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How Will the Current Financial Crisis on Wall Street Affect Your Business?
09.25.2008
It seems the people making loans made some bad decisions over the last 10 years. Now, we're in a very bad financial crisis. It's as bad as 1987-8. Maybe not as bad as 1929 yet. We need the government to bail out Wall Street. But the question is how badly will the current climate affect your ability to get loans to expand/improve your small business?
Posted By Greg DiFalco at 1:13 AM
Comments 3 Comments:
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1. Dawn Kraus: Wrote on 10/1/08 at 1:34 PM
I have just started my own business and, although I do have clients, some of the businesses that I work with are feeling the pressure. One company told me that he hadn’t received a single phone call in two weeks, the first time in the 25 years he has been in business. Many of us believe that people are waiting to find out what will happen on Wall Street before they commit to any events or contracts. Although a wise financial move for them, it makes all of us worried if we can wait this out as a loan to cover the shortfall is just not a feasible option. Something needs to be done so that confidence is restored among consumers.
 
2. Lucinda Cassamassino: Wrote on 10/1/08 at 12:52 PM
Those of us who run our businesses properly will likely take the fall for Wall Street's shortsighted greed, and although I agree that Bush's plan isn't the right one, I know something has to be done. I guess I'm just angry at the fact that a "get out of jail free" pass is even on the table. But if Wall Street goes, they'll take us all with them and our businesses will be held hostage by more stringent loan standards and devalued collateral. There's the rub.
 
3. E. Richards: Wrote on 9/27/08 at 9:34 PM
Once again, those of us who do things by the book are getting screwed by those who bit off more than they could chew and need someone to save their backsides. I've got a long track record of success with my small business, but I cringe at how difficult it will be to expand.

I do give the bulk of the Republicans credit, though, for recognizing this bailout is socialism.
 
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