Editor's corner/ Over a cup of tea
Heidi M. Pascual*
Publisher & Editor
* 2006 Journalist of the
Year for the State of
Wisconsin (U.S.-SBA)
Publisher & Editor
* 2006 Journalist of the
Year for the State of
Wisconsin (U.S.-SBA)
| The bailout of Wall Street |
My son, a lawyer working for the Philippine government, is now in Japan attending a training
program for young leaders in legal and judicial systems. He asked me why I didn't have an editorial in
the October issue of Asian Wisconzine online, and I answered, "I had no space for it because in the
printed version, I did a combined September-October edition." On second thought, I realized I have
lots of space for it here at www.asianwisconzine.com! So here we go.
$700 Billion ... wow! It's amazing that we, American taxpayers, have that "additional" amount of
money to help Wall Street mend itself! I thought our treasury has been depleted by the wars in Iraq,
Afghanistan, and elsewhere. Apparently, we still have a little more "blood" to squeeze.
Whatever my objections to this Bush's plan were as a taxpayer, they were drowned by the need to save
the failing economy which, in the final analysis, affects the common people the most. As we
understand it, the bailout plan authorizes the Secretary of the Treasury to buy bad assets amounting to
about $700 billion from financial companies in trouble. This action will allow credit to flow again to
stimulate the business sector; the Federal Deposit Insurance Corporation (FDIC) will raise deposit
insurance from $100,000 to $250,000; government agencies will modify troubled mortgages; and
government regulators will "suspend certain accounting rules," among other things.
As a small business owner, I hope a direct benefit of this $700- billion bailout will trickle down to me,
although I am not sure. Everybody is talking about the bigger picture -- the nation's economic survival
and the global economy. The truth is, small businesses similar to mine have been climbing very steep
mountains even before this $700 billion bailout plan came along. Before the bailout, could I get a line
of credit using my business as collateral? No. Could I borrow for operating expenses, including
personnel hiring? No. My business plan, which I completed at the Wis. Women's Business Initiative
Corporation (WBBIC) four years ago, was supposed to be revised to show a five-year plan so I could
apply for a loan at an exorbitant interest rate. Guess what? I started my business with NO money ... just
my skills and a belief that I could make it. But as the saying goes, "money begets money," and in order
to grow, I need the capital to hire additional personnel or expand circulation.
To whoever would listen:
I demand the bailout of small businesses like mine! I demand the bailout of "CEOs" of small
businesses whose incomes are not even enough to pay rent and utilities! I demand a closer look at how
minority- and women-owned businesses die within two to five years of existence, and DO something to
correct it. I demand real action from politicians who woo us before elections and leave us in the cold
afterwards.
It is strange that politicians always refer to small businesses as the "backbone of American economy,"
yet nothing concrete in direct support really trickle down to many of us. Tell you what, we are getting
lots of backpains due to lack of support! Speaking only for myself, for example, my small magazine
depends on companies and government agencies for advertising, yet most prefer to advertise in big
media publications instead/only. How can a small business grow if government agencies themselves
prefer the big ones? Get this, Asian Wisconzine hasn't had a single advertising from .... (call me so I
can tell you: 608-287-0611), and these folks purportedly promote "Diversity" and support minorities! I
am not sure how they do it, really. But as an ASIAN AMERICAN, I don't feel it!
I cannot help but think of the $700 billion bailout package for Wall Street as simply the truth of how
this government really coddles big business. It will bailout the big ones, and leave the small ones to
die. It seems that the term "fittest" in "survival of the fittest" is defined by a company's size and
political connections.
If I don't get a little "bailout package," that's probably when I'll consider moving some place else. But
anti-immigration Americans (who don't consider themselves and their parents immigrants) welcome
that! Hmmm ... on second thought, I don't think I want to make them happy.
program for young leaders in legal and judicial systems. He asked me why I didn't have an editorial in
the October issue of Asian Wisconzine online, and I answered, "I had no space for it because in the
printed version, I did a combined September-October edition." On second thought, I realized I have
lots of space for it here at www.asianwisconzine.com! So here we go.
$700 Billion ... wow! It's amazing that we, American taxpayers, have that "additional" amount of
money to help Wall Street mend itself! I thought our treasury has been depleted by the wars in Iraq,
Afghanistan, and elsewhere. Apparently, we still have a little more "blood" to squeeze.
Whatever my objections to this Bush's plan were as a taxpayer, they were drowned by the need to save
the failing economy which, in the final analysis, affects the common people the most. As we
understand it, the bailout plan authorizes the Secretary of the Treasury to buy bad assets amounting to
about $700 billion from financial companies in trouble. This action will allow credit to flow again to
stimulate the business sector; the Federal Deposit Insurance Corporation (FDIC) will raise deposit
insurance from $100,000 to $250,000; government agencies will modify troubled mortgages; and
government regulators will "suspend certain accounting rules," among other things.
As a small business owner, I hope a direct benefit of this $700- billion bailout will trickle down to me,
although I am not sure. Everybody is talking about the bigger picture -- the nation's economic survival
and the global economy. The truth is, small businesses similar to mine have been climbing very steep
mountains even before this $700 billion bailout plan came along. Before the bailout, could I get a line
of credit using my business as collateral? No. Could I borrow for operating expenses, including
personnel hiring? No. My business plan, which I completed at the Wis. Women's Business Initiative
Corporation (WBBIC) four years ago, was supposed to be revised to show a five-year plan so I could
apply for a loan at an exorbitant interest rate. Guess what? I started my business with NO money ... just
my skills and a belief that I could make it. But as the saying goes, "money begets money," and in order
to grow, I need the capital to hire additional personnel or expand circulation.
To whoever would listen:
I demand the bailout of small businesses like mine! I demand the bailout of "CEOs" of small
businesses whose incomes are not even enough to pay rent and utilities! I demand a closer look at how
minority- and women-owned businesses die within two to five years of existence, and DO something to
correct it. I demand real action from politicians who woo us before elections and leave us in the cold
afterwards.
It is strange that politicians always refer to small businesses as the "backbone of American economy,"
yet nothing concrete in direct support really trickle down to many of us. Tell you what, we are getting
lots of backpains due to lack of support! Speaking only for myself, for example, my small magazine
depends on companies and government agencies for advertising, yet most prefer to advertise in big
media publications instead/only. How can a small business grow if government agencies themselves
prefer the big ones? Get this, Asian Wisconzine hasn't had a single advertising from .... (call me so I
can tell you: 608-287-0611), and these folks purportedly promote "Diversity" and support minorities! I
am not sure how they do it, really. But as an ASIAN AMERICAN, I don't feel it!
I cannot help but think of the $700 billion bailout package for Wall Street as simply the truth of how
this government really coddles big business. It will bailout the big ones, and leave the small ones to
die. It seems that the term "fittest" in "survival of the fittest" is defined by a company's size and
political connections.
If I don't get a little "bailout package," that's probably when I'll consider moving some place else. But
anti-immigration Americans (who don't consider themselves and their parents immigrants) welcome
that! Hmmm ... on second thought, I don't think I want to make them happy.
