780 BILLION dollar stimulus package

[pal215]

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

It seems that a deal has been reached in the Senate to allow this abomination of a bill through. I predict that not to far in the future will come higher taxes to pay for this.

 

[SkywardET]

Read my lips: hyperinflation.

 

[blackbart22]

When I was growing up in Maine, we had a woman senator to be proud of, Margaret Chase Smith. What the hell happened?

 

[scoolbubba]

Read my lips: hyperinflation.

I think Hyperinflation is a reasonable fear, but the only reason I don't think it will happen is no one is more confident in anyone else's money than our own. The people who own our debt aren't dumping it to pump into yen, pesos, euros, or whatever rubles are called now. We might be in "bad" shape, but so is everyone else.

 

[a2b2c3]

Maybe they can actually balance the budget and pay down the debt like it should have always been paid down... It's happened before...

 

[sevenhelmet]

^ Yeah, I'm holding my breath.

 

[SkywardET]

Maybe they can actually balance the budget and pay down the debt like it should have always been paid down... It's happened before...

Yeah, over 200 years ago. Then politicians stopped warring against banksters and here we are today.

think Hyperinflation is a reasonable fear, but the only reason I don't think it will happen is no one is more confident in anyone else's money than our own. The people who own our debt aren't dumping it to pump into yen, pesos, euros, or whatever rubles are called now. We might be in "bad" shape, but so is everyone else.

Dollars don't have to chase other types of currency. Hard assets and other commodities are reasonable alternatives to secure one's wealth. Things like Grand Central Station are no longer American property. What does it mean when someone will buy any property regardless of the cost? It's because they expect the dollar to die.

 

[zoomie08]

$16 billion in funding for school construction was cut from the stimulus bill during this compromise. We are spending $820 billion and somehow school construction wound up on the chopping block. I haven't read the bill in its entirety, but it doesn't seem that there are many other things that could possibly be more important than school construction within the bill. $16 billion is less than 2% of the bill.

There are some other things that were cut that are also disheartening, but school construction was the most frustrating. This is especially true when I consider that $300 million is being alloted for buying hybrid federal vehicles and other wasteful programs.

http://www.cnn.com/2009/POLITICS/02/07/stimulus.cuts/index.html

 

[BurghGuy]

Read my lips: hyperinflation.

If that's true, then I see lots of requests for overseas billets. COLA's going to go through the roof.

 

[Mumbles]

This really might be the best thing to happen to the GOP since Reagan switched parties in the 60's. This will be a DEMOCRAT Obama/Pelosi/Reid Porkulus Bill of 2009. As of Thursday evening, when the PresBO and the House Dems took a sabbatical to the spa in Williamsburg, Va, only 38% of Americans supported it. The longer it is drawn out, the more fetid and festering this corpse of legislation becomes and the more of it is exposed in the light to the American people. The worst thing that the POTUS can do for the economy is to come out every day and tell us imminent catastrophe if it's not passed. Politics of Hope?? I remember hearing the same thing about the TARP funds back in October. If Harry Reid is bragging that he already has the votes in the Senate to ramrod this thing down our throats, (which he does) than why so adamant about having the Republicans sign on to this. And Arlen Spectre and Susan Collins are RINOs BTW....
Jeff Sessions, Jim DeMint, and Mitch McConnell will fight this down to the wire, which will probably be Monday or Tuesday due to procedural haranguing.

 

[TwosBlind]

$16 billion in funding for school construction was cut from the stimulus bill during this compromise. We are spending $820 billion and somehow school construction wound up on the chopping block. I haven't read the bill in its entirety, but it doesn't seem that there are many other things that could possibly be more important than school construction within the bill. $16 billion is less than 2% of the bill.

School construction does nothing to stimulate the economy in the short term in my opinion. Nor does any other "infrastructure project". These are one time expenditures, single projects, which do not encourage increases in prodcutivity or hiring. This is not supposed to be a community enchancement bill. Unfortunately, even though they took some of the BS out, much was left behind. This bill could have been 50% smaller and have the same impact - which will be little if nothing at all.

There are some other things that were cut that are also disheartening, but school construction was the most frustrating. This is especially true when I consider that $300 million is being alloted for buying hybrid federal vehicles and other wasteful programs.

What do you mean by "hybrid federal vehicles" ?

I think Hyperinflation is a reasonable fear, but the only reason I don't think it will happen is no one is more confident in anyone else's money than our own. The people who own our debt aren't dumping it to pump into yen, pesos, euros, or whatever rubles are called now. We might be in "bad" shape, but so is everyone else.

I dont think foreign exchange rates and sentiment has much impact on the debasement of the dollar over the long run. Anytime you pump trillions of dollars (euro, yen whatever) into an economy it is going to devalue the currency once its effects are felt by others indirectly after exchange takes place. Hyperinflation is a sure thing, regardless of global sentiment...unless maybe the euro fails and there is flight to the dollar and yen. The only way to avoid it is if the fed somehow removes the dollars from the economy at some point in the future before inflation takes hold. good luck.

 

[DanMa1156]

Also, school construction in and of itself wasn't taken out of the budget - just this bill. Some Congressmen aruged that since it's not stimulative, it should be in a "stimulus" bill and that it should go through the traditional vetting process of appropriations. Also, some provisions many argued crossed the line where the Federal Government gets involved in States' Rights of managing their own schools.

 

[MasterBates]

I want to say so many things.. But Article 88 says I can't.. :icon_rage

 

[navy09]

School construction does nothing to stimulate the economy in the short term in my opinion. Nor does any other "infrastructure project". These are one time expenditures, single projects, which do not encourage increases in prodcutivity or hiring.

No, building new schools will definitely create jobs in a pretty hard hit sector. That's the whole thrust of infrastructure stimulus.

 

[Flash]

What do you mean by "hybrid federal vehicles" ?

Probably vehicles purchased for federal government fleets, like recruiter's cars.

Hyperinflation is a sure thing, regardless of global sentiment...unless maybe the euro fails and there is flight to the dollar and yen. The only way to avoid it is if the fed somehow removes the dollars from the economy at some point in the future before inflation takes hold. good luck.

Death and taxes, those are the only sure things in life. Hyperinflation is not inevitable, just possible.

I want to say so many things.. But Article 88 says I can't.. :icon_rage

Really? Can you really not put together a coherent argument that does not violate that UCMJ article or are you just too lazy? Somehow I was able to argue against many of the recently departed administration's policies and actions without ever coming close to violating it, why can't others here? Quit using it as a crutch.