Obama and Congress: second stimulus package of between $300 billion and $500 billion

Obama and Congress work out a stimulus package of between $300 billion and $500 billion, Goldman economists predict

http://www.bloomberg.com/apps/news?pid=20601103&refer=us&sid=aTP1DuSuMY38

Where's the money going to come from? The US has is spending money like a drunken sailor and will have a $1 trillion in 2009.

The Foxes in charge of the hen house?
Barney Frank, chairman of the House Financial Services Committee
Christopher Dodd, chairman of the Senate banking committee
Harry Reid, Senate majority leader
Nancy Pelosi, House Speaker
Chuck Schumer, Senate Committee on Banking, Housing, and Urban Affairs

List of 2008 Bailouts
$30 billion Bear Stearns JP Morgan Chase and the federal government bailed out Bear Stearns when the financial giant neared collapse. JP Morgan purchased Bear Stearns for $236 million; the Federal Reserve provided a $30 billion credit line to ensure the sale could move forward.

$200 billion Fannie Mae / Freddie Mac The near collapse of two of the nation's largest housing finance entities was yet another symptom of the subprime mortgage and housing market crisis. In an effort to prevent further turmoil within the financial market, the U.S. government seized control of Fannie Mae and Freddie Mac and guaranteed up to $100 billion for each company to ensure they would not fall into bankruptcy.

$122.8 billion American International Group (A.I.G.) When AIG was unable to secure a private-sector loan, the federal government intervened by seizing control of the insurance giant. Less than one month after the initial bailout and just days after AIG announced it had already drawn down $61 billion of its loan, the Fed stepped in with an additional $37.8 billion to bolster AIG's securities lending business.

$25 billion Auto Industry In late September 2008, Congress approved a more than $630 billion spending bill, which included a measure for $25 billion in loans to the auto industry. These low-interest loans are intended to aid the industry in its push to build more fuel-efficient, environmentally-friendly vehicles. The Detroit 3 -- General Motors, Ford and Chrysler -- will be the primary beneficiaries.

$700 billion Troubled Asset Relief Program The Bush administration has proposed a rescue plan to ease the current crisis on Wall Street. If approved by Congress, the Treasury Department will be authorized to purchase up to $700 billion of distressed mortgage-backed securities and other assets and then resell the mortgages to investors.

 

What a libelous statement. I think you owe drunken sailors an apology.

 

To be fair, its only a predication from a Goldman Sachs Economist and not something that came out of the Obama Camp.

 

The Auto Industy is asking for an emergency $50 Billion bailout

General Motors, the nation's largest automaker, warned Friday that it may run out of money by the end of the year
http://www.dallasnews.com/sharedcontent/dws/bus/stories/110808dnbusautos.3e44142.html

Both Pelosi and Obama are calling for a second stimilus package.

You are right about that

 

True but only about 50-100 billion not the 300-500 that is predicted by Goldman

 

What is Obama's current economic team(which includes Volcker) telling him?

 

I think the problem is that fiat money is already debt. To create new money requires creating debt. well maby you should watch this video.
http://video.google.com/videoplay?docid=-9050474362583451279
"Money As DEBT". There is the underlying problem. without debt = no money.

 

Obama also wants to aid homeowners through mortgage aid to help prevent foreclosures

Volcker opposses a second stimilus on the grounds that Americans are already overspending.

 

And apart from U.S., EU, S.Korea, Malaysia, Russia and god knows who else will also be rolling out bail out packages for their respective audience........global fiscal deficit will run high for several years to come.......era of cheap credit or shall i say free credit is approaching fast with every alternate central banker running fast for rate cuts.....leading the charge is U.S.Fed, no points in guessing that

 

bogart, what would you like to see the government spend $300 to $500 BILLION on?

I haven't seen you offer a single constructive post during or after the election.

Do you have any ideas of your own or just anything Obama is not doing?

 

The Democrats want to share the wealth

http://www.carolinajournal.com/articles/display_story.html?id=5081

China announced a $586 billion stimulus package Sunday

A statement on the government's Web site said China's Cabinet had approved a plan to invest the amount in infrastructure and social welfare by the end of 2010

http://news.yahoo.com/s/ap/20081109...lus_package;_ylt=AvyU_cmlW0wegeySI0ysjK2yBhIF

 

If watched the video I put above you would realize that all this is just window dressing, all the bailouts are just bandaids of the problem. The problem is money is already debt. No debt = no money in circulation. They are just injecting more credit into the system to keep this idiotic monatary sytem from crashing, this will happen again and again, more credit bubbles will pop. Till eventually it all just crashes down.

One of things is all money already get put into circulation is from people burrowing money. Like you use a credit card or burrow money from the bank, you sign the dotted line, this gives them legal right to conjure into existence money that does not exist (debt) and give it to you. So the money in your wallet, is money someone already burrowed and it has interest on it, so where are we going to get the money to pay the interest? heh heh Well we have borrow more money to pay interest.

 

The AIG bailout was expanded to $167.8 Billion

 

It's a disgrace that this is happening... Next thing you know other sectors will come asking for bailout money too...

Imagine spending all those billions on some standard healthcare in the US? Or perhaps helping those out with unaffordable mortgages? Education? I'm sure the list can go on...

 

We might as well just cut this short and have Congress vote to give everyone in the US a billion dollars. Granted, it'd put us in unfathomably deep debt and we'd have to have monstrous tax increases, but hey... we'd have a whole country of billionaires to pay them.

That sounds really ludicrous... but it's pretty much the theory they're working on, just taken a step further. They are giving away money we dont have to people that've proven they know how to lose it. It is freakin insane. Welcome to America.

 

Obama plans on expanding the bailouts and at the same time provide increased health care programs, provide money so people can pay their mortgages, aid to the States and a stimilus package as icing on the cake.

I was wondering on were Obama was going to get the money ...

 

But ask yourself... what would Je.... errr... I mean Bush do?

Wait there's no need to ask what would he do. He's still in office.

 

The Democrats have controlled both the House and Senate the last two years

 

I disagreed with the first bailout... but doing another is kinda like saying if taking 2 Tylenol would help you, then taking 4 would *really* help you... taking 6 would be incredible, etc....