Forty-two years ago a group of record dealers were sitting around and listening to President Nixon give the usual speech as to how the small business community created more jobs than the large corporations - that the small business community deserved the government's help in order to expand.
A few of the dealers got angry and said they could not get help from the Small Business Administration to expand. I was president of the Association of Record Dealers at the time and the group told me to find out why. I wrote President Nixon about the issue and the reply I received said that if I really wanted to help small business I should join the newly formed SCORE and ACTION.
I did just that. At the beginning I had the feeling I was helping small business, in conjunction with the SBA, which gave out loans. Then Congress decided it was too expensive and lessened the money given to the SBA and forced it out of the loan business. They turned the matter over to the banks and guaranteed a large portion of the loans. Unfortunately, the banks were more interested in making bad loans, bad mortgages and foreclosures than than they were in loaning money to small businesses.
I heard the same nonsense in the last GOP debate. How can you be concerned about small business and not want to fund the Small Business Administration?
If the Democrats also give lip service to small business, where do these job creators have to turn for help?
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It's impressive that you had such an important position and that you corresponded with Nixon. It must be noted that Nixon, who we all denigrated, was very supportive of clean water and regulating the corporations that poluted the Hudson. Perhaps he was sincere about supporting small businesses.
I have the impression that SCORE did very good work, even without giving out loans. The banks have had their day. The people are protesting all over the world.
We are all looking at Obama's speeches with a jaded eye. If he doesn't come through for the little guy, he may win narrowly and the Republican majority will prevail.
The next election is hanging in the balance and the middle and lower class community is up for grabs. I believe that the administration is aware of that. Things have got to get better.
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