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Are you a small business owner?

Today, while watching some of the news channels, it was broadcast that Geithner wants more government control over small business. Much the way the government is with the banking system except that you will not get a bailout. They will just have the power to look at your books and decide on your expenditures and such. How do you feel about this?

 
foreverb3

Asked by foreverb3 at 7:36 PM on Mar. 26, 2009 in Politics & Current Events

Level 15 (2,221 Credits)
This question is closed.
Answers (16)
  • This is one of the new powers; empowering the government to take over major nonbank financial firms such as insurers and hedge funds if deemed necessary. It will also give the government the authority to set/change salaries and contracts as they see fit.

    I don't see how it could possibly affect my small business. HOWEVER, I am concerned the government is giving themselves the power to take over privately owned businesses. That is scary.
    yourspecialkid

    Answer by yourspecialkid at 11:04 PM on Mar. 26, 2009

  • when was this said I missed it.
    Anonymous

    Answer by Anonymous at 7:41 PM on Mar. 26, 2009

  • Oh-oh...my husband has his own business. I wonder if he's heard this. I'll have to look into it. If it is true then I don't like it at all.

    anime_mom619

    Answer by anime_mom619 at 7:45 PM on Mar. 26, 2009

  • It's not true. You are omitting HUGE amounts of information. I think you are talking about this, if not, please correct me and show a link with the info so we know what you are talking about.


    Treasury Secretary Timothy Geithner unveiled on Mar. 26 details of the Obama Administration's proposals to strengthen regulation in the financial sector, including new oversight of hedge funds and derivative financial products such as credit default swaps. The proposal also expands on the Administration's call for a broad "resolution authority" that would allow orderly dissolution of insolvent firms' whose failure would threaten the stability of the financial system.
    http://www.businessweek.com/bwdaily/dnflash/content/mar2009/db20090326_444777.htm?chan=top+news_top+news+index+-+temp_news+%2B+analysis
    stacymomof2

    Answer by stacymomof2 at 7:49 PM on Mar. 26, 2009

  • That is a load of crap!! Like always, the small business owners get the shitty end of the stick!! Don't even get me started...
    ericadrian

    Answer by ericadrian at 7:50 PM on Mar. 26, 2009

  • Unless your 'small business involves financial products and hedge funds, this is not about you.
    stacymomof2

    Answer by stacymomof2 at 7:50 PM on Mar. 26, 2009

  • Also, your small business would have to be big enough to cause instability in the financial system. Doesn't sound like a small business.
    stacymomof2

    Answer by stacymomof2 at 7:52 PM on Mar. 26, 2009

  • Oh good...i feel better. That would make more sense...
    ericadrian

    Answer by ericadrian at 7:52 PM on Mar. 26, 2009

  • It was on Fox Business Channel and CNN. Both channels were talking about how the resolution authority would spill over into small business owners because of the fact that they borrow money from the financial sector which would allow the government under the resolution authority to be in their business. The financial sector does not mean just the big banks. It also includes the small town banks, which is where alot of small business owners are finding the most monetary support right now. All banks fall under the FINANCIAL SECTOR because of the FDIC.
    foreverb3

    Answer by foreverb3 at 7:56 PM on Mar. 26, 2009

  • I looked at FOX news and everywhere, I have been reading this today all over. I think that the conclusion the OP and others came to is unsupported. Here is FOX news' take on it:

    http://www.foxnews.com/politics/first100days/2009/03/25/obama-seek-expanded-power-wall-street/
    stacymomof2

    Answer by stacymomof2 at 8:10 PM on Mar. 26, 2009

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