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Reports

The Stimulus Swindle

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Posted on Jan 24, 2008

By David Sirota

Stimulus—you’ve probably heard this nebulous, scientific-sounding word this week. Every politician suddenly wants economic “stimulus,” and wants you to think this “stimulus” is unequivocally good.

But here’s the question: Why are we talking about “stimulus” only now? After all, most people have been hurting for quite a while. Paychecks have been stagnating, foreclosures have become commonplace, health care premiums continue their double-digit increases—and up until recently, conservatives greeted such hardships with saccharine fantasy.

Following government reports showing a surge in income inequality, Treasury Secretary Hank Paulson last year gushed that the economy is “as strong as I have seen it in any time.” In the summer, as the housing crisis exploded, President Bush said the economy was “thriving.” This month, as the Labor Department reported another drop in wages, Republican Rep. Michele Bachmann of Minnesota said not to worry, her state is doing just great because “we have more people that are working longer hours, we have people that are working two jobs.” And with word that there are now 195,000 homeless veterans nationwide, Bill O’Reilly insisted on Fox News that really, “there’s not many [homeless veterans] out there.”

Message: Nothing to see here. The economy is fabulous. Move along.

Lately, though, the rhetoric has switched. Paulson now says there is an “urgent need” for action, and President Bush is demanding a “stimulus” package from Congress.

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And that gets us back to the critical question: Why the sudden shift? Because the group demanding help has changed.

Before, it was just commoners complaining—regular homeowners, wage earners, troops coming home from Iraq, you know, the 99 percent of us who can’t afford the thousand-dollar-a-plate political fundraisers.

But now Wall Street is panicking. In the last month, the financial industry’s profit margins dropped, thanks to mortgage defaults brought on by irresponsible lending. And when the corporate executives who underwrite campaigns start whining, politicians develop “stimulus” schemes using the blight of layoffs, foreclosures and wage cuts to justify tax cuts for those doing the laying off, foreclosing and wage cutting.

Specifically, most GOP presidential candidates are demanding corporate tax cuts as the “stimulus” to improve American competitiveness, ignoring a recent Treasury Department report noting that the United States already has among the lowest effective corporate tax rates in the developed world. Republicans like John McCain, fresh off a Merrill Lynch fundraiser, say we need not expand unemployment benefits and food stamps to help workers and give the economy a reliable Keynesian boost. No, they say we must hand over more cash to the same financial industry that just gave its executives $39 billion worth of year-end bonuses.

Leading figures of both parties seem eager to help limit the debate over “stimulus” and make the final package a corporate goodie bag. According to the Washington Post, Democratic Sen. Max Baucus of Montana asked economists affiliated with the Hamilton Project—a Citigroup-backed think tank—to testify to Congress at its initial hearings on a stimulus package. Labor economists, by contrast, were not invited.

You might think Citigroup’s central role in creating the current financial crisis would disqualify it from influencing legislation addressing that crisis. But remember, Citigroup gives lavishly to Democratic politicians and pays Democratic financier Bob Rubin roughly $10 million a year as a top executive.

Not surprisingly, congressional Democrats appear poised to support a package stripped of increases in safety-net programs and comprised primarily of business tax cuts. This, even though experts agree the former would have an immediate economic impact and the latter will take at least six months to hit. As usual, We the People are told to wait patiently as moneyed interests claim their latest gift from Washington.

President Bush is undoubtedly pleased. He said he wanted “stimulus” built primarily on tax cuts and no new public investment—more proof of his desire to win the Most Out of Touch President title from Herbert Hoover (at least Hoover proposed new infrastructure with the tax cuts he claimed would prevent the Great Depression).

Let’s be clear: There’s nothing inherently bad about Washington interacting with Big Business, and nothing wrong with “stimulus” as a concept. But as this recession intensifies, there’s a big problem with politicians catering exclusively to Big Business and an even bigger problem with converting “stimulus” into yet another code word for “swindle.”

David Sirota is a best-selling author whose newest book, “The Uprising,” will be released in June. He is a fellow at the Campaign for America’s Future and a board member of the Progressive States Network, both nonpartisan organizations.

© 2008 Creators Syndicate Inc.


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By amunaor, January 31, 2008 at 6:53 pm #

By Conservative Yankee> There is no gene for Catholicism!

***

When in ROME, do as the Romans do!

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By Conservative Yankee, January 31, 2008 at 4:23 pm #
(Unregistered commenter)

By zeitgeist, January 30 at 2:09 pm #

Who Is a Jew?

The Orthodox rabbinate in Israel, who sets policy on matters regarding the law of return, insists that every person invoking the law of return to enter Israel as a citizen undergo genetic testing. The Israeli government maintains a large computerized registry of demic maps obtained from the genomes of Jews from various parts of the world. Whenever an immigrant arrives, a tissue sample is taken and the genetic material from the cells is used to cross-check claims of Jewish identity with the deme maps in the registry. By examining the X chromosome, it is possible to identify markers that show whether a man did or did not have a “Jewish” mother or is of Jewish matrilineal descent.

Getting information at Truth-dig is equivalent to getting nourishment at McDonald’s…

The post by zeitgeist above is an out&out;lie, and in fact, many folks allowed into Israel are not “ethnic” but religious Jews.  There is no gene for Catholicism!

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By amunaor, January 31, 2008 at 3:01 pm #

Douglas, plucked from one of your links>

***
Its membership is increasing, the clout of the 55 million consverative chrisitans who support Israel more than most Jews do is starting to be really felt, and it seems that the AIPAC policy conference this year will be as glitzy as ever.
***

These then are ill winds of Constantine which fill 34% of the Neo-Roman sails, whose intensely held mythos; the plagiarized ‘dying god’ psychodrama, will blindly steer the ship onto the rocks. Let us hope the sun shines and the wind dies.

Peace, Best Wishes and Hope

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By amunaor, January 30, 2008 at 4:09 pm #

Who Is a Jew?

The Orthodox rabbinate in Israel, who sets policy on matters regarding the law of return, insists that every person invoking the law of return to enter Israel as a citizen undergo genetic testing. The Israeli government maintains a large computerized registry of demic maps obtained from the genomes of Jews from various parts of the world. Whenever an immigrant arrives, a tissue sample is taken and the genetic material from the cells is used to cross-check claims of Jewish identity with the deme maps in the registry. By examining the X chromosome, it is possible to identify markers that show whether a man did or did not have a “Jewish” mother or is of Jewish matrilineal descent.

http://content.cdlib.org/xtf/view?docId=ft8x0nb630&chunk;.id=d0e702&toc;.depth=1&toc;.id=d0e702&brand=eschol

Peace, Best Wishes and Hope

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By amunaor, January 29, 2008 at 3:09 pm #

Sally, there is no interaction. They have become appendages to these corporate, financial criminals; like Remora’s grooming the shark in a symbiotic relationship. Their mindless, platitudes of defending the constitution are an empty facade, for public display.

Montelee, let us not, erroneously, cast the mask of demonization upon the Chinese/Asian or Indian public. It is not their fault, but in similar fashion, they too have been conned into this same trap, we now find ourselves, whose cultures have been infected by the spread of the multi-national. Eventually, they too will wake up and wonder what happened.

Peace, Best Wishes and Hope

Report this

By Douglas Chalmers, January 29, 2008 at 2:56 pm #

RE: TAX STIMULUS - bogi666, January 27: - #By purplewolf, January 28: “From my college classes in the late 70’s we found that the American government gave every man, woman, and child $10,000 per person a year to those in Israel…”

Read all about where your tax dollars are going here under “AIPAC Achievements”, purplewolf and bogi666…....

AIPAC -  Pro-Israel Lobby working to strengthen relations between the United States and Israel through political and student activism in campaigns and elections…....  http://www.aipac.org/about_AIPAC/default.asp
And, while you are at it, check the current AIPAC scandal here and refer to “Related Links” on the left for more details…....


Quote Haaretz - The AIPAC affair: Can the pro-Israel lobby recover:

...an FBI investigation into allegations that a Pentagon analyst passed classified information to Israel via AIPAC officials….. Jewish state and its American Jewish supporters exercise too much influence over U.S. decision-making….... http://www.haaretz.com/hasen/pages/ArticleNews.jhtml?itemNo=576759&contrassID=13&subContrassID=1&sbSubContrassID=0

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By amunaor, January 29, 2008 at 2:41 pm #

cyrena, if I’m not mistaken from what I had read years ago, the donation of a blood sample is another requirement.

Remember there are Jews and then there are the Zionists. It is the xenophobic Zionists that choose to rule by force of arms, while the other voices have been successfully muted.

Peace, Best Wishes and Hope

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By Conservative Yankee, January 29, 2008 at 11:07 am #
(Unregistered commenter)

My atheist (formerly Quaker) cousin lives in Israel with her Catholic children (from a previous marriage)  She is now married to a Jewish man.

She tells me that The Israeli people are far nicer to her than her old friends who followed her husband out the door. Oh, BTW the children attend Catholic mass in near-by Tel Aviv. Jerusalem, now considered part of Israel is peopled by Muslims Christians and Jews.

While I do not support Israel’s expansionist policies, or Her Faustian relationship with the USA, statements like this help no one.

Finally to seek asylum in Israel all one must do is claim they are a Jew… no papers necessary.

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By cyrena, January 29, 2008 at 8:14 am #

Puplewolf,

I hate to tell you this, but you would NEVER be allowed to move to Israel. Ya gotta be Jewish my friend, and you’ve gotta be able to PROVE it, via multiple pieces of ancestral documentation.

Now if you CAN prove it, then you will be automatically accepted as a citizen, or you can stay here, and hold a dual citizenship.

Otherwise though, you’re SOL. You see what they do to non-Jews in Israel….you don’t wanna be there..trust me.

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By Frank Cajon, January 29, 2008 at 1:27 am #

I will retire in two days. I have been a professional and worked for nearly 35 years, put a son through medical school and another through a master’s in engineering, it’s time for me and my wife to rest and do some traveling. Thank you, Herr Chancellor Bush, for pissing away $1.5 trillion you didn’t have to destabilize Iraq, screw the US economic base and generate international goodwill towards our great country. I really look forward to going abroad, where my savings will be worth half what they were two years ago and Americans are nearly universally reviled (unless they say they hate the Bush administration). I am sure this plan to give certain folks $600 or $1200 while their pension savings, if lucky enough to have them, will be hit ten times that hard, but let the big gun corporations continue to pillage the shrinking middle class is a great answer to the problem. Just make sure your crooked sons of bitch banker pals who made bad loans and then sold them as investments aren’t charged with any crimes-like bank fraud. You know how tough it is for these white collar types in a federal lockup. Hey, Reagan and his pals managed to steal $150 billion from America’s Savings and Loans twenty years ago pulling the same scheme, and only Keating got any heat; thousands of elderly Americans lost their life savings. Most Americans that qualify for your $600 rebate will find that it is worthless as pesos. What we, and they need is to quit sending our money out of this country, to quit propping it up by selling it to Saudis and Japanese banks, and start resuscitating the US economy instead of squandering it at the rate of $2 billion a week in your vendetta crusade in the distant desert. I realize that your Reichstadt will do none of this, Chancellor, but I hope that after I am retired for a year, someone will, if there is an America left to save.

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By G.Anderson, January 29, 2008 at 12:54 am #

I don’t doubt your words for one minute. It takes a lot of courage to keep on living under the curcumstances, you described.

I wish that this country could be a place people where people would not have to suffer like you do. But it’s not.

Yes, the system is unfair and unjust, but we are all hoping that’s about to change.

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By GrammaConcept, January 28, 2008 at 8:52 pm #

I appreciate how this article, which some call not good enough, is actually managing to be a ‘stimulus’ to quite a few….....
The mark of a good teacher is to say just enough to ‘stimulate’ the students to think further for themselves….Good Show, Mr. Sirota.

Strive on, Friends..

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By amunaor, January 28, 2008 at 4:00 pm #

War should be ‘unthinkable’. Unfortunately, war, and its component mindset, to rule and take by force, has become the pinnacle of human achievement. It is what we manufacture and export best, because its profitability is vast.

There is no mitigating queen, in the patriarchal barbarity of kings.

Peace, Best Wishes and Hope

Report this

By purplewolf, January 28, 2008 at 3:52 pm #

bogi666:

From my college classes in the late 70’s we found that the American government gave every man, woman, and child $10,000 per person a year to those in Israel. It had been going on unknown to the majority of people and it still goes on today, only they probably recieve double that or more due to inflation. Maybe we all should move there and collect “political welfare”, it’s a lot more than the social security I worked for that I recieve a year now, even if it was the late 70’s amount, it would still be over 50% higher than I see now. And things were affordable in the 70’s.

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By purplewolf, January 28, 2008 at 3:44 pm #

America spends more money on the war machine that all the other countries of the world put together a year. War should never be the most important expense, ignoring other more urgent expenses that would have kept this country in a better maintained state from the infrastructurs, education, health, jobs, housing, the environment, energy renewal. Instead those have been ignored. Destroying other peoples lives and countries is top priority to this administration and at the same time it kills two birds at the same time as America is dying a slow death at its expense.

It’s time to decide what is really important. Not more of the same.

And as for the Reagan comment about trickle down theory*. It is and has been proved that the trickles were evaporated by all the hot air at the top and those from midway down were left high and dry.
*theory: a provable prediction or outcome with exact resutls

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By ender, January 28, 2008 at 10:54 am #

•    Its funny how Mike Moore’s SICKO has stood up to rebuttal, and no one can really argue with it, but Brainwashed Americans can’t seem to get it that the Socialist Countries of Northern Europe have a higher standard of living than us by a huge margin.  Better heath care, more leisure time, they live longer, and consider themselves happier, than Americans by a long shot.
Read this topic with your eyes open, instead of interjecting your expectations before you have a chance to understand.
Totalitarianism, as practiced by China and the former USSR is a form of Gov’t, as opposed to Democracy.  Socialism is a form or Economics, as opposed to Capitalism.  The very successful Socialist nations of northern Europe are all Democratic, and have the opportunity to elect for a Capitalist system, anytime they choose…they choose not to.
We don’t have that freedom here.  We have two parties, both Capitalist, and the only socialism is that practiced for the benefit of the Corporations that benefit the most from our imperialist excursions into domination of the world…marketplace.  The Fed is our most powerful institution, and its sole function is to insure that the Capital stays where it is, and profits flow to the centers of Capital.  The gap between rich and poor is larger than ever, and the percentage of citizens that control the majority of the wealth grows ever smaller.
Or, don’t read this or any other source of the TRUTH about our Corporate Aristocracy, drink the cool aid, take the trinkets they give you, and die with your nose to their grindstone.

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By ender, January 28, 2008 at 10:53 am #

are dictating our economic policy.  Since Shrubs been in office, the national debt has gone from 4 $Trillion to almost nine, and an unfunded rebate will probably push it up to $10trillion, which is where i predicted we would end up. Trickle down says the national debt doesn’t matter, because the debt is the taxpayers and not the corporations who get the benefit of the imaginary money dumped into the economy.

This is not brain surgery.  Stop the war. Stop unessecary military spending on vaporware like starwars and abm shields that were relics of the Cold War and are nothing but money drains to the Carlisle Group and the Cheney/Bush Cabal. 

The arsehole poster that suggested we stop student aid needs to go have sex with itself while swinging upside down from a flag pole.  If the richest country on the planet doesn’t have youth as well educated as students were in Iraq before we invaded, then be prepared to live in a third world nation…the US. 

Corporations need to pay for the infrastructure we’ve maintain and the WARS WE HAVE WAGED ON THEIR BEHALF.  Stop Nafta and Cafta.  Stop excesive 1HB workers.  Make illegals legal so they pay taxes and the corporations that use them pay for their workman’s comp and unemployment.  Safetynets are needed for citizens not workers that reduce wages and pay no taxes. 

lastly, you nor I will have any control over our gov’t under the current system so…..

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By David Sirota, January 28, 2008 at 1:38 am #
(Unregistered commenter)

Your comment is disgusting - for you to presume to know anything about me is nauseating, to say the least. You have no idea what shoes I have walked in - and I won’t bore you with my story. Because really, that’s not the point - the point is change.

Attacking the messenger for having the wrong message is one thing. Attacking the messenger for having the right message but supposedly not “having walked in your shoes” is so conceited and self-centered it is laughable.

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By Big D, January 27, 2008 at 9:36 pm #
(Unregistered commenter)

Okay… so the big boys are getting worried that you’re not spending your money fast enough to keep them afloat.  Next we are going to have to eat a diet that is dictated by these big strapping intelligent creative lying corporations.  Then we’ll have to watch only the information “they” want us to know about.  And then we will have to have our sex lives dictated by “them”.  And then we will only be able to vote for who “they” decide we should.  And then…. oh nuts… too late.

Each penny you spend controls the future.  If you don’t like the picture painted, then think about EVERY penny you spend.  Cancel your subscription to the propaganda.  Buy / borrow books that are about educating the public to this tragedy.  Consider where you will get your food and how it affects your health.  Find a local farmer and give him/her the support that the “big boys” are demanding.

You might disagree with me on this, but in this day and age, your money has more say than your vote.  Maybe it’s time for everybody to consider their spending as seriously as they consider their vote.

Remember that it was the post 911 cry to “spend money” to save the country and economy.

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By nrobi, January 27, 2008 at 8:27 pm #

Pardon me, WE THE PEOPLE? Who are you, a person who has money in the bank, a job, some sort of health care and you say we the people? Personally, I, have been fighting the government for my disability for the last 19 years, have tried to work, at best got menial labor jobs and did not make it. Lived homeless in the woods without healthcare because of people, like the article mentions, who would not pay their fair share of taxes and now I am a person who has no immediate family, lives on $162.00 per month in food stamps and $174.00 in cash assistance. I have as yet, not gotten my disability from the Social Security Administration, even though I have had 2 surgeries for spinal stenosis and cannot work anymore. I am sick to death of pundits who associate themselves with we the people. It is hard enough to be heard over the din of corporate and special interests, but to have pundits write about we the people, is galling and appalling to me. Until and only until you have walked a mile in my shoes, lived with constant and excruciating pain on a daily basis and then have the government tell you, you are not disabled enough,  then and only then will I, a person who has been fighting an unfair and unjust system consider you a part of we the people.

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By bogi666, January 27, 2008 at 5:04 pm #
(Unregistered commenter)

It’s socialism for the rich and capitalism for the working classes, or trickle down.

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By Montelee, January 27, 2008 at 4:04 pm #
(Unregistered commenter)

20 million retires who would spend it on the grandkids and buy food, gets No Rebate. Is this FAIR??
China will get the economic boost, that is the only thing we can afford to buy (China Made).
In less than 10 years we won’t have to worry about the economy, we won’t have one.
Jobs? guess we could move to China and work for 25 cents an hour.
What is our leaders THINKING?????

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By GB, January 27, 2008 at 1:13 pm #
(Unregistered commenter)

The only political clout Cheney and Bush have and had came from 911, an event they allowed to happen. As time slips by they want us to forget all their crimes by sending out chump change to an economy they destroyed by illegally invading Iraq. I guess the Dems got much bigger checks because since 2006 they’ve done virtually nothing to stop the insanity. The Dems also let the media eat up the real voice of reason which is Dennis Kucinich who had the guts to act on accountability from our run amuck government.

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By Conservative Yankee, January 27, 2008 at 12:38 pm #
(Unregistered commenter)

At the risk of being a lightening rod, the American people who earn less that $199,000 a year deserve the government and system which they have served and supported.  They bought the lies, the tooth-fairy logic, and the pyramid-scheme underpinnings of our capitalist system. 

Like a chronic loser ia a Vegas crap table, we are now about to throw the dice again… Mc Cain, Romney, Clinton, Obama, Edwards, Huckabee, all in the pocket of corporate entities.

So do we once again win a small hand which will allow us to pay for a ticket home?  Can we sell enough of what we have collected to pay some of the bills? do we once again buy the endless rhetoric of “It was all GWB…but I can do better?” (I remember when it was all LBJ’s fault, All RMN’s Fault and all Jimmy Carter’s fault….

wonder if we get to skate again…. or if this time we fall through the ice…

It’s not the personalities…. the SYSTEM is inherently flawed.

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By bogi666, January 27, 2008 at 12:36 pm #
(Unregistered commenter)

Foreign aid to Israel is $500 for each Israeli which has been continuous for 30 or 40 years and legislation increased it for the next 10 years, or $5000 for each Israeli.  Some American taxpayers will get a one time $600 stimulus payment, The CORPORATE WELFARE KINGS will reap a government bailout of some sort whether they pay taxes or not. In fact CORPORATE WELFARE goes to those companies that are losing money and not paying taxes. Furthermore, companies that lose money can recover taxes they paid 3 years previously, as can individuals, and subtract current years losses against future income for a total of 10 years of not paying taxes, if you have the right CPA’s.

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By Sally A. Bridges, January 27, 2008 at 6:03 am #
(Unregistered commenter)

The article is RIGHT-ON, but I’m sick of pundits saying that there is nothing inherently wrong with Washington interacting with Big Business.  Interacting, in this case, IS inherently wrong.  It’s like the Fox and the Bear raiding the hen house and raping the chickens.  The only stimulus here is enjoyed by the two former players.  In this case, the chickens never “come home to roost.” Meanwhile, the Fox and the Bear sit around licking their chops waiting for the next easy raid.  Pardon me while I throw up.

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By ocjim, January 27, 2008 at 3:57 am #

So Far, everything that Bush has had a hand in is a swindle. So far, nothing has truly been for the people, and I don’t make generalizations easily. Knowing the use of propaganda by the Bush administration, I don’t want to make that same mistake.

But what is so sad is that the Democrats are following the same Bush coda. The actions of the Democrats give us no assurance that they will turn around the plutocratic coup that the neocons have wrought by deceit, fear, and lies.

I had such great hope when the Democrats won the midterm elections in 2006. It was like the forces of evil were finally defeated, still leaving an almost toothless tyrant.

Unfortunately the Democrats have allowed his tyranny to continue.

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By DennisD, January 26, 2008 at 9:02 pm #
(Unregistered commenter)

The trickle down theory is once again in evidence.

The rich are pissing on the middle class and poor and congratulating themselves on their aim.

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By troublesum, January 26, 2008 at 7:34 pm #

From “The Next Bubble” Harpers magazine, Feb ‘08:
“Since the early 1980’s, the Chicago School has driven policy on the upward slope of an economic boom, but we’re all Keynesians on the way down: rate cuts by the Federal Reserve, tax cuts by Congress, deficit spending and dollar depreciation are deployed in heroic proportions.”

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By Tap Duncan, January 26, 2008 at 6:04 pm #
(Unregistered commenter)

The GOP pretends to believe, or rather purports to believe that the gov’t should NOT help the people by interfering in their lives.  They think that interfering is things like food stamps, unemployment, social security, etc.  BUT, it’s ok to “Interfere” with big businesses’ lives.  That means it’s ok to bail out big business, but screw the common folk. Now, we as Americans are supposed to accept a plan to borrow money, give it away, and leave the payback to a generation that hasn’t even been born yet. When will people realize that the GOP means Grand Old Party (Cronies), not Gov’t. of the People. There is no gov’t. of the people anymore.  Just money hungry dirtballs. We’re getting raped, and we’re not even complaining about it, sound screwed up to me.

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By RHONDA, January 26, 2008 at 12:00 pm #
(Unregistered commenter)

So how about giving some to those people who cannot work?  I live on Social Security Disability.  I inherited a disabling disease through no fault of my own.  I worked and paid into the system, but after 20 years, poverty is opressive.  I have no financial future.  I can´t earn even a meager wage.  Hey, what about the poor seniors who worked all their lives?  What about the millions of children in poverty?  We all have expenses and could use a little stimulus.  If Bush believed people should be able to keep their money, then huge banks and corporations would pay their share of taxes.  It´s just another lie.  We the People on the low end of the economic scale have known for a very long time how lousy the economy is.  Middleclass are just beginning to get uncomfortable.  BUT LOOK WHAT HAPPENS when Wall Street starts to complain!

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By Expat, January 26, 2008 at 9:36 am #

nation in crisis, what an excellent comment to which I can agree 100%.

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By Expat, January 26, 2008 at 9:19 am #

While I don’t agree with this feel good moment for our citizens; IMO, Sirota’s article is just more insubstantial fluff from truthdig.  This “stimulus” is just more smoke and mirrors from an administration known for its lies.  It is continued borrowing and a slide further into debt.  It will be paid with money we (our government) don’t have.  That the dems go along with this is further evidence of their cowardice.  This stimulus is a band aide on a severed artery and until we understand the systemic problem, there will be no solution and we will go down.  We need a brave soul to stand up and address the real problems facing us thanks to our cowardly politicians both republican and democrat.  No present candidate for the presidency has any answers to our failed economic policies.  There are no solutions presented that will really help us and the coming recession is inevitable.  This puts the impetus on us as individuals to start to understand and practice fiscal responsibility.  Only those of us who do will get through this well.  The bottom line is; this administration won’t do the things that will really help:  Extended unemployment benefits, increased food stamp allotments, health benefits for everybody, etc., etc., etc.

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By William Ries, January 25, 2008 at 9:56 pm #

Right on.  Who, and I mean WHO, like anyone in congress, actually debate publicly the “need” for a stimulus?  All I hear is the Bush/Pelosi bandwagon of accept it, go for it, it’s a good thing.  Isn’t rebuilding this nation’s infrastructure a priority?  There are unfunded projects on every governors desk to rebuild roads, bridges, etc.. Don’t “give” me my money and tell me to spend it on consumer goods.  What a farce.

I think I’ll just spend it on debt service just to piss them off.  Pay off a little inflated interest on my credit card I had to use during the “boom” to pay for essentials.  Recession?  Recovery?  To some of us it is all the same because the boat goes by either way.

Makes a person wonder how all of this military spending hasn’t stimulated the economy….hmm..

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By Margaret Currey, January 25, 2008 at 9:43 pm #
(Unregistered commenter)

The stimilus package is just the old shell game, the governor of Oregon said to really help the people extend unemployment or give more to people to receive food stamps, the seniors got a small amount of increase (2.3) in the mean time the cost of medication has gone up as well as the price of food and seniors are just stuck.

I hope that congress just remembers that it is the seniors who do the most voting and maybe they will think before plunging this country into more and more dept.

Who will pick up the pieces when social security is no more and HUD will scrap their program.

Do we all put our heads between our legs and hope that things look better that way?

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By Gary Rosenblum, January 25, 2008 at 6:19 pm #
(Unregistered commenter)

If you want to fool people who don’t know any better, you can claim you can make a dead frog jump.  Hook up electrodes and supply a jolt of electricity and supply a “stimulus”.  Fools will be delighted. 

If you want to fool people who don’t know any better, you can make a dead economy jump (in time for election season.)  You hook up business with a billion dollar jolt in windfall tax breaks while instructing the media to only talk about who gets cash.  Fools will be delighted.

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By measles, January 25, 2008 at 6:02 pm #

Yes, the American people are pissed off. And they have every reason to be.

This had been getting serious for some time now. I agree that now that Wall Street panics, there will be action, and most likely just the type which benefits Wall Street, but I also have to wonder if it’s not also that Washington and Wall Street so removed from the real world of the common folk that maybe they didn’t realize it was getting so bad. Of course, if they knew their history, they could more clearly see the future, but while average Americans were feeling their paychecks go less and less far every month, perhaps they were still waiting for the statistics to come in…

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By nation in crisis, January 25, 2008 at 4:13 pm #
(Unregistered commenter)

There are many ways to betray one’s country, and driving it into financial ruin ranks among the worst.
The stench from Washington, D.C. is becoming unbearable. The pitiable offer of a rebate to taxpayers is worthless.  After having bankrupted America with tax cuts for themselves and their corporate pimps, lawmakers are now offering stale crumbs to the people from whom they stole their wealth.  Borrowing more money from China (thus increasing our national debt) in order to buy off the American people just before an election is crass stupidity. Republicans shouldn’t do so much complaining about their Democratic “opposition”, either.  After all, Democrats have cooperated with them every step of the way, giving them every red cent they asked for to squander in Iraq and Afghanistan and Pakistan.  That makes them as guilty as Republicans. I’m not afraid of “INSURGENTS” in the Middle East, not when we have TRAITORS in our very midst. To slap us in the face one more time, they are refusing to extend food stamp relief, unemployment assistance and even want to further punish native Americans by reducing their health care benefits and God knows what else. Who wants their nasty “stimulus” money, their blood money, the tainted evidence of their malfeasance?  We aren’t headed for recession; we are plunging into Depression. Our lawmakers should be hauled into a People’s Court, tried for treason against the State, and condemned to Guantanamo.  I repeat,there are many ways to betray one’s country, and driving it into financial ruin ranks among the worst.

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By GW=MCHammered, January 25, 2008 at 3:15 pm #
(Unregistered commenter)

I favor Ron Paul’s economic stimulus package:
http://www.ronpaul2008.com/prosperity

As for the silly rebate, I’ll spend mine aiding dissent of the current Anti-American regime. And just as in ‘07, proud to divest in Bu$hCo’s Amerika in ‘08!

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By SamSnedegar, January 25, 2008 at 1:36 pm #

“...“If it walks like a duck ...”

if it looks like a duck, waddles like a duck, and quacks like a duck, then it must be a STIMULUS PACKAGE! It couldn’t be the same old duck that they use to shed the urine that trickles down on us every time they hurry to save the wealthy from having to pay for their affluent lifestyles?

Whatever “stimulus” package they come up with will matter not; we are not headed for a recession, we are diving into depression territory, and while there is nothing wrong with putting a band-aid on a cut when the patient has two months to live from an incurable cancer, it isn’t like the band-aid is going to save his life.

I don’t want to scare you, but you’d better pick a nice neighborhood in which to scavenge garbage cans for scraps of food which are edible and not too smelly.

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By GW=MCHammered, January 25, 2008 at 1:22 pm #
(Unregistered commenter)

“Let’s be clear: There’s nothing inherently bad about Washington interacting with Big Business, and nothing wrong with “stimulus” as a concept.”

That should read:

Let’s be clear: Washington bedded in full intercourse with Big Business is absolutely wrong! Government’s job is to stimulate ever-greater freedom and economic growth for the American People. Any Other Aim Is Anti-American <u>and</u> Criminal. G-Damn Money Funnelers!

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By ocjim, January 25, 2008 at 12:45 pm #

“Sen. Max Baucus (Mont.) asked economists affiliated with The Hamilton Project—a Citigroup-backed think tank—to testify to Congress at its initial hearings on a stimulus package. Labor economists, by contrast, were not invited.”

Yes this is the same Citigroup demonstrating incompetence regarding the sub-prime issue and which sold almost 5% of its equity to a Middle East company to avoid telling stockholders that their dividends were cut.

A few months back, Abu Dhabi Investment Authority, the world’s largest Sovereign Wealth Fund (SWF), paid US$7.5 billion to buy a 4.9 percent stake in Citigroup, the largest financial institution in the United States. Citigroup, facing what the markets fear may amount to a $30 billion or more hit on its capital base due to its problems with subprime mortgages, chose to sale part interest in its company, rather than declare short-term dividend cuts.

A Krugman column in the NY Times indicates how the Democrats again caved in to Bush in accepting a toothless stimulus package providing no help to the needy.

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By KISS, January 25, 2008 at 11:55 am #

David, you nailed this moronic slight of hand gimmick well. The awful plight of South Carolina Longshoreman, which went unnoticed by the media, was thankfully helped by the Longshoreman of Spain.
As the enterprising moguls take their factories to slave labor countries, nary a word of why we are in need of Economic Stimulus. As G. Anderson so eloquently wrote: “Meanwhile the political minuet in Washington keeps getting more bizarre”

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By Jim Yell, January 25, 2008 at 11:22 am #
(Unregistered commenter)

We are at WAR, so says George Bush and being that we are at WAR it makes anything Bush wants sacred and patriotic. What was practically his first advise to the nation after 9/11 “get back in the stores and spend your money!”

Now we have a huge debt and for the first time in the nations history a war without a war tax. As one comentator mentioned the previous efforts to give a jump start to the economy came so late that people had already adjusted, or the economy had adjusted without intervention.

Given our huge debt and no program to service said debt, we don’t have the money to give to the rich or to the poor beyond the day to day social programs that keep food on the table and a roof over peoples heads. THERE IS NO MONEY TO GIVE BACK. It is a fiction to make it look like G.W. and the republicans care, they don’t. It is a fiction to make the democratic enablers of the criminal Bush/Cheney administration look like they care. They don’t.

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By reason, January 25, 2008 at 11:18 am #

I don’t believe it!
In the simplest words possible, how can anyone believe this “stimulus package” is anything more than a “backdoor” method of giving the wealthy corporate interests more “freebies” and squelching any protest from the “unwashed masses” by throwing minimal cash to people who will either pay down their credit cards or buy from retailers who import most of their inventory from China.
This is just another flim-flam to support the stock market. *Investors in the stock market are concerned for their returns not necessarily the economic conditions of the working people of the United States. The benefit of this “Stimulus Package” is primarily to the sleazy politicians and their financial buddies who could care less about you and I.
1. “If it walks like a duck and talks like a duck; it’s a Duck!
2. Business and the government want a replay of the 2007 Christmas Season because the last one Sucked for them.

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By cognitorex, January 25, 2008 at 8:44 am #

Bush and Bernanke push corporate socialism
The financial types made, packaged and sold huge numbers of poor mortgages. As they traded these shoddy assets back and forth amongst themselves they, (Wall Street) paid themselves $25 billion in bonuses for 2006 and $32 billion for 2007.
Now Bernacke and Bush recommend a stimulus to replace the missing equity capital in the financial system. How can this not be called socialism? Or is socialistic tinkering with the system to protect the rich called a stimulus package while providing health care is oh so unAmerican.
The nation’s debt has skyrocketed from six to nine trillion dollars under Bushco and as a legacy for his last year he will oversee spending a couple hundred billion dollars we don’t have to bail out his cronies.
Meanwhile a useful scorecard to watch is that the Pound and the Euro continue to soar against the dollar even while Europe provides a social net for the health and retirement of their workers.
We get to inject billions into the economy in an act of corporate socialism; Wall Street takes out $57billion and yet helping the poor with medical bills and heating costs remains a danger to the American psyche.
As they say: “Go figure.”

Labels: Bernanke, Bush, corporate bailout, deficit, Europe wins, socialism, stimulus

# posted by cognitorex @ 1/17/2008 2 comments links to this post

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By Douglas Chalmers, January 25, 2008 at 6:30 am #

Nice that Nancy Pelosi said that the $150 billion was meant to go mainly to the middle class and that they were so-oo important.

If you consider yourself “middle class”, perhaps you would like to comment on why it appears so evident that the middle class couldn’t give a fuck about anyone else?!?!

Oh, I forgot…... most of “the poor” who would benefit most in the short term don’t even have an address to send a check to, uhh!

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By cyrena, January 25, 2008 at 6:23 am #

•  “…..politicians develop “stimulus” schemes using the blight of layoffs, foreclosures and wage cuts to justify tax cuts for those doing the laying off, foreclosing and wage cutting….”

Remember the bailouts of the commercial airline industry after 9/11? They got millions upon millions upon millions. And, they laid off hundreds upon hundreds upon hundreds of thousands. Anyone who survived the cut has earned less, and less and less, ever since. Benefits have been slashed, and retirement packages crashed into those towers. That was over 6 years ago. They’ve not replaced ANY of those workers. Those who survived the cut, (and haven’t died since), are working for far less money, and working their asses off, with far less help.

And, the consumer continues to pay through the nose, as the price of an airline ticket continues to rise, and the service is the pitts. And, the top dog airline, (the one who collected the MOST of the bailout money – American Airlines) is posting big time profits for their stock holders, and damn proud of it.

We won’t even go into what the ‘stimulus’ and bail outs did for Big Energy. The taxpayers are STILL paying for Enron, and those employees are still screwed.

Nice ‘stimulus’.

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By G.Anderson, January 25, 2008 at 4:10 am #

Yes, now that it’s wall street, they jump into action…..

But treating the symptoms is not going to do anything about the disease.

The disease is still there, lingering festering under the surface, rotting out the very heart of this country.

That money will be spent in all of about 24 hours, and since we don’t make anything in this country anymore, it’s already on the way to China.

Meanwhile the political minuet in Washington keeps getting more bizarre.

If you really think the best way to help the economy is by letting American’s keep their own money, why don’t you just do that.

Repeal, credit card reform, repeal Bankrupcy reform, repeal Student Loan Reform, Repeal Nafta, Don’t allow mexican trucks to come over the border, repeal overtime reform, stop granting exeptions to corporations who import technical workers, nurses and doctors from abroad, and on and on and on.

But you won’t do that, because you make too much money ripping off the public, and that’s how we got here. Not because we didn’t work our asses off for you, but because your greed can never be satisfied, while we’re expected to do with little.

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