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181 Comments
- inactive, on 11/24/2008, -10/+64$175B investment in new energy?! Why not just use that money to bail out banks, or start a war with Iran or Syria?! This will only create new domestic jobs and lessen our dependency on foreign oil! What's he thinking?!
- InorganicMatter, on 11/25/2008, -11/+42Cut taxes. Raise spending. Why does this scenario sound so familiar....
- Guerrillero, on 11/25/2008, -5/+31I wish people would pay more attention to Peter Schiff and the like. Expanding the money supply isn't going to work; eventually the dollar will crumble and inflation will be staggering (already happening). And we can't jack up interest rates to double digits in order to counteract inflation like in the late 70's, because of all the personal/consumer debt.
For anyone who hasn't read Peter Schiff's book 'The little book of bull moves in bear markets', I strongly suggest you pick up a copy and read, if not for the picks/investment strategies then for his commentary on the federal reserve, monetary policy, and economic outlook. - cloviejr, on 11/25/2008, -6/+26Our national debt may have just clicked over to 14 digits, but this is no time to rest on our laurels. Let's go for 15, comrades!
- GQCarrick, on 11/25/2008, -0/+17I have seen quite a few interviews with the guy, he is very intelligent. We are not going to dig out of this hole anytime soon so anyone who thinks so is very misinformed.
- CraigB12, on 11/25/2008, -2/+18I don't necessarily agree with all of the deficit spending, but it really is nice to see someone spending money in a way that could benefit everyone. I hope he's able to restructure TARP in a way that doesn't let companies earmark a percentage of their bailout as bonuses because so far that has been straight up criminal.
- inactive, on 11/25/2008, -9/+23And see more of the same.
- inactive, on 11/25/2008, -3/+16Pull out of Iraq first.
Then look at how much we saved and how much we need to do to get back on track.
Pass go and collect $200.
Proceed from there.
Pulling out of Iraq alone would be a fat money saver. - FENWAYFREAK, on 11/25/2008, -5/+17It isn't really a big money saver when he directs that money at Afghanistan instead.
- iloveobama, on 11/25/2008, -7/+17Gub'mit creating 2.5 million jobs building bridges, roads? So all of these people who sat in front of computers who we're laid off will now be digging ditches? Another stimulus package like the last one? $600 billion there, $200 billion here. More inflation? Yes we can!
- SoulGrub, on 11/25/2008, -2/+11good luck america
- Frixionburne, on 11/25/2008, -7/+16SERIOUSLY....
Has everyone just gone back to sheep now that obama's the new president elect?
It's ok everyone, go back to bed, Obama's gonna make it all better....
you have to be kidding me. - synapz, on 11/25/2008, -0/+9The problem is that government can't know the best way to spend the money. Only millions of free, independent players can work out the most efficient use of their funds, because individually, they have incentive to spend it as efficiently as possible. Government has no such incentive. Even the most well meaning of politicians (and Obama appears almost as genuine and well-meaning to me as they come), can't spend the money correctly, because they simply don't know how.
- sphigel, on 11/25/2008, -3/+11You completely ignore how we got in this situation, namely too much spending and borrowing. I'm really tired of people proposing solutions when they don't fully understand the problem. A 10 year old can understand that when you're in bad financial shape you can't get out of it by spending more. Apparently some people's ideologies have blinded them to simple logic.
- fuzzmeister, on 11/25/2008, -0/+8The reason Obama is considering letting the tax cuts expire (in 2011), rather than repealing them, is that there is a stigma attached to raising taxes in a time of economic downturn. When the economy rebounds, they can be repealed.
- crowbar77, on 11/25/2008, -2/+9err are forgetting the 700 billion the banks just got? Thanks for the Obama talking points though.
- inactive, on 11/25/2008, -14/+21"Massive spending." Of what? Our children's future income? For what? So his jealous and idle constituents can buy an HDTV with the windfall. Some change.
- cnot3, on 11/25/2008, -0/+7Why are sneakers so expensive when they're being made by little slave kids? What are your overheads?
- cnot3, on 11/25/2008, -0/+7Bailing out banks that, by all rights, should go out of business, does not help the American economy, it helps send it further down the ***** by allowing them to continue their shady business practices at the burden of the taxpayer. You and a bunch of the dirtbag politicians in Washington may "feel" the economy is getting better, but you're not Jedi, and you don't understand economic theory. Corporatism is fascism, and fascism always collapses, as well it should.
- inactive, on 11/25/2008, -10/+17Obama. Bush. McCain. Big spenders all.
Note to Obama: Change means a reversal of Bush's big-spending big-government policies, not more of the same. - Zomgondo, on 11/25/2008, -1/+7The upper crust will almost certainly pay people to write their dissertations for them! Mass dissertations = more jobs! ;)
- samimnot, on 11/25/2008, -3/+9wolff doesn't bother actually READING articles...lol
He just cuts and pastes other Diggers comments (obviously without any real understanding) in hopes of seeming intelligent. - Chahrlie5, on 11/25/2008, -7/+13Keep the change
- Barackalypse, on 11/25/2008, -2/+8You just can't recognize change when you see it. Obama's tax cuts and spending increases are different, because uhh, err, they don't benefit the rich!
- robertj15, on 11/25/2008, -1/+7Why do you think this recession is happening? A recession is time to figure out what's wrong and to let things happen, not try to prevent them with massive amounts of money printing and government intervention and investments in banks and companies.
- 55mph, on 11/25/2008, -3/+9Obama is no fiscal hero but McCain would have done the same thing.
- inactive, on 11/25/2008, -3/+9Oh, I want an HDTV. But I want it with _my_ money, not anyone else's.
- ziptnf, on 11/25/2008, -10/+16I know we all don't want to hear it, but it's gotta happen. If the United States economy fails, very bad things will happen. We are going to need to help revitalize these banks while Obama's tax cuts fuel the middle class. When 95% of Americans start making more money, businesses will start to thrive under the massive weight of new consumers with a little extra cash in their pocket. Banks need a crutch while the market gets back on track. It's going to take a while, but we're going to turn things around, I can feel it.
- rogue780, on 11/25/2008, -1/+7Technicality... He's not technically the President-Elect yet. He won't officially have that title until the electoral college elects him on 10Dec.
- scoottie, on 11/25/2008, -1/+6would be great to see Schiff get into the cabinet but that would be too much change we can believe in
- UTKEngineer, on 11/25/2008, -1/+6Where exactly did it say he was going to cut spending in other areas for a net gain?
Just because you want it to be true doesn't make it so. As 8m4ck said, the article talks only about spending more and collecting less. - coldpockets, on 11/25/2008, -3/+8Neocons have tried it the other way for the last 8 years...it didn't work. Also, lay off the embellishments and FUD, if your argument can't stand without it, just don't bother writing anything at all.
- Exilon, on 11/25/2008, -1/+6I'm intrigued by how all the freepers, Paulites, and co are coming out the woodwork now that the election's over.
- monkeyrun, on 11/25/2008, -10/+15something tells me the new one will be as worthless as the old one.
- robertj15, on 11/25/2008, -6/+11"Obama's plans, outlined by his transition team on television talk shows, could put aside his campaign pledge to repeal a Bush tax cut for the wealthy."
Flip flopping already.
"Though Obama aides declined to discuss a total cost, it probably would far exceed the $175 billion he proposed during the campaign. Some economists and lawmakers have argued for a two-year plan as large as $700 billion, equal to the Wall Street bailout Congress approved last month."
More spending a la the Bush administration.
Some change. - doublefelix, on 11/25/2008, -2/+7It kind of sounds like he's already all up in that bitch with plans slated to go through congress by inauguration day.
- salinemist, on 11/25/2008, -0/+5Cut taxes, cut government spending, and end all bailouts.
- javiero, on 11/25/2008, -1/+6The guy to the left totally saw the pic comming and posed for it
- inactive, on 11/25/2008, -0/+5Uh I'm talking about bombing them if they ATTACK us - you expect me to feel bad? They ask us to leave so we do then they attack us, and then we should feel bad?
Eh, nope, not going to. - mmilton, on 11/25/2008, -0/+4Actually inflation is not a problem. Now the experts are concerned about the opposite, prolonged deflation.
- cnot3, on 11/25/2008, -4/+8OMG if you disagree with his holiness, the President-Elect, you must be a Right Wing nut job who watches Hannity and Colmes in between lynching minorities and shooting hippies, yee haw! ...or maybe you have a mild understanding of economics and realize that more tax-cuts and spending increases are not going to get us out of this mess, since they're exactly what got us into it.
- licnyc, on 11/25/2008, -0/+4It has always been the case that he would let bush's tax cuts expire. He said that last year. You just weren't paying attention. I suspect you were too busy just making ***** up.
- SoulGrub, on 11/25/2008, -3/+7Scoottie what promises are you talking about exactly? All his promises were spending promises, isn't that what he's doing now?
- wunksta, on 11/25/2008, -0/+3"but at the same time i cant get behind a socialist."
i dont know, looking at how bad we are faring and comparing it to several of the successful democratic socialist countries of northern europe its starting to look better.
really its just about efficiency and moving away from extremes. we have several good ideas that are being implemented badly. we can find alternatives for welfare, social security etc that would be more effective and cheaper to maintain. we could find better alternatives to our healthcare system while abandoning the failures of medicare/aid. also focusing on restructuring the tax system, preventing less accountability and oversight while reducing government corruption/interference in the markets would DRASTICALLY improve america i believe
but most importantly, we need to attempt to start nationalizing and equalizing our education system. current methods are a failure. we can no longer leave them up to communities or states.
i think the main problem is that too many people are comfortable with our current failures and dont want to attempt to clean them up, for better or worse. at this point, attempting to clean it up and make it more efficient would be the best thing to do.
just my thoughts. - iancgi, on 11/25/2008, -4/+8Are you all on ***** crazy pills?!?! WTF is printing more money gonna do besides add to inflation and bring an even bigger collapse when it happens.
Obama chose the president of the NYC PRIVATE Federal reserve to be his treasury secretary!
This is the same thing bush is doing, nothing is changing. But all you think cause big bad bush is being replaced with a black man that the powers that be still dont pull the strings. - inactive, on 11/25/2008, -4/+8Doers anybody bother to ask themselves where the hell this money is coming from? Aren't there going to be consequences to either borrowing these massive sums of money, or printing it out of thin air? Does anybody realize that there is a massive structural fracture in the global economy, and maybe printing and borrowing trillions of dollars is only making matters worse.
The USA used to be a nation with sound honest money, and we made real tangible goods. Lots of them... built like tanks. We need to get back to that. I realize the economy is so huge, that we're looking at years, maybe even decades, but it needs to happen sooner or later so we might as well start now.
The most important thing we can do is to repeal legal tender laws that require only federal reserve notes be used as money. It's ridiculous to think in a free country, there is a monopoly on the unit of exchange. People need to be allowed to trade with gold and silver coinage, or whatever else they choose. We need to loosen regulations, not on big corporations, but on self-employed regular people. It shouldn't be so hard to bring a product to market. It's hard enough as it is, the additional layers of bureaucracy, the government is literally choking the life out of the economy.
Then we need to reauthorize the Mint to resume gold and silver coinage, with gold and silver certificates. A silver dollar being worth vastly more than a Federal Reserve Note dollar, there would have to be a two price system like the Euro used to phase in the new currency. Using reserves the Treasury Department acts a buffer to maintain price stability during market fluctuations.
Lastly, we close the Federal Reserve for good. It was a bad idea. An Act of Congress brought it into being in 1914, and an act of Congress can take it out. By say ... 2014.
We need to get back to honest money, making things, and saving money. That's how real wealth is created. This crisis is going to continue, and continue to get worse until we do.
We The People MUST end the Fed, and demand our government and financial system obey the law.
Legally, Constitutionally, and Physically, What is a dollar? Watch and learn!
http://www.youtube.com/watch?v=1FiaUpeJxcA
http://www.youtube.com/watch?v=FbyQB8e-rQg - Barackalypse, on 11/25/2008, -2/+6The economy is bleeding to death with debt, tapping a vein and transfusing the same blood back into the patient isn't going to fix the issue.
- JPOnion, on 11/25/2008, -1/+5Freepers.
- doublefelix, on 11/25/2008, -3/+7I'm sorry, that is just not possible.
- doublefelix, on 11/25/2008, -2/+6These "flip flopping" charges need to stop. Seriously, hasn't the RNC come up with any new rhetoric since Lee Atwater? If you want someone who will unwaveringly stand by their ideology despite undeniable contra-indications that a different course is more appropriate then you should look at the disastrous 8 year period in American history known as the Bush Years.
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