First a failed $700 billion stimulus package attempting to directly buy out the bad bank loans and stimulate bank lending. This when the total of bad debt is in several trillions of dollars.
Then, Obama and the Democrats' $800 billion stimulus package which happily spends on everything from discount coupons for digital TV conversion to improvement of highways and projects on climate research. For all I know a part of the money might also be allocated to financing his kids' education so that they may become future presidents. Only about 20% of the 800 billion will flow into the economy during FY '09 as a stimulus. Another 40% percent during FY '10. The rest is a clever manoeuvre to get funding for general ambitious projects for the future while the economy is still in tatters now. Does anyone even know the Republicans had an alternate bill proposing greater tax cuts' and more money allocated to 'stimulus' plans? That is why the democrat bill passed House with 0 republican votes. The poor souls were yelling their lungs out in the debate to get the point across that the package needs more programs that have effect NOW!
2 comments:
Totally agree...
I guess I hoped for too much...Ahem..the audacity of hope!!!
@ursjina: That is ok. So did a billion others(I wasn't one of them). Obama is a good speaker and seems intelligent as a consequence. But you can still hope, because Paul Volcker is the chairman of the Economic recovery advisory board.
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