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October 5, 2010 at 4:00 PM

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$30 billion boon for small businesses

Posted by Letters editor

Act creates, protects jobs, extends credit where credit is due

Last week President Obama signed the Small Business Jobs Act [“For small businesses, $30 billion in fresh hope,” page one, Oct. 2].

The legislation was opposed by most Republicans including Dino Rossi, who mindlessly called it TARP-Light. Far from being another bailout of large banks, however, the legislation is aimed at making capital available to small community banks so they, in turn, can loan money to small businesses.

According to The Seattle Times, businesses like the Elliott Bay Book Company will benefit, along with another 25 Seattle and approximately 1,400 nationwide companies. These businesses need credit for day-to-day operations and expansion. In other words, if credit is available jobs will be protected and created.

The National Small Business Association supports the legislation, and this is an organization Republicans usually listen to. But not now. Rossi and company, ever the conservative ideological warriors, stubbornly blame Wall Street financial reform for strangling credit.

Never mind there was a credit crunch before reform. And never mind without reform we risk another round of big bank recklessness, financial meltdown and recession. Just pass deregulation and tax cuts for high rollers; then good times will ensue.

You have to admire the chutzpah of Republicans like Rossi — before you realize their ideology and party are destroying our country.

— Jesse Roger Feathers, Seattle

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