Friday, October 9, 2009

As the federal government propped up the housing market and braced for the collapse of General Motors this spring, Treasury Secretary Timothy Geithner capped a busy week with phone conversations with three men.

The first was Lloyd Blankfein, the CEO at Goldman Sachs Group Inc.

The second was Jamie Dimon, the CEO at JPMorgan Chase & Co.

The third was President Barack Obama.

Dimon and Blankfein are members of an exclusive club: Along with executives at Citigroup Inc., they are among a cadre of Wall Street executives who have known Geithner for years, whose multibillion-dollar companies survived the economic crisis with his help, and who can pick up the phone and reach the nation's most powerful economic official. http://www.realclearpolitics.com/news/ap/politics/2009/Oct/08/wall_street_speed_dial_gets_tim_geithner_directly.html
The problem with this administration and the previous one is that Washington is more concerned with the needs of Wall Street and corporate America than with the true engine of economic growth; the small business owner. While all the attention is focused on Wall Street, the auto industry, and major banks, what is lacking are the needs of small business owner across America. Do small business owners have the access to the Secretary of Treasury or Washington power brokers; I highly doubt it. Small businesses face enormous challenges from higher taxes, status of international trade, Cap & Trade legislation, higher budget deficits, and finally how does the current debate on health care affect their bottom line. Each of these areas prevents small businesses from employing more people and expanding their business. Right now a cloud of uncertainty hangs over them like the “Sword of Damocles” from Greek mythology. Until Washington addresses their concerns economic growth will not materialize.

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