I thought a thread for the "Recovery Summer" would be a good idea. That way, we can track & report on the recovery that is taking place. http://www.cnbc.com/id/38054214 The unemployment rate has dropped to 9.5%.
due to an increasing amount of people dropping out of the labour force, not because of rising #'s of new jobs. unemployed/underemployed rate now around 28%...jobs won't be created as long as the dems are in charge putting up barriers for business. and while people are starting to adjust themselves for the 2011 rise in tax rates, we may see a Q4 bump in GDP, there will be no lasting effect as it will be temporary moves to counteract higher taxes.
The problem, according to one Republican Senator, is that Americans still harbor the myth of upward mobility (or even of lateral mobility). We subsidized the corporate sector in outsourcing that. Reaganomics, you know.
Ah yes, the poor downtrodden business. How do they make it in this communist country? If we cared 1/2 as much for the plight of the average worker, we wouldn't see people hocking everything they own to pay their mortgage and put food on the table. How soon till we have bread lines? I've already seen people wearing sandwich boards begging for work. Could that be because we put the needs of business so far ahed of those of the worker?
Not to defend Mr. Reagan, but it's not as if the federal government abandoned that policy under Bush, Clinton, Bush, or Obama. The policy of corporate welfare continues unabated, and surely will continue under Mr. Obama's successor, whichever party he/she may be from.
The concept that Washington doesn't bend over backwards for corporate America in Wingtips' mind is simply laughable. We have the worst economic condititons in 75 yrs and the boobs in DC - mostly jerky Republicans who think now is high time to fight Bush-created deficits - don't want to extend unemployment benes. So tell me who is favored and who has to "suffer" till conditions get better?
Why do you associate business with corporate America? I closed my business at the end of January and I employed 4 people and there's no way I could be honestly called corporate America.
You're right. I should have made the distinction between small & big business. You guys don't get billions in free funny money from the govt.
OK everyone. 1) Read the quoted post. 2) figure out what the exact opposite is. 3) Conduct your financial activity as if the opposite will certainly be true. I call it the "Bizarro wingtips investment strategy". And it's fool proof. You'll make millions!
I am a founding partner in a small law firm. We are expanding and have rented a great new office space so that we can hire another lawyer and administrative staff in the immediate future. I and my partners have near perfect credit. We have had our money, numerous accounts, with the same bank for 7 years. Our partnership taxes show increasing revenue and profit each year. We have gone to the bank to ask for a loan to renovate the new larger office space. The bank insisted that we go to the SBA to partially guarantee the loan. We said fine, as long as it doesn't slow down the process significantly because we've got to get contractors in there (we're already paying for the space). Guess what. It's three months later. Part of the problem is our crap bank (HSBC). But now, what's been holding up the funding of the loan for the last three weeks is that the funding for the Program under the recovery act has run out, and there are about 1,000 small businesses queued up waiting for Congress to pass the extension. (Again, this ain't free money, it's just a loan guarantee program.) And it's the Republicans in the Senate holding it up. So I'm paying rent on an office I don't work in, I've had to slow down my contractors, and I can't hire two new people, the young attorney will be paid about $70K and the Administrative Assistant $19 per hour because I don't have space for them in our present office. Oh and we provide full health insurance to our employees. Thanks Republicans!
When possible, avoid the mega banks. See if a NY or NJ mid-size bank like NY Community Bank handles commercial loans. You'll get better service
Yeah...lets **** over all the businesses and then things will be totally awesome for the workers. Great logic.
I'm not advocating for anything here, other than an abolishment of the idea that you can help workers by screwing over employers.
I don't think anyone here is advocating screwing over employers. I'm certainly not. Unless not supporting bailouts is the same as screwing over.
You obviously haven't been around the pizza man long enough. There isn't a single businessman's pocket in the world that he doesn't want to stick his hands into.
Agreed. There seems to be a niche emerging for banks that actually want the business (and risk) of the SME's. The irony is that banks fall all over themselves to try and attract the interest of 'prestarts', then ignore good business from the established companies. Really they are just not set up to deal with it. I have been refused an internet merchant account by lloyds because i was not an british citizen. At the same time my banking manager rang me up to ask me if i wanted a car loan, and the lloyds computer was sending me spam offering £11k unsecured over the internet. There is no logic to that.
Until they are gobbled up by a larger more incompetent bank. My business had all of it's financial dealings with Commerce bank who was more than happy to be flexible. Too bad they were taken over by TD Bank who is beyond useless.
ING Direct actually intentionally tries to lose your business when you become a large customer. Supposedly the more money you have saved in your accounts, the more demands you tend to make, and they want to focus on the small time saver so they can keep their overhead low. A friend of mine called them up one day and they politely told him that they didn't plan on increasing their service levels to include whatever it was that he was asking for, and they recommended like four banks for him to transfer his business to. Counterintuitive, but I guess it is logical.