Dire Warnings from Fed. Reserve Chairman

[lazur]

http://news.yahoo.com/s/ap/20080923/ap_on_bi_ge/financial_meltdown

See, this is the kind of stuff I can't believe either of our candidates is talking about. I mean, seriously, the Federal Reserve Chairman has ONE thing in mind - how to bilk the U.S. Government out of even more money and put us even further into debt. It is, after all, his job to keep the Federal Reserve profitable. Plus, it's not like we have 700 billion just laying around since we're, what, 45 trillion in debt with all costs inventoried already?

So our lovely Congress pushed back on the bill by trying to add other conditions. It's disgusting that a private business is being negotiated about by our elected officials and rich, private bankers. I guess you really come to understand just what freedom is all about when your government seizes control of corporations, slices them up and distributes their remains to those with equally devious interests, and then tells you it's a good thing, and to get over it.

It's our government's fault that we got to this place at all. It's the fault of the American people for not holding our government accountable back in 1913, when the death of America's financial independence began.

Someone, Obama, McCain, I don't care who, should be courageous enough to get out there and tell the American people what's really going on. That is, as long as they aren't card-carrying members already. Everyone on board to the money train! Our country is GOING to experience an economical crash of astronomical proportions, and neither one of our fearless would-be leaders is saying anything. Our President isn't saying anything. It's GOING to happen, VERY SOON. You would think our government would want for people to be protected in such a time of chaos as it surely will be. You would think that they could swallow their pride just once and say, "We may not be able to get us out of this one alone, we're going to need your help."

It has become completely apparent to me now just how controlling our government really is. Our government is so controlling that it not only believes it can solve any problem, but it believes it can solve any problem without the help of the American people. The answer is always, tax everyone more, that's how they can help! We're Americans (or 'American politicians' to be precise) and we'll just muscle our way through this, and get some extra stuff for ourselves at the same time!

I am absolutely becoming more and more disgusted with this country's government, regardless of party. They are both just sick. And I'm seriously, seriously considering finding another country to live in. That's no joke. I have a friend in Russia who's been trying to get me to move there. Considering that there are more than 100 billionaires living in Moscow alone, but that their entire government is corrupt to the extent that 'taking someone out for a fee' isn't all that difficult, I'm actually not sure which is worse, here or there?

Anyway, just venting.

 

[Batgort]

McCain? It's all his fault anyway:

http://www.dailykos.com/storyonly/2008/9/21/9322/74248/245/602838

His actions with the de-regulators created this mess. So help us god if he's not held accountable.

 

[ShadowBoxing]

I'd build a fallout shelter, but most the supplies to make it come from China

 

[gap5ewl]

http://news.yahoo.com/s/ap/20080923/ap_on_bi_ge/financial_meltdown

See, this is the kind of stuff I can't believe either of our candidates is talking about. I mean, seriously, the Federal Reserve Chairman has ONE thing in mind - how to bilk the U.S. Government out of even more money and put us even further into debt. It is, after all, his job to keep the Federal Reserve profitable. Plus, it's not like we have 700 billion just laying around since we're, what, 45 trillion in debt with all costs inventoried already?

So our lovely Congress pushed back on the bill by trying to add other conditions. It's disgusting that a private business is being negotiated about by our elected officials and rich, private bankers. I guess you really come to understand just what freedom is all about when your government seizes control of corporations, slices them up and distributes their remains to those with equally devious interests, and then tells you it's a good thing, and to get over it.

It's our government's fault that we got to this place at all. It's the fault of the American people for not holding our government accountable back in 1913, when the death of America's financial independence began.

Someone, Obama, McCain, I don't care who, should be courageous enough to get out there and tell the American people what's really going on. That is, as long as they aren't card-carrying members already. Everyone on board to the money train! Our country is GOING to experience an economical crash of astronomical proportions, and neither one of our fearless would-be leaders is saying anything. Our President isn't saying anything. It's GOING to happen, VERY SOON. You would think our government would want for people to be protected in such a time of chaos as it surely will be. You would think that they could swallow their pride just once and say, "We may not be able to get us out of this one alone, we're going to need your help."

It has become completely apparent to me now just how controlling our government really is. Our government is so controlling that it not only believes it can solve any problem, but it believes it can solve any problem without the help of the American people. The answer is always, tax everyone more, that's how they can help! We're Americans (or 'American politicians' to be precise) and we'll just muscle our way through this, and get some extra stuff for ourselves at the same time!

I am absolutely becoming more and more disgusted with this country's government, regardless of party. They are both just sick. And I'm seriously, seriously considering finding another country to live in. That's no joke. I have a friend in Russia who's been trying to get me to move there. Considering that there are more than 100 billionaires living in Moscow alone, but that their entire government is corrupt to the extent that 'taking someone out for a fee' isn't all that difficult, I'm actually not sure which is worse, here or there?

Anyway, just venting.

Yeah it's bad. I'm really starting to worry about what's going on because the government and corporations seem more interested in making a profit out of this then actually saving us. I really think we're screwed and both candidates don't really have incredible economic plans to get us out of it. Btw, don't move to Russia. At least you can speak your mind over here lol.

 

[danoyse]

It's already starting to happen. I was watching the report on ABC World News tonight, and they were saying car dealerships are unable to secure loans--which means they're not selling cars. They even pointed out that McDonalds was just denied a loan to refurbish their coffee machines because they can't get the credit.

Listening to the hearings today, it just sounds like no one wants to be the Senator who voted for it. That's especially true of Obama and McCain because they're running for president. The bailout is so unpopular that once one of them approves it, they know they'll be pegged as the one who wants the bailout. They have the election completely in front of the country right now, although that's no surprise.

ABC is even reporting that it's all resting on McCain now:

http://blogs.abcnews.com/politicalradar/2008/09/stephanopoulo-4.html

Stephanopoulos: McCain Holds Key to Administration's Bailout Passage on Capitol Hill
September 23, 2008 3:21 PM

ABC News' George Stephanopoulos reports: If Republican presidential candidate Sen. John McCain doesn't vote for the Bush administration's $700 billion economic bailout plan, some Republican and Democratic congressional leaders tell ABC News the plan won't pass.

"If McCain doesn't come out for this, it's over," a Top House Republican tells ABC News.

A Democratic leadership source says that White House Chief of Staff Josh Bolten has been told that Democratic votes will not be there if McCain votes no -- that there is no deal if McCain doesn't go along.

McCain has expressed concerns about Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke's plan, which would amount to costing the American taxpayer two Iraq wars.

The Republican presidential candidate has suggested the original proposal lacks sufficient oversight, and he has said whatever plan emerges should protect family savings, homes, and student loans, and should eliminate obscene CEO compensation packages.

McCain said this week that any company that receives government aid should not be compensated more than $400,000 -- the highest-paid government employee.

McCain spokesman Tucker Bounds told ABC News' Jake Tapper that McCain has not made a decision one way or another.

"John McCain has been very clear that he has certain reservations about the details of the agreement that has been released at last notice," Bounds said. "There is no final agreement to review, but when there is John McCain will weigh in responsibly and appropriately."

Administration officials went to Capitol Hill Tuesday to urge Congress to pass the bailout package quickly, arguing the nation's economy is teetering on the brink of a major recession.

Some senior Democrats on Capitol Hill have voiced concern that McCain will continue to oppose the Bush administration's plan as a way to position himself as a critic of Wall Street and the Bush Administration.

If McCain doesn't vote for the legislation, other Republicans might follow suit, leaving the Democratic-led majority to fight in Congress to pass the risky bailout plan.

However a Democratic congressional leadership source tells ABC News' Jake Tapper that Paulson went so far as to assure Democratic leaders that McCain "won't be a problem" -- in other words that McCain will vote for the proposal.

 

[BlackestNight]

This Crisis is starting to creep me the hell out. I just don't know, in my heart I feel like the US is headed down the same path of the USSR post there invasion of Afghanistan.

 

[lazur]

It's already starting to happen. I was watching the report on ABC World News tonight, and they were saying car dealerships are unable to secure loans--which means they're not selling cars. They even pointed out that McDonalds was just denied a loan to refurbish their coffee machines because they can't get the credit.

Listening to the hearings today, it just sounds like no one wants to be the Senator who voted for it. That's especially true of Obama and McCain because they're running for president. The bailout is so unpopular that once one of them approves it, they know they'll be pegged as the one who wants the bailout. They have the election completely in front of the country right now, although that's no surprise.

ABC is even reporting that it's all resting on McCain now:

http://blogs.abcnews.com/politicalradar/2008/09/stephanopoulo-4.html

Do we know how Obama voted?

 

[danoyse]

Do we know how Obama voted?

I don't think either of them have voted yet. They did show Obama and McCain at press conferences stating the conditions under which they'll approve the bailout, and the ironic thing is that they're basically agreed on the conditions.

 

[lazur]

I don't think either of them have voted yet. They did show Obama and McCain at press conferences stating the conditions under which they'll approve the bailout, and the ironic thing is that they're basically agreed on the conditions.

lol great...

 

[danoyse]

Ah, here's some more from CNN:

http://www.cnn.com/2008/POLITICS/09/23/campaign.wrap/index.html

McCain lays out 5 fixes to financial recovery plan

(CNN) -- In his first press conference in nearly six weeks, Sen. John McCain urged lawmakers Tuesday to adopt five of his proposed improvements to the government's proposed financial rescue plan.
President Bush has asked Congress to act quickly on the $700 billion bailout he proposed following news of failing financial institutions and frozen credit markets.

McCain, speaking in Freeland, Michigan, said the proposed plan has to allow for greater accountability, including a bipartisan board to "provide oversight to the rescue."

"That oversight is absolutely essential," McCain said, also arguing against the unprecedented power granted to Treasury Secretary Henry Paulson in managing the plan.

He said the plan must also help taxpayers recover the $700 billion planned for the bailout.

"That money simply can't go into a black hole of bad debt with no means of recovering the funds."

The Arizona senator also called for complete transparency in regard to crafting and implementation of any legislation.

"This can't be cobbled together behind closed doors. The American people have the right to know which businesses will be helped, and what selection will be based on, and how much that help will cost," he said.

McCain also called for a cap on executive pay for companies getting federal help. Senior leaders of any firm bailed out by the federal government "should not be making more than the highest paid government official," he said.

Finally, McCain said it would be "unacceptable" for Congress to add earmarks and so-called pork barrel legislation to this plan.

The press conference came hours after Sen. Barack Obama criticized President Bush for showing "stubborn inflexibility" on the plan.

"This is not the time for 'my-way-or-the-highway' intransigence from anyone involved. It's not the time for fear or panic. It's the time for resolve, responsibility and reasonableness," Obama said at a news conference in Clearwater, Florida.

Obama said it is "wholly unreasonable to expect that American taxpayers would or should hand this administration or any administration a $700 billion blank check with absolutely no oversight or conditions, when a lack of oversight in Washington and on Wall Street is exactly what got us into this mess."

Obama said taxpayers should be treated like investors if they are being asked to underwrite the bailout.

"Now that the American people are being called upon to finance this solution, the American people have the right to certain protections and assurances from Washington," he said.

The Democratic presidential candidate also said he thinks middle class tax cuts are "absolutely necessary" in order to strengthen the economy.

Like McCain, Obama expressed concern that the current proposal puts too much power in the hands of Treasury Secretary Henry Paulson.
Asked if he would vote against a plan that doesn't contain provisions he wants to help people keep their homes, Obama said, "I'm not trying to dictate one particular way, for example, to protect tax payers."

"But I need to be convinced that tax payers are going to get an upside on this thing and can be made whole when the economy recovers," he said.

McCain campaign spokesman Tucker Bounds responded to Obama's speech, saying in a release:

"Whether calling for a bipartisan oversight board or prohibitions on golden parachutes, Barack Obama is simply following in John McCain's footsteps while trying to respond to this financial crisis."

Obama-Biden spokesman Hari Sevugan said in response:

"Contrary to the lies told by the McCain campaign, it was John McCain who followed Sen. Obama's lead in laying out principles that call for strict oversight and accountability, protecting taxpayers and cracking down on CEO pay. We only wish he had adopted those same principles over the last 26 years rather than cheerleading for the deregulation agenda that helped produce today's crisis and repeatedly opposing limitations on the obscene compensation given to failed CEOs."

Earlier Tuesday, McCain charged that Obama had shown a lack of leadership by staying "mum" on the financial crisis -- an accusation the Obama campaign called "laughable."

McCain's campaign released a television ad Tuesday that builds on McCain's argument that Obama is not ready to lead.

"In crisis, experience matters. McCain and his Congressional allies led," an announcer says in the 30-second spot.

"Obama and his liberal allies? Mum on the market crisis," the announcer says.

Words beside a picture of Obama read "no leadership" as the announcer says, "A risk your family can't afford."

In response to the ad, the Obama campaign charged McCain is the candidate who has not shown leadership.

"This ad is laughable. If you believe John McCain, George Bush and the Republicans in Washington have led on reforming Wall Street and restraining CEO pay, I've got a bridge in Alaska to sell you," said Obama-Biden spokesman Bill Burton.

In the past week, Obama has inched up in the national polls. CNN's latest average of national polls shows Obama leading McCain by 3 points.

Earlier this month, McCain passed Obama in the national polls for the first time and held onto his lead for six days.
But as the financial crisis unfolded, Obama again took over the lead.

Polls show more people think Obama would do a better job handling an economic crisis than McCain.

 

[lazur]

Ah, here's some more from CNN:

http://www.cnn.com/2008/POLITICS/09/23/campaign.wrap/index.html

"This ad is laughable. If you believe John McCain, George Bush and the Republicans in Washington have led on reforming Wall Street and restraining CEO pay, I've got a bridge in Alaska to sell you," said Obama-Biden spokesman Bill Burton.

So does that mean that Obama intends to exert the force of the government to limit what CEO's make in the private sector? For example, is he going to tell the CEO of Sears that he can't make more than a certain amount per year? Sure sounds like it...

 

[danoyse]

So does that mean that Obama intends to exert the force of the government to limit what CEO's make in the private sector? For example, is he going to tell the CEO of Sears that he can't make more than a certain amount per year? Sure sounds like it...

They both are, according to this:

http://www.bloomberg.com/apps/news?pid=20601087&sid=auCSB7EfoSfY&refer=home

McCain, Obama Call for More Oversight, Limits on Executive Pay
By Edwin Chen and Julianna Goldman

Sept. 22 (Bloomberg) -- John McCain called for limiting pay for executives of companies bailed out by the government as he and Barack Obama said an administration plan to rescue U.S. financial markets needs more oversight.

The Republican presidential candidate said taxpayers shouldn't foot the bill for ``golden parachutes'' for officers of companies that have crumbled in the upheaval on Wall Street.

``The senior executives of any firm that is bailed out by Treasury should not be making more than the highest paid government official,'' McCain said at a campaign event in Scranton, Pennsylvania. The president is the highest paid federal official, with a salary of $400,000 a year.

Obama, the Democratic candidate, said in Green Bay, Wisconsin, that any action to bail out banks and other financial institutions must give ``hardworking Americans relief instead of using taxpayer dollars to reward CEOs on Wall Street.''

Both presidential candidates made comments today aligning them with congressional Democrats who are urging modifications in a $700 billion plan put forward by President George W. Bush's administration to deal with a financial crisis that is being called the worst in the U.S. since the Great Depression.

The economy has become a flashpoint between the two candidates. Obama, an Illinois senator, is seeking to tie McCain's past support for deregulation of markets to the current turmoil.

`Common-Sense Rules'

Obama said today that the Arizona senator has ``fought time and time again against the common-sense rules of the road that could've prevented this crisis.''

McCain hit Obama for not offering a specific proposal to deal with the crisis.

``Senator Obama has declined to put forth a plan of his own,'' he said. ``At a time of crisis, when leadership is needed, Senator Obama has simply not provided it.''

Obama is leading McCain in Gallup Inc.'s daily tracking poll, 48 percent to 44 percent. The Illinois senator has held an edge in the poll since the start of last week, when the upheaval on Wall Street reached a crisis point. Most surveys show the economy is the top issue for voters.

McCain, 72, said he was concerned that the Bush rescue plan gives the Treasury secretary ``unprecedented power to spend $1 trillion -- trillion -- dollars without any meaningful accountability.''

``Never before in the history of our nation has so much power and money been concentrated in the hands of one person. This arrangement makes me deeply uncomfortable,'' McCain said. ``When we are talking about a trillion dollars of taxpayer money `trust me' just isn't good enough.''

Oversight

He wants to recruit financial experts for an independent, bipartisan board to oversee the bailout. He said those he has in mind for such a panel include billionaire investor Warren Buffett, the chairman of Berkshire Hathaway Inc. who is supporting Obama, New York Mayor Michael Bloomberg, the founder and majority owner of Bloomberg News parent Bloomberg LP and a political independent, and former Massachusetts Governor Mitt Romney, an unsuccessful Republican presidential candidate and former chief executive officer of Bain Capital LLC.

Democratic Senator Christopher Dodd, chairman of the Banking Committee, today proposed setting up a five-member oversight board to supervise the Treasury secretary's purchase and sale of distressed mortgage debt.

Compensation Limits

Dodd and House Financial Services Committee Chairman Barney Frank also want limits on compensation of corporate executives who benefit from the program.

Treasury Secretary Henry Paulson is resisting such restrictions, saying it would put the rescue plan at risk.

``If we design it so it's punitive and so institutions aren't going to participate, this won't work the way we need it to work,'' he said yesterday on the ``Fox News Sunday'' program.

McCain, who has been criticized by Obama for repeatedly saying before the market meltdown that the fundamentals of the economy are strong, predicted ``more tough economic news before the election.''

He called on Congress to ``act quickly'' to adopt the rescue plan. He did not address whether his call for an oversight board would slow the congressional debate.

``My commitment to the American people is to fix the Wall Street mess, reform Washington, and most importantly, enact a pro-growth agenda to create jobs for Americans and get this country back on track,'' he said.

`No Blank Check'

Obama yesterday called the $700 billion price tag of the Bush administration's proposed rescue plan ``staggering'' and said ``there must be no blank check when American taxpayers are on the hook for this much money.''

The Democratic nominee says any rescue measure must help homeowners stay in their homes, insist that other countries join the U.S. in securing the financial markets and put in place new rules to ensure such a crisis never happens again.

Obama, 47, today focused largely on ways to change the structure of federal operations and make them more effective and accountable to taxpayers.

He promised to make government more transparent by publicly posting corporate tax breaks, pork-barrel projects and meetings between lobbyists and government agencies. He also outlined ways to cut spending, including ending the war in Iraq and saving $40 billion a year by cutting private contracts and improving their management.

``We will fire government managers who aren't getting results, we will cut funding for programs that are wasting your money, we will use technology and lessons from the private sector to improve efficiency across every level of government,'' Obama said.

Obama and McCain are preparing for their first debate, which is scheduled for Sept. 26. The subject is foreign policy and national security.

 

[lazur]

They both are, according to this:

http://www.bloomberg.com/apps/news?pid=20601087&sid=auCSB7EfoSfY&refer=home

Well that article refers to oversight of companies that have been bailed out, but that was McCain's quote. Obama's spokesperson's quote sounded broader.

 

[UA-Archangel]

http://news.yahoo.com/s/ap/20080923/ap_on_bi_ge/financial_meltdown

See, this is the kind of stuff I can't believe either of our candidates is talking about. I mean, seriously, the Federal Reserve Chairman has ONE thing in mind - how to bilk the U.S. Government out of even more money and put us even further into debt. It is, after all, his job to keep the Federal Reserve profitable. Plus, it's not like we have 700 billion just laying around since we're, what, 45 trillion in debt with all costs inventoried already?

So our lovely Congress pushed back on the bill by trying to add other conditions. It's disgusting that a private business is being negotiated about by our elected officials and rich, private bankers. I guess you really come to understand just what freedom is all about when your government seizes control of corporations, slices them up and distributes their remains to those with equally devious interests, and then tells you it's a good thing, and to get over it.

It's our government's fault that we got to this place at all. It's the fault of the American people for not holding our government accountable back in 1913, when the death of America's financial independence began.

Someone, Obama, McCain, I don't care who, should be courageous enough to get out there and tell the American people what's really going on. That is, as long as they aren't card-carrying members already. Everyone on board to the money train! Our country is GOING to experience an economical crash of astronomical proportions, and neither one of our fearless would-be leaders is saying anything. Our President isn't saying anything. It's GOING to happen, VERY SOON. You would think our government would want for people to be protected in such a time of chaos as it surely will be. You would think that they could swallow their pride just once and say, "We may not be able to get us out of this one alone, we're going to need your help."

It has become completely apparent to me now just how controlling our government really is. Our government is so controlling that it not only believes it can solve any problem, but it believes it can solve any problem without the help of the American people. The answer is always, tax everyone more, that's how they can help! We're Americans (or 'American politicians' to be precise) and we'll just muscle our way through this, and get some extra stuff for ourselves at the same time!

I am absolutely becoming more and more disgusted with this country's government, regardless of party. They are both just sick. And I'm seriously, seriously considering finding another country to live in. That's no joke. I have a friend in Russia who's been trying to get me to move there. Considering that there are more than 100 billionaires living in Moscow alone, but that their entire government is corrupt to the extent that 'taking someone out for a fee' isn't all that difficult, I'm actually not sure which is worse, here or there?

Anyway, just venting.

The reason why neither party is talking is because they really don't know how to get out of this situation.

 

[Marx]

Couldn't this have gone in the economy thread?

 

[Raiden]

Frankly, I don't like this bailout at all, and I think it was worded in a way to help save the companies and their execs and shareholders, but don't really help the economy as a whole. Also, there aren't enough oversight for the government and taxpayers, but rather just as a blank check that is designed to save the companies who don't really deserve it. I hope neither McCain nor Obama would vote in favor of it.

 

[lazur]

Couldn't this have gone in the economy thread?

Who cares? There is no 'official' economy thread.

 

[BlackLantern]

not cool with this bailout...but I see why it was done...AIG is a big insurance company...they go under and a lot of people are left without an insurance carrier

 

[lazur]

not cool with this bailout...but I see why it was done...AIG is a big insurance company...they go under and a lot of people are left without an insurance carrier

No, the bail outs are being done to prevent a complete economic collapse of our country. However, it's not 'preventing' anything - it's only delaying it, and probably only for a few months. The domino effect of a) inflation, b) the sinking value of the dollar around the globe, c) no limit on borrowing from the Federal Reserve and spending that borrowed money and d) the U.S. population demanding services of our government that are not the responsibility of our government will all ensure that we experience a collapse the likes of which the world has never seen.

It has nothing to do with quick fixes and/or party affiliation of today. Woodrow Wilson sold our country to the Federal Reserve in 1913, and from there our destiny toward collapse after collapse after collapse was guaranteed. If you want to place blame, place it where it belongs - in the hands of the government of 1913 and those Presidents and Congress men and women who stood by and did nothing except try to place blame ever since, much as you're doing now.

No one's asking why the Federal Reserve act was allowed to exist beyond its 20 year expiration period, even after discovering that no legislation and no documentation exists anywhere authorizing its continued operation after 1933.

In short, it doesn't matter *what* we do now. Presidents and politicians on both sides are working on solutions, but the solutions are only addressing the SYMPTOMS of a larger problem, and half the time they won't work because our financial situation in this country, and our debt, are untenable and unsustainable. As long as we 'guess' at how we should be going about this instead of getting rid of the real problem, we will never find a solution that does anything more than temporarily appease the current state of financial chaos in this country, because we sure as hell are not securing the future, and that goes for Obama and McCain.

 

[BlackLantern]

so your idea is to let the collapse occur.....causing irreperable damage to a number of people?? How about you go tell a family that is days away from eviction that....

 

[Marx]

Who cares? There is no 'official' economy thread.

Yes there is.
http://forums.superherohype.com/showthread.php?t=312023

 

[lazur]

so your idea is to let the collapse occur.....causing irreperable damage to a number of people?? How about you go tell a family that is days away from eviction that....

Dude, it's going to happen ANYWAY. The more our government attempts to put it off, the WORSE it will be when it happens. Our government does NOT have control over the value of our dollar, and it's the value of our dollar that determines our economic presence in the world. Our government cannot bail out every bank or financial institution that fails, and we're ONLY seeing the beginning of this.

What is so hard to understand about that?

 

[lazur]

Yes there is.
http://forums.superherohype.com/showthread.php?t=312023

Your opinion.

 

[Marx]

Your opinion.

I just don't enjoy seeing several threads on the exact same subject. Apparently, my opinion is the minority though.

 

[The Overlord]

Dude, it's going to happen ANYWAY. The more our government attempts to put it off, the WORSE it will be when it happens. Our government does NOT have control over the value of our dollar, and it's the value of our dollar that determines our economic presence in the world. Our government cannot bail out every bank or financial institution that fails, and we're ONLY seeing the beginning of this.

What is so hard to understand about that?

Yeah but you aren't economist and neither am I.

Some economists are saying this is needed and it will an economic apocalypse, others say its a huge waste and the market can correct itself.
So its really up in the air whether is plan is needed or a waste.