February 11, 2009

The writing on the wall - Porkzilla Stimulus Package

Looks like a lot of business people don't like the stimulus package and it shows. Talk about direct feedback. From Reuters:
U.S. offers $2 trillion bank plan but stocks slump
U.S. Treasury chief Timothy Geithner on Tuesday unveiled a new bank rescue plan that would put $2 trillion to work mopping up bad assets and restoring credit, but stock markets plunged on fears it would not work.

Global markets had intensely awaited Geithner's ideas for a plan mixing private and public funding to stabilize a financial system tottering under the weight of bad mortgages, but were disappointed over the scant details provided.

The Dow Jones industrial average ended down 4.6 percent -- its biggest one-day percentage drop since December 1 -- with bank stocks hit particularly hard. U.S. government bonds rose as investors scrambled for safe-haven debt.
This infusion of cash is just going to prolong things. Fortunately, 2012 is not that far away and I am putting a lot more of the blame for this Porkzilla on the current Congress than on Obama. He is getting a lot of bad information from them and is in a bit over his head... For some background, check out the videos on these two posts: here and here Posted by DaveH at February 11, 2009 9:54 AM | TrackBack
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