Posted on 01/02/2009 4:20:04 PM PST by Flavius
WASHINGTON (AFP) – US president-elect Barack Obama will meet Monday with key congressional leaders to finalize a multi-billion-dollar economic stimulus plan Democrats hope to pass shortly after Obama takes office on January 20, officials told AFP Friday.
The meeting will be Obama's first with Capitol Hill lawmakers since his historic November 4 election victory, and his first high-profile act in Washington after moving to the capital from his Chicago home on Sunday.
As his daughters Sasha and Malia head to their first day at a new school, Obama heads to work, meeting the heads of both legislative houses, including Senate Democrat leader Harry Reid and House of Representatives speaker Democrat Nancy Pelosi.
(Excerpt) Read more at news.yahoo.com ...
Bend Over!!!
Why is it that I have a sense of dread.
Is it because they are repeating the same mistakes of the 1930's, or is it because nobody is noticing?
They still got some Senators to seat first before the 0ne can do squat. GoBurrisGo. LOL.
Before we get into FDR II, Odummer and the current crop of Dummycrats, maybe we should look at how FDR I worked out. That view is best summed up by 1939 admission of FDR’s Treasury Secretary Henry Morgenthau, in which he said:
“We are spending more than we have ever spent before, and it does not work. We have never made good on our promises . . . I say after eight years of this administration we have just as much unemployment as when we started . . . And an enormous debt to boot!”Save a lot of time, wasted money and grief for the nation ... Use what eventually saved the American economy, the free markets.
Support for ObamaI don't disagree with the final sentence, at least.As we turn out the lights on 2008 and focus our sights on 2009, our economy is still faced with daunting challenges. However, we should take comfort that the world is working together to address the problems. Furthermore, people have demonstrated a tremendous amount of faith in President-elect Barack Obama and his new administration. He has assembled a very impressive team, especially those who will focus on the two issues weighing the most on American’s minds, the economy and war.
As I travel the world, I am encouraged by the high regard people have for Obama’s leadership. I believe if there had been a vote for “President of the World,” he would have been victorious by multiples of the margin he won the U.S. presidency.
I have always believed that change creates opportunities. In life, a struggle often produces more character, better clarity and greater commitment. The financial-services industry now knows the consequences of being over-leveraged. Today, we have a unique opportunity to preserve and protect the health of this vital industry for our country, our world and our future. So, let’s be optimistic.
Can't cite the source.
Your sense of dread is justified. We, as a nation, are drowning in debt. There are only two ways to handle debt, grow out of it or default. Monetary policy which would encourage economic growth is a pipedream with the bunch currently in Washington, so default is just a matter of time and the sooner it is, the quicker and less severe. The handwriting is on the wall. People feel it in their gut and are pulling in their horns. Retail businesses will be esp. hard hit in the coming year.
I sincerly hope that at the same time the pubbies will get together and figure a way to stop this.
nObama’s $1,000,000,000,000 plan will bankrupt this country’s future.
If the pubbies do not soon grow massive cojones, this country is finished. Simple as that.
In the event of a default our fiat monetary system becomes worthless.
If the govt defaults on all it's T-Bills and the hyperinflation that will be created from worthless paper what follows?
Massive crime wave. Three missed meals. Then a revolution.
Why do you think so many are stocking up on food, weapons, and ammo?
Troubled companies like GM and states in deep financial trouble with no hope for an upturn in fortunes should default sooner rather than later. Bailing them out with taxpayer dollars just takes money that could be used to grow the economy and pours it down a rat hole.
For a sobering look at the situation, read:
http://market-ticker.denninger.net/
It's a good idea, but this could be such a big problem the country is transformed and individual liberty is gone. I am confident we can overcome an empty suit like 0, but it's what comes after to fix everything that worries me.
They had that one bright moment where they could have had a managed bankruptcy with the govt acting as the bank for the debtor in possession and Gettlefinger killed it. He knew Bush would bail them out and now with the 0 and Rats in charge why change.
Bailing them out with taxpayer dollars just takes money that could be used to grow the economy and pours it down a rat hole.
The hubris of the govt drives me crazy. They keep trying to fix everything when the solution is the opposite. They should do NOTHING. Everything they've done to fix the problems has caused careful entrepreneurs to pull back and focus on retiring debt until things settle down.
Good article on economic situation - explained really well.
http://www.marketoracle.co.uk/Article7939.html
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