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01/04/2009 11:58 PM ID: 75983 Permalink   

Obama Urges Congress to Spend $775 Billion on Economy


Barack Obama is pushing Congress to pass a $775 billion economic stimulus package in an effort to create some 3 million jobs and boost the Nation's faltering economy. Obama discussed this in an address recorded for radio and Youtube on Saturday.

Obama already faces a horrible economy and up to 2.25 million likely foreclosures this year as soon he takes office. He has been careful not to lay blame for these woes, presumably because he needs Republican support to pass his stimulus package.

His hopes to have the package passed before he takes office have been quashed because Republicans insist that they need more time to review the details before giving their nod of approval. Obama strongly urges that this must be a non-partisan effort.

    WebReporter: bbeljefe Show Calling Card      
ASSESS this news: BLOCK this news. Reason:
  Link to the video:  
  by: bbeljefe     01/04/2009 11:59 PM     
is Obama getting all this money he wants to spend on economic bail outs? I am not knocking him...I just can't figure out how creating more money will help. Won't that bring the dollar down even more?
  by: TOBYKIETH     01/05/2009 12:03 AM     
The Dollar is dead anyway, he is just tring to let it continue as long as possible. The big bang will come but maybe later. His infrastructure projects are the same kind of politics that the Nazis did. This is National Socialism. The american public is just to stupid to realize it. It worked well for germany also, unemployment did go back, the economy recovered, but then WW2 broke out. I hope we wont get a WW3, as World Wars have the habit of starting after huge Depressions.
  by: evilrat   01/05/2009 12:24 AM     
True, the dollar is dead. Hitler was an evil bastard, but he had some good ideas that worked well for his country. I don't think Obama's plan involves mass genocide and invading Russia, so it could work.
  by: Mr. Wright     01/05/2009 12:42 AM     
  @ evil  
Please don't include me as a "too stupid" American... I know it won't work.
I feel we will be spending Ameros before he leaves office.

  by: bbeljefe     01/05/2009 01:29 AM     
Right on the money. Cranking up the printing presses will only dig the deficit hole deeper and make the fall that much harder in the end. This ‘stimulus’ package may stem the fall for a few years at most but will not prevent the inevitable. We’ve robbed Peter to pay Paul for too long, it’s time to pay the piper. Buy gold and silver while you can and bury it in the back yard, banks won’t be a safe place for anything.

When the depression hits it will be much easier to blame it on someone else and declare war on them than to take responsibility for our own irresponsible behavior and spending. America has destroyed itself from within. We dug our grave, now it is time to lie in it.

I appreciate the fact that Obama is trying to do ‘something’ but his misguided attempt will fail in the end. Cutting nearly all spending and paying off the debt is the only thing that will save us and that would be very unpopular in this spoiled rotten, entitlement expectant, welfare nation. We want instant gratification and a trillion $$$ in ‘free’ money is more in tune with what we have become accustomed to. It would please the voters. I sure hope the voters enjoy being cold and hungry.
  by: valkyrie123     01/05/2009 04:08 AM     
  we need to STOP spending  

i do not understand how politicans just think they can increase spending at a time when things are going up and spending needs to get CUT.

im sorry but its not going to work,

and i HATE just HATE the stupid sobb story on foreclosures, people are defulating on homes that they couldnt even afford in the first place, on top of that most lenders pushed by obama, and acorn along with clinton on the community reinvestment act put pressure on banks to lend to non qaulified and noncredit worthly people to take on HUGE home loans.

so much that people were flipping houses faster then kids can unwrap a candy bar, and then the shit hit the fan and they rather just stop paying because they got "caught up"

one more thing is that people were offered WAY MORE then what they took in, meaning people were making 20-40k a year getting 200k homes and so on, only being able to pay the TEASER rate at 1% and so on.

people are not getting thrown out of there homes, people are not paying for what they originally agreed to pay for and now cannot do it.

people forgot about what RENTING is.

i was offered a large home loan, but i did not take it WHY? because it was beyond my means, im happy renting and will continue until i am ABLE to get a home.
  by: cray0la     01/05/2009 07:06 AM     
  Why Gold or Silver?  
If this place is going to get as bad as all of you project, why waste time with gold or silver? It won't be worth anything either. Maybe to other countries for a while, but in all reality as the dollar is pretty much already dead...the Euro is pretty close too. The only thing that will be worth anything after "total economic collapse" will be tools and food. Maybe that's just me personally, but I can't eat gold, and silver won't keep me warm.
  by: blac   01/05/2009 08:06 AM     
crayola: I concur, but please include the right side of the extreme in your argument. Ultimately, it is America as a whole who is to blame for this mess. Not just Liberals or Conservatives. You and I may not be a part of it but... are we? What I'm saying is that the destruction of this country has been a bipartisan effort. I lean neither left or right but have I helped this mess along its way? Lemme go think about that... before I speak out any more.

@blac: We left the gold standard of backing our MONEY in the Nixon days, around '72-3 (I forget), we now have no money. What we now have is currency. For currency to maintain its value it must remain in motion and must also be backed by credit. At present, our currency is standing still and we have almost no credit. We will soon see hyperinflation if something doesn't change with our system of currency. Our only true monetary value exists in precious metals, namely gold and silver. Silver will, at some point exceed gold in value because it is a consumed metal. It is widely used in the assembly electronic parts that we throw away, never to be recovered. Funny, we worry about water, which we cannot deplete, but we waste silver with no regard. I know that there are some recycling efforts for electronics but my point is that we worry so much about water conservation, which is really just purification of a renewable source, but so little regard is paid to non renewable resources.
I'm no fanatic in either direction but for long term investment, gold and silver are and most likely always will be the most solid long term investments in terms of liquidatable cash. Regardless of the currency to which it may be converted.

  by: bbeljefe     01/05/2009 12:12 PM     
  the stage is set  
for another fiat currency war.. i've never handled a £1,000,000,000 bank note but give it a few years and we'll see :)

and evilrat: obamas infrastructure programs are also the same as Franklin D. Roosevelts programs.. so he must be a nazi.. by logic by gum by logic
  by: bobloblaw   01/05/2009 01:09 PM     
  in theory...  
I agree with most of you. The US gov't national debt situation is crazy. By not paying it off, we're only prolonging a bigger collapse... but I don't know that now is the best time to begin paying it off.

The Great Depression was a horrible time, and our elected officials have decided they are going to do everything in their power to avoid another one. I appreciate those efforts, but I hope this stimulus spending is followed by improved and smart regulation and fiscal responsibility (for a change).
  by: bobjones     01/05/2009 06:27 PM     
It is impossible to repay the debts. That is just an illusion. These debts will never be repaid, they will one they simply be declared void.
  by: evilrat   01/05/2009 06:33 PM     
You know, Caesar was killed for bringing the gold standard back. Or so some believe, myself included. I'm not really sure where I stand on the idea of re-instating it though. Honestly I think both sides of the issues have flaws, but I'm always reminded of a quote: "Let me issue and control a nation's money and I care not who makes it laws."

Which begs the question: Who is coming to collect?
  by: blac   01/06/2009 07:36 AM     
china. we owe them a lot of cash. thats why the US gov tries not to let them control the major companies within USA. they wanted to buy an american petrol company a while ago. they blocked it saying national security. obama will have a war. if he likes it or not. i know obama will end up being another war president. sucks for him,but deal with it. china flexed its econ muscles in the summer, we owe them the most besides japan and their military is a clone of the best we can do but they have more numbers willing to jump at bullets. the issue will be over taiwan and korea again. with allies like russia and sudan with iran. it will be a global conflict with the last dollar printed spent on fuel.
  by: DRK   01/06/2009 02:40 PM     
  @many: stop makeing a fool of yourselves.  
Everyone needs to take a step back and think.

* What were you views on bail-outs 4 months ago?
* What has (if anything) changed?
* What is your view if Bush was the one suggesting it?

I get the impression now Obama's saying it - some of you on both sides have switched positions.
  by: redstain   01/06/2009 04:08 PM     
  typo. yeah I know.  
  by: redstain   01/06/2009 04:10 PM     
what happened? How can it be that I agree with everything you said in that last post!? :)

I am debt-free. How about the rest of you? I finally got a credit-card, but only by mistake because of a translation problem... i believe in debit-cards only.

too many friends have messed up their lives by getting credit-cards and burning themselves at the stake with insane interest-rates.

Bail out the banks? F** the banks. Sorry folks, you shouldn't have taken those cards, got those homes, 'bought' those cars. Use money the way it was intended.

No bailouts for anybody. >(
  by: theironboard     01/06/2009 04:33 PM     
Good point, but in order to keep a good credit score you must exercise it. It would be wise for you to use your credit card as you do your debit card and clear the balance before it accrues interest. The card companies don't like it, but it will keep your credit active and even increase your score. Unused credit can be as bad as no credit.

  by: bbeljefe     01/06/2009 06:05 PM     
  Obama can keep his stimulus  
Ya ever thought about where all this "money" comes from? We ( USA) no longer can back our money with gold, as it should be. Meaning our currency isn't "worth" the paper it is printed on. Solving debt with debt is not the answer.
As far as stimulus to the peons, his plan is give tax breaks over the course of a year, amounting to 1000 per tax breaks amount to about 20-40 dollars extra per check. Woohoo, I can find that in change and recyclables in my home. Not to sound ungrateful, but...all this frivolous spending will hurt more in the long run. Obama has his work cut out for him, polishing this massive turd.
  by: homegrown420     01/06/2009 06:16 PM     
  Um ... guys?  
I don't think he means to print money; I think he means to borrow it.
  by: Ben_Reilly     01/06/2009 10:10 PM     
We need something to help out the joes of America not the money makers.
  by: rogeratvfan   01/06/2009 11:39 PM     
So, in other words, he's becoming a republican....
Either way, it is wasteful spending designed to make people think that things are getting better. In my home AND in my business, cashflow is managed the same way... non critical wants/needs are foregone in the absence of ready cash or more work is done, which creates more cash thereby allowing those non critical expenses to be paid for without creating negative cashlfow.. i.e. Credit, loans. Government should be no different and anyone who doesn't understand that is SORELY in need of a financial education.

Let me provide an example of what I mean. I know a man who is building a diving lake in a nearby town. Once he is finished, he will be reimbursed ALL of his expenses for this project by the federal government providing that he allows "public" access to this lake. This means that if he chooses, he can charge the "public", let's say, $50.00 for a day of diving. Perhaps more. Who gets that money? He does. The fed doesn't ask for any of it back, (quoting your Bush memory 43) absolutely "nada, zilch, zippo, zero".
This is because it is a grant and the public access stipulation also has a time limit, although I don't know what it is.
I am a diver and I am very much looking forward to this lake being available for my use but I vehemently oppose government funding of this project, especially in economic times like we have now.

How many more of these programs do you think there are that could be, at least temporarily, stopped?
I shudder to think... we have become a lazy, greedy nation and our actions are orchistrating our own demise.

  by: bbeljefe     01/07/2009 03:11 AM     
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