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Lori

Just spending! It is pretty clear.
Our children's chilren's children will be paying for this spending spree.

Greg Hogan

What do you call Republican spending that drags the nation into a financial meltdown? The unnecessary war in Iraq, the deregulation of the financial industry, and the deregulation of the energy industry (remember Cheney's still secret meetings with energy execs?)were the greatest wasteful spending in the country's history. It shifted wealth from the middle classes to the wealthy without creating a single job. There is no easy way out of the mess created by President Bush. The rich are feeling no pain, except maybe cutiing down from seven homes to six, while the middle-class has been crushed.

I think the stimulous is largely an investment in the future and one of many payments we'll be forced to make against the financially and morally corrupt policies of the recent Republican past.

Bob Podgorski

It is folly! Tax breaks have proven effective in driving sustained growth back into the economy. We are ignoring History and are doomed to repeat the mistakes of the past with nondefined spending packages loaded with Pork and potential only for limited and short term stimulus results. This does not appear to be a long term fix. Once the money is gone - then what? More of the same? BHO has got to stop listening to the unqualified advising him and look at History for solutions and answers. He needs to stop winging it, relegate Polosi, Reid and Frank to the back burners and bring on the Keynesian Macroeconomics Gurus. He claimed change and all we get is the same old spending plans. More give-a-ways and less real investment. And, regarding those so called bad loans - The real problem is that no one can properly evaluate the packages to sort the chaff from the wheat. There may be real value in those packages - no one seems to want to take an eagle-eye look to really see what is there. Amongst the junk maybe some solid American citizens, paying their monthly mortgages, on time and with added vigor. I think we are now begining to see past the venier and recognizing the dilemma we face having electing a newbee.

michael arbow

This is a difficult call, for what some people see as investing (improving concrete highways, helping the US automotive industry, helping the already buried US consumer get more debt) others may see as folly. Is investing in AIG or Bank of America true investing. From an equity perspective yes and it just may provide a payoff but with what?

Economic hard times bring about some interesting solutions - a majority of which worked last time and are geared to help maintain the status quo. This form of investing does not help the future and if anything keeps it further away. I believe the amount of investing for the future will be minimal and the returns negligible (due to their lack of priority and seriousness). Imagine what you could do if you provided $1 bn to free on-line university education and another couple of billion to pay people to take it at a rate equal to 75% of their last wage. The spinoffs in the near term would be a huge: demand for wireless (good), e-learning tools (good and global app) and laptops (good) would increase while the demand for fuel could fall and then 3-4 years from now the US would have just up-scaled several 100,000 people. Yes please.

Another investment - if you wish to go auto is in line with some other jurisdictions. Anyone with a car that is 10 years old or more can bring it back and get a new car for 75% - 50% of its purchase price (based on a sliding scale inversely rated to the mpg). The one rule - the 10 year old car must be scrapped. Good for Detroit and those innovative engineers who work hard to improve mpg.

The New York stock markets have today have indicated their lack of belief in the deal (down 300 points) and numerous surveys have expressed their lack of believe in the deal. Too much money is going to businesses that should be put out of their and our misery and not building/investing in real stuff.

If it is any consolation for the US readers, here in Canada the federal government has announced a $40 bn deficit. One third of which is going to the auto industry so to better enable them to provide the Canadian tax payers with loans so they can buy a car (?). Ironically this is happening at the same time that Canadian savings rates are now negative and less then our US neighbours. Depressing.

Hurry up 21st century. Please.

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