Obama team considers $1 trillion stimulus

this mammoth stimulus package that the president elect Obama is proposing is the last attempt to fix the economy with more borrowed money as we all know that our nation is bankrupt.

I see this last attempt as another failure, because you do not try to fix the economy with more debt without taking the problems affecting the nation first.

This is going to sink our nation more and more.

And not the money is not for a consumer give away, the money is to bail out states and to prop the government and create jobs but doesn't do anything to help business with incentives so they don't lose their business to bankruptcy before they can offer job opportunities.

And as usual a large amount of money like this is going to be wasted as we have seen the bail out money gone to waste.

How about Mr. Obama cuts everyone's taxes so they would have more money to spend and invest. No, instead his platform relies on taxing more because as we all know, the left know how to spend your money better than you do.

Wasn't it Jay Leno's idea of giving every tax payer a certificate from the government that could be exchanged for a new vehicle up to a certain price from GM, Ford or Chrysler? The more I think about it, the more I like the idea.

1. Those who desperately need cars would be able to get them;
2. Those who don't need a new car might be able to sell their certificate for cash, which would therefore be spent any number of ways, which would get money flowing in the U.S. economy again.
3. Clears out the over-bloated inventories of vehicles languishing on car lots across the nation and might stimulate the Big three into production again, but possibly this time producing smarter vehicles.

The only downside I could see:

Those who don't need a new car or whose credit sux might redeem the certificate in for a new car may decide to default on an existing car/loan to keep the new car. But if you think about it - chances are if their credit is that bad, they would be defaulting on the loan anyway.

It sure beats the hell out of printing up an extra trillion in new cash!

[edit on 18-12-2008 by sos37]

Sorry I found this picture on the net and felt compelled to share it with you all.



I don't think it could be any more fitting to what the government thinks it can do. For some reason, people believe that the Obama administration is going to be like Santa Claus bringing all these things he promised. Like Santa Claus, the Obama plan is a myth.

[edit on 18-12-2008 by Cool Hand Luke]

Where is he going to get the money from? Oh, that is right, US. The tax payers.So basically you are just getting money you'll end up paying back anyways with interest.

We Have a Better Solution!


Banks complain that the "mortgage crisis" is making them tank.... defaults, etc.

Banks complain they have no money to lend .. even though they are taking billions from the fed.

We have mortgages.... 6% .... 11%... whatever.

We already pay these mortgages to a bank.... the same banks that are taking billions of "loans" (cough) because they can't make it.

We take a Direct Mortgage loan from the fed at 0.5%... The pay-off money goes to the bank.... now times this by millions of mortgages... the banks are now flooded with money (NOTE: Fed has already planned 7.4 Trillion Bailout, why not have it benefit us?)

Fed pledges to top $7.4 trn to ease frozen credit mkts

www.nypost.com...

yalibnan.com...

So, instead of printing / creating 7.4 trillion for the banks to pay back at 0-0.25%, Why not have us borrow directly from the fed to pay "EXISTING" Mortgages which goes to the BANK in the form of a Mortgage payoff. The Bank gets the money they claim they need... the fed gets an extra 0.25 to 0.50 extra from us and We lower our mortgage monthly payment by almost 50 freekin percent.

OK, This plan provides the same result as this BS bailout except "we the people" also benefit. So does government as tax revenue and economic growth will happen as that extra personal wealth is invested, spent, etc.

The Banks get their bailout, The Fed gets the money back at even greater interest, the people get a nice interest reduction. Banks now have money to lend at their normal rates going forward.

It is the same thing as we have now except FED creates 7.4 trillion and Lends to Banks (whoever), Bank refuses to provide credit to business forcing additional bailouts, banks raise credit card interest rates and WE are still left holding the bill..... ????? ...... ?????? .... ?????? And Government wants to print more money for a "stimulus check" or "tax rebate" check.. whatever to float the economy a few more months (How the hell is that a better plan?)

Now stop, regulation needed asap before doing this to PREVENT our current situation from happening again... 20% down, Credit worthiness, no loopholes for predatory lending, etc.

Put the two plans side by side... I think you would print / create a hell of a lot LESS money to devalue our currency with our plan and pull ourselves away from the cliff of economic meltdown.

What the hell kind of difference would this stimulus package do to the economy? This stimulus package is in other words another "bailout" only except it's directed to "important businesses" for them to survive. They are more better off to give everybody a 1,000 dollar stimulus cheque. Making tax cuts won't help, that's one of Bush's largest mistakes reducing the taxes from the rich. To help this economy honestly is to increase taxes. But people are getting sick of it already. Marg is absolutely right. Debt is debt, you would have to burn your bills to reduce the currency circulation, which would increase the value of the dollar. Which would hopefully once again bring back buying power. But they won't do that because those greedy bastards want to put us into more debt.

reply to post by Shrukin89


The problem with giving a Stimulus check to the people is that the money will not flow and stay in the US, we are a nation that import more than exports so the only ones making a killing from checks that people will use to buy is China.

That is what happen to the last stimulus check it went all to prop chinas economy.

Hey! Let's throw some more gas on the fire. That'll put it out. RIGHT!