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« News in the Internet Age | Main | A Fear of What's Behind Closed Doors »

February 27, 2008

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So, if they mostly put it in the bank does help plug up the holes in bank's balance sheets?

Exactly! If people save the maney by putting it in the bank, it certainly would help the bank's reserves and liquidity.
Therefore, knowing that only 40% would be spent, this is really a bank bailout in disguise.
However, if they are gping to bail out the banks (and they are) I woulf think this would be the perferred method for the working class.
Will we have to repay or be taxed on this money?

If the consumer cannot/will not take on debt, the government will MAKE you take that debt anyway (in the form of a "rebate") Ha!

These people are not stupid. When you look at one piece of the puzzle it makes no sense; but when you put all of the peices together the picture comes into view. When will people realize that those at the very top of our govt don't care about Democrat or Republican, that is just something to keep the people divided. George W. seems to have done everything to ruin our economy before he is out of office. No wonder he was 'quietly advising Hillary' when the presidential races first began last year. It only matters whether they give allegiance to the CFR, not whether they have a (D) or an (R) after their name. Hillary is the next puppet in line. George W. made everyone want to vote Democrat in November!

I wanna see numbers, not warm and fuzzy intentions. What someone says he plans to do with $600 that he didn't expect to get is idle chitchat. The real question is what is he doing with his paycheck right now? Has there been any change recently in the amounts Americans are saving? I don't believe people will save. They'll spend less, but only because credit is shrinking. And even then it doesn't yet affect many of us. To wit, recent quotes from coworkers (a high tech firm):
"We're going to Italy for 2 weeks in June, then Susie'll be in a language class in Mexico so I'm going up to Norway to see some friends."
"Did you see G.'s new PT Cruiser? She's got two now, plus the Jeep."
(about a kitchen remodel)"The wife says granite. I was gonna just have them put in that Corian stuff again but she doesn't like it."

OK - it would cost SO MUCH LESS to simply cut the tax percentages back accross the board. Tax season is upon us, and this could potentially hand back a lot of/more refunds (paperwork that was already going to be processed) that would be as effective as this ridiculous, childish, and yes - costly - "Stimulus Plan". Imagine the labor and paperwork it's going to take to create and process all those extranneous "stimulus" checks and track everything. Better to just refund it throug the IRS, if at all.

And OF COURSE those in debt will use any cash coming to them to pay off their most urgent needs - be it medicine, money owed to high-interest rate creditors (such as PAYDAY LOANS!) and such.

A thousand dollars is a joke these days. It's an infinitesimal blip within a drop in a bucket. Typical of those who are well-off to think that while they make money off the backs of the working poor, the working poor are sitting around waiting for handouts because they "can't seem to save their money."

Do you know WHY they don't save it? Because they are being nickel and dimed to death. Because they are underpaid. Because medical costs, predatory lending, invisible pay cuts, inflation, etc. is screwing them even further. Not to mention our gargantuan "Free market" marketing machine that pushes spending at US citizens like crack.

This plan is ludicrous, pathetic and insulting. Billions - even trillions - are wasted by our government annually. Corporate welfare is alive and well. But help the little guy? Significantly? No, better to devalue the dollar beyond belief, prop up the banks (and the crooks) and encourage inflated greed - which - in the end - f**ks us all.

And by the way - where did all the profit go? During the housing boom, money changed hands like crazy. Fees were high, as were mortgage broker's and realtor's salaries. Did that all disappear? Everyone seems to forget one VERY CRUCIAL difference between the .com boom and the housing boom - the .coms were built on the Emperor's New Clothes - poof! But the houses - they're all still here. Even in foreclosure, money is made. In fact, I highly doubt that claim that mortgage lenders lose money on foreclosure. How can you lose money on a house that has equity paid down if you get it back scot free? Now, you get to sell it again. In the long run, you're still making money. I'm sure such a shell game is due to the creative accounting designed to even further a bank's revenue...

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