The Small Business Lending Fund was cleverly named by its authors last Congress. Since its implementation, however, it would appear a more appropriate name would be the Bailed Out Bank Refinancing Fund.
Sentiment: NEGATIVE
The Federal Reserve needs to provide small businesses in America with the same low-interest loans it gave to foreign banks.
The business of a bank is to lend money; which amounts, nowadays, to lending credit.
It quite often happens that they attach a name to a project and it doesn't get all the financing it needs.
I was involved with Wells Fargo Bank as a consultant in the late 1960s and early 1970s, when I suggested to them that they develop a product that has become known as index funds.
Every time the U.S. government makes a low-cost loan to someone, it's investing in them.
At least Bank of America got its name right. The ultimate Too Big to Fail bank really is America, a hypergluttonous ward of the state whose limitless fraud and criminal conspiracies we'll all be paying for until the end of time.
Most of our funding goes to organizations and is then used to leverage the private sector.
If the great Government of the United States were a private corporation no bank would take its name on a piece of paper, because it has cynically repudiated the words engraved upon its bonds.
In one month, the Small Business Administration does $1 billion of loans and guarantees for businesses; many of those are women-owned businesses.
I worry about whether SBA programs are still doing what they are meant to do - support lenders who fund good business startups and good expansion plans.
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