Recession Longest in 60 years, Banks Still Not Lending to Small Business

September 20, 2010

Recession Longest In 60 Years, and Banks Still Not Lending

Posted by Ben B.Boothe, Sr. 

The National Bureau of Economic Research Announced that the recession started in 2007 and ended with the beginning of recovery in June 2009. Income, employment industrial production and wholesale retail sales for the analysis. The previous longest postwar recessions in 1973-75 and 1981-82 both lasted 16 months, it said. This recession officially lasted 18 months but most Americans would say it seems like much longer.

How Much Longer?

Most economists have concluded that if the US is to create jobs and start growth that banks will have to be given incentives to lend money to small business.

"We must point out that banks are still not lending and job growth is not happening as a result" said Ben Boothe Appraiser, and CEO of http://benboothe.com
Boothe, a leading Appraiser and economic consultant said the following questions were critical:

1. Why hasn't the Federal Government given incentives for banks to lend money to small business?
2. Why hasn't the Government given small business tax breaks, grants or incentives to hire people?
3. Why are bankruptcy laws which protect lenders and big business, not being reformed to help small families and business that are victims of this economy?
4. Why are credit card companies still allowed to raise interest rates to 29% without notice, or to destroy credit scores, without scrutiny?
5. Why is the ACH system of debits without notice to checking accounts not being regulated?
6. Why are the mid to small business owners of America being forced to carry most of
   

   Good luck surviving the recovery!
   the brunt and pain of this recession?

"While Texas is supposed to be a bright spot in the economy with Houston, San Antonio/Austin, and Fort Worth/Dallas showing the best commercial building development growth in the nation, unemployment still remains high" observed Boothe.
In the meantime,the Organisation for Economic Co-operation and Development (OECD) also reduced predictions for US growth.
The OECD predicted the US economy will grow by 2.6% this year. It also warned in its latest economic survey of the US that we may experience higher long-term unemployment.
Meanwhile, the UK's Centre for Economics and Business Research (CEBR) said that it expected the US economy to expand by 2.2% next year, after growing by 2.5% this year.