ECONOMIC PICTURE – FACT OR FICTION

Wanna’ know where we REALLY are when it comes to the economy? It’s easy if we hit the rewind button and go back in time to the one year anniversary of Timothy Geithner’s maiden speech as Treasury Secretary. Notwithstanding the fact that Geithner was “outed” as a tax cheat prior to his nomination to that high post, Geithner had this to say while honoring his first year of achievements in February 2009.

“The actions we took, alongside the Recovery Act, have worked to restore economic growth and financial stability. Access to credit is improving and the cost of borrowing for businesses, consumers, homeowners and state and local governments has fallen sharply.”

That’s a pretty rosy scenario but it wasn’t true then…and it’s not true now. According to the Sacramento Bee, the Senior Vice President of the Metropolitan Chamber of Commerce had this to say: “Small businesses must be able to get the cash they need to survive, grow and thrive. Access to capital for small business is as essential as water is to a fish. Without it, you don’t have the capacity to hire or retain employees or buy supplies. But so far, that cash lifeline remains frustratingly out of reach for many.”

The Small Business Administration (SBA) used to be the lifeline for small business, but according to the Bee’s figures, “Even if lending growth continues at the same pace in the second half of 2010, it’ll still remain far below 2007 figures. Combine that with the near absence of non-SBA lending, and the situation remains grim.”

So, Timothy Geithner’s one-year anniversary speech was nothing but a pack of lies designed to paint a picture for general public consumption. A picture designed to make his boss, Barack Obama, look good. A picture painted on canvass with disappearing ink, leaving nothing but an empty easel. Much like our president, who, as it turns out, is nothing more than an empty suit.

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