Today, the US Senate passed the Obama Stimulus Package and I think we will be paying for this for a very long time. I’m not sure of the details, but obviously Obama et al will want to control the economy further and make this part of the relief effort.
The Bill still has to go to the House for approval, but I doubt there will be any significant changes.
Dow is down 346. Lots of confidence.
Today, the US Senate passed the Obama Stimulus Package and I think we will be paying for this for a very long time. I’m not sure of the details, but obviously Obama et al will want to control the economy further and make this part of the relief effort.
The Bill still has to go to the House for approval, but I doubt there will be any significant changes.
If you saw his address to the nation last night, he has drawn a line in the sand - clearly - against the free market (not that you couldn’t guess that before now).
He remarked that (and I am paraphrasing) there are those who believe that the Government should do nothing and let the free market do its work. That, he said, is not an option that is being considered. If you are willing to agree that the Government must do something, he said, then he is willing to negotiate on the particulars.
He also quickly blamed the entire economic problem on Wall Street.
There are so many parts of the “stimulus” bill that I simply love, but this one has to be right up there amongst my favorites…
http://www.bloomberg.com/apps/news?pid=206…id=aLzfDxfbwhzs
:lol:
Senators should read these provisions and vote against them because they are dangerous to your health. (Page numbers refer to H.R. 1 EH, pdf version).
The bill’s health rules will affect “every individual in the United States” (445, 454, 479). Your medical treatments will be tracked electronically by a federal system. Having electronic medical records at your fingertips, easily transferred to a hospital, is beneficial. It will help avoid duplicate tests and errors.
But the bill goes further. One new bureaucracy, the National Coordinator of Health Information Technology, will monitor treatments to make sure your doctor is doing what the federal government deems appropriate and cost effective. The goal is to reduce costs and “guide” your doctor’s decisions (442, 446). These provisions in the stimulus bill are virtually identical to what Daschle prescribed in his 2008 book, “Critical: What We Can Do About the Health-Care Crisis.” According to Daschle, doctors have to give up autonomy and “learn to operate less like solo practitioners.”
Keeping doctors informed of the newest medical findings is important, but enforcing uniformity goes too far.
Newsflash!
US government spends $306,000,000,000 fighting for freedom in WW2
Then spends $800,000,000,000 (and counting) 64 years later to try to reverse that principled position.
:lol:
Newsflash!
US government spends $306,000,000,000 fighting for freedom in WW2
Then spends $800,000,000,000 (and counting) 64 years later to try to reverse that principled position.
:lol:
Is that adjusted for inflation?
Is that adjusted for inflation?
No, 306 billion was worth 306 billion in 1945 and 800 billion is worth 800 billion today.
It’s always amusing to watch the Yahoo Finance take on things.
Stocks tumbled on Tuesday with the Dow and the S&P 500 down more than 4 percent, as bank shares slid on concerns that a plan to shore up the financial sector may not be enough to loosen up credit and contain the deepening recession.
http://finance.yahoo.com/news/Wall-St-tumb…b-14312204.html
Right Yahoo. Has nothing to do with the stimulus bill.
It should come as no suprise to any of us here that this slightly polished turd passed. The political whores in Washington don’t know economics from a hole in the ground.
the bill is just looting of the taxpayers. There is very little stimulating spending in there. Obama’s great claim of infrastructure spending is only about $90 billion out of the $838 billion. The actual bill is nothing but special-interest spending and adding controls to markets and everyday life.
Here’s an idea, that I borrowed from the “Rational Capitalist”)…
Any burglar who has spent his loot on consumption, and can show that the source of his loot was not planning to spend it, will have the burglary charge dropped and instead be commended for stimulating the economy.
It should come as no suprise to any of us here that this slightly polished turd passed. The political whores in Washington don’t know economics from a hole in the ground.
You’re giving them too much credit. They understand economics perfectly well. They also know that demagoguery is the only way they stay in office. People are generally too uneducated to understand anything more than the immediate goals. If a bill is passed that will “give everyone health insurance,” the only thing the average voter cares about is that everyone will be officially on the roles of the “insured.” They don’t stop to think–or don’t know enough to think–about the resultant loss in quality and dramatic increase in demand. Long-term consequences are beyond the mental horizons of 80% of voters. Politicians can only get reelected by pandering to the dumb masses.
If you are willing to agree that the Government must do something, he said, then he is willing to negotiate on the particulars.
Of course we’re willing to agree the government must do something: it should protect individual rights. That alone is better for the economy than any trillion plus dollar package anyone could come up with.
I feel a little flustered that this article took so many days to get posted online; I wanted to blog about it before the senate took the vote. To it sum up, the majority of the economic stimulus isn’t for economic stimulus and a good chunk of the funds aren’t to be spent until next year or so.
I’m not sure why so many people are shocked that this is a pork bill. When I think “economic stimulus,” I immediately picture the government throwing tax dollars into the economy, in some form. A more interesting stimulus bill would be a moratorium on income tax worth $800 billion…I’m guessing that would be 6 months-ish. Then let people spend the extra money however they want.
I’m not sure why so many people are shocked that this is a pork bill. When I think “economic stimulus,” I immediately picture the government throwing tax dollars into the economy, in some form. A more interesting stimulus bill would be a moratorium on income tax worth $800 billion…I’m guessing that would be 6 months-ish. Then let people spend the extra money however they want.
Add the Corporate Tax and that would be a plan. Makes too much sense though. Snowball/Hell.
This is too much.
It’s going to kill investment into the US economy. There’s no way investors are stupid enough to volunteer to pay this debt back in the next few years.
This is too much.
It’s going to kill investment into the US economy. There’s no way investors are stupid enough to volunteer to pay this debt back in the next few years.
…and not to mention that new like this is absolutely dismissed or not even covered by the major news networks:
TARP Stake Values Have Plunged
Looks like we are already losing money on this deal.
I got a server error from your link. 
I got a server error from your link.
try again, it works for me ( in Int. Explorer).