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AltonI am 63 years years old and I cannot see the correlation between Reagan’s economy and this one because this is a world financial rut we are in, everything we do will influence the world economy. This involved credit default swaps, CDOs, loosened financial regulations, and no oversight.I am surprised you buy into the right-wing blog rumors about Nancy Pelosi’s big push..The president himself urged the rush..Do you really think he cared about Pelosi’s trip? Senator Sherrod Brown came back from attending a funeral service for his mom to cast the deciding vote…Do you honestly think Mr. Brown cared about Pelosi’s trip? Ted Kennedy came in suffering from a brain tumor to vote on the first round..Do you think he cared about Pelosi’s trip? I gave you more credit than that.This is not about Obama, Reagan or Clinton; as Clinton himself said….This is a temporary jump start to try and stop the upward trend of job losses.Yes,I read the GOP plan and it was half the cost and loaded with about 65% in tax cuts will no stimulus…If it had been adopted the GOP wouldn’t even vote for it because it would not work and would doom them further down than they are now...They dreamed of it and put it in writing in a period of three days.A stimulus is devised to jump start the economy with spending and stop the bleeding…IT IS NOT a long range economic fix.I am humble enough to say I really don’t know what is going to happen because I suspect we have not hit rock bottom. When we are convinced that we are at rock bottom we can get an assessment of housing values, then we can make changes we know will work and I think the bank audit stress test will weed out the banks that are in really bad shape….We will let them fold.Frontline have a terrific documentary on this current crisis last night.
Mike it sounds like you never read the Republican proposed bill. I can not believe you supported the passage of this bill that was read by anyone before voting on it. The big push for passage was because Nancy had to be at the airport for an 8 day trip to Europe. Otherwise it could have been voted on yesterday, and still signed by President Obama today. It also sounds like you are too young to recall the fact that President Regan inherited a economy that was even worst than our current one. Even when both houses were controlled by Democrats, he spent less money, and stopped the climb of unemployment at 10.7 %. I predict that within the next 12 months the next big financial crisis will hit---commercial mortgages/leases will "belly=up". I doubt they will form an RTC to solve the banking problems, but instead nationalize the banks. I will be shocked if unemeployment does not reach 12 % in the next 18 months. More jobs were created during President Clinton's term than President Bush's.