By David M. Herszenhorn 1/12/09
http://www.nytimes.com/2009/01/13/washington/13cong.html?ref=business
Firstly, I have to admit that I did not follow the election last fall as closely as some did. I was only going to be 17 at the time of the election, and therefore unable to vote. However, I would have voted for Obama, because from what I did follow, I agreed with him the most. I appreciate that what seems to be his number one objective is picking America up out of this financial crisis. But I must admit that I am a little on the fence about the need to pull the remaining $350 billion out of the bailout fund. I am even more curious as to why Bush is also trying to help persuade Congress, and how much influence he would even have with Inauguration Day coming up on January 20. In the words of Democrat John Kerry, “there is a lot of interest up here in finding out what happened to the 350 that has already been spent.”
In the end, this is an $800 billion bailout plan. What seems to be a key point in if the money is approved, is that there is a set plan to where the money goes. Not only does is $40 billion being demanded to prevent home foreclosures, but “the bill also seeks to require greater transparency and accountability, including quarterly reports from financial institutions that receive help to document how the bailout money is being used.”
Having the money “on hand” may indeed help Obama as he enters office to get things off the ground. But $350 billion is a hell of a lot of money to just have on hand without a set plan. If Congress does end up vetoing the bill, it is only a question of which president will actually be in office at that time to fight it. Maybe half of the money may be a better offer to Congress, just so it is not all gone in the end.
I don’t pretend to be a financial expert, or a political one for that matter. But for me, you have got to have a plan. And I think for the President that could definitely be key idea.
I read a blog whose story explained that Obama would be detailing exactly what the money would be used for. It centers on Senator Barbara Boxer, who seems to support at least some of Obama’s economic stimulus package. Those who responded seem to be basically against Obama, and heavy on the sarcasm. One blogger offers their own plan for the stimulus package. While another seems to be more of a conspiracy freak on foreign banks buying up all U.S.
infrastructures.
Blog available at
http://totalbuzz.freedomblogging.com/2009/01/12/obama-will-go-on-tv-to-on-financial-bailout-needs/11378/
http://www.nytimes.com/2009/01/13/washington/13cong.html?ref=business
Firstly, I have to admit that I did not follow the election last fall as closely as some did. I was only going to be 17 at the time of the election, and therefore unable to vote. However, I would have voted for Obama, because from what I did follow, I agreed with him the most. I appreciate that what seems to be his number one objective is picking America up out of this financial crisis. But I must admit that I am a little on the fence about the need to pull the remaining $350 billion out of the bailout fund. I am even more curious as to why Bush is also trying to help persuade Congress, and how much influence he would even have with Inauguration Day coming up on January 20. In the words of Democrat John Kerry, “there is a lot of interest up here in finding out what happened to the 350 that has already been spent.”
In the end, this is an $800 billion bailout plan. What seems to be a key point in if the money is approved, is that there is a set plan to where the money goes. Not only does is $40 billion being demanded to prevent home foreclosures, but “the bill also seeks to require greater transparency and accountability, including quarterly reports from financial institutions that receive help to document how the bailout money is being used.”
Having the money “on hand” may indeed help Obama as he enters office to get things off the ground. But $350 billion is a hell of a lot of money to just have on hand without a set plan. If Congress does end up vetoing the bill, it is only a question of which president will actually be in office at that time to fight it. Maybe half of the money may be a better offer to Congress, just so it is not all gone in the end.
I don’t pretend to be a financial expert, or a political one for that matter. But for me, you have got to have a plan. And I think for the President that could definitely be key idea.
I read a blog whose story explained that Obama would be detailing exactly what the money would be used for. It centers on Senator Barbara Boxer, who seems to support at least some of Obama’s economic stimulus package. Those who responded seem to be basically against Obama, and heavy on the sarcasm. One blogger offers their own plan for the stimulus package. While another seems to be more of a conspiracy freak on foreign banks buying up all U.S.
infrastructures.
Blog available at
http://totalbuzz.freedomblogging.com/2009/01/12/obama-will-go-on-tv-to-on-financial-bailout-needs/11378/
Posts
I agree with you.
ReplyDeleteI voted for Obama, but to me if you don't have a plan, why are you asking for the money?
It just sounds like he's not prepared, and doesn't help his case to win over Republicans!
I'm republican except when it comes to abortion and gay rights. Other than those two things, I don't agree with a single thing Obama wants to do. Call me an ignorant typical southern republican if you want but why work my ass off to make a living just to have it taken away and redistributed to the lazy drug addict homeless people? And for him to ask for all this money and not have a plan sounds super sketch to me. I don't trust the guy and I'm dreading January 20, 2009.
ReplyDeleteI'm not trying to start a political debate either. So if you don't agree with my views that is fine, that is what America is all about. That is what the Star-Spangled banner represents, the right to freedom and the fight it took to get it, which our president-elect won't even solute...
here is a little story that goes along with my opinion--->
A young woman was about to finish her first year of college. Like so many others her age, she considered herself to be a very liberal Democrat, and among other liberal ideals, was very much in favor of higher taxes to support more government programs, in other words redistribution of wealth. She was deeply ashamed that her father was a rather staunch Republican, a feeling she openly expressed. Based on the lectures that she had participated in, and the occasional chat with a professor, she felt that her father had for years harbored an evil, selfish desire to keep what he thought should be his.
One day she was challenging her father on his opposition to higher taxes on the rich and the need for more government programs. The self-professed objectivity proclaimed by her professors had to be the truth and she indicated so to her father.
Her father responded by asking how she was doing in school.
Taken aback, she answered rather haughtily that she had a 4.0 GPA, and let him know that it was tough to maintain, insisting that she was taking a very difficult course load and was constantly studying, which left her no time to go out and party like other people she knew. She didn't even have time for a boyfriend, and didn't really have many college friends because she spent all her time studying.
Her father listened and then asked, 'How is your friend Audrey doing?'
She replied, 'Audrey is barely getting by. All she takes are easyFavorite Music:classes, she never studies, and she barely has a 2.0 GPA. She is so popular on campus; college for her is a blast. She's always invited to all the parties and lots of times she doesn't even show up for classes because she's too hung over.'
Her wise father asked his daughter, 'Why don't you go to the Dean's office and ask him to deduct 1.0 off your GPA and give it to your friend who only has a 2.0. That way you will both have a 3.0 GPA and certainly that would be a fair and equal distribution of GPA.'
The daughter, visibly shocked by her father's suggestion, angrily fired back, 'That's a crazy idea, how would that be fair! I've worked really hard for my grades! I've invested a lot of time, and a lot of hard work! Audrey has done next to nothing toward her degree. She played while I worked my tail off!'
The father slowly smiled, winked and said gently, 'Welcome to the Republican party.