A Quote by David Cameron
There's another way we are getting behind business - by sorting out the banks. Taxpayers bailed you out. Now it's time for you to repay the favour and start lending to Britain's small businesses.
Quote Topics
Quote Author
Related Quotes
There's another way we are getting behind business - by sorting out the banks. Taxpayers bailed you out. Now it's time for you to repay the favour and start lending to Britain's small businesses again.
One nation banking recognises that banks must not be isolated from the rest of the economy. Because banks and small businesses must succeed or fail together, banks must lend to small businesses so we can get the growth and jobs we need for the future. As things stand, that is not happening enough. Lending was down £10.8billion last year.
The Small Business Lending Fund was cleverly named by its authors last Congress. Since its implementation, however, it would appear a more appropriate name would be the Bailed Out Bank Refinancing Fund.
Separating out banks and investment banks right now under Glass-Steagall would have very big implications to the liquidity and the capital markets and banks being able to perform necessary lending.
Financial institutions have been merging into a smaller number of very large banks. Almost all banks are interrelated. So the financial ecology is swelling into gigantic, incestuous, bureaucratic banks-when one fails, they all fall. We have moved from a diversified ecology of small banks, with varied lending policies, to a more homogeneous framework of firms that all resemble one another. True, we now have fewer failures, but when they occur... I shiver at the thought.
Time and time again, small businesses testify before the Committee on Small Business that they simply want the government to 'get out of the way.'
Banks hold deposits and savings entrusted to them by individuals, by businesses, by governments and by central banks. They put that money to work, helping people to buy homes, for example, or lending to businesses to invest in expansion.
After getting driven into the ground by the policies of the Bush administration, the economy is creeping up. It's doing that because people are sticking their shoulders to the wheel. Community banks are doing a lot of lending to small businesses and keeping them going.
If you talk to anyone involved in business - forget banks and big business - talk to small businesses - do it yourself, don't ask me - they'll tell you it's crippling. Small-business formation is the lowest it has ever been in a recovery, and it's really for two reasons. One is regulations and the second is access to capital for people starting new businesses.
I've started several small businesses myself and know that it is tough out there for the little guy in the global economy. I came to the conclusion that, oftentimes, the best thing the government can do for small business is to stay out of the way.
Small- and medium-sized businesses need access to a diverse range of finance options, including non-bank lending. These new forms of finance are still small in scale today but they should, over time, bring additional choice and greater competition to the lending market.
Small businesses have suffered under the demands of Obamacare and community banks have scaled back lending due to stringent provisions of Dodd-Frank financial regulation.
For example, the insurance industries and the big banks are absolutely euphoric now - on the business pages they don't even conceal it - because they've succeeded in coming out of the crisis even stronger than they were before, and in a better position to lay the basis for the next crisis. But they don't care, because they'll get bailed out again. That's class consciousness with a vengeance.
A lot of the philosophies of the businesses are just 'we're interested in getting customers now and if we're losing money with each customer now that's okay because we have this huge hoard of venture capital that we can subsidise the operation with and once we have the required number of tens of millions of customers and we drive our competitors out of business, then we can start to raise prices and become a proper business.'
I bet taxpayers remember providing more than $812 billion to Citigroup and Bank of America, two Wall Street banks, in 2009 to bail them out during the 2008 financial crisis. Taxpayers remember that generosity; big banks evidently don't.
Our party [Republicans] has been focused on big business too long. I came through small business. I understand how hard it is to start a small business. That's why everything I'll do is designed to help small businesses grow and add jobs. I want to keep their taxes down on small business. I want regulators to see their job as encouraging small enterprise, not crushing it.
Related Authors
Alexander Hamilton Quotes
American
Politician
Benjamin Franklin Quotes
American
Politician
Bernie Sanders Quotes
American
Politician
David Brooks Quotes
American
Politician
Hillary Clinton Quotes
American
Politician
Jill Stein Quotes
American
Politician
John F. Kerry Quotes
American
Politician
John McCain Quotes
American
Politician
Marco Rubio Quotes
American
Politician
Mitt Romney Quotes
American
Politician
Narendra Modi Quotes
Indian
Politician
Newt Gingrich Quotes
American
Politician
Paul Ryan Quotes
American
Politician
Rand Paul Quotes
American
Politician
Ron Paul Quotes
American
Politician
Ted Cruz Quotes
American
Politician