Comments on: The case for doing nothing

By: Brandon, Lansing, MI

Brandon, Lansing, MI — Thu, 29 Jan 2009 03:13:02 +0000

I do not think government leaders (either for, against or still deciding on stimulus) have conveyed to the American people the global severity of the downturn and the press is not doing any better. The closing of Circuit City is getting more press it seems than the collapse of Iceland’s coallition government as a direct result of the economic woes. I think including issues of just how wide-spread the problems are would be useful and could be done without instilling panic or dread (not talking about it certainly isn’t helping)

By: Elizabeth K., Jenks, OK

Elizabeth K., Jenks, OK — Sun, 25 Jan 2009 12:13:15 +0000

Stimulate the People with individual checks in the amount of 50k- 100k. THAT will fix the economy. Do not give anymore money to corporate raiders and financial crooks.

By: Lynn,Okc, OK

Lynn,Okc, OK — Fri, 23 Jan 2009 01:49:07 +0000

Yes It’s a good idea. Most people have been laid off due to companies closing not because they didn’t work. For some like people like me. I would love to be able to work. I am disabled now because I could not afford insurance and was hit by a car walking across a street. If I had insurance at the time I would have gotten proper care and some rehabilitation and maybe be back to work now. Not sitting here in pain. I live on 700. A month–Paying out 425-rent, electric, phone/internet, toiletries, dog food etc. and I spend a little on something every month to furnish my apartment. So ya I would love a little extra to go spend. Maybe I can buy a sofa to be able to sit…

By: Cathy, San Diego, CA

Cathy, San Diego, CA — Fri, 16 Jan 2009 12:19:10 +0000

The government should reward the “winners” (the successful businesses, working people of this country and savers) by passing a 5-year Federal tax moratorium and using an axe on the waste in Washington.

Then they should eliminate the Fed (private banks and fractional banking) and back our money with something of real value (gold?) and not just the “full faith and credit” in our government. (I have no more faith, and they have no more credit.)

This way, our economy would have “capital,” AKA real savings to invest instead of their “capital,” AKA toilet paper. Then I’d bet our economy would take off like a rocket.

Why would they think a healthy economy should be built on spending and debt instead of production and savings? How dumb is that?

The way we’re going, we’re headed for Weimer hyperinflation revisited… Begs the question: “Is this what is planned, or are they all just plain stupid?”

Someone called the bailout the “Generational Theft Act of 2009.” Sounds about right to me…which generation though? The boomers or X? Seems like they get a 2 ‘fer 1: Boomers get no Social Security (Washington spent it already) and no IRA (the Fed’s bubble popped and the IRA blew up), and “X” and everyone after gets a life of misery paying forever so the bankers (and all of the other losers) can be rewarded with a bailout for their greed and outrageous risk taking…

By: John, Poughkeepsie, NY

John, Poughkeepsie, NY — Mon, 12 Jan 2009 15:44:38 +0000

We live in the expensive North East and have found that living within our family means is a useful way to live by. Our family lives in an older smaller home with a modest mortgage, we drive cars we paid cash for, and have no credit card debt. Our vacations usually amount to day trips in our region. We shop at Costco and invest in our children’s education rather than their worldy items. Not so long ago, we were called stingy, some maybe even called us cheap. We call it living conservatively. Now if only our government would do the same and be a little more conservative.

By: Bill, Charleston, SC

Bill, Charleston, SC — Mon, 12 Jan 2009 13:32:16 +0000

I think they have already done enough. The economy needs to make its own “adjustment.” Right now, the government is digging us a deeper hole.

What got us into this mess? Spending money we didn’t have. I’m not just talking about the government itself. I’m talking about the people. Americans maxed out their credit. When we finally couldn’t afford to keep this economy propped up by spending money we didn’t have on stuff we might not have needed, the whole system began to collapse.

People took out loans on houses and cars that they simply could not afford. Something as simple as “How much in monthly payments can I really afford” went out the window. We blindly accepted whatever the banks told us we could afford. Too bad that we are held accountable for our actions, unlike the businesses.

I say let the chips fall where they may. Let the strong car companies, banks and other businesses survive if they can. If not, another entrepreneur will start a better business in the end.

However, people have to be in for the rough ride. For some, it will be penalty for their nonsensical spending and lack of saving for a rainy day. For others, it will be a hard lesson in “Life isn’t fair.”

But we all learned that when we were kids.

By: Jen, Rock Springs, WY

Jen, Rock Springs, WY — Sat, 10 Jan 2009 21:48:21 +0000

Yes! More economic stimulus packages! All we need is for our government to give more money they don’t have to people who don’t/barely work, so that those of us who do work can pay off the debt over the next twenty years! I’m all for it! Oh, and thanks for voting in a President who has vowed to bankrupt the oil/natural gas industry and put my husband out of a job–I really appreciate it!

By: Clinton Hirz, Moses Lake, WA

Clinton Hirz, Moses Lake, WA — Sat, 10 Jan 2009 16:38:08 +0000

More stimulus is needed. But the only stimulus that will do any good is the kind that puts more money (not credit) in most American Taxpayers pockets. If most American Taxpayers receive enough money or get to keep more of the money they have earned, then they will spend more money which will revitalize the economy. Sqandering taxpayer dollars on failing banks, failing investment banks, and AIG did not help the economy because it did not put more money in MOST American Taxpayer’s pockets. In order to help the economy, President Obama and Congress will have to make sure that 100% of the taxpayer money they use for stimulus will benefit MOST American Taxpayers.
The President and Congress need to stop wasting taxpayer dollars and only spend taxpayer dollars wisely. Wasteful government spending will continue to hurt the economy.
In order to put confidence back into the American People, the American People need to see accountability. Accountability is not “investigating” a crime, it is inflicting pushishment on the perpatrators like how MOST Americans are held accountable. Policemen that kill American Citizens should face the same punishment (going to prison) just like most Americans would have to do. Teachers, firemen, clergymen, social workers, counselors, coaches, and other workers who are entrusted with the care of our children who rape them should face the same punishment (going to prison) just like most Americans would have to do. Judges who bankrupt American Citizens should go to prison for not ordering REASONABLE attorney fees, etc. regarding a court case. Judges and lawyers should go to prison whenever they commit any crime including perjury during trials because they took an oath to uphold the law and should be held accountable for it. White collar criminals who bilk millions or billions of dollars from American People should be sent to prison. Elected officials who commit crimes should face the same penalties for those crimes (like going to prison) that most Americans would face for commiting those crimes. Elected officials who commit any act which would adversely affect those constituants who they took an oath to serve should face prison time. That is accountability. That is what the American People need to see to restore confidence. Also, they should serve their prison time in the same prisons where MOST Americans have to serve prison time, not the lavish accommodations where they currently serve time (for the VERY few that actually have to serve time).
The USA should be a country for Liberty and Justice for All.

By: Charles L. Shaw, Liverpool, NY

Charles L. Shaw, Liverpool, NY — Sat, 10 Jan 2009 13:48:37 +0000

To: Jeff Gray, Margate, England:
Hmm, too bad your not part of our nation’s discussion
But I say Welcome to the Libertarian party! Hope you can begin a chapter across the pond….
It is time to get Big Governemnt off the people’s back, and bring freedom and liberty to the world.

By: Vance, Natrona Heights, PA.

Vance, Natrona Heights, PA. — Sat, 10 Jan 2009 08:51:42 +0000

LONG LIVE THE RECESSION, who is this bad for?? the rich. I say stop sending our money abroad and on the wall street execs. So what if Macys closes, their merchandise will be in a DOLLAR STORE near you in no time. Is it our fault that there is too many malls and not enough people??

By: Brandon New York, NY

Brandon New York, NY — Sat, 10 Jan 2009 05:54:59 +0000

It is the American greed and way of thinking that causes credit card debt. It’s considered bad debt when anyone cannot pay back the credit they owe, although that is the American way of living – buy what you want, when you want, not matter what your financial stability. Banks obviously encourage individuals to spend although to keep up with the everlasting, ever incresing overfinanced lending quotas the banks have no other choice but to approve loans towards home equity and the over inflated housing market.

By: allen cohen, st pete beach, florida

allen cohen, st pete beach, florida — Fri, 09 Jan 2009 21:55:29 +0000

Economic stimulis packages are great for the banks and wall street. We, the American people and congress gave the banks and wall street some 700 billion dollars. And they did what, let’s see they had an immiediate $400,000 party in California from it. Ohh, they gave the main stockholders and executives some new bonuses. Bonuses for what. Did they write or rewrite mortgages to give 10 % of the homeowners whom are behind in the payments a break, why no ! Did they make car loans available to people whom need a car and are having difficult times in this economy, why no ! Did they suddenly make loans to middle class people with this windfall from congress, why no ! Well I guess the purpose was to give the executives some new bonuses for bankrupting the companies. We are all, including congress and the media very much concerned about the evergrowing jobless report. Why then does vertually no one, with the exception fo Lou Dobbs in CNN the only person whom speaks the truth about the economy. In the last 10 years we have closed down 5 million factory jobs and sent the American workers packing and the factories to China. In the last 5-6 years we have sent 5 hundred thousand technical jobs to India and the American workers packing. Why then does no one state the obvious that the president, congress, the biggest companies and the media have been part of the package of pulling the wool over the American publics eyes that Globolization and outsourcing means we bankrupt this country and make China and India rich. Oh, we should not forget to state that Corporate executes are very pleased to get bonuses for firing Americans. One in fact at a large Insurance company in Massachusettes whom I worked for, for 6 years when they fired 80 percent of the technical staff and sent the jobs to India, stated to me, why should I care, my family is protected. I have done work as a consultant for such Banks as Chase, whom have stated openly they will send all possible American jobs to India, and if possible raise the credit card interest rate to 35 % to prevent the middle class from every paying the money back. Is everyone in our government stupid or just getting paid off ? Well I guess we know the answer. When we have sent spme 20 million jobs overseas, and this country is a third world country, don’t forget to say but we were part of global community and we had to do this to stay competative. We did !! Now, tell me why. Hopefully before we burn the books written by such writers as George Orwell, and before we have no jobs at all to speak of.

By: Charles L. Shaw, Liverpool, NY

Charles L. Shaw, Liverpool, NY — Fri, 09 Jan 2009 21:18:36 +0000

To: Lisa in Chicago…
We said you hit the nail on the head! Welcome to the Libertarian Party.

By: Jeff Gray, Margate, England

Jeff Gray, Margate, England — Fri, 09 Jan 2009 20:15:11 +0000

Crash, what crash, no crash! I have a theory that all the intervention, well intentioned as it was, has halted the natural process. In 1929 there was a crash, it was very bad but at least everyone knew where the bottom was and from then on the only way was up. Today everyone is in limbo fearful of investing because they do not know how much further it is to the bottom. Recovery can only begin when the bottom is reached and not before and anything that delays reaching the bottom delays the recovery.

By: K.W. TABBOT, TEMPE, AZ

K.W. TABBOT, TEMPE, AZ — Fri, 09 Jan 2009 18:56:36 +0000

NO MORE MONEY FOR THE BIG SHOTS ie THE BANKS, AUTO INDUSTRY, etc. All HAVE LIED TO OR RIPPED OFF THE CONSUMER. THEY DON’T DESERVE ANOTHER DIME. PUT CONSUMERS BACK TO WORK AND EVENTUALLY THE ECONOMY WILL RIGHT ITSELF. KNEE-JERK BAILOUTS MAY MAKE THE POLITICIANS LOOK GO IN THE SHORT TERM BUT IN THE LONG RUN THEY WILL BANKRUPT THE NATION AS THEY’VE ALREADY DONE TO SOCIAL SECURITY. CONGRESS AND THE EXECUTIVE BRANCH JUST DON’T KNOW HOW TO THINK OR ACT LONG TERM WHEN THEIR POLITICAL CAREERS ARE AT STAKE.

By: Lisa Chicago, IL

Lisa Chicago, IL — Fri, 09 Jan 2009 18:20:24 +0000

The comments here range from hysterically funny to insightful.

I can’t believe someone would propose that we move to the metric system as a way of creating stimulus! That would take decades and makes no sense!! MPH vs. KPH – who cares? Someone else said something about going to the moon – yet another rediculous statement. We live here and going there is just flat out wasteful. Let China blow all its money going to the moon. Who cares.

My favorite suggestion is to not make us regular folks pay income taxes for a year. My husband and I are responsible for paying the government over 20k in income taxes each year. If we had the $1700+ each month it would make an enormous difference – even if it was just one year. We would pay down the rest of my school debt and then be nearly debt free since we live far below our current income level.

The answer I thought of before reading many of the previous posters was to let things go. No stimulus. People are starting to save and becomming less materialistic. Reality is creeping back into the American psyche. Saving raises the cash in banks. When banks have more cash they can lend more. Granted, my saving $100 more per month won’t make a big dent, but if half of the country could do it the banks would be more solvent. Becoming more prudent should spill over to the choices we make in our elected officials and how we run corporations.

One more thing – let China, India, etc. do what they are best at so we can pay less for those goods. We need to take responsibility for ourselves and get educated so we can also provide a product or service that we are best at. This is called personal responsibility and we have lost this quality as a country. If you didn’t get educated – make sure your kids and grandkids do. Hard work is how we got to the top – that is why we won’t stay there. We don’t deserve to be at the top as a country. Long term handouts create laziness and here we are…

Last statement – what works in our personal lives will work for the government. “Living within your means” works every time.

By: Charles L. Shaw, Liverpool, NY

Charles L. Shaw, Liverpool, NY — Fri, 09 Jan 2009 16:35:22 +0000

This is what our (Big Brother) Government needs to do, instead of increasing our debt; they should be looking at radical spending cuts. But that would hurt all of Governments buddies, like special interest groups, corporate campaign contributors, and the best friend the lobbyist.
We were promised by the Congress in November of 2008, that the Wall Street bailout was needed to protect Main Street. I see no protection of Main Street, what I do see is homelessness and hunger. I see increased violence on the streets, I see more political corruption being exposed, and I only see one arrest for the Wall Street collapse for one small 50 Billion scheme? And he is sitting in his penthouse? He’s not even in jail? Over 8 trillion dollars was stolen from the American economy in 2008 where are the rest of the arrests for these crimes?

By: terry bonds pittsburgh

terry bonds pittsburgh — Fri, 09 Jan 2009 16:23:09 +0000

brian westbury was one of the biggest cheerleaders on wall street

he told us the subprime was contained

in january 08 he wrote an article for the wsj called the economy is fine-really

ignore all that he says

By: Jay B NYC

Jay B NYC — Fri, 09 Jan 2009 16:20:03 +0000

Sure lets just keep printing money until we’re sneaking over the border to Mexico for a better life!!!!!!!!!!!!!!!!!!!!!!!!!!!!

By: Joe S. Memphis, TN

Joe S. Memphis, TN — Fri, 09 Jan 2009 15:50:11 +0000

You hear it again and again. 70% of the economy is driven by CONSUMER spending. Yet Washington has been focused on the producer side of the picture throughout all of 2008. There are only two ways to increase consumer spending in an economy that is contracting. Create more jobs with government spending. This puts sidelined consumers back in the game. Second, provide tax cuts or rebates. This puts additional money in the hands of consumers to either spend in the economy, which creates demand for goods and services or it allows consumers to pay off debt, which is exactly what the banks need to shore up their balance sheets so that they again have money to lend to those who are credit worthy and financially responsible. By the way, consumer spending also helps out State budgets with more sales tax revenues. Lastly, Congress should repeal TARP and put the second $350 Billion into a consumer stimulus package. The should also recover as much of the first $350 Billion from those banks who have not used it as originally intended and redirect this also to the consumer. Is this too logical for Washington to understand ?