T Nation

Trump: The First 100 Days


#1908

And I bet your boss really liked the Consumer Financial Protection Bureau. An agency that Obama created all on his own because there JUST WASN’T ENOUGH GOVERNMENT OVERSIGHT already.

My Gosh I am so happy that walking destroyer of small business is leaving the White House in just 10 more days. So far I have 96 people that are coming to my Good Riddance Obama party.


#1909

From that notoriously lefty rag Forbes:

"During his State of the Union address last night, President Obama boasted that “We’re in the middle of the longest streak of private-sector job creation in history. More than 14 million new jobs, the strongest two years of job growth since the 1990s, an unemployment rate cut in half.” Many of these positions have been created by startups and other small businesses.

Entrepreneurship has grown during the Obama Administration, often out of necessity (as was the case during the recession) and because of the growth in technology, which has spurred growth not only in the banking, IT, and biomedical sectors, but also for firms that work with government agencies that handle security and economic development.
[…]
Naturally, the current economic climate is not without peril. However, the past few years of the Obama Administration have been prosperous ones for entrepreneurs on a number of measures. It is why Americans continue to dream big and why foreigners seek to come here to pursue the American Dream of business ownership."

http://www.forbes.com/sites/rohitarora/2016/01/13/rating-the-obama-years-for-small-business-growth/#377330a21879


#1910

Not to mention the person that I had to hire just for Compliance work. And I pay him well above the average living wage for a family of four. Plus all benefits (as I give to all my employees) just to make sure that we follow the many, many federal regulations placed upon us by that horrid anti-business President.

Above Obama is smiling because he likes screwing small business…it felt really good for a left wing border line Socialist to kick small business in the teeth REPEATEDLY!

(Above-Funny how you can make statistics say just about anything that you want–LOL.)


#1911

Eh, hold up a sec. If you have reached the level of having a compliance officer you have some pretty good problems.

Not that your point doesn’t stand, but come on man!

On a different note- you could branch off again and start a regulatory compliance consulting service too.


#1912

I grew up in a working class household. I worked hard to achieve the level of success that I have had. If you think it’s okay for Obama to make life difficult and to steal from those who have worked 12 hour days over a period of 20 years then you can join the other lefty’s on the forum.

Seriously, I know you didn’t mean it…Right?


#1913

Hell no, not like that!

I’m saying most small businesses wish they could see the ass end of the level of success required to even have that problem.

In a good way. Meaning clearly you have done well in spite of the obstacles. Usually its owner/compliance/everything else that falls under the same roof but no one else is gonna do.


#1914

Ok, here’s the short version - banks depended completely on deposits in the seventies, the age of boring 3-6-3 banking (take deposits at 3%, disburse loans at 6% and be at the golf course by 3pm)

As you’ve correctly pointed out, the main constraint is(was) deposits - banks tend to fight for slices of the same pie as they’re unlikely to persuade new clients to give their savings to banks.

So twenty something years ago the banks started wondering how they can overcome the deposit constraining factor and acquire funds through other means - issue corporate bonds, borrow from other banks etc. Even straight up invention of new capital, which JP Morgan pioneered.

So, coupled with increased leverage, the banks realized they can sidestep the crucial issue - acquisition of funds which costs money (interest that needs to be paid to the depositor) and dramatically increase the disbursed funds (that earn money).

So the banks stopped being solely reliant on money that John Doe puts into his savings account. Some banks (admittedly, mostly investment banks) were notorious for relying almost exclusively on overnight lending for their liqudity (Lehman brothers the most notorious example)

And then, they realized that the disbursed funds - especially if they were AAA loans with a low risk premium and a steady income - can be treated as every other commodity - used as a collateral to borrow even more money, sold, insured etc. And here comes the causes of the 2008 financial crisis.

This changed the branches as well - they main purpose is to sell you stuff - products, services (with associated fees) and funds, through loans on different products such as mortgages, credit cards etc.


#1915

Thanks for the primer.
But it does reinforce my original statement that these super banks have knocked out the source of funding for Main Street America to finance small business endeavors.

I figured Rothschild’s quote was well worn so - here a little chart for you to chuckle over.


#1916

Can anyone find a comparable event in Obama’s presidency Comparable to what Trump has done to create jobs? The carrier deal, intimidating companies considering outsourcing American jobs, etc?

I guess what I’m asking is, what was the peak for Obama during his presidency in terms of job creation?


#1917

Good luck “creating” jobs.


#1918

http://www.forbes.com/sites/kylesmith/2014/09/11/sorry-obama-fans-reagan-did-better-on-jobs-and-growth/#120c2e823c92

The above says that Reagan created 16.1 million jobs.


#1919

Trump’s AG pick is against a Muslim ban?

https://www.yahoo.com/news/immigration-focus-u-senate-confronts-trump-nominees-111053338.html


#1920

What I posted was most by term:


#1921

I doubt it, because if Obama had done anything like that, he would have been pilloried by the GOP for interfering in the market–for ‘picking winners and losers.’ Such actions have only very recently (as in ~2 months ago) found favor in Republican circles.


#1922

Oh, got it.

Thanks for the correction my friend.


#1923

You are spot on with your above comments. But, because of Obama it has gotten so bad that something like this seems to be necessary.

(Do I really believe this? I am for free trade but things are getting bad in this country. And certainly solely because of Barack Obama. It’s just that has exacerbated the problem to the point where I am willing to see what Trump can do in order to make this country hum along like it used to…long ago.)


#1924

You must thank your lucky stars every night for the Obama boogeyman to blame everything on. Who you gonna blame over the next 4 years?

So, you’re for free trade, except when you’re against it. Got it. :smirk:


#1925

@ActivitiesGuy I’m sure you’ll have some choice words about this. Donald can’t let a fake news story or conspiracy get by him, so might as well take a stab at vaccines.


#1926

Jesus H. Christ.


#1927

Didn’t Obama do some ‘picking’ with Solectron ($500M federal dollars invested) and his protégé Duval Patric in MA with $60M invested in Green Solar?