Thursday, December 3, 2009

The Jobs Summit: Part II

The Jobs Summit had lots of interesting discussion:

Green Jobs
Engine of Job Growth

The speakers are fascinating. Tune IN!!! 

 Some highlights from the Forums:

Suggestions from Joseph Stieglitz in the Engine of Job Growth Forum . Tim Geithner and Joseph Stieglitz start an interesting dialog at about the 22 minutes into this forum:

[Credit Freeze]
 "The data is overwhelming ...over 50% of all small business are now saying they are having difficulty getting credit...things could be getting worse in this area rather than better. We've had programs...the increase lending to underserved communities....It seems to me total reasonable to say [to TARP Banks or otherwise], "You have to figure out ways to lend to small business."  "

[On Encouraging appropriate lending behavior]
  "The FED is lending at 0% rate...The intent of FED lending was to create jobs [not create speculation]. It is perfectly reasonable to say....that access to FED window is conditional [on loaning to small businesses]."

[Our Credit Card System]
 "Our credit card system is broken in many ways....Anti-competitive practices could be fixed over night....A lot of countries have done this. It is a 2% percent tax on the whole industry....Legislation that would be bring down credit card charges is essential."

[On creating new banks that lend to small businesses]
 "Encourage the creation of new banks....We've destroyed 124 banks...If we created new banks that were focused on lending..."


[Carryback Losses]
Effectively a loan back...
Tim Geithner: "We're for that. Congress is extending that"
 Joseph Stiglietz: "Should be linked to incremental hiring. A conditional tax benefit. [Otherwise] it could be a big gift to the banks.]"

[Domestic vs. Foreign Investing]

The current tax law allows people to keep their funds abroad without taxation.

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