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Home Front Economy
US Senate passes economic rescue plan
2009-02-11
The U.S. Senate approved an $838 billion economic rescue plan on Tuesday, setting the stage for tough haggling this week over the final package of tax cuts and spending aimed at averting a deeper recession.

President Barack Obama wants the Democratic-controlled Congress to deliver a package to his desk this weekend, but the Senate and House of Representatives must first reconcile differences between their two bills. The House has approved an $819 billion plan.

Obama, making a campaign-style stop in an economically hard-hit part of Florida, immediately called the outcome "good news" and "a good start" to his bid to rescue the battered U.S. economy.
Posted by:Fred

#8  No thanks Jim, been there done that as a young'n and I've no desire to revist Carter's days of pain.

I've worked my ass off for the last 30 years in a well paid profession and skimped and and saved my way to this point INCLUDING 2 college educations for my kids.

This time last year I was thinking more along the lines of $1000 - $1500 a week but this crash took care of that toot sweet.
Posted by: AlanC   2009-02-11 14:55  

#7  $500 a week, lucky shit, try living on a thousand a month.
Posted by: Rednek Jim   2009-02-11 14:41  

#6  Appears you've answered your own question Alan. Congratulations on your early retirement and paid off mortgage! When gasoline goes back up to $4.00 per gallon, you'll enjoy keeping the commuting miles off the Ford I'll assure you. Retirement, even a partial retirement has it's rewards.

An old farmer in Georgia had owned a large farm for several years. He had a large pond in the back, fixed up nice; picnic tables, horseshoe courts, basketball court, etc. The pond was properly shaped and fixed up for swimming when it was built.

One evening the old farmer decided to go down to the pond, as he hadn't been there for a while, and look it over. As he neared the pond, he heard voices shouting and laughing with glee. As he came closer he saw it was a bunch of young women skinny-dipping in his pond.

He made the women aware of his presence and they all went to the deep end of the pond. One of the women shouted to him, "We're not coming out until you leave!"

The old man replied, "I didn't come down here to watch you ladies swim or make you get out of the pond naked."

"I'm here to feed the alligator."

Moral: Old age and cunning will triumph over youth and enthusiasm every time.
Posted by: Besoeker   2009-02-11 10:18  

#5  I am scared to death by this. I lived through the Carter nightmare and remember what inflation did to those on a fixed income.

I'm currently looking at an early retirement package which, if I don't take it, could lead to being laid off with nothing in 3 - 6 months.

I'm looking at hoarding as much cash as possible and planning on living on $500 max / week.
Do I pay off my mortgage which is down to $26K and mostly principle to cut out a $900/month expense? Damned if I know what to do.
Posted by: AlanC   2009-02-11 10:05  

#4  Could be Glen, and you are precisely correct about the end state being the creation of inflation and devaluation of the gov't borrowed dollar. It's been on 40 year return to zero devaluation program for many years now. Along with inflation however comes sky-high interest rates (12-14% and higher loans) similar to the ones we saw during the Carter years. Those who had a little money in the bank did pretty well with CD's, deposits, and the underground economy. I guess I'm just stubborn enough to do just the opposite of what these bloody thieving bastards are suggesting.
Posted by: Besoeker   2009-02-11 09:31  

#3  "No confidence means a continued failure to invest or spend what money they or we DO have."

If you don't spend what money you DO have, they'll just raise the bet another trillion. Your only choice is spend it or lose it to inflation. Other than the pork and liberal fascist tools in this (and all the other mega-spends), the whole point is to create inflation, and multiply the stimulative (er, laxative?) effect of the government spend by the induced private spend.
Posted by: Glenmore   2009-02-11 09:13  

#2  What they fail to realize or simply deny is a very large percentage of the American people have little or absolutely no confidence in this scheme. No confidence means a continued failure to invest or spend what money they or we DO have. Fear tactics, bullying this package through, ignoring Congressional Republicans and a large segment of the population was not smart and probably guarantees it's failure. The aviation metaphor of a "Death Spiral" may be appropriate here.
Posted by: Besoeker   2009-02-11 08:24  

#1  Like throwing a drowning man an anvil. At least all the prior con game plans involved a vague notion that the borrower 'intended' to repay some of the funds. There is no return on the outflow on this piece of political theater other than unsecured debt.
Posted by: Procopius2k   2009-02-11 08:14  

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