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Second Stimulus Plan Needed?

Discussion in 'BBS Hangout: Debate & Discussion' started by Lil Pun, May 6, 2008.

  1. Lil Pun

    Lil Pun Contributing Member

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    http://news.yahoo.com/s/nm/20080506/pl_nm/pelosi_economy_dc

    WASHINGTON (Reuters) - House Speaker Nancy Pelosi on Tuesday called for a second economic stimulus package and said President George W. Bush is "in denial" about the U.S.

    economy, drawing a sharp White House response.

    Tax rebate checks are in the mail to millions of Americans under a $152 billion economic stimulus package passed by Congress earlier this year and signed into law by Bush.

    "It's clear there is a need for a second stimulus," Pelosi, a California Democrat, told reporters at a news conference.

    "The president has for a long time been in denial on the state of the economy," she said.

    Bush, backed by fellow Republicans in Congress, has indicated he wants to wait and see how the first stimulus package works before looking at another one.

    "I don't think that we have that amount of time," Pelosi said. "There are indications that this downturn is steeper than it was when we created the first stimulus package."

    The Bush administration defended its approach. "We have an economic stimulus package in place, and coupled with the response from the Federal Reserve, we expect to see a return to growth in the U.S. economy as the year progresses," said White House spokesman Tony Fratto.

    Fratto added, "The speaker knows something about denial -- she has denied a stream of legislation that would help the economy, like trade agreements and housing legislation."

    The Institute for Supply Management, a private business group, said in a survey on Tuesday that U.S. manufacturing growth is likely to be marginal this year. At the same time, crude oil set a record high of $122 a barrel.

    As Democrats push for a more activist government response to the flagging economy, Pelosi hosted a group of like-minded economists and officials, including former Treasury Secretary Lawrence Summers, at a policy forum.

    Afterward, standing beside Pelosi, Massachusetts Democratic Rep. Barney Frank said a major package of housing legislation will be brought to the House floor on Wednesday.

    "We will pass a bill tomorrow," said Frank, chairman of the House Financial Services committee. The legislation written by Frank's committee would authorize the government to finance $300 billion in distressed mortgages to help some 2 million American homeowners hit by the housing crisis.

    Summers, who served in the Clinton administration, said the U.S. economy faced a difficult outlook.

    "The stimulus bill that was enacted by the Congress ... was a very important step," Summers said. "However, since its passage, there have been significant new headwinds: sharp, continuing increases in prices of commodities ... continuing problems in the housing sector."

    Summers called for increased unemployment insurance and food stamps and support for state and local governments.

    Democratic Majority Leader Steny Hoyer said last week that the House was unlikely to consider a second stimulus bill before the Memorial Day recess.
     
  2. lpbman

    lpbman Member

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    Hell no.

    Stop mortgaging the future because we're afraid of a recession. :mad:
     
  3. yuantian

    yuantian Contributing Member

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    i wonder why politcians say stuff they have no fecking clues about.
     
  4. pirc1

    pirc1 Contributing Member

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    What %tile of American do you belong to?
     
  5. weslinder

    weslinder Contributing Member

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    Bringing the troops home would stimulate the economy. And it won't cost much, certainly not as much as letting them keep policing Baghdad.
     
  6. pirc1

    pirc1 Contributing Member

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    Did Obama or Clinton get elected already? :confused:
     
  7. weslinder

    weslinder Contributing Member

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    I'm not expecting much from Obama or Clinton. They'll bring the troops home from Iraq, just like Nixon brought the troops home from Vietnam.
     
  8. Bandwagoner

    Bandwagoner Contributing Member

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    how about paying off our national debt Pelosi? would that help the economy?
     
  9. lpbman

    lpbman Member

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    Economically? I'm at the bottom.
     
  10. Invisible Fan

    Invisible Fan Contributing Member

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    ridiculous and stupid
     
  11. robbie380

    robbie380 ლ(▀̿Ĺ̯▀̿ ̿ლ)
    Supporting Member

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    nah....that would actually solve the problem. why in the hell would someone in government want to do that? we need our government to make it look like they are doing something to make us feel better. kind of like a husband and wife i know that feel great when they get their monthly payments down on their house by refinancing every 3 days. who cares that they have only paid off like 3% of the value of their house...it's all about the here and now!

    you just don't get it casey...do you? ;)
     
  12. Bandwagoner

    Bandwagoner Contributing Member

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    doubtful.
     
  13. Refman

    Refman Contributing Member

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    What bothers me is the government bailing out $300 billion in distressed mortgages. That is a dumb idea. We are printing money at stupid rates already, thus devaluing the dollar. Now we are going to federally guarantee failing mortgages. Sheer genius. :rolleyes:
     
  14. rimrocker

    rimrocker Contributing Member

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    Hey, I needed that kitchen remodel and those granite countertops my second mortgage paid for and I really needed that decked out Suburban I bought with the third mortgage, not to mention our world cruise after we took out the fourth mortgage.

    Signed,


    A surprisingly large number of Americans
     
  15. lpbman

    lpbman Member

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    LOL well if you live in Houston, I invite you to get a cup of coffee from me at Wafflehouse.

    HWY 6 and I-10
     
  16. Bandwagoner

    Bandwagoner Contributing Member

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    so you have a job? wafflehouse probably puts you above the poverty line (about 28K/yr for a 2 person household)

    If true then you are better off than at least 37 million people in the USA.

    But I bet you either live by yourself or live with others who also have an income putting you well above the poverty line.


    Dude seriously I go to American Shooting Centers out there. I will drop by for a pecan waffle. Have not had one in atleast 7-8 years :(
     
  17. lpbman

    lpbman Member

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    As someone who makes **** money, you're splitting hairs here. If I'm not the bottom rung of the economy I feel really really sorry those who are.

    Side note, I bought a 9mm carbine a while back, and still haven't popped her cherry... I need to make it out to the range sometime.
     
  18. Bandwagoner

    Bandwagoner Contributing Member

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    LEt me guess in order of most likely:

    1. Kel-Tec (Glock mag or the other one?)



    2. Beretta
    more unlikely
    3. Bushie Carbon

    And the winner is? (please don't say Hi-Point)
     
  19. lpbman

    lpbman Member

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    Hi Point! It's butt ugly but the sights are nice.
     
  20. rhadamanthus

    rhadamanthus Contributing Member

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    And if they get bailed out I'm gonna lose my mind. If there are no reprocussions, why shouldn't we all act like these idiots?

    I say **** em'. The banks too. They made stupid choices and its not my problem. The market giveth and it taketh away.
     

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