Monday, August 6, 2012

The Economy - #4104 - 70 Facts About our Economy Obama Probably Doesn't Want You to See - The Blaze (2) Dodd-Frank's Small Business Lending Time Bomb - Frank Calabria - Townhall Finance

A stunning collection of 70 facts about the U.S. economy just posted on the web is probably not going to make it into the next campaign ad from the folks at Obama for America. However, you might want to read it. TheBlaze has culled 10 from the list of 70 here: (1) The price of gas – When Obama took office, a gallon of gas cost you $1.85. Today, it’s up to $3.59 per gallon (July’s rise was 17 cents a gallon). (2) 71% of small business owners believe we’re still in a recession — Despite government claims that the recession actually ended years ago, a majority of small business owners feel very differently. (3) You have to work 107 days each year just to pay Federal, State, and Local taxes – That means you don’t earn a penny until April 18th. (4) More than 30% of unemployed Americans have been out of work for more than a year – In 2007, that number was 10%. (5) Low income America – According to NBC News, virtually half of all Americans are considered to be “low income” or living in poverty.  Read more........

Dodd-Frank's Small Business Lending Time Bomb - Townhall Finance - After two years of the Dodd-Frank Wall Street Reform and Consumer Protection Act, a few of the landmines hidden in its hundreds of pages are starting to come to the surface. Under Section 1071, Subtitle G, labeled "Regulatory Improvements" (who says Congress doesn't have a sense of humor?), the act establishes a system of small business loan data collection. The claimed purpose is to "facilitate enforcement of fair lending laws and enable communities, governmental entities and creditors to identify business and community development needs and opportunities of women-owned, minority-owned, and small business." Translation: Push affirmative action in small-business lending. Recall that the same scheme of statutory social engineering contributed to the boom in subprime lending that eventually imploded the mortgage market. It appears Dodd-Frank is determined to drive small business lending down the same path.  Read more......

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