I'll be on FOX Business News again tomorrow morning . . .
46 commentsDecember 02nd, 2009 | 06:29 pm
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“MCC holds your hand through the process. I love the facility and the fact that the money I put into it is mine. It's like owning your own home.” - Eddie Diaz |
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December 02nd, 2009 | 06:29 pm
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So where will we be next?
December 3rd, 2009 at 9:31 am
Come on my Radio show Chris!
December 3rd, 2009 at 9:32 am
Go get them!!!
December 3rd, 2009 at 9:33 am
I guess you noticed that I wasn't invited, but the BIG thing is the US Chamber nor any of the Business related organizations that don't lean way over left either. I'll look for you on FOX. FHP has officially released the Tiger so I doubt we'll hear from him immediately.
December 3rd, 2009 at 9:34 am
U da man! Great stuff. They like employment but not employers. Let's catch up after Fox. I'm headed to Asia again Monday but let's try to connect before I go.
December 3rd, 2009 at 9:34 am
Good job. I will talk to you later.
December 3rd, 2009 at 9:35 am
Unemployment tax is a major issue, here is an article about the situation in Florida:
http://www.miamiherald.com/business/nation/story/1341810.html
Florida seamed to have more than adequate reserves before this recession but unemployment skyrocketed so much that it ran through those reserves within a year. To stimulate business it would be huge to call for the US Government to forgive the loans to the states for the unemployment claims. This way businesses are not penalized for hiring employees over the next 3 years to pay for the 2009 unemployment. While US corporate taxes are the 2nd highest in the world there are other taxes such as unemployment that employers pay that only add to the burden and discourage hiring.
Also, for perspective, here is a quick video dramatizing the unemployment numbers around the country:
http://cohort11.americanobserver.net/latoyaegwuekwe/multimediafinal.html
Enjoy your interview.
December 3rd, 2009 at 9:36 am
Good for you Chris…you are turning into quite an advocate for the economy in general . . . if you get a chance to discuss the SBA program, you know the talking points:
Continued fee reduction for the customer and increased loan maximums . . . also, I don't know if it's just my deals, but the underwriters seem be making it more and more difficult to get a deal done. If the deal cash flows and the collateral is there, let's figure out how to help the small businessman expand and grow! That is where President O will find his jobs, not in some government give-away program.
Good Luck / Frank
December 3rd, 2009 at 9:36 am
What about stopping the credit card companies from gouging people who pay. I have a business card at 30 percent from being one day late 3 times. What about stopping banks from reducing business lines and putting people out of business.
What about this appraisal fiasco.
Banks are the problem. They are still being allowed to rob people blind. They got the money and are still stifling the economy while making record profits.
They aren't lending money they are lending fannie and Freddie money and getting huge payouts for doing loans the way the should have to begin with not to mention there is still so much fraud.
December 3rd, 2009 at 9:37 am
Chris - we will be sure to tune in tomorrow!
December 3rd, 2009 at 9:38 am
I'm on board with all of those suggestions.
December 3rd, 2009 at 9:38 am
Maybe we should get Bush back in there. He did a great job!
December 3rd, 2009 at 9:38 am
Cool, congrats!
December 3rd, 2009 at 9:39 am
I will be watching!!!!!!!!!
December 3rd, 2009 at 9:39 am
RADICAL TIMES CALL FOR RADICAL SOLUTIONS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
December 3rd, 2009 at 9:40 am
Great explanation concerning our government and business! I'll record it now as I have a client meeting to attend.
December 3rd, 2009 at 9:42 am
Hi chris. It is very good to inform me about tomorrow's program and i will definitely watch this program. Your suggestions are good and it is very helpful to business people and it is an honor for me to contact person like you. thanks i will keep touch with you thanks.
December 3rd, 2009 at 9:42 am
I will be watching.
Good luck
December 3rd, 2009 at 9:43 am
ABSOLUTELY GREAT POINTS, Chris!
Today I read that less than TEN percent of Obama's administration have ANY private sector experience.
Which is why they are implementing the same liberal policies that are proven to make bad economic conditions WORSE.
Meanwhile Ronald Reagan, who inherited economic conditions harder than we have now, implemented policies like you recommend,
and we had
1. sharply lowered tax rates,
2. the greatest period of prosperity in human history, and
3. MORE tax revenue flowing to Washington!
Reagan created these by doing exactly the OPPOSITE of what the Obama administration is doing!
Why is this not obvious to everyone?
It's great that you're out there spreading the word about this.
Keep up the great work!
December 3rd, 2009 at 9:45 am
I need stimulus…My business is in the toilet and It's running dry.
SBA has all this guaranteed gov backed money to lend but the banks done want any part of it.
What part of 100% guaranteed don't they understand?
I'm selling my business to a woman and if that doesn't work Next step would be one of my Hispanic friends.
Thats not racist, it a fact Woman/ or minority owned businesses get all the money and grants.
December 3rd, 2009 at 9:46 am
Thanks Chris and good morning, you are exactly right. With me trying to start a new business of family bowling, as I go through the process I am seeing the government deciding everything, because it's a bowling center it has less value than, say a grocery store, so you have to pay more money down to get approved???? Do they want new businesses or are they going to decide which ones are better than others, because they don't need a bowling center in Washington, doesn't mean they don't need one in Indianola, Iowa…..we have over 200 kids in each grade group, they have NOTHING to do, if you do not give them something to do, they will find something to do…..and do we really want that? Let the people in the towns or cities these businesses are trying to open in make that decision, not SBA.
December 3rd, 2009 at 9:46 am
Please mention the SBA stimulus funds fiasco where they ran out of money for 90% loan guarantees suddenly and left millions of dollars of loans in limbo. Most of that lending was not refinances and would have created real economic activity
December 3rd, 2009 at 9:49 am
As a small business owner , school also, I have not felt any relief from all of the legislation under Bush or Obama and I am of the firm opinion and have been since it's inception , the rebates of Bush, the huge expense in Iraq and Afganistan , etc etc etc . are a major contribution to our financial woes.
Also, our capitol system is flawed although better than most and someone has yet to come up with a system that is totally atuned to all of our needs.
Many have short term solutions . Any relief we can get will be welcome because when the money is not there for payroll and for mere existence then serious thinking seems to emerge and the realization of hard times creates havoc … people do not remain cool and collected etc.
A never ending nightmare that politicians and governments are not concerned about as long as their own priorities are taken care of is what we are faced with.
Even employees with jobs which do not require accountability or accountability cannot be verified is a great problem. These problems are taken care of when catastrophe strikes and layoffs are forced because the funding is not there to write payroll checks.
FOX is far from being the eyes of truth and is usually the voice of disaster.
December 3rd, 2009 at 9:54 am
Good for you! Hopefully people will really listen. I might also point out that the current alleged Health Care Reform bill be completely scraped and a new one drafted that isn't 2000 pages. The current bill is nothing more than a Marxist take over of every facet of our lives and the end of Freedom in America!
December 3rd, 2009 at 9:54 am
You really want to boost small business and increase Government revenue? Only on way guaranteed to work:
Implement a 5% capital Gains rate on all transactions through 2010. Not only seller qualifies for 5%rate, but buyer carries the 5% rate on the re-sale of the acquisitions made in 2010 for 10 years. Must have protections against related party transactions, churning etc by imposing stiff penalties such as a 35% tax if cheating. Also, any improvements made to the property within 24 months qualify for special accelerated depreciation. Improvements after 24 months from acquisition do not qualify for accelerated depreciation. This will stimulate investors to purchase distressed properties, improve those properties, and motivate sellers by reducing their losses. May want to add a reduced rate for recapture during this special acquisition period.
December 3rd, 2009 at 9:55 am
You forgot one BIG! one, tax on withdrawal of 401K $$ I have been out of work for 18 months, I did get a good severance package and have been making ends meet but I would like to take some of my 401K money out without being hit with huge tax, I have a large sum and if I was able to take a couple of $$ out till I get a job that would make my life much better.
Thanks
December 3rd, 2009 at 9:56 am
Thanks chris and good luke . a lot of business owners have gone under in the last 2 years lost there credit&busi. I,am one of them , owned 3 stores , i had 12 employees ,i could have saved all of this with a small loan, but as you know there where no loan,s . I wish the SBA or the Obama Addministration will provide a way to give loans to Entrepronur who had been running a succesfule business, and paying Taxes for years , until they lost every thing do tothe bad economy. I would love to come back from the ashes , and start over again . I,am sure there are plenty of Entraprenures out there who would love to do all over again ,but have no way of getting a loan since they lost there credit&business. Just a dreemar Chris.
December 3rd, 2009 at 9:56 am
What will put people back to work is "not" tax credits to small business, we do not pay taxes if we are not earning money.
If we are earning money we are willing pay taxes. We need more "BUSINESS LENDING TO CREATE JOBS'. I have been trying to get an SBA Loan since April 2009 and I have not been successful. My company created hundreds of jobs each year and now nothing.
We are existing on our assets and when they are gone, we will not have the collateral to get back on our feet. If small business gets too far down they cannot get up. We are falling off the cliff.
December 3rd, 2009 at 9:57 am
Had this all before in the Bush years. That's where our troubles began.
December 3rd, 2009 at 9:57 am
Chris, have fun.
The bottom line is jobs.
Look back on all recessions and they start with housing which start by various factors. This past one was caused by high oil and gas prices. Which then exploited the horrible types of mortgages and lax lending guidelines. Now, like on an icy road we are over steering the car and crashing.
Lending guidelines now are the toughest in the last 19 years I've been in the mortgage business.
Our government needs to unleash trillions of dollars creating millions of LONG term jobs for all facets of infrastructure, R+D, and energy.
Doing this will give people the confidence to make big long term purchases like a house and autos. Which lead to many other purchases.
Good luck tomorrow!
December 3rd, 2009 at 9:57 am
I like the payroll tax idea for the entire year. What would really be cool is no income taxes to the federal government for one year but I'm sure that would make people in the federal government very afraid.
December 3rd, 2009 at 9:59 am
WHEREAS, I AGREE WITH SOME OF THE THINGS YOU SUGGESTED IN THIS LONG LETTER. I DO NOT THINK THAT MORE TAX CREDIT TO US, THE ONE THAT MAKE OVER 500,000.00 PER YEAR, IS THE ANSWER. BUSH TRIED THIS AND IT HAD LITTLE IMPACT ON THE ECONOMY IN MY OPINION. THOSE OF US THAT DID NOT NEED IT PROSPERED.WHAT NEED TO HAPPEN IN MY OPINION IS THAT THE GOVERNMENT NEED TO REVISE AND REESTABLISH THE GLASS- STENGEL/STEIGEL? ACT AND GET THE BANKS BACK INTO BANKING AN MAKING LOANS TO SMALL & MEDIUM SIZE BUSINESS, (IE) STEEL PROCESSORS, FABRICATORS, RETRO FITTING TOP 30 CITIES SEWER AND WATER INFRASTRUCTURE— PROJECTED TO COST IN EXCESS OF 3 TRILLION DOLLARS AND WOULD PUT BACK TO WORK MILLIONS OF AMERICANS, THE OUTDATED MAJOR HIGHWAYS, ROADS AND BRIDGE SYSTEMS NATIONWIDE.
WE HAVE THE NEED BUT THOSE THE CONGRESSIONAL REPUBLICAN AND BLUE DOG DEMOCRATS-OF WHICH I AM A STRONG SUPPORTER- COME TOGETHER IN A MEANINGFUL WAY TO ADDRESS THESE PROBLEMS AS I HAVE OUTLINED IN THIS NOTE. WE ARE ALL GOING TO LOOSE. AS A RETIRED BUSINESS MAN I HAVE CONSULTED WITH SEVERAL OF MY SMALL BUSINESS ASSOCIATES AND THEY ALL TO A MAN AND WOMAN SAY THEY NEED THIS HEALTH BILL TO PASS. IT WANT MEET ALL OF OUR NEEDS BUT IT WILL POINT US IN THE RIGHT DIRECTION. AS KENNEDY SAID LETS PASS IT AND MODIFY IT AS NEEDED TO. SMALL AND MEDIUM SIZE BUSINESS CAN NOT BE COMPETITIVE IF THEY KEEP GETTING 20,30 & 40% ANNUAL INCREASES IN THEIR EMPLOYEE INSURANCE COST. THE ONLY INDUSTRY IN THESE UNITED STATES THAT'S UNCONTROLLED AND VERY PROFITABLE TO THOSE OF US THAT BY THEIR STOCK, IS THE INSURANCE INDUSTRY. NOW LETS TALK ABOUT THIS AND PLEASE COUNT ME IN.
NOW PER YOUR TALKING POINTS TOMORROW
1. Implement a meaningful payroll tax holiday for both employers AND employees (January 1st to July 1st, or better yet, ALL of 2010). GOOD IDEA! BUT WITHOUT BANK LOANS TO SMALL & MEDIUM SIZE BUSINESS AND CONTROL OF EMPLOYEE INSURANCE COST WHO WILL IT HELP?
2. Permanently abolish the capital gains tax on any investments made in eligible small businesses (fewer than $100MM or under 500 employees) during 2010. TOTALLY AGREE!!!! BUT LESS DEFINE "ELIGIBLE SMALL BUSINESSES" FIRST OK!
3. Repeal or drastically modify Sarbanes-Oxley, as it has only hampered business growth and hasn't done nearly as much good as was intended (I call it the "Accountant Full-Employment Act"). DISAGREE, MODIFY AND CORRECT ITS ERRORS BUT OTHERWISE LEAVE IT ALONE.
4. Get health reform RIGHT — the plans in circulation are still missing two very important things: tort reform and the ability to purchase health insurance across state lines. AGREE BUT LESS PASS IT AND MODIFY AS NEEDED
GOOD LUCK TOMORROW.
December 3rd, 2009 at 9:59 am
go get him we must stop this wave
December 3rd, 2009 at 10:00 am
You go Guy!!!!
December 3rd, 2009 at 10:00 am
Fantastic. Give it to them.
December 3rd, 2009 at 10:01 am
Good luck. Go for it. Most of these politicians are lawyers and they do not have a clue how to run a small business let alone how to manage gov't spending.
December 3rd, 2009 at 10:01 am
Chris, good luck, hope you can squeeze some good info in your time slot. Be concise.
December 3rd, 2009 at 10:02 am
Hey Chris, I love it! Good luck with the interview…
December 3rd, 2009 at 10:03 am
The jobs issue is linked inextricably to assistance to small businesses – since that is where jobs are created.
So far, this administration has proposed only what the lenders want – incentives to stimulate more borrowing so the lenders can make more 90% guaranteed loans – ie lending without risk.
As a CDC, it is clear to us that many of our 1600 clients in our portfolio don"t need and cant afford MORE debt.
They need loan modifications to make their monthly payments more affordable. The financial institutions that are "too big to fail" were given billions so they could stay in business – but haven't been asked to make any accommodations to their borrowers who need loan modifications. Every foreclosure on owner-user property puts more people out of work. It is hard to make headway in creating jobs when we are doing nothing to stop the loss of existing jobs.
You have a great PR person!
December 3rd, 2009 at 10:03 am
I'll be watching.
December 3rd, 2009 at 10:04 am
Also allow for SBA guarantees on low-interest Industrial Development Bonds. This would get more banks comfortable in lending to manufacturers while providing them low rates as well. I know several good small mfg. Companies that would like to expand but the banks are too afraid to lend and their rates are high as well.
I am an IDB specialist and do projects throughout Florida.
December 3rd, 2009 at 10:05 am
Chris, you are right on target! I also work for Nationwide Southwest out of Irving, TX. Nationwide Marketing Group is a group that consists of 3,000 members across the nation. They are independent business people in the Appliance, Furniture and electronic business. I cover all of Louisiana for the group. I take care of the current members and recruit new ones. I have around 130 companies in my territory . I know you have heard of Nationwide Marketing Group which is sometimes referred to as a buying group. We are the largest group of our kind in the USA. I can tell you that most of my members are not happy with the current administration in Washington.
Chris, they need tax cuts and other programs to help them. Chris, they are the backbone of business world in our country. The only thing that we can do out here is to complain to our people in Congress and make sure we vote in 2010 to rid ourselves of these do nothing politicians that are only concerned about themselves.
December 3rd, 2009 at 10:06 am
I am with you! Say hi to Tiger for me!
December 3rd, 2009 at 10:06 am
If the government doesn't create jobs, what are cops, firemen, teachers and the military about
December 3rd, 2009 at 11:27 am
Good luck with it Chris!!!
So how about some SBA appraisals coming my way!!!
December 3rd, 2009 at 5:25 pm
Well said!
December 4th, 2009 at 9:40 am
I agree a lot with your ideas.
The medical bill is no good with out tort reform
I had a accident in Australia a yr ago. I was in the hospital for 7 day there, I had a moderate operation in which they put me out .
The total bill, socialize medicine bill, was $8700. I tired to find out the cost for the same treatment here in Tempe Az, it was $38000. Our USA system is definitely not 4 times better than Australians medical systems.
My conclusion we absolutely need reform, but what we will be getting –is sort of going side ways, that is politics for you!!!.