I have often wondered how most businesses who claim to be suffering from this slow economy are still able to purchase other companies. I had also wondered why banks and some others had taken their seat at the table to offer their input on the new financial regulations both here and globally while proclaiming to anyone who would listen that they would be forced to close their doors if this regulation passed. Those same companies were complaining about Treasury Secretary Timothy Geithner’s lack of production in his role.
With this news of “stocks extending their rally into a third week Monday as investors sent bank stocks higher following new global regulatory requirements and China’s economy continued its robust growth.” “If it holds onto gains Monday, it would be the eighth time in nine days the index rose.” “Global regulators agreed to reforms that could help avoid another credit crisis that plagued financial markets worldwide in 2008 and early 2009.” ‘Banks will gradually have to increase their reserves to protect against potential losses.” “The new regulations have added to confidence in Europe’s banks, which have been slower than their U.S. counterparts to bolster reserves. European markets rose sharply Monday.” “Fresh signs of strong economic expansion in China also added to market strength Monday.” “New economic reports showed growth in the world’s second-largest economy continues to accelerate at a time when economists were expecting it to slow.” “Strong growth in China is considered vital to a global recovery because if demand remains high there, it will offset sluggish growth in the U.S. where economic expansion is not as strong.” (Bernard, Stephen, 9/13/2010, Associated Press, Stocks climb on banking reform, China growth, Retrieved from firstname.lastname@example.org). It appears that Mr. Geithner had produced and that the countries some worried would never agree to the new regulations have and the net worth of those same businesses grows.
Another push by this administration and “Treasury Secretary Timothy Geithner says the administration is encouraged to hear Republicans say they would support President Barack Obama’s plan to extend tax cuts to the middle class.” “The Obama administration has proposed extending the 2001 and 2003 Bush-era tax cuts for the middle class.” “But it would let the tax cuts for the top 2 percent of taxpayers expire at the end of this year.” “House Minority Leader John Boehner, R-Ohio, said Sunday that he would vote for Obama’s tax plan if that were the only option available to House Republicans.” (Crutsinger, Martin, 9/13/2010, Associated Press, Geithner welcomes GOP support for Obama’s tax plan, Retrieved from email@example.com). What this tells me is that the House Minority Leader and probably many of his peers would rather find others option instead of helping to fix what has been long since broken in this country.
As a small business owner, who would really like to one day be able to re-open my doors, I am happy to accept any assistance that the federal government can give. I will rank among those who would keep those tax breaks proposed by the Obama administration. These breaks would go far in expanding my workforce as well as my operation in the hopes that one day I would be in that top 2 percent. Paying my fair share of taxes is part of my duty as an American business person just as it was my duty to defend this country. No small business owner, that I am aware of, is looking for a “hand-out” just a “hand-up”.