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Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: Sam who wrote (105533)	3/5/2009 8:25:22 PM
From: Tom C	Respond to of 540884

mega dittos!

To: Sam who wrote (105533)	3/5/2009 8:28:44 PM
From: NAG1	Read Replies (1) \| Respond to of 540884

Sam, It is that type of tunnel vision that will be a problem for the republicans if they decide that this is the way to attack the democrats. Their arguments are difficult to make with a straight face right now. Maybe, in 6 months to a years time, if Obama can't start righting the ship, some of this will stick but there are still too many memories of the past 8 years for people, outside of the hardliners, to take any of this seriously. On a different note, I guess it is not only the US automakers that need a bailout. businessweek.com Maybe it is not only how the companies are run but also the business climate. Maybe it isn't that the US Big 3 autoworker is a lazy good for nothing. One last thing that I found interesting looking at the AJC today. Apparently, our Senator, Saxby Chambliss, has requested 67 earmarks in the present spending bill, even though he is against earmarks and was against the stimulus plan. I guess it is only earmarks that he doesn't come up with himself that are bad. I do wish that Obama would look at this spending bill and get rid of the obvious pork in it, although one persons pork is another persons bread and butter. But you really can't tell just from the title of the earmark if it is good or bad. The devil is really in the details. Neal

To: Sam who wrote (105533)	3/5/2009 11:00:38 PM
From: greenspirit	Read Replies (1) \| Respond to of 540884

Sam - There is little doubt the Obama administration's bank bailout plan is viewed as a huge negative on Wall Street. It's filled with unsound policy proposals financed by trillions of taxpayer debt. The Administration should not embrace misguided legislation simply to show they are "doing something" to solve the “crisis”. Borrowing trillions to purchase a bunch of earmarks not only does nothing to stimulate the economy, it further weakens it. The spending plans announced almost weekly repeat the mistakes made by the Bush Administration. Massive new spending will increase Washington's control over the financial system, where politicians will act as de-facto bank managers and fund managers. That's a recipe for disaster, and the market is reacting to that reality day after day. Assuming any sort of spending will make the economy better is a failed ideology. They seem to be saying; If there's a problem, just throw massive amounts of money and regulation at it quickly – any regulation will do as long as it's done quickly. This will lead to a magic fix to the economy, never considering that poorly designed regulations may have encouraged, rather than prevented excesses in the private markets. The belief a nation can spend its way to prosperity is misguided and foolhearty. The reality is Congress does not have a bank of money to distribute into the economy. Every dollar Congress puts in the economy must first be taxed or borrowed out of the economy, leaving total demand unchanged. Obama has already proposed more spending in two months than Bush spent in 8 years fighting two wars. Does it really surprise savy Silicon Investor posters the market has responded the way it has? I don't think so. No one expected a quick fix to the economy. What's surprised many (especially the market), is to see the worst spending behavior of the Bush administration now on steroids.