March 17th, 2009
08:00 AM ET

Helping small businesses

Anderson talks with his panel about President Obama's small-business announcement and the AIG bonus controversy.

Filed under: Anderson Cooper • David Gergen • Economy • Road to Rescue
soundoff (3 Responses)
  1. Kathy Lee Kram

    I have been a small business owner for over 20 years in Michigan. My mortgage has been held by Chase Banks for the past 5 years. I have great credit, excellent references, and I pay ahead on my bills. I have never once missed or been late with my loan payment. In spite of the economy, I even showed a profit this year. My building was actually appraised for above the market value. And the loan was due this month.
    Yet Chase will not refinance my loan, in spite of the fact that it is little risk for them, since I am already a client and I have a good payment record. It took me six phone calls over a month just to hear from the bank–and they did not suggest I seek alternative financing until nine days before my loan was due. They were concerned about "cash flow" even though I showed a profit. What business in the Michigan, let alone the country, isn't having a cash flow problem? Yet if Chase takes my building, which is in a prime location, and sells it, they will make a tidy profit, as they have already accrued the interest. And I lose my business, and my home. And my employees lose their income.
    So I ask you, who is looking out for the small business owner? If Chase, one of the larger and certainly more reputable banks, won't help me, who will? And what are they doing with their federal money anyway? We know they aren't helping the little guy.

    March 17, 2009 at 3:57 pm |
  2. Joe in KS

    I am an admirer of david gergen, but i must disagree with his comments about small business tax.

    how many small business owners make more than $250K (in profit) each year, and how much more in tax will they be paying when the top racket returns to its pre-bush years? david thinks "many" but most figures show 2-3%.

    lastly, the aig bonus problem is a pr problem. does anyone have a solution for this besides criticizing aig? bonus for wall street is like earmarks are for congress: everyone denounces it but everyone wants the bacon.

    March 17, 2009 at 3:53 pm |
  3. Carl

    Billions have been handed out to AIG and others with no restrictions, no strings attached and Obama is surprised by this? I thought he was smarter; he was duped. Or was he?

    I find it ironic that he is the one who promoted the "Stimulus" payments with essentially no strings attached and pushed for the AIG bailout. Now he is outraged that the fox raided the henhouse? Helloooo!

    Now he says that he can't do anything about legally, and if that is true, we the taxpayers are screwed, once again. The CEO of AIG is being called before Congress on this and I would love to hear him say: " You gave us the money with no strings. We gave chunks away to national and international banks and we're going to reward our executives who put you in this mess with millions in bonuses and there is absolutely nothing you can go about it. So, go deal with it.

    Maybe next time you'll think twice before you put the cart before the horse. You didn't learn when Bush gave the bailouts and yet you turn around and do the same thing. Well, shame on you. You gave it to us and you have absolutely no recourse.

    This is just another example of democrats spending and spending and spending with out any thought of what will happen to the money.

    He has broken our trust, he is irresponsible with the tax payers money. I don't trust him to handle any more of my future. $$

    I love how all that is talked about is banks, big business and the stock market when America was built by small businesses that grew.

    The only way the economy is going to move forward is from the ground up. How about we stimulate small businesses? My business could use some capital, but all I hear about is how I am going to get taxed.

    March 17, 2009 at 1:07 pm |