Posted on 11/03/2009 5:56:46 AM PST by FromLori
In this video clip, commerce secretary Gary Locke says that "if there is to be another stimulus -- and that’s being hotly discussed and very seriously considered within the administration as well as members of Congress -- it needs to be very targeted, very specific and we need to be very mindful of the deficit as well.In other words, with unemployment not improving after the first $787 billion was spent, and since at this point nothing matters since America will never be able to realistically service its debt, with mid-term elections coming up, and Obama's rating plummeting even despite an orchestrated 50% rally, it is a matter of months, if not days, before the President unveils another multi-trillion UST sinkhole. One that is likely to be promptly followed by the Chairman announcing the next iteration of Quantitative Easing.
Oh God.
Reminds me of what I used to tell my son when he was about 3 years old and trying to “help” me around the house.
“Honey, please don’t help me any more. You’ve done enough!”
MARCH ON WASHINGTON, REMOVE THE BASTARDS AND TAKE OUT COUNTRY BACK!
The next Stimulus should be about $500T. I mean, if we’re going to do this, let’s go it right! [/s]
It will make bo’s buddy warren buffet happy he is already making money on it.
http://www.businessinsider.com/rail-stocks-are-on-fire-2009-11
Berkshire Hathaway’s (BRK) whopping $44 billion acquisition of Burlington Northern (BNI) is a tremendous endorsement of the US railroad industry.
Now, while Burlington Northern is highly profitable, US rail — especially passenger rail — is kind of the laughingstock of the world.
So what gives? Basically, Warren Buffett is betting on lots more government spending, particularly with respect to infrastructure, and specifically he hopes a lot will be allocated to rail. Obama is known to be rail friendly, and the first stimulus was expected to be highly infrastructure-based, but it wasn’t.
Buffett — who has the ear of the President — is guessing, safely, that we haven’t seen the end of that dream, that Obama will open up the government’s coffers for a major upgrade of the rail system. If we begin taxing carbon, thus making it more expensive to ship goods by truck, that’s another plus.
Remember this is de rigeur for Buffett. He made a lot of money betting the banks were too-big-to-fail during the crisis. He likes regulated industries like insurance and utilities. He’s benefitted from housing. He advocates a high estate tax, which makes it easier for him to acquire family-owned businesses when they have to sell for tax puporses.
http://www.businessinsider.com/duh-warren-buffett-is-betting-on-lots-more-stimulus-2009-11
Obama on economy “Mission accomplished”, so now he can extend unemployment benefits.
At the same time we need free government health care because we will lose our job’s under Obama’s successful Economic Recovery act.
And if we are taxed by the mile with on-board GPS monitors in our cars, high-speed, subsidized, rail travel becomes attractive.
Well, let’s see: the .GOV claims the first stimulus created or saved something like 600,000 jobs. At a cost of $787 billion, that’s $1.3 million per job.
Those are some damn fine-paying jobs!
So cool, why doesn’t the .GOV just print up a new $13 trillion stimulus to create 10 million more $1.3 million jobs?
Instant prosperity and an end to unemployment and economic malaise, right?
This time, we physically throw them out...
Durden....
First off, the $787 billion in the first “stimulus” has not been spent as he states, he has no way of knowing whether GDP has “peaked,” and its absolutely absurd and apocalyptic for him to say that there is “no way” America can service its debt.
Perhaps if Obama/Reid/Pelosi keep spending as they do, and nationalizing companies (throwing good money after bad at GM), we’ll come to that, and we’re on a bad track, but that comment was dumb.
Also, he says the Chairman will do another round of “Quantitative Easing.” That will be kind of tough, with short term rates at just about zero already.
I don’t know about that we had $83 Trillion in unfunded liabilities for social security and medicare alone in 2005 so I too wonder if we could service our debt.
http://garynorth.com/public/department30.cfm
Maybe the men in DC believe their own propaganda and think the recession is over and they now feel it necessary to correct that situation with another massive money dump. Or maybe they think they need to push more of America’s resources into the pockets of themselves and friends before things do get back on an even keel.
I would have to go with push the money into the pockets of their friends there is no way they could even begin to believe the “recession” is over.
Read QE as "monetizing the debt."
Driving rates lower would only be considered "tough" to someone who actually gives a damn about consequences...not a problem for the fascisti in charge now.
A second stimulus? Wow! I never saw that coming! The first one is working so well!............./projectile sarc
2? I thought we were already on like 4
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