Another Government Program Nobody Wants

Small business is rightfully suspicious of any government programs these days:

President Barack Obama's $30 billion small community business lending program faces one big challenge: many of the community banks and businesses it's supposed to help don't want it.

The lending program is part of a bill that passed the House of Representatives on Thursday and now awaits the president's signature. The legislation contains a mix of tax cuts and credits aimed at helping small businesses. The centerpiece of the bill is an effort to make billions of dollars available to community banks for loans to small businesses. [...]

"We have taken a strategic decision not to have our primary regulator, the government, also be a partner in our bank," said William Chase Jr., CEO of Triumph Bank in Memphis.

Mr. Chase is a smart guy because once they accept the funds for the lending program they can expect to be told when and to whom to lend...by people like ACORN. And when those loans go bust they can expect their new partner to simply take them over.