Tuesday, October 20, 2009

Small Business,Big Problem

Parts of the financial system are still very damaged,Treasury Secretary Timothy Geithner says.Access to credit for small business is still very constrained.We need to keep getting capital to banks and the Small Business Administration for small businesses.A recovery that's gonna work requires that it be led by private demand,if it's gonna be sustainable.We're not gonna make the mistake of putting on the brakes too early.If you look at the cost of credit,there's been a really dramatic improvement in the system as a whole.Generally the system today is in a much better position to provide the credit the country needs.
Private capital is more valuable than public capital,Mr.Geithner emphasized.The financial markets are open for capital,as they have been since spring.Regulatory reform must provide 1.much stronger protection for consumers and investors,and 2.a less fragile system,where the government can take action without putting the people at risk.
Getting growth on track led by the private sector is our number one priority,Mr.Geithner asserted.The big source of uncertainty now is how strong private demand is gonna be.Uncertainty is bad for business.When health care reform is settled,the certainty will be a very good thing for businesses across this country,Secretary Geithner believes.His speech becomes slurred at times as his mind races ahead of his tongue.He repeatedly returns to the importance of the private sector and small business.

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