Bush, Paulson say economy will get better, but it will take tim...

Full story: Chicago Tribune

A day after announcing a $250 billion cash infusion into the nation's banks in return for a stake in those institutions, Bush and his Treasury Secretary Henry Paulson said the plan should stabilize the system, ...
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Since: Feb 08

Downers Grove, IL

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#1
Oct 20, 2008
 
Here we go. More money for the wealthy. I say let them all fail and let's get the country right again. No more debt. Will it hurt? Yes. My 401k has already taken such a beating I'll probably have to work a few more years before retiring. But it's the RIGHT THING TO DO. We need to let the economy fail so people will learn how to save for what they want instead of buying everything on credit.
Chaos

Buffalo Grove, IL

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#2
Oct 20, 2008
 
Sticks and Stones wrote:
Here we go. More money for the wealthy. I say let them all fail and let's get the country right again. No more debt. Will it hurt? Yes. My 401k has already taken such a beating I'll probably have to work a few more years before retiring. But it's the RIGHT THING TO DO. We need to let the economy fail so people will learn how to save for what they want instead of buying everything on credit.
I agree with you in part (the latter part to an extent). But this stimulus package likely would not be geared toward the wealthy, but toward the middle classes and lower-paid workers.

I'm no economist, but I have to wonder, with all these bailouts, stimulus packages and rate cuts, what is going to happen to the value of the dollar? Aren't we just creating the perfect storm for inflation by increasing access to easy money? Hopefully, most people will see a bit more money in their wallets with gasoline prices beginning to taper toward what I'd consider more reasonable prices, but with that, we need stable employment. Therein lies the paradox to the situation. I do see where the bailout was somewhat intended to keep people in work, but again, at what long-term cost?
Bob - Wheeling

Chicago, IL

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#3
Oct 20, 2008
 
Stimulus plan is just another fancy word for Food Stamps!
Bob - Wheeling

Chicago, IL

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#4
Oct 20, 2008
 
Chaos wrote:
<quoted text>
I agree with you in part (the latter part to an extent). But this stimulus package likely would not be geared toward the wealthy, but toward the middle classes and lower-paid workers.
I'm no economist, but I have to wonder, with all these bailouts, stimulus packages and rate cuts, what is going to happen to the value of the dollar? Aren't we just creating the perfect storm for inflation by increasing access to easy money? Hopefully, most people will see a bit more money in their wallets with gasoline prices beginning to taper toward what I'd consider more reasonable prices, but with that, we need stable employment. Therein lies the paradox to the situation. I do see where the bailout was somewhat intended to keep people in work, but again, at what long-term cost?
The value of the dollar has been falling, and will do so even further. This means that people from developing countries like China and India will soon be spending their money here. This was already evident on my recent trip to Canada, where the tourists have easier access to visas than the US.

God Help US!
Nick F

United States

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#5
Oct 20, 2008
 
It they are going to do another stimulus, they better make sure it hits in time for holiday spending; otherwise, people will just hold on to the money. But as it sits right now, people will scale back on Christmas spending, which will hurt the cyclical retail industry more than anything else that has happened.
need to change thinking

United States

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#6
Oct 20, 2008
 
Nick F wrote:
It they are going to do another stimulus, they better make sure it hits in time for holiday spending; otherwise, people will just hold on to the money. But as it sits right now, people will scale back on Christmas spending, which will hurt the cyclical retail industry more than anything else that has happened.
Why do we have to continue with the retail industry's focus that we have to overspend at the holidays? Same as the car dealer's notion that we have to buy a new car. People need to learn to live within their means and if it means getting creative at the holidays and teaching kids that there is more to life than toys made in China, then we will all be better off in the long run.
SJS

Champaign, IL

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#7
Oct 20, 2008
 
need to change thinking wrote:
<quoted text>
Why do we have to continue with the retail industry's focus that we have to overspend at the holidays? Same as the car dealer's notion that we have to buy a new car. People need to learn to live within their means and if it means getting creative at the holidays and teaching kids that there is more to life than toys made in China, then we will all be better off in the long run.
I agree! Who is going to "pay" for the stimulus checks? Why does the government think the only way out is to throw money at it? People have to change their habits now. Greed combined with easy access to money got us all into this mess. Americans need a change, and not only in the White House but in their own houses!
juvi

Palo Alto, CA

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#8
Oct 20, 2008
 
Hey, I have a unique idea! How about cutting out the overabundance of waste in government? The deficit is so huge right now, unless we start cutting, we'll never get out.
Alicia Jackson

Austin, TX

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#9
Oct 20, 2008
 
Me for one would love to see a stimulus check, but I would catch up on bills. Some bills could not be paid in full while the gas was so high, but the stimulus check would help me and my family. I have a 3 family household and that money ( regardless of how small ) would help. Some say it is like getting food stamps, but I am over the income limit for foodstamps, but I still need them. This will help.
Chaos

Buffalo Grove, IL

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#10
Oct 20, 2008
 

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Bob - Wheeling wrote:
Stimulus plan is just another fancy word for Food Stamps!
Wrong. I resent the implication that the majority of taxpayers who were eligible for stimulus checks in the last cycle would be characterized by someone like you as draws on welfare.

I don't make a ton of money, but I consider my salary adequate, and I am responsible enough to save my money, so the stimulus check that I received was, on the large scale, useless for me to do anything but stash it away with the rest of the money I've saved.

Just because some of us don't have trust funds coming in or don't have six-figure a year jobs does not mean that we're drawing welfare or that we're not responsible enough to save the money that we earn, nor does it mean that we're any less hard workers than those who draw larger salaries.

Your comment is not only completely ignorant, it's ridiculously condescending as well and a perfect example of the divisive classist nature of our society currently.

You obviously don't understand the stimulus plan. Whether one is against it or in favor of it, commenting on it when you're totally ignorant of what it is provides nothing to the conversation. Responsible hard workers do more than just get exploited to shill for their employers, believe it or not.
mark

United States

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#11
Oct 20, 2008
 

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Did Pelosi actually say "fiscally responsible"? Unbelievable. As for losing money in the market, who's fault is that ? A nation of whining babies suckling at the government teat is not a nation I believe in anymore.
Chaos

Buffalo Grove, IL

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#12
Oct 20, 2008
 

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Bob - Wheeling wrote:
<quoted text>
The value of the dollar has been falling, and will do so even further. This means that people from developing countries like China and India will soon be spending their money here. This was already evident on my recent trip to Canada, where the tourists have easier access to visas than the US.
God Help US!
This is even dumber than your first post!

Heaven forbid that foreigners spend their money here! We'd never want foreign investment in our country. It has absolutely NO effect on our well-being whatsoever!

Your bigotry and xenophobia is ridiculous, to the point where you'd actually suggest that we allow it to affect the nation's financial well-being. If Americans aren't going to be spending money in our nation, I'd rather someone did.
MinisterR

Oak Forest, IL

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#13
Oct 20, 2008
 

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Please stop the bleeding and quit printing money.

Signed 15 year Navy vet, father of 2, husband, small business owner (expect to gross about $300k next year now who knows), born and raised in South Shore/Hyde Park, never voted a straight ticket in an election, minority supporter of McCain.
MinisterR

Oak Forest, IL

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#14
Oct 20, 2008
 
Here are two perfect examples

* City Health Dept. cuts put public at risk

http://www.suntimes.com/news/politics/1230883...

* Moonlighting county docs raise questions

http://www.suntimes.com/news/watchdogs/123090...

-- Signed 15 year Navy vet, father of 2, husband, small business owner (expect to gross about $300k next year), born and raised in South Shore/Hyde Park, never voted a straight ticket in an election, minority supporter of McCain.
juvi wrote:
Hey, I have a unique idea! How about cutting out the overabundance of waste in government? The deficit is so huge right now, unless we start cutting, we'll never get out.
MinisterR

Oak Forest, IL

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#16
Oct 20, 2008
 
http://www.newsmax.com/headlines/obama_illega...

Do you people not care about these things?
RJINCHI

Chicago, IL

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#17
Oct 20, 2008
 
hmmmm, sounds like the Fed is spreading the wealth - SOCIALIST right wing people. After 8 years of complete failure of republican leadership, the USA needs an elected Democrat to clean this mess up. palin doesnt have the experience to find her way out of a wet paper bag.
u gotta be kidding

Fort Wayne, IN

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#18
Oct 20, 2008
 
I didn't get one last time. Clearly those who got them saved all that cash or we wouldn't be in this mess. Could I have one this time? I promise I'll spend it.
u gotta be kidding

Fort Wayne, IN

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#21
Oct 20, 2008
 
sorry about the double post. not my fault!
juvi

Palo Alto, CA

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#22
Oct 20, 2008
 
Alicia Jackson wrote:
Me for one would love to see a stimulus check, but I would catch up on bills. Some bills could not be paid in full while the gas was so high, but the stimulus check would help me and my family. I have a 3 family household and that money ( regardless of how small ) would help. Some say it is like getting food stamps, but I am over the income limit for foodstamps, but I still need them. This will help.
Problem is that "someone" has to pay for these checks. Guess what, if you pay taxes, you will somehow, someway, end up footing the bill. This government is printing money like there is no tommorrow. We have to bite the bullet and stop spending. Unfortunately our economy is built around credit, so it will be tough to overcome this.
Stop the insanity

Chicago, IL

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#24
Oct 20, 2008
 
George Bush is to conservatives what Bill Clinton was to liberals...

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