Mon 6 Oct 2008
Small Businesses Reluctant but Happy About Bailout
Posted by Megan Dorn under Business and Politics, Financing
Small business owners throughout the country have had mixed feelings about the bailout of Wall Street. Some are strong supporters. Some are strong opponents. Most, however, supported the plan with great reluctance. Small business owners are dedicated promoters of capitalism and a free market economy, not to mention they’re not too keen about footing a $700 billion bill. Despite all of that, they understand the importance of securing credit and stabilizing the economy.
Last Friday The House finally approved the bailout in a 263-171 vote. Hours later President Bush signed it into law. Although there was unrest among small business owners surrounding the plan, most seem to be happy with its approval.
“We are pleased that Congress has heeded the call to pass bipartisan legislation that will restore confidence in our financial system. While small business owners have strong and conflicting feelings about the economic rescue package, in the end, their ability to grow their businesses depends upon stability and liquidity in the financial markets,” Todd Stottlemyer, president and CEO of the National Federation of Independent Business said in a statement. “Small business owners, whether or not they use credit to run or expand their own businesses, know that access to credit and a fully functioning financial market are important to them and to their customers, suppliers and vendors.”
What do you all think? Was there a better way to fix the problem or did the government do the right thing?
October 6th, 2008 at 2:18 pm
This bailout is just one more example of the indivisible handjob stroking irresponsible CEOs and CFOs with billions so that they can run the American economy even further into the ground. So much for Keynesian economics. If the goal is to stimulate the economy, why not give the money directly to the American taxpayers? We could do twice as much good for the economy by giving half as much money directly to hardworking American taxpayers. A bird in the hand is worth two in the bush administration.
October 6th, 2008 at 4:17 pm
Megan, i am not sure how happy I am with the bailout. The market does not seem to like it either as evidenced by today’s losses. Why not divide the money between us taxpayers. We’ll get the economy going again.