THE FIRST BROKEN PROMISE
More RED ink!
NYP– How about that Hillary Clinton: She’s already breaking her campaign promises – and she doesn’t even have her party’s presidential nomination yet.
Clinton yesterday reneged on her vow to explain how she’ll “pay for everything” she proposes when she pushed a whopping $110 billion “economic stimulus” package – and offered no fund source to underwrite its cost.
Gee, that was quick. Wasn’t it just a few weeks ago that the former first lady was an apostle of “fiscal responsibility”?
Bush and Congress Seen Pushing for Stimulus Plan
UPDATE
NYT-The Bush administration and Congressional leaders, increasingly concerned about a possible recession, are moving closer to agreeing that an economic stimulus package is needed soon, Washington officials said Friday.
Clinton rolls a sizable pork barrel
Anybody that thinks changing party leadership is going to help this nation is mistaken.
Currently, the only thing either party can focus on is “avoid a recession” when that is exactly what has to happen.
Roach: ‘U.S. Homes Should Fall 30 Percent’
quote:
Yet, the government could still mess up what is a long overdue adjustment, Roach warned. Adding liquidity would simply put more easy money back into the hands of Americans addicted to easy money, compounding the problem.
“Washington policymakers and politicians need to stand back and let this adjustment play out,” Roach said. “Yet the U.S. body politic is panicking in response.”
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Jan, my neighbor is selling their home. Their beginning asking price (in Oct. 2007) was $249K (wishful thinking). I checked the listing on-line this morning and saw that they’ve reduced their price to $209K. They’ve already discounted almost 20%. I think their home could stand another $35K drop (which would bring their initial asking price down by a total of 30%).
I look forward to a correction so that my property taxes can fall back into the normal range.
As for the government bailout of our financial system… where are the free market advocates?
Where is the outrage that government is trying to “regulate” the market?
Let the market fix itself. Stop giving welfare to the rich.
That lack of outrage has me disturbed. A lot of people think the government can fix this and their home prices will magically rise again. Also, they don’t blame low interest rates for much of the “easy credit” because they don’t understand much about international lending and what has been going on around the world.
They also aren’t prepared (no savings) for a recession and thus, want it avoided and hear Congress saying they are working on avoiding it. They really don’t believe it can get worse by delaying it.
Also, with many saying we won’t have a recession (and maybe we won’t) they many not understand the costs of avoiding a recession (more spending, more inflation, more debt).
Yet, both parties are still promising more spending to get more votes with social programs at the same time they are not promising more spending with a “stimulus package.”
Still, it isn’t federal debt or federal spending that I worry about as much as state and local government debt with tax revenues plummeting ($917 million just in lost property tax). With all the layoffs being announced in financials which are usually high salary jobs, I think more bad news on consumption is coming.
While I am not a Fair Tax supporter, this tidbit on a Fair Tax site was interesting and probably true.
quote:
Right now, the huge Washington lobbying industry on K Street gets half of its revenue from lobbying the income tax code.
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Source
Source
Link didn’t post right
http://www.realclearmarkets.com/articles/2008/01/the_fairtax_crowd_answers_jerr.html
try this