Small businesses took center stage as Washington power players convened to tackle the growing crisis in lending.
Photos
WASHINGTON (CNNMoney.com) -- One day after Goldman Sachs' CEO apologized for his bank's role in the financial meltdown, Treasury Secretary Tim Geithner called on the nation's financiers to step up and do more to fix the damage they helped cause.
"This credit crunch is not over," Geithner at a small business financing forum in Washington hosted by the Treasury. "It may feel dramatically better for large companies, but it is not over for small businesses across the country."
The nation's banking system was stabilized with taxpayer dollars, and Geithner said he holds the biggest banks accountable for passing the torch from Wall Street to Main Street.
"Banks bear some responsibility for the extent of the damage caused by the crisis," he said. "And they carry a substantial obligation to help our communities get back on their feet."
Geithner and an assortment of top Washington officials, including Small Business Administrator Karen Mills, met Wednesday with a gathering of bankers and small business owners to address the credit crunch that has plagued small business owners for more than a year. Frozen out by banks unwilling to make risky lending bets on startups and small companies, the nation's 6 million small employers are struggling.
"In my home state of Virginia, we have long-term, successful retailers who are not going to be able to hire up for the holiday season," said Senator Mark Warner, D-Va. "Small businesses have hung on as long as they can and are basically at the end of their rope."
Posts
No comments:
Post a Comment