Posted on 11/23/2008 8:26:25 AM PST by yoe
Sen. Charles Schumer (D-N.Y.) on Sunday said an economic recovery plan would have to cost $500 to $700 billion in order to be effective.
Noting that the economy is in “serious, serious trouble,” Schumer said on ABC’s “This Week with George Stephanopoulos” that a recovery plan would need to be “pretty big.”
“We’re on the edge of deflation. Once you get into deflation, you almost never get out. That’s what the Great Depression taught us. That’s what Japan taught us,” Schumer said. “So a strong shot in the arm, just the way Barack Obama has conceived it, infrastructure, green jobs, is what is needed.”
The senator also expressed confidence that Congress would be able to pass such a plan before President-elect Obama takes office to have it “on his desk by Inauguration Day.”
Schumer said his vision of the economic stimulus is “a little like having a new New Deal, but you do it before a depression occurs, not after.”
Sen. Richard Shelby (Ala.), the ranking Republican on the Banking Committee, did not immediately reject such a plan.
“Well, I would like to see the details of any stimulus package: what it would do, how it would work, who would benefit from it,” said Shelby, who also appeared on the program. “What we need is to really get the economy going. I think it’s fair to say that we Republicans will look at the details and see if we can support it. I want to support things that are meaningful for the economy, and I believe Senator Schumer does, too.”
Shelby indicated that he could support such a massive plan “if it would accelerate appreciation, things like that; tax incentives for people to hire, to retool and things like that,” as well as invest in education and infrastructure.
Calling my lawyer!
The socialists and a bunch of MONEY SHARKS in a feeding frenzy....they ruin the economy and then want to steal what is left of it.....
uh, chuckie, you did that LAST month....didn’t work.
Green jobs????
Yeah, I can tell where Little Chuckie Half-bright Shumers concerns are.
THE ONLY WAY TO FIX OUR ECONOMY IS TO BAN SHORT SELLING AND REDUCE CAPITAL GAINS!
He’s been in a coma since birth. (Good name for him, BTW.)
The problem is elected republicans cant just reject it outright publically, that would be political death.
What is frightening is that they elected republicans articulate no principles that lead us to believe they might oppose it. They need a message that can sell the public, the public turned against the UAW bailout, that was key. But I hear none. How about endless borrowing? Shumer counters with ‘deflation’ Are we borrowing from china or borrowing newly created money?
ban short selling? we need more freedom, not less
Make people pay for what they buy, take delivery and then sale. End of problem.
Chuckie already destroyed a bank by creating panic. So seeing how well that worked, he’s going to try to start another panic by following the Paulson/Bush “sky is falling” plan. The left will continue to steal tax dollars and spread them around to its “green” contributors. From unions to ACORN to the ACLU, taxpayers and conservatives...in other words, actual Americans are going to get the perpetual shaft.
Both, Paulson spent are will spend about 1.3 trillion, but the fed has sent about 2 trillion out the window.
I don’t get these guys. Bush’s deficit busting gives them a tremendous opportunity to be different and call for balancing the budget. Clinton showed them the way...why can’t they at least go back to those days?
Can someone tell me how you can have deflation with fiat money?
Oh yeah, that will really get things going! /s
While things were a wreck, it was a quiet wreck, and there was a chance that some of the damage could have been mitigated within the market.
Nope.
Chucky had to announce the economy was going to crash (to put the pubbies in a political dillemma before the election), investors panicked, and voila! the market plummets.
Idiots voted for DUH1 because they didn't like the downturn and blamed it on the 'pubbies.
Now he wants schill for money to fix things? Sheesh!
When you get it back I’ll be the same house, just cheaper. Wouldn't you like to have the same house for less than you have to pay now?
Can I borrow your house and sell it now?
No but if I did, the govt shouldn’t be a big nanny and prevent the transaction.
Get on the phones first thing tomorrow; let your elected know we’ve had enough bail outs, let companies sink or swim on their own. Government meddling will only worsen things; with bankruptcy the ‘big three’ can at least restructure their union contracts and maybe even get rid of the “no work rooms” where the jobless can sit all day doing nothing and getting paid and all their perks, health etc. No wonder the auto manufacturers are failing....call your newspaper, talk radio, or write your editor...take action and everyone let these boobs in Washington know we ain’t a’gonna take this trash any more. Enough is Enough! Chuck, Barney, Chris, Durbin, Waters, Reid, Pelosi, and any Republicans that see nothing wrong with this nonsense need to hear from all of us. If you have to work for a union like the UAW, you are part of the problem....get some spine and work like the rest of us and take responsibility for yourselves.
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