Economic Stimulus

[thegladhatter]

Originally Posted by BNaylor

BTW - There are a lot of anti Obama people that participate in this forum.

Big change in the left/right complexion here since I first came on board. It is much more friendly to differing ideas than in '04, '05, '06, '07....

[YogsVR4]

I'm fiscal conservative social libertarian. Smoke, stick, injest, fondle whatever the hell you want as long as you don't force me to participate or make me pay for it (or to pay for fixing you after you f yourself up).

Obama is not fiscally responsible 800 billion bailout followed by 3.7 trillion budget. An idiot would have a hard time believing that is fiscally responsible. He's a social liberal as he wants you do smoke, stick, injest and fondle what you want but he expects me to pay for it!

[Muscletang]

Originally Posted by BNaylor

BTW - There are a lot of anti Obama people that participate in this forum.

Originally Posted by bagwanshrirashnish

Big change in the left/right complexion here since I first came on board. It is much more friendly to differing ideas than in '04, '05, '06, '07....

Ahh the good ole times. Most of them left however once Taranaki was out. Nobody's heart around here could bleed like his.

It was also fun to watch him and Yogs duke it out.
Left vs Right THE SHOWDOWN!

[BNaylor]

This forum is coming back. Don't forget the Flatrater v. Taranaki duels.

You can't buy entertainment like this. opcorn:

Back to the topic. Socialism is not upon us but here. We are now a full European Democracy Welfare State.

[thegladhatter]

I can't count the number of times teriyaki and I bumped heads. He would pull out the in a minute.

[thegladhatter]

Originally Posted by drunken monkey

in respose to my posing the question of what to do if one of the largest employers is left to die:

Where are we to draw the line? I see where Los Vegas is currently dying on the vine. The gambling industry has had the feeling it was exempt from the economic cancer. Vegas and the gambling industry there is responsible for well over 900,000. General Motors is directly responsible for 1.2 million jobs. Are we now going to bail out Vegas?

I want MY 40 acres and a mule!

[drunken monkey]

I guess that is the biggest problem in the current climate.
Our respective governments are responsible for keeping the country alive but at the same time, it isn't fair for the people to have to pay for solutions.
Then again, if the employers aren't kept afloat, the country dies.
If small/medium sized (manufacturing) businesses don't get their loans to fulfill their current guaranteed orders because banks aren't keen to lend, the country dies.
Government provides backing for banking loans, the people voice complaints.

Perfect catch 22.

I understand that there is somewhat of a stigma attached to the idea of socialist ideals but there is something to be said about the "common good".

Now I admit that I have not looked into the details of the proposed plans with your government's cash injection but as an outsider, I am a bit at a loss as to what else is there to do but to try and provide banks with cash/guarantees.

[thegladhatter]

Here it seems the Marxists want to tax those businesses that provide the employment. The small businesses aren't the ones that will get the bailouts. Even MORE will lose their jobs...they will buy FEWER cars....the big three will need even more help.

[drunken monkey]

Again, I'm not familiar with the bailouts as proposed by your governments for the businesses.
In the UK, so far, only banks have been given money so to speak but that in itself isn't/wasn't the complete solution. One of the problems that have been high-lighted here in the UK is based around this.
On the face of it, there have been quite good plans made to support those businesses following the cash injection but even then, the banks are still hesitant to lend.
i.e having good plans in place doesn't automatically mean that the banks will follow through and lend.

In the UK, small and medium sized (manufacturing) businesses are the ones that have been hit the harded following the banking/lending collapse and are also the ones that have the biggest impact on immediate local communities. That is why they have been the focus. With reference to the automotive industries, this equates to the third party suppliers of small parts that aren't made the automotive manufacturer.

With regards to the industry I work in, large housing developments in my area are still being built but have been slowed down because their windows/doors suppliers can't fulfill the order because they can't get their loan to fulfil their commitments.

Swings and round abouts as they say.

[thrasher]

Originally Posted by YogsVR4

I'm fiscal conservative social libertarian.

When did you become pro-choice?

I guess that is the biggest problem in the current climate.
Our respective governments are responsible for keeping the country alive but at the same time, it isn't fair for the people to have to pay for solutions.
Then again, if the employers aren't kept afloat, the country dies.
If small/medium sized (manufacturing) businesses don't get their loans to fulfill their current guaranteed orders because banks aren't keen to lend, the country dies.
Government provides backing for banking loans, the people voice complaints.

Ding ding, we have a winner. Banks aren't lending, meaning smaller businesses have no way of obtaining inventory, people can't get loans for cars and homes, etc...The only way to solve this problem in the short term is with huge injections of capitol to entities that lend, otherwise known as banks. Otherwise, the economy will essentially crumble and what we are seeing now will seem like paradise.

Of course the big problem with this is that it doesn't seem that the banks are being held accountable for how they are spending the money given. How do you solve that? Unfortunately, the best solution is more government involvement, and perhaps temporary takeovers. Scary thought for sure, but what other recourse is available? Banks HAVE to start lending again in order to jump start the economy...lending is the foundation upon which modern economic systems are built.

[CL8]

Today I heard that AIG is asking for MORE bailout money.
I got on the phone and called the corporate offices of AIG, GM, I e-mailed citigroup because I couldn't find their corporate number.
I voiced my concern and asked them to STOP taking taxpayer money.
If anyone wants those corporate numbers to call, PM me and I will give them to you.

I figure, if the politicians won't listen, maybe the CEOs will

[VR43000GT]

AIG (not AGI) kills me. They are given millions and go and spend it on vacation for their top execs...grrr! Not that others haven't done that either.

[HotZ28]

I am sure the poor fool in the pic above was executed for asking that question; fortunally we are not to that point yet! The Q & A section below will help those interested; understand what the spending bill means to them. No big screen or 27” wheels in the package for me! What a disappointment!

How will the stimulus plan help me?

Here are some answers to questions about what the stimulus plan might mean to taxpayers and consumers.

Q: Will I get a tax rebate like last year?
A: No. Taxpayers won’t receive checks this year. This plan involves a payroll tax cut, where employers will withhold less in taxes, meaning there will be a modest bump up in take-home pay until an income threshold is met. The cap is $400 for single filers and $800 for joint filers whose adjusted gross income falls below $75,000 and $150,000, respectively.

Q: What if I’m self-employed?
A: You must adjust your quarterly tax filings to capture this credit.

Q: I don’t earn a lot. How else does the stimulus plan help me?
A: The stimulus plan includes a temporary expansion of the earned-income tax credit for families with three or more children, and it allows more low-income families to receive a refundable child tax credit this year and next. For recipients of food stamps, the dollar amount of this assistance will increase by 14 percent.

Q: What about people who are disabled or living on their Social Security checks?
A: The Social Security Administration will be sending a one-time $250 “economic recovery payment” within 120 days for people in this category.

Q: I’ve lost my job. How does this help?
A: If you’re eligible for unemployment benefits this year, you no longer will have to pay federal taxes on the first $2,400 of these benefits. The bill also extends unemployment benefits that would’ve phased out in March through December, and it raises the average weekly benefit by $25 a week, to $325.

Q: I’ve lost my health insurance. Where do I get coverage for my family?
A: If you lose your job this year and choose to take Cobra coverage to keep your family covered on health care, the government will now subsidize up to 65 percent of the costs of your premium for nine months. If you lost your job any time after Sept. 1 and elected not to receive Cobra coverage but now want it, you can contact your former employer and it should be available. Help on Cobra premiums will be available to any worker laid off from Sept. 1, 2008, to Dec. 31, 2009.

Q: I need to buy a car. Does the stimulus plan help me?
A: It doesn’t provide the steep tax credits some prominent economists had advocated but will allow you to deduct from your federal taxes the state sales tax that are associated with buying a car, truck, motorcycle or recreational vehicle. This benefit phases out for single tax filers who have adjusted gross incomes above $125,000 or joint filers above $250,000.

Q: There’d been talk of a $15,000 tax credit for home purchases. Is this in the stimulus?
A: No. The stimulus plan expanded an existing program for first-time homebuyers, but didn’t expand it to everyone. It raised by $500, to $8,000, the tax credit for first-time buyers who purchase a home. Before, this credit had to be repaid if a home was sold within three years of purchase. That repayment no longer is required.
http://www.ajc.com/news/content/news...mulus_q_a.html

Anyone looking for a good banker, check this out:

Miami banker gives $60 million of his own to employees!

[BNaylor]

More bad news on the stock market today. And as predicted the Dow went under 7000 points today. The Dow dropped another -299.64 points.

6763.29 -299.64 (-4.24%) Mar 2

Originally Posted by HotZ28

Anyone looking for a good banker, check this out:

Miami banker gives $60 million of his own to employees!

Wow!

I have a good bank named USAA Federal Savings Bank although they are not that generous.

I hope your sons in the military are members. Mine are too.

[HotZ28]

For recipients of food stamps, the dollar amount of this assistance will increase by 14 percent.

14% I have never heard of military men & women getting that kind of a raise! Who else would you expect to benefit the most from the "stimulus" plan! Totally INSANE! Another sad day on Wall Street, due to the lack of confidence in our economy & leaders!