Will Trump Follow Obama In His Failure To Deliver? – Ep. 219

The Peter Schiff Show Podcast

The NFIB Index of Small Business Optimism in the month of December, so this is post the election of Donald Trump Shot up from 98.4 in November to 105.8 This is the highest level in 12 years - since before Obama was President And it's the biggest monthly jump in 37 years You have to go all the way back to 1980, the election of Ronald Regan to find a moment in time where you saw this big an increase in optimism, in confidence among small business owners Remember, it was Michelle Obama not too long ago Saying, "This is horrible, there's no hope anymore in America!" Well, small business owners haven't been this hopeful since I was in high school Why are they so optimistic? Well, first of all, it's more a testimony to how horrible things have been over the last 8 years People are just hopeful that now there's going to be some relief, that Barack Obama is gone Because the lat 8 years have been very, very difficult for small businesses First of all, if you're running a small business, you can't take advantage of zero percent interest rates You can't just show up at the discount window and borrow from the Fed Also, you can't sell bonds into the bond market, like big corporations can If you're a small business, and you need credit, you've got to go to a bank and get a loan But the banks don't have any money - there's no savings - nobody's putting money into the bank And no banker wants to carry a risky loan on his books When he can just own U.S. Treasuries The regulators are all over you, if you actually make a loan to a business So businesses haven't gotten capital Meanwhile the cost of doing business has gone up because there's been all sorts of regulations that have been added to the burden of business Over the lat 8 years