Wether it's a bailout or stimulus package, the incoming administration will continue and drastically increase the failed economic policies of the Pelosi/Reid and Bush administrations. By bailing failed businesses that continue to pay their executices big bonuses for running their companies into the ground and giving stimulus chaks to those that don't contribute to the US econmy by not paying taxes or creating new jobs, businesses or products we are only bankrupting ourselves even further. We need to fail before we can succeed and prolonging the "appearance" of a good economy does not make a good economy. The simple act of letting these businesses go go bankrupt and fail, tighting the credit given to all and making people live within their means is the only way we can salvage our ecenomic outlook. China could perform a run on the American stock exchange right now and in essence perform a Hostile takeove of this country, if the dollar was even worth half of it's value again the Yuan (current excahnge (1 US dollar = 7.5 yuan RMB) Latest Stimulus (of many more coming) from the new admnistration:
President-elect Barack Obama promised on Monday to jolt the faltering U.S. economy with a costly stimulus package next year and introduced the team that will help him navigate the global financial crisis.....Obama, who warned again that the economy would likely get worse before it got better, declined to put a price tag on the two-year stimulus proposal which other Democrats have estimated at hundreds of billions of dollars......Financial markets fell as traders lamented Obama's refusal to specify a figure. The president-elect also indicated he had not decided whether to roll back President George W. Bush's 2001 tax cuts for the wealthy early or simply allow them to expire at the end of 2010 as scheduled.....Obama said his team was already working on the details of a package to save or create 2.5 million jobs and urged the next Congress to act on it immediately in early January......"We have to make sure that the stimulus is significant enough that it really gives a jolt to the economy," he said, describing its price only as costly....."I want to see it enacted right away. It is going to be of a size and scope that is necessary to get this economy back on track.".....Obama had harsh words for the struggling U.S. auto industry, acknowledging he did not want the sector to fail but criticizing company executives for failing to present a clear recovery plan when they testified before Congress last week......Obama, who takes over from Bush on January 20, confirmed his economic team at the news conference.......Timothy Geithner, 47, president of the New York Federal Reserve Bank, will become Treasury secretary, and Lawrence Summers, 53, a former Treasury secretary under President Bill Clinton, will be director of the National Economic Council.....They did not speak at the event, which Vice President-elect Joe Biden also attended......Obama said the country would see a substantial budget deficit next year, which he described as "bigger than we've seen in a very long time."...."American taxpayers are understandably concerned, if we already have a big deficit, and now we're added an additional stimulus, how are we going to pay for all that?" he said....."The right answer is that we have to first focus on getting the economy back on track.".....Obama said he would discuss steps toward a "sustainable and responsible budget scenario" at a news conference on Tuesday at which he is expected to announce further members of his economic team.
Read Here:http://www.reuters.com/article/politicsNews/idUSTRE4AM1QC20081125?feedType=RSS&feedName=politicsNews&rpc=22&sp=true
1 comment:
Does the liberal illuminati not understand anything remotely like a long-term implication? The issue seems to be that no one can think beyond a year from now. Of course giving them this money is a bad idea. When does it end?
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