Obama could mull second stimulus if needed: adviser

Reuters ^ | 6/28/09

[FromLori]

President Barack Obama could discuss a second stimulus package to boost the economy if needed, but at the moment no more new money looks necessary, a top White House adviser said on Sunday.

"Much of the stimulus is yet to come, and let's see how this works before talking about next steps," senior adviser David Axelrod told NBC Television's Meet the Press program.

"Let's see in the fall where we are, but right now we believe what we have done is adequate to the task. If more is needed, we'll have that discussion."

Obama pushed through a $787 billion emergency stimulus bill after taking office in January, and the White House said at the time it hoped this move would keep unemployment under double-digit levels.

However, the economy has weakened by more than expected and the White House now warns the jobless rate could breach 10 percent in coming months, up from 9.4 percent in May, in the face of the toughest recession in decades.

"We have not broken the back of the recession," Axelrod said. "We are going to have to sail through some very difficult times here. But the question is are we moving in the right direction."

"This recession that began last year is the worst that we've had in generations, and so unemployment is higher that be any of us would like. But to suggest that it wouldn't have gone higher had we not done the things we did, I think is totally misleading," he said.

U.S. officials and private economists forecast a gradual resumption of growth in the second half of the year. But they warn that unemployment will continue to climb for a while, even after the recession has ended.

[FromLori]

I want some TARP too!

A Hilarious Parody of the government tarp bailout and the Teaparty Song by Bill Zucker

http://bluelori.blogspot.com/2009/06/i-want-some-tarp-theyre-givin-money.html

[repentant_pundit]

Fighting recession by spending trillions is like fighting forest fires with an AK-47

[ejonesie22]

Wow, well I can see this being a plus since that first bail out worked so well. Perhaps this one can really get those unemployment numbers well into double digits. And the first one did not really impact interest rates, maybe this one will get them put of the basement for sure.

It takes a lot of effort to turn Reagan's economy back into Carter's in this day and age.

[givemELL]

If the US is not apparently dying financially fast enough of a certainty, of course add a second stimulus for banks and selected corporate and political endeavors encompassing the world (British Rum maker, Captain Morgan, just got $2.7 billion in TARP funds). The middle class, not in a borrowing mood (savings are now at 6.9%), does not want a stimulus and is not credit worthy anyway. The Dollar Index must not be headed for .66 and .45 fast enough, so, issue another stimulus.

No reform is present or wanted, no expulsion of undisclosed bank debt of preposterous proportions is desired. Yes, by all means, another stimulus (jackboot financial kick to a quivering financial body).

[xp38]

Didn’t he say they are out of money?

[AngelesCrestHighway]

Will he mull a third and fourth stimulus package?....you know....the one that brings on full blown depression?...