For Your Consideration: TARP not Helping Small Businesses

(2PM EST – promoted by Nightprowlkitty)

Elizabeth Warren, Chair of the Congressional Oversight Panel:

called it “infuriating” that the Troubled Asset Relief Program has not achieved its objective in funneling some of the $700 billion in appropriations to small businesses. Troubled Asset Relief Program has not achieved its objective] in funneling some of the $700 billion in appropriations to small businesses”.

A report the commission released Thursday found that big-bank lending portfolios to small businesses dropped 9 percent from 2008 to 2009, more than double the 4.1 decrease of its overall lending portfolio.

“Two out of every three new jobs created in America come out of a small business. Fifty percent of the private work force is in small business,” Warren said in an interview. “If they don’t have access to credit it’s not only a problem to them now, but they can’t help fund the recovery.”

We are nearly two years into this financial boondoggle and the only light at the end of the tunnel seems to be a freight train.

Why is this woman not the Treasury Secretary? Oh right, she’d hold Goldman Sachs accountable.

23 comments

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    • TMC on May 13, 2010 at 7:07 pm
      Author

    that the Obama administration wakes up ans starts getting some help to Main St

  1. Stop waiting it will never happen.  It was a lie!  They couldn’t say what they were really doing – the same “trickle down economics”.

    The right thing to do would have been to take over all zombie banks, break up the biggest ones and have system wide mortgage principal reductions.  But that would’ve meant pain for financial oligarchy and Bush/Obama didn’t want that.

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