by justinb
16. December 2009 17:42
Washington's recent Bankers Dozen Bigwig meeting ends with little to no tangibles, while long term unemployment is just beginning. The Banker Bigwig Round Table sponsored by the President, this week, ends with the President calling for banks to take a third and fourth look at small business lending. "Calling for banks to take a third and fourth look at small business lending" hardly seems like a strategy with any reasonable chance of success. Especially since, such a plea clearly comes across as a cry for help versus something like the power of a mandate. Second, according to what lending guidelines or standards are banks expected to take that third or fourth look? Washington failed to provide such an outline which means banks can later alleged they did something that can't actually be measured or verified. Can you smell the politics? Meanwhile, of course, long term unemployment of six months or more is just kicking into high gear.
For small businesses looking to hear the strategies that would be employed to allow loans to flow, the Bankers Dozen Bigwig meeting leaves one wanting. Moreover, this is echoed amongst job seekers who are eager to learn which small businesses will need to hire. Unfortunately, those questions were left unanswered while the long term unemployed are selling off possessions just to survive. Moreover, as the number of long term unemployed continues to grow you can expect more long term job seekers to find themselves in dire straits. All things considered it might have come across better to answer a few of those lending & job growth questions rather than opt for a political game of "the camera is rolling..." So the Bankers Dozen Bigwig meeting ends while long term unemployment is just getting started. Thus, it looks like job seekers hopes are rested on the start of new wave of hiring for the New Year despite the absence any economic drivers to influence hiring. Can you say Powerball?