AP – Trader Andrew O'Connor watches the numbers as he works on the floor of the New York Stock Exchange, Tuesday, … NEW YORK – Investors are frustrated with the government's latest bank bailout plan — and showing it by unloading stocks.
Financial stocks led the market lower, reflecting Wall Street's growing concerns about the government's ability to restore the health of the banking industry.
Traders and investors said the lack of specifics from Treasury Secretary Timothy Geithner on how the government would direct more than $1 trillion in public and private support was troubling.
I think that once the stimulus is passed, things will change.
America's financial despair will not be as bad this time, next year.
His "leadership" in repairing the economy will bring him political laud.
In order for BHO to not get reelected, he'd have to just make things much worse, screw up royally in Iraq and Afghanistan and have a sex scandal and then maybe the right GOP candidate can come it.
Many folks don't realize just how badly the GOP is perceived right now.
Steele has to lead the GOP in remaking their brand name.
Absent a BHO screwing up, the remaking will take 8 years.
first of all, BHO can have sex with what ever he wants and dems will still vote for him. so that aint what would keep him from re-election.
more importantly, this isnt a stimulus plan, it is a massive SPENDING bill. Those are two very different things.
but one thing is for sure, BHO doesnt dissappoint. I said before the election that he was committed to repeating the mistakes of past presidents and I was right. Here we are in 1932 all over again and BHO is following the FDR plan for extended recession/depression. Big government spending will NOT get us out of this mess! It will just require the government to take more money out of the real economy to feed this beast.
The good news is, BHO will do more to Rehab the Republican party than any repbulican (Michael Steele included) could ever do!
now, everybody go stand by your mail box and wait for your gubbermint herion shot to show up. be a good citizen and get yourself hooked on it!
__________________ If I do something stupid blame the Lortab!
Of the $816 billion in new spending and tax cuts, $264 (32) percent is a new means-tested welfare spending. This figures out to be $6,700 in new welfare spending for every poor person in this country.
Another $523 billion in the new welfare spending is being hidden by budgetary gimmicks. It enacted, the bill would total a 10-year extra welfare cost which is likely to be around $787 billion.
Congress' claim that it is a "temporary" increase in welfare spending for a Keynesian purpose is a red herring. They are simply wanting to expan the welfare state.
The first year of enactment will explode federal welfare spending up around 20 percent. That would be a rise from $491 in 2008 to $601 in 2009. The largest in US History. It's Obama's promise to spread the wealth.
In the first year, after the bill is enacted, and you count all the hidden spending that the total 10-year fiscal burden adds to the national debt it won't be $816 billion, it will be $1.34 trillion. That would be $17,400 for each household that pays income tax in the US.
One of the major new welfare programs in the bill is Obama's "Make Work Pay" - a refundable tax credit. It's a shift in policy - costing around $23 billion per year, the credit will provide up to $500 to low income adults that do not pay income tax. This is the first time the government will give cash to able-bodied adults without dependent children. These people have little apparent need for assistance, so really, this new credit represents "spreading the wealth" for its own sake.
This credit is not in the stimulus package for stimulus effect, but only an extension of Obama's campaign promise - spreading the wealth.
I believe I read that 12 cents on the dollar was actually going to programs that will stimulate the economy.
Note to those that think the government spending money on wonderful things like building roads and bridges....
FDR did it and it didnt work for 12 years. then all hell broke loose and we had to ramp up industrialization and we litterally fought our way out of the depression.
you dont build roads out of a recession. You stimulate business and businesses get us out of recessions.
good grief.
__________________ If I do something stupid blame the Lortab!
Note to those that think the government spending money on wonderful things like building roads and bridges....
FDR did it and it didnt work for 12 years. then all hell broke loose and we had to ramp up industrialization and we litterally fought our way out of the depression.
you dont build roads out of a recession. You stimulate business and businesses get us out of recessions.
good grief.
Ferd buidling roads, bridges and other infrastructure doesn't stimulate business?
I know a lot of excavators, concrete companies, asphalt layers, rock quaries, bridge steel manufacturors, and construction companies that would disagree with you.
__________________
In essentials, unity. In non-essentials, liberty. In all things, charity. Augustine
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.
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.”
you dont build roads out of a recession. You stimulate business and businesses get us out of recessions.
BINGO..............This is not a stimulus for private business, this is a stimulus for GOVERNMENT.
If you think more government is the answer you should be thrilled at this package.
If you think gov't is the answer as Obama said, you should be ecstatic about this bill.
If you think stimulating private business is the answer as I do, this is a sad, sad day.
I didn't agree with George Bush's fiscal policies. Obama's promise of change was to reverse those spending policies. It was pure garbage. Even if Obama is a one termer,
I believe the damage he will do in 4 years will be everlasting.
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