With the unemployment rate hovering just shy of 10 percent and Washington focused on job creation, President Obama this month called on Congress to approve a plan that would take $30 billion in repaid TARP funds and make it available for small banks to lend to small businesses.
“We’re going to start where most new jobs do – with small businesses,” Obama said at a town-hall event in New Hampshire.
There’s just one problem: there’s little indication that these banks need the money — or that making it available would stimulate lending. Further, experts from both the left and the right express concern that the funds could be lost to waste or mismanagement without ever contributing to the nation’s job rolls.
Full story: Obama’s Small Business Lending Plan Meets Skepticism – The Washington Independent