It could add up to £400bn ($692bn). Either way it's actually a larger percentage of GDP than the US government is proposing.
Dow ends nearly 200 points lower after hurdling above and falling below break-even as investors digest rate cut.
Here's your spend-a-thon plan for this week...I'm thinking its a disease.House Speaker Nancy Pelosi said Wednesday that a $150 billion economic stimulus plan is needed now because of the faltering economy and she may call the House into session after the election to pass it.
Pelosi told reporters that the stock market meltdown, which has caused an estimated $2 trillion loss from pension funds, was a factor in her recommendation for a second stimulus bill. The first relief plan sent out $600-$1,200 tax rebate checks to most individuals and couples this year.
The House did pass a $61 billion economic aid proposal last month before lawmakers left Capitol Hill ahead of the Nov. 4 election. But a similar plan failed to pass the Senate. President Bush had promised a veto anyway.
If Democratic nominee Barack Obama wins the White House and if Capitol Hill Democrats make gains in the elections as well, it might be easier to pass a stimulus measure over dispirited Republicans, especially if the economy remains in big trouble.
The Senate is expected to be back at work after Election Day to complete a public lands bill and perhaps deal with other matters, such as a measure to extend unemployment benefits. The House also could return to consider a stimulus plan and additional issues in a lame-duck session before the newly elected Congress takes over in January.
"We may have to go back into session before the next Congress," Pelosi said.
Pelosi said a stimulus package would create jobs by investing in public works, increasing food stamps benefits and extending unemployment insurance for the long-term jobless. She said lawmakers need to "hunker down" and look closely at the federal budget for possible savings, and reconsider whether the U.S. can afford to fight "a war without end" in Iraq.
"We have some very harsh decisions to make and some of them can't wait until January," said Pelosi, D-Calif.
"What we can't wait for is a stimulus package," Pelosi added. "We may have to go back into session before the next Congress."
Like I suggested in the other thread. Get ready for a new concept in central planning.
Our economic lives will be directed and overseen by DC. Failure will no longer be an option....and the notion of "success" will be replaced by a more acceptable term: Fairness.
As an aside? Consider this ticket now: Romney-Palin.
Id like to see Romney and Obama talking economics right about now.
Heh. Who knew.
Seems to me like alot of Americans have lost their balls.
Theyd rather live like lemmings and let government "experts" solve all the risk we associate with living.
Last edited by jimzinsocal; 10-08-2008 at 05:44 PM.
Automotive examples, yes, but pieces of the bigger puzzle.
I guess my underlying thing is demonstrated with corn based ethanol.
Seems like a genius move until we see the aftereffects.
If I read you correctly you are saying nearly the same thing.
The by product of government genius is often a nightmare on Elm St
once we get by the stop sign....and turn into lemmings driving a car.
Hey. Its like Toonces. The cat that could drive!!
Last edited by jimzinsocal; 10-08-2008 at 06:37 PM.
What happens when you wring the neck of the goose that supplies the golden eggs.
Old drug dealer rule: Dont kill the people you supply via price.
If everyone did homegrown? The ME would fall apart overnight.
One can but hope.
NEW YORK (CNNMoney.com) -- The New York Federal Reserve is lending up to $37.8 billion to American International Group to give the troubled insurer access to much-needed cash.
In exchange, AIG is giving the New York Fed investment-grade, fixed-income securities that it had previously lent out to other institutions for a fee. Those institutions are now returning these securities and want their money back.
The new program, announced Wednesday, is on top of the $85 billion the federal government agreed to lend to AIG last month to prevent the global company from collapsing. AIG said last Friday it had drawn down $61 billion.
US debt clock runs out of digits
The US government's debts have ballooned so badly the National Debt Clock in New York has run out of digits to record the spiralling figure.
The digital counter marks the national debt level, but when that passed the $10 trillion point last month, the sign could not display the full amount.
The board was erected to highlight the $2.7 trillion level of debt in 1989.