start loaning money again.
Funds from the $700 billion Troubled Assets Relief Program will pay for the program.
“I’m glad that somebody is thinking about the small people,” said June Simpson, co-owner of Harold’s Discount Furniture. “That’s really what keeps the economy going, are the mom and pop stores in small towns like ours.
“I know the government has already done a lot to help the big banks, but the little people are just as important as the big people.”
In addition, the Internal Revenue Service announced Monday that small businesses will be able to carry back business losses for five years, instead of the previous two-year limit. An IRS spokesman said this would enable businesses to “increase (their) cash flow as we come out of this period and allow (them) to invest more in (their) operations.”
U.S. Treasury Secretary Timothy Geithner said the nation’s top 21 banks in the TARP program will be required to report on a monthly basis how much they are lending to small businesses. The banks that received the most funds from TARP include Citigroup ($50 billion) and Bank of America ($45 billion).
San Francisco-based Wells Fargo & Co., which owns Wachovia Bank, received $25 billion from TARP.
Comments
Posted by hambone (anonymous) on March 18, 2009 at 8:06 a.m. (Suggest removal)
It may look good from the surface, but will be the long term effects of all this borrowing and lending? It sure is a shame when we must borrow money from the Chinese to provide this stimulus or bailout money... It all seems good now, but when it all comes out in the wash I believe we'll find that we allowed a bigger mess by the Obama office.
Posted by rickyp236 (anonymous) on March 18, 2009 at 9:18 a.m. (Suggest removal)
hambone,you are one of those typical people that would say someting like that.i bet you didnt say all of this when bush was in office?no you didnt.because we have a black man as our president all of you have something to say.alabama has been a repulican state for as long as i can remember,we know that people in andalusia dont like this man,but all of you will be alright!all of you people need to get a life and grow up!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Posted by lookeyhere (anonymous) on March 18, 2009 at 10:09 a.m. (Suggest removal)
rickyp236... I thought Bush sucked as a president. I think Obama will be worse. I see you are the one making a big deal about Obama being black. I dindn't see anywhere in hambone's comment where he wrote anything about Obama being black.
Posted by Southernraised (anonymous) on March 18, 2009 at 10:15 a.m. (Suggest removal)
rickyp236...hambone didn't say anything about the man being black just the Obama office. It is people like you who put words in other people's mouths that get the pot stirred up. Yes Alabama has gone repulican for many years and who know's when it all said and done Obama may be one of the best presidents we have had in this country. For me it is just to early to make a decision on how he is doing. I do know that he is making hard for my childern and grand childern.
Posted by SEAN (anonymous) on March 18, 2009 at 11:04 a.m. (Suggest removal)
the world will be ending soon anyways...its ok
Posted by wisenhiemer (anonymous) on March 18, 2009 at 11:19 a.m. (Suggest removal)
I get so tired of the race card being played every time there is critism about Obama. If I am a conservative, then I would probably be against the policies of whatever liberal candidate was in office. The simple truth is if you increase the size and spending of the government, then you need more tax revenue to pay for it. I do not want my taxes raised, therefore, I am against the federal government through money to every preceived problem in America. We need to reserrect common sense and let him solve the problem, then we wouldn't be in this huge mess we're in.
Posted by rickyp236 (anonymous) on March 18, 2009 at 11:21 a.m. (Suggest removal)
im not making a big deal out of anything,you are clearly saying it yourself.you thought bush sucked,yeah sure you did.but you think obama will be worse.huh!enough said.
Posted by wisenhiemer (anonymous) on March 18, 2009 at 11:21 a.m. (Suggest removal)
correction: throw money not through. my apologies
Posted by lookeyhere (anonymous) on March 18, 2009 at 11:55 a.m. (Suggest removal)
SEAN wrote... " the world will be ending soon anyways...its ok." Uh OOOOkay, I suggest Prozac.
Posted by lookeyhere (anonymous) on March 18, 2009 at 11:59 a.m. (Suggest removal)
rickypg236... Don't you know you can't play the race card anymore? Its null and void,since Obama was elected.
Posted by billybob (anonymous) on March 18, 2009 at 12:15 p.m. (Suggest removal)
Yep Bush was a lousy president especially the last 4 years...Obama may be worse but I'll give him more than 60 days to prove it. All this talk about the new wrinkle in the TARP program, which by the way both major presidential candidates voted for in Oct 2008, got me to thinking about pork. We have to be proud of our Senator Shelby who added $700 million to this years budget deficit for catfish gene mapping at Auburn University then votes against the budget. Reminds me of someone who silently breaks wind then leaves the room. Hey I'm just a poor old country boy and like catfish as well as anyone but dang $700 million will buy a lot of catfish. I'm looking foward to meeting him on Saturday and asking him the reasoning for this. I hope he can slip a little more pork Andys way and then say he wasn't for the bill....but isn't that why we elect these crooks ..I mean smart guys with the teflon suits for?
Posted by Blondie (anonymous) on March 18, 2009 at 1:02 p.m. (Suggest removal)
Lets just get right down to the truth here and maybe this will put a end to every one saying all of the racial crap about this......
If you put it like this, then we wont have people saying it is a "black" thing or a "white' thing... If you paid attention when Obama first started running for office you would know that he is not full blooded African American, nor is he full blooded Caucasian, yet still all we here is that we are judging him because he is black. The color of his skin has NOTHING to do with if he runs this office better or worse than Bush did!!!! It is going to be his actions that we should judge, not the color of his skin.
Gee people there are more worse things to worry about than this!! wake up!! no I mean GROW UP!
Posted by kathystephens (anonymous) on March 18, 2009 at 1:16 p.m. (Suggest removal)
What happend to the no more pork? If they removed all the pork this bill wouldn't be near as big. Obama is a lier also. He approved this bill without even reading it. He approved this bill behind closed doors. What happened to government transparsey. Yea I know it's not spelled right. What happened to putting the bill on line for five days for all to read who wanted to? So far it's been the same ole stuff. Hide, sign, add pork, etc., tax payers pay for it. If they would have taken all that money they spent in bailout funds, and given each legal Amercian family a million we could have solved our own problems and paid our own bills. It would not have cost near as much as those so called bailouts. They are all crooks. I don't care what color they are. A crook is a crook. Our government has been crooked every since I can remember. That is my opinion.
Posted by billybob (anonymous) on March 18, 2009 at 1:35 p.m. (Suggest removal)
Vote for the crooks....its important
Posted by biscuitsandhoovergravy (anonymous) on March 18, 2009 at 2:11 p.m. (Suggest removal)
I'll tell yall what has me upset...you cant get a decent steak sandwich anywhere in or around Andalusia! I'm talking about the genuine batter dipped and fried cube steak sandwich which the old Shamrock was famous for. My heart and stomach longs for some eating establishment to take up this challenge and bring back this iconic sandwich to their menu. Team that baby up with an order of real onion rings and a 40oz iced tea...Mmmmmm!!!!
Posted by super (anonymous) on March 18, 2009 at 3:39 p.m. (Suggest removal)
Oh yes the Shamrock steak sandwich, and don't forget about their french fries and chocolate shake!! Crow's Nest has as near the Shamrock steak sandwich as any place around - in my opinion.
Posted by biscuitsandhoovergravy (anonymous) on March 18, 2009 at 7:04 p.m. (Suggest removal)
Hey Super...glad to meet someone who remembers the Shamrock. Going there on Saturday was the highlight of our week. Hooks is on the location now and they try really hard to put together some good groceries but they dont have the sandwich. Never tried Crows Nest but guess I'll have to now. Thanks for the tip.
Posted by walnutwilly (anonymous) on March 18, 2009 at 7:58 p.m. (Suggest removal)
Nothing like a good steak sandwich to get your mind off of the economy.
Posted by godwint (anonymous) on March 18, 2009 at 10:12 p.m. (Suggest removal)
biscuitsandhoovergravy: I have good news for you, the hilltop restraunt has an awesome steak sandwich at lunchtime, and I loved the ones from the Shamrock too. But back to the subject at hand. I personally could care less what color Obama is, I wouldn't vote for ANY liberal minded person that wants to take my hard earned wages and give it to the ones that won't get out and earn there own living. For all of you that voted democrat in the election, be sure to let me know when YOU get YOUR stimulus check, LOL I'm sure the economy is gonna skyrocket on your extra 7 dollars a week take home pay hahaha!
Posted by Kathy052 (anonymous) on March 19, 2009 at 5:31 a.m. (Suggest removal)
HEY WAIT A MINUTE if we are going to talk about the Shamrock PLEASE don't forget the good ROOTBEER FLOAT.WOWWWWWWWWW. O.K. now I am not going to down Obama but I do have one question why isn't he helping the little people. There was this thing in Dothan that he pass and if you were on disability,retirement, low income they are signing up for it. I don't know where my aunt was telling me about it.
Also I am going to put in a word about the race thing. I over heard some people talking and they were saying that if a black person had of been kill last week we would never have heard the end of it. Sorry I told them there was a black man kill. But I had high hope's for our new president but what about the little people. That is right. Now tell me if I am wrong the message is go out and borrow money to buy a car house what ever. WHERE ARE WE TO GET THE MONEY TO PAY IT BACK??????????????.I am crazy I know but stupid I am not. Heck even Clinton with the cigar did better than Bush or Obama.
Posted by tankmaster (anonymous) on March 19, 2009 at 9:16 a.m. (Suggest removal)
Man, all of you are lost. Since when does going in debt to help other debt solved a financial problem. You cant rob Peter to pay Paul and that is exactly what this stimulus bill does. It robs everyone that pays their bills to pay the bills of those that are not or can not pay their bills. I love any program that can help people that are hard working and lose their jobs. I love any program that sticks it to the theiving loan companies and high interest loans at banks. Our government has allowed the credit card companies, banks and others decide how much interest they can charge and get away with it, when they should be putting a cap on those kinds of interest rates. Its time for Uncle Sam to get pissed off and regulate all of these financial institutions, to include the medical community. Hospitals have gotten away with highway robbery long enough. An aspirin cost about 3 cents and after its resold about 5 cents, but a hospital gets 20 dollars or more for that same aspirin, that's whats wrong with our economy. Its time for regulation. I am tired of our factories closing and moving to foreign countries for cheap labor, I say let the companies know, if you go, we will not import any of your goods into this country. That would stop alot of the closings, we are the largest consumer of imports in the world, and why because nothing is made in the USA anymore, its from China or Mexico, why because our government tolerates it. Why is half of Mexico living in the USA illegally, for the same reasons, our companies moved there to pay workers a small wage, even the mexicans cant afford to work there so they run here. Dont believe that, go to El Paso and drive next to the Rio Grande, look to your left and across the fence you will see all our major companies sitting in Mexico. I know people dont want government telling us how to live our lives, but we have ignored these problems so long,, now Uncle Sam needs to step in and become the enforcer, maybe even a dictator until these problems get under control. No one gives me money to pay my bills, and I dont like more and more coming from my check to pay others bills. If a person needs help and they are worthy of help (laid off, hard working, etc..) I dont mind helping at all, but the lazy and good for nothing can suffer the consequences. My momma always said if you make your bed you have to lie in it!
Posted by chopdoc (anonymous) on March 19, 2009 at 12:11 p.m. (Suggest removal)
I would like to ask the Star-News to cease publishing these on line comments. I respect and like to read other peoples comments on issues. However, it seems like this platform is being used 95% of the time for personal attacks on those who do post comments.
Editor, please just stop this garbage and if a reader has a comment, let them write a letter to the editor and post their name and address as all other newspapers require.
Posted by justice (anonymous) on March 19, 2009 at 12:40 p.m. (Suggest removal)
this issue of buying out loans to lend more money is good but if people like myself do not have the money now to pay bill's and go out to eat and travel like i used to too where are we the people going to have money to spend at these small business,if the government keeps increasing taxes.yeah the government is helping but they are going to add taxes to get it back.
Posted by lookeyhere (anonymous) on March 19, 2009 at 12:46 p.m. (Suggest removal)
chopdoc... Hundreds if not thousands of online newspapers let people post comments.
Posted by live4today (anonymous) on March 19, 2009 at 1 p.m. (Suggest removal)
chopdoc...everyone wants to have their say without interruption...comments/blogs allow us the freedom to say what's on our mind...even if it is ridiculous...these comments only appear at the end of the story you DON'T HAVE TO read them...but they are like a train wreck...you just can't help but to look. I know I can't...
Posted by SouthernAttitude1 (anonymous) on March 19, 2009 at 1:43 p.m. (Suggest removal)
biscuitsandhoovergravy,
here's a way to make your own steak sandwhich at home. was given the secret from and elderly lady 35 years ago.
take your cube steak and mash it flat into the flour on both sides , using your hands. dip quickly into a bowl of cold water. Dredge through flour again and fry in hot oil. If you like a thicker crust, dip in water and flour one more time. salt and pepper before or after cooking. I prefer after because it makes the flavor pop to me. put your bun and fixin's together and you got it.
Posted by biscuitsandhoovergravy (anonymous) on March 19, 2009 at 2:08 p.m. (Suggest removal)
Thanks Southernattitude! I am gonna try that recipe...never heard of the dipping in ice water before.
Godwint...I'll try Hilltop for lunch soon.
Kathy...you are sooo right bout those rootbeer floats...they were awesome.
Posted by godwint (anonymous) on March 19, 2009 at 3:19 p.m. (Suggest removal)
The best root beer was at the Big R!
Posted by biscuitsandhoovergravy (anonymous) on March 19, 2009 at 3:47 p.m. (Suggest removal)
Preach on Godwint!! Big R was the source for Rootbeer...the closest 2nd place was the lunch counter at Woolworths...they could make a float that was tight.
Posted by Kathy052 (anonymous) on March 19, 2009 at 6:14 p.m. (Suggest removal)
DARN IT I FORGOT ALL OF THE PLACES BUT THEY SURE WAS GOOD AND YOU JUST CAN'T GET A GOOD ONE ANYMORE. I LOVE THE D.Q. WESTERN HOTDOG SAUCE AND EVEN ASK TO BUY A SMALL CUP AND THEY SAID NOPE. SO I HAVE BEGGED EVERYONE FOR THE RECIPE.DON'T WANT TO SELL IT. I JUST SURE DO LOVE IT.
chopdoc this is where we get to express ourself. Right or wrong. I read newspapers everywhere and you know what it is your decision if you want to read it or not.Heck ask Tankmaster me and him has has some good old rounds haven't we tankmaster. I don't know you but about El Paso Tx. you are so right drove a drove for about 25 yrs. I sure do miss it.
Posted by Kathy052 (anonymous) on March 20, 2009 at 2:51 p.m. (Suggest removal)
Thank You swampcritter.You made my day.
Posted by kathystephens (anonymous) on March 20, 2009 at 6:28 p.m. (Suggest removal)
Tankmaster couldn't have said it any better myself. I agree with you. Chopdoc I hope the Star News does not listen to you. I enjoy posting my opinions. I don't do it to be mean. It is just my opinion. You can agree of disagree, it doesn't matter to me. Just like it is my right to agree or disagree with you.
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