Obama urges Congress to pass costly stimulus bill

Obama urges Congress to pass costly stimulus bill

news.yahoo.com

CHICAGO – Citing an "economic crisis of historic proportions," President-elect Barack Obama urged Congress to pass a costly, job-creating stimulus bill as quickly as possible, a rare pre-inaugural call to action delivered as the outgoing Bush administration approved fresh billions to bail out one of the nation's largest banks.

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GOP Congressman: 'It Is Not Your Money'

HONESTLY this is the last thing our economy needs. A stimulus package is just another way of saying bailout. Once again the Wall Street bankers will get rewarded for their misdeeds and the middle class is left to take the repercussions. This is a very disgusting time we live in folks.

Also, Citigroup got a massive bail out today. It's ironic that we tax payers are taking the heat and that foolish Knollenberg has the audacity to say, "It's not your money."

Complete trite.

-Ign0RanT

news.yahoo.com
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[edit on 24-11-2008 by Ign0rant]

In sports terms I think they call this a "hail mary". So far, it seems the solution has been let's throw some money at it. Then they think to throw more money at it. When that props up the market a little people think they've found the "bottom" and all is well again. Then it goes down again and the gov't decided to throw even MORE money at it. I know they have thier own agenda and all, but how many times you can watch someone bash thier head against a brick wall to get through it before someone walks up, gives them a beer to chill them out and tell them their strategy isn't working.

When Obama's plan doesn't work, then what? Heaven forbid we actually look at the Federal Reserve and do something about that cancerous tumor. The bankers don't need a plan for what they'll do with a money, but when it comes to blue collar workers a plan is demanded. How can people still take these people in office seriously? Doesn't matter if they're left or right.

Good one.

I think it is time to give up on bailouts, regardless of how Congress chooses to name them. Eventually, it becomes money the American taxpayer has to pay back. I believe all of this money would have been better put to use providing incentives for businesses to expand their payroll log. So far we have given an excess of money with nothing to show in return. Even creating more short term government jobs to help rebuild our infrastructure would have been better than giving away freebies to the wall street elite.

He blended criticism of Detroit's beleaguered Big Three automakers — General Motors Corp., Ford Motor Co. and Chrysler LLC — with a pledge of support for government aid to help them survive. "We can't allow the auto industry to ... vanish," he said, although he added that a blank check for an industry resistant to change was not the solution to its long-term decline.

I can't help but agree with Obama in the part I have quoted from the article. Thousands upon thousands of people in this country have jobs that somehow relate to the auto industry, whether they are welders, part manufacturers, etc. Letting the auto industry completely go under will put thousands of people out of jobs. They (the auto industry) need some sort of help.

However, throwing money at the problem isn't going to fix it. I'm not too big on government having their hands in everything, but the auto industry needs to be fixed. A good sized chunk of our economy is dependent on those who work in the auto industry having jobs. Once they go under, I believe our economy is going to take a massive hit that I don't think it can handle.

Well, at least his stimulus plan invests in America's energy needs, instead of withering it away by giving free money to citizens who blow it on Chinese goods.

Originally posted by yellowcard
Well, at least his stimulus plan invests in America's energy needs, instead of withering it away by giving free money to citizens who blow it on Chinese goods.

That's quite true but is seems that it's a middle class that is stuck with this burden.

-Ign0RanT

OK first off giving any company a bailout whether its the auto industry, a bank, or a retailer is not the way to go. The reason every business is hurting right now is the consumers are not spending what little free money they have right now. The Government just don't get it. the taxpayers are the ones that need the money. the taxpayers will be the ones that could help the banks, the big 3, the retailers if they had money to spend to buy crap, and pay their bills.

You can throw all the money you want at businesses right now it will not do any good. Until the banks open up their real books and show us just how bad off they really are and the taxpayers have spare money to spend on all the worthless crap people buy businesses will continue to fail.

Its like someone said in a thread about bailing out the auto industry. he wanted the big 3 to produce just hybrids. What good is it going to do to produce just hybrids when the people that would buy them don't have the money to buy them.

A lot of people and the federal government look at this problem the wrong way. they think we need to keep propping up these businesses in the hope they can survive until people start spending again. what they fail to realize is they are giving the money to the wrong people and they can throw as much money as they can print at the businesses they will still fail. to turn our economy around you need to give us little people the money, we will be the ones that create demand for goods, once their is demand businesses will start producing more and hiring more people to fill the demand. get the demand up and the companies will start making a profit again. we get the economy going again then we can pay down the massive federal debt we have.

Also The new administration needs to increase government spending to help create demand. They can do that by what Obama is purposing, building roads bridges, remodeling or just flat out building new schools. I know we all hate the military industrial complex but Obama needs to increase their funding to buy new equipment to help build demand and create new jobs.