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Pocono News Section
Business Owners React to State of the Union
Business Owners React to State of the Union - Thursday, January 28, 2010 at 3:48PM EST
Reported by: Laurie Monteforte
Thursday, Jan 28, 2010 @ 03:48pm EST
STROUDSBURG, MONROE COUNTY - Meg Watt is in the business of helping businesses. She runs Megawatt Communications. It's a marketing and public relations company in the Poconos.
She tuned in to the State of the Union Address to see how the President could help her and her clients. She liked when he said, "I'm proposing that we take $30 billion of the money Wall Street banks have repaid and use it to help community banks give small businesses the credit they need to stay afloat." Watt explained it was, "Like pay back. You know we bailed you out so it's time for you to bail us out."
Watt has noticed some of her clients feel like they're running in place. She said, "They can't reach that next level financially, they don't have the money coming in or they haven't been able to achieve the loan to do it." She believes the President's ideas could help them.
But other business owners aren't convinced the government needs to get involved. John Grando is Co Owner of Venuto's Pizza in Stroudsburg. He said, "If you artificially change the rate then we're going to end up in worse trouble than we were in before. People shouldn't bite off more than they can chew." He said messing with interest rates would be dangerous. He has other stimulus suggestions. He said, "Spend your money to create jobs for people so they can earn their money instead of taking loans that they can't repay. In effect hurting everybody in the economy."
For now the President's plan is just an idea. It will be up to lawmakers to decide if it becomes policy. | | |
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