lend. colin barr, a senior writer. good to see pup thanks for being with us. thank you. is there anything that these world financial regulators can do orave done that p could actually prevent what happpenie two years ago from happening again? they re on the right track. saying you have to hold more money. not going to have another situation whereveryone levers up to the sky. right. that s important. the other thing is that the experience in 2008 was bad for everyone. even for the bankers who kept their bonuses. sure. people didn t like having their nobody wants this happening again. right. tell me has you mean when yoe say we talk about this generally but talk about not being so levered up, not having so much leverage. what does that mean? to my viers what does that all mean? all the banks borrowed so much money, easy to borrow, very cleep. everyone assumed there would never be another banking crisis or recession, some thought. some thought we, everything was
so we tried to fill that void as the banks werewe getting well, makingul sure the small business could keep their doors open. but even by doubling the number of sba loans there s still not enough pital to meet the demand for small businesses across the country. that s why this bill tt we re looking to pass this week out of the senate and thatji jerry and jim already voted for is so simple. because what it would do is it authorizationding to provide to community banks who are most likely to give loans to small businesses. but it would say to those banks, you know what, we re going tobl hold you accountable for actually lending the money. so because what we don t want to do is just help the banks boost their balance sheets but they re never getting the money out of the door. over the long term, we think that there are going to be enormous opportunities for banks
cost taxpayers a lotf o money, utng we re essentially giving some money up front that s going to then be recouped. i think there are a lot of ideas that we can pursue on that front that could really make a difference a put a lot of people back to work, whether they re the folkselling the insulation at home depot or the small ntractor that for a long time wa remodeling kitchens or putting in home additions. ybe th business has dried up. this would be a new area for them to get put to work. and about one out of four construction one out of four jobs that have been lost during this recession are related to the construction industry in some fashion. that you know, those folks have been hit harder than just about anybody else. this would be an important boost for them. can i add to that one quick thing? pref sident obamamen the backyard of a home in fairfax, virginia, speaking to area residents. about 30 people. area esidents, small business
unbelievable. last week s gas explosion in n , california. it show as massive fireball melting everything in sight.ay you re about to see it. stay with us. weome to progressive. nice calculator. i m just trying to save money on my car inrance. you know, with progressive, you get the option to name your price. is that even possible? uh, absolutely. trade? and i still get great service? more like super great.oh oh, you have a message. hello.
decisions is to make sure that i m talking to scientists and h e ethicists and build a common sense consensus that allows us to make progress over the long term. okay? yeah. go ahead. mr. president, it s a privilege for me to be here. you talk about small business loans. ecmy company is a high tech company and we e growing and we are providing high tech jobs for americans. how ca we ensure that banking and lending institutions are going to actually lend money to small businesses? there have been a number of eps down in that way, but so far i ve been denied a loan twice and only got the for the third time, after i asd for sba-backed loan. tell me more about your business, by the way. i ve actually read about it but tell people here wouldin be interested because you re