Bush, Congress discuss $150 Billion lift to tanking economy

Bush, Congress discuss $150 Billion lift to tanking economy

www.reuters.com

WASHINGTON (Reuters) - President George W. Bush told lawmakers on Thursday he wants tax rebates for families and breaks for businesses in a rescue plan for the struggling U.S. economy that could total up to $150 billion.

Amid worries that the United States may already be in a recession, Bush held a private conference call with leaders of the Democratic-led Congress and their Republican counterparts.

A delicate set of negotiations took place and the president shifted gears from his initial plan to outline an economic stimulus plan on his own. Instead, he agreed to hammer out the details of the package in collaboration with legislators, congressional sources said.

(visit the link for the full news article)

Well, this is certainly better than his last press conference where he addressed the issue by saying "the economy's not doing too bad."

But I can't help but notice that this just seems to be another band-aid approach that doesn't address the REAL problems that are creating this almost hopeless situation that most of us seem to be living in during these somber times...

www.reuters.com
(visit the link for the full news article)

I wonder where this "lifting" will come from?
They could print more dollars, which will devalue it.
they could borrow more, which will put us further in debt.

It's an artificial stimulus, just to get us through to the elections.

Watch gas prices come down a little in the near future too.
It's a game.

150 Billion would be laughable if it weren't so tragic. The downsides we are looking at are Tens of TRILLIONS minimum. The world Derivatives markets have added Hundreds of TRILLIONS within the last few years. Based on US real estate Fractionally lent to the Nth degree.

reply to post by spacedoubt


I was thinking it is for the elections too. So this is really just delaying the inevitable crash and correction?

tax rebates for families and breaks for businesses

in the end it's all about spending... sad really when you consider the quality of life based on how much money you have to spend... we all know that people who are at the very bottom struggling to feed themselves, will see none of this... it will all go to pump up the "generals" motor and electric... and what do they spend their money on?... guess....

i don't think you want to do that, dave.
i wouldn't do that if i were you dayyyyy-vvvvvv

dAaaaAAyyyYYYYZZZZEEeeeeeeeee......

why don't they just track down the 2.3 TRILLION that 'went missing' on september 10th?
why don't they settle up with leo wanta?

what a crock it ALL is.

Right about now I'm really missing Bill Clinton
he had an almost balanced budget and the economy was great.
I don't care if he had an affair, give him 10 Monicas if
that's what it takes to keep this country's heart beating.

Cuz Bush is gonna give out money once again after we already
got a 9 Trillion dollar deficit.

There's only 2 places they're gonna get that money:

Borrow it or
print it

kinda makes me wanna say "you want fries with that ???"

edit: spelling

[edit on 17-1-2008 by SimonSays]

Originally posted by spacedoubt
I wonder where this "lifting" will come from?
They could print more dollars, which will devalue it.
they could borrow more, which will put us further in debt.

It's an artificial stimulus, just to get us through to the elections.

Watch gas prices come down a little in the near future too.
It's a game.

ACtually....

They will borrow it from those who print it, putting us in further debt, and ironicaly still devaluing the dollar.

Just remember, when you get your $50 additional rebate from the government (unless like last time where only if you have a kid under 17 years old and dependant to you, and you make under a certain amount..) .. go buy something reeaaallllllyyy expensive, to help uncle sam who cannot live without you spending everything and (a few trillion) more then you can pay back!

the best advice I can give Americans right now is:

get liquid
sell ALL your assets before the prices go down any further
transfer your dollars to a swiss bank
then move out of the country to some place other than Mexico
or Canada (NAU)
and start over on your portfolio in some other currency

cuz America is going down the tubes real fast
and it's taking the dollar with it
if you wait too long, it will be to late, you'll be
bankrupt like our gubment is right now.
Thanks dub-ya !!!

i like how they talk about these nonsense ideas to lift the economy (which usually just prolong the inevitable)
but never get to the REAL cause of the problem, the issuance and manipulation of the currency by a private corporation.

Originally posted by turbokid
but never get to the REAL cause of the problem, the issuance and manipulation of the currency by a private corporation.

Yep-it's more of the same old, same old. They won't stop until we're a 3rd world country. And even then, they'll probably still be using this loser system.

reply to post by SimonSays


That's our money in the first place. Not the governments.

Horrible idea; government should stay out of the markets, they will fix themselves.

It occurs to me, that this is a little extreme for a little ol'recession?

Maybe, just maybe, things are even worst than reported!

Perhaps they are trying to prevent a depression!

This would explain the strange urgency!

Hope for the best, prepare for the worst and keep your powder dry!

Follow up:

Stimulus plan may be ready by march

WASHINGTON (Reuters) - A stimulus package to boost the U.S. economy and avoid a full-fledged recession could be ready by the beginning of March, a senior Democratic lawmaker said on Sunday.

Sen. Charles Schumer, a New York Democrat and chairman of the Joint Economic Committee, said he expects Democrats and Republicans to find common ground and there was already agreement that the plan should include tax cuts.

But in an election year, details of such a package should evoke much debate, especially over the tax cuts.

"I'm optimistic we can get a package done, signed and ready to go by March first," Schumer told "Fox News Sunday." "I think ... both parties realize our economy is headed south in a significant way and we need relief."

U.S. President George W. Bush on Friday proposed temporary tax cuts and other measures worth up to $150 billion to fire up the economy, hit by reckless lending in the U.S. housing mortgage market and related financial turmoil.

Some U.S. economists and Wall Street bankers believe the United States economy is already in a mild recession, although technically it is defined as two consecutive quarters of declining growth.

Rest of story:

www.reuters.com...

Looks like they're going to push this through. Spend spend spend.