Big Business and Big Government: Let the Apathy Olympics Begin!

“Nothing that Obama has proposed, that Geithner has enacted or that Krugman has cheerleaded has meant a damn thing for small businesses in the US.”

My clientele is nationwide and the vast majority are business owners.  They represent every industry, every region in the country and every political persuasion.  When I relay the sentiment on The Street about how the ISM or the ABC or the XYZ survey is indicating an economic recovery, they are completely at a loss as to what recovery I could possibly be talking about.

This is becoming a farce, with the punchline being the small business owner and his employees.  CNN is reporting that President Obama’s upcoming Jobs Summit will be featuring Disney Chief Bob Iger and Google CEO Eric Schmidt, two guys who wouldn’t understand the plight of the independent businessman if they tripped over it on the way to the executive washroom.

With the majority of the administration’s efforts being driven toward coming to the aid of the Fortune 500 and keeping the union/bureaucratic machinery humming at level 10, it’s no wonder we’re staring 20% under-employment right in the face, a year into Obamanomics 101.

How much longer small business will be ignored remains to be seen, but judging by Obama’s guestlist for the event, I wouldn’t be too excited for the epiphany we all know must come for the bleeding to stop.

Let me spell it out for those in the administration who think that higher stock prices are their report card:

CUT TAXES FOR SMALL BUSINESS NOW.  AND GIVE TARP MONEY TO SMALL BUSINESS, TOO.  YESTERDAY.

Small businesses account for HALF the jobs in this country and they have been absolutely trampled in both the recession and the so-called recovery.  While big oil and big tech and big manufacturing are “playing” the dollar carry trade and deriving huge sales and profits from overseas, the provincial business owner can do nothing but watch.  For many, exporting is out of the question logistically or doesn’t translate based on what the company makes or does.

Banks are hoarding and not lending, state governments are using federal stimulus cash to pay down debt, consumers are stampeding Wal-Mart and TJ Maxx for 99 cent Asian-made junk – they are not transacting with the local merchants.  Nothing that Obama has proposed, that Geithner has enacted or that Krugman has cheerleaded has meant a damn thing for small businesses in the US.

Until this changes, the bankruptcies, layoffs and delinquencies will continue.

Have fun at the Jobs Summit Apathy Olympics, fellas.

Tags: , , , , , , , ,

This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Wealthcast Media, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. Investments in securities involve the risk of loss. For additional advertisement disclaimers see here: https://www.ritholtzwealth.com/advertising-disclaimers

Please see disclosures here.

What's been said:

Discussions found on the web
  1. RedMax HTZ2400 manuals commented on Jan 22

    … [Trackback]

    […] Read More Info here to that Topic: thereformedbroker.com/2009/11/30/big-business-and-big-government-let-the-apathy-olympics-begin/ […]

  2. bandar77 commented on Jan 23

    … [Trackback]

    […] Read More on that Topic: thereformedbroker.com/2009/11/30/big-business-and-big-government-let-the-apathy-olympics-begin/ […]

  3. carpet cleaning service harpenden commented on Feb 01

    … [Trackback]

    […] There you can find 1502 more Information on that Topic: thereformedbroker.com/2009/11/30/big-business-and-big-government-let-the-apathy-olympics-begin/ […]