If you have been watching the news, you will know that America is currently in a financial crisis. Labels such as “recession” and “Great Depression” have been bandied about, but we all hope they won’t stick. On October 3rd, the government’s economic bailout package was passed to rescue our failing financial institutions. We know how the CEO’s of these and other huge corporations feel, but what about the small business owner?
In Businessweek, Stacy Perman spoke with a cross-section of small business owners from across the country to get their reactions to the bailout. “I’m very, very disgusted,” said Tom Carlson, a business owner in Wisconsin. Though extreme, Carlson’s words sum up the general tone of the small business owners interviewed, if not the average American in general. The main questions are “why are we saving greedy people from their own bad decisions?” and “Why doesn’t the government ever bailout the little people?”
Both questions are valid, but shortsighted. True, the very people and companies that created this crisis are getting $700 billion dollars. Again true, small business owners never have had such good treatment before, and probably never will. The reason for this is that the welfare of these giants of industry affects the entire country and the world.
“The bigger problem is the way the government has handled this entire situation,” said Bill Baird, an owner in Massachusetts. The bailout is a band-aid and only time will tell if another will be needed – or will we have to get a tourniquet? It will keep the economy afloat, but will it prevent disaster? Has the government told people to not sell their stocks, not pull their money from banks, or go out shopping? The answer is “no,” and the corollary is “they should.”
Going into financial hiding is the worst thing Americans can do right now. Like running as fast as you can when you are engulfed in flames, the first instinct in this situation is not the best. America is strong, the government will not let the economy die, and things will get better.
