On the Credit Crisis

It's tough out here when you're a small business owner who's getting squeezed on both ends of this crisis -- from consumers who aren't spending and banks who aren't lending. This is getting to the point of being a vicious cycle that's helping no one.

Credit is critical to our economy and needs to flow freely for things to just simply work. I'm troubled, however, with the latest announcement from the Treasury and Federal Reserve of the TALF (Term-Asset-Backed Securities Loan Facility), which aims to thaw the frozen markets for consumer and small business credit for everything from credit cards and auto loans to small business loans. I still cannot walk into any of the banks with whom I do business for financing for my operation through this downturn, even with good credit. Despite the Fed buying securities backed by the different types of debt they're trying to break free of this logjam, bankers still don't trust anyone, including each other.

We'll continue to languish for months with no hope in sight of a solution other than to keep working it out for ourselves and "hustling" to get by down here on "Main Street." I wish the Fed would have announced a program where small businesses could go directly to the government and bypass the banks altogether. Why should the banks and big corporations be the only ones with the "direct line" to Bernanke and Geithner for the funds they need to keep their businesses running? We're dying out here. I need to consolidate and refinance my debt and fund expansion of my business so I can actually hire employees, upgrade equipment, and complete long-overdue maintenance projects. That will stimulate the economy faster than waiting for these bankers who got us into this mess in the first place to figure everything out.