Sheldon Whitehouse: Second Stimulus "Probably Needed"

ABC News:

As job losses mount, Democrats are growing impatient about the impact of the massive stimulus package passed earlier this year, with talk beginning on Capitol Hill about a possible second stimulus bill.

Read the whole story: ABC News

Comments

[sueinmn]

Government mortgages should be given and taken away from toxic banks, Government health care to end for profit insurance companies, Banks made smaller with stong oversights, American business need to decide if they reside in America or overseas, end tax shelters, subsidies and loopholes. That would be a start. Companies that choose to remain in America and employ Americans could then be given tax cuts as incentives to stay here! End giving away money to but friendship outside our borders! Atleast until we are back on our feet!

[Joe Caps]

Through government control and economic protectionism utopia will finally be achievable!

[kenp48]

sueinmn, you say for the "Government health care to end for profit insurance companies" Do you understand people get hired when a company makes a profit? How many tens of thousands would be unemployed?Are you against all companies making a profit? Then you go on to say "American business need to decide if they reside in America or overseas, end tax shelters, subsidies and loopholes. That would be a start. Companies that choose to remain in America and employ Americans could then be given tax cuts as incentives to stay here" Which is it? Cut out their subsidies or give them a tax break to stay? Wouldn't a tax break BE a subsidy? Our Government Taxes businesses higher than just about anywhere else in the world already.Th­at's part of the problem.

[uvymopka]

Oh boy, we get more of this!!!

•There’s $1 billion for Amtrak, the federal railroad that hasn’t turned a profit in 40 years;
•$2 billion for child-care subsidies;
•$50 million for that great engine of job creation, the National Endowment for the Arts;
•$400 million for global-warming research
•Another $2.4 billion for carbon-capture demonstration projects.
•There’s even $650 million on top of the billions already doled out to pay for digital TV conversion coupons.

[PhilipTaylor]

There is $12.8 Trillion in Welfare to Wall Street Banksters who created this CRISIS!

These same Banksters who created $700 TRILLION in Toxic DEBTS!

Office of Comptroller of the Currency, OCC, Report:

JPM has Astonishing $88 Trillion in Toxic Assets/Debts!
JPM has 225,000 employees
JPM has $391,000,000 per employee in Toxic Debts/Assets

Goldman has $30 Trillion in Toxic Debts/Assets
Goldman has 27,898 Employees
Goldman has $1,075,345,903 per employee in Toxic Debts/Assets

BofA=$38Trillion in derivatives
Citibank=$­32Trillion in derivatives & 300,000 Employees
Goldman=$30Trillion in derivatives & 27,898 Employees
Wells/Wach­ovia=$5Tri­llion in derivatives.
Britain's HSBC=$3.7T­rillion in derivatives.

ZERO Return on that $13 Trillion Investment!

[Chicagofan1]

Too late.
The first stim. went to wrong pockets.
Not going to be another one. Not a chance.

[learneddemocrat]

Interestingly, you neglected to mention the $200 billion bail out for Freddie Mac and Fannie Mae. These two mortgage companies had enough money to give kickback monies and or camplaign donations to elected officials for the2008 elections.­.....and then claim bankruptcy. Like Dodd, Frank, Shumer, and oh yes, Obama and Rahm Emanuel. See, it not just those nasty old corporatio­ns.....it is also our elected officials. They took the money and then made sure Mac and Mae were rewarded with bail-out money.

[sueinmn]

And roughly 41% went for TAX CUTS! The majority should have went for bridges, roads, new school building, infrastructure. Keep them D~A~M~N~ republicans out of any say of the spending!!­!!!!!!!!!!­!!!!!!!!!!­!!!!!!!!!!­!!!!!!!!!!­!!!!!!!!!!­!!!!!!!!!!­!!!!!!!!!!­!!!!!!!!!!­!!!!!!!!!!­!!!!!!!!!!­!!!!!!!!!!­!!!!!!!!!!­!!!!!!!!!!­!!!!!!!!!!

[ErnestineBass]

BINGO!

Trying to "work with" do-nothing obstructionist Republicans is a waste of time.

[kenp48]

Problem is the Repubs WERE left out of any say on this Spending bill. This bill was written by Pelosi and the Dems.

[mollyjackson]

Another stimulus package!!!!!!! We never got the first one. What happened? Did Obama" friends steal it?

[PhilipTaylor]

TOO SLOW and does NOT provide Direct Government JOB CREATION as FDR's programs did!

It is time to build the next HIGH TECH Revolution based on a HIGH TECH Infrastructure that will employ millions!

[jmpurser]

Yep. I'd like to see one or two major jobs like high speed rail or high tech infrastructure as you suggest and have the government create an agency to build it and get to work. Not for the whole stimulus package but for key elements that either won't get built otherwise or won't be finished soon.

[uvymopka]

It cost lots of money to send Joe to Iraq to have breakfast with his son.

[ErnestineBass]

The only family Junior had serving in Iraq was that plastic Thanksgiving turkey.

[learneddemocrat]

close. He had to "pay off" those that contributed heavily to his campaign. They are now holding on to the monies until closer to the 2010 congress elections and then releasing the rest right before the 2012 elections.­.....that way people will remember and they will gt the votes. If they release the money too soon, people will forgt, and only remember the high taxes they will be paying.

[luckynewman13]

So that 800 billion dollar stimulus package wasn't enough to fill the 3 trillion dollar hole this country is in? I am shocked! Shocked I tell you!

[PhilipTaylor]

$3 Trillion is a drop in the bucket! The real number the Wall Street Banks produced is hidden "OFF-THE-BOOKS!"

$1 Billion in TOXIC DEBT per employee at G0LMAN alone (see list below):

The Federal Government allowed the ENR0N L00PHOLE to remain on the books so Wall Street is using what was always illegal "Off-The-Books" accounting to hide $Hundreds of Trillions in Toxic Debts. Just look at this OCC Report on Toxic Debts:

Office of Comptroller of the Currency, OCC, Report:

JPM has Astonishing $88 Trillion in Toxic Assets/Debts!
JPM has 225,000 employees
JPM has $391,000,000 per employee in Toxic Debts/Assets

Goldman has $30 Trillion in Toxic Debts/Assets
Goldman has 27,898 Employees
Goldman has $1,075,345,903 per employee in Toxic Debts/Assets

BofA=$38Trillion in derivatives
Citibank=$­32Trillion in derivatives & 300,000 Employees
Goldman=$30Trillion in derivatives & 27,898 Employees
Wells/Wach­ovia=$5Tri­llion in derivatives.
Britain's HSBC=$3.7T­rillion in derivatives.

[SteveWoodward]

As Paul Krugman pointed out, the first stimulus was about half as big as was needed. Lets do it again, and get it right this time, with more direct job creation. In addition, we need direct help for states like California, which are not responsible for the international recession which has eroded their tax base. After all, it doesn't make a whole lot of sense to create construction jobs while laying off teachers.

[PhilipTaylor]

FANNED!

[jmpurser]

Agreed and favorite!

It's not like we didn't see this coming. The Obama administration may have believed the bankers but Krugman and a lot of other economists didn't. It's not like we haven't been here before. We've got the lessons of the great depression to tell us what NOT to do. Unfortunately we seem to be hell bent on ignoring those lessons.

[gladiator777]

uh...it is their responsibility to save for rainy days, only irresponsible people don't...if states don't plan for recessions then sorry they're idiots..

[Chicagofan1]

LOL.
That would be the end of "majority" for dems and hello to weekly T party all over the country.

[PhilipTaylor]

Yes let's worry about those tea-baggers!

BS!

$306 to Wall Street for every $1 to Main Street!

Welfare to the RICH and nothing to the rest!

[PhilipTaylor]

REVERSE GEARS - NO MORE FOR WALL STREET and MORE FOR MAIN STREET!

Time for direct government loans to Main Street Businesses, New High Tech and Green Energy Ventures, Existing Industries, and Manufacturing.

What about solar film that you buy in rolls and you affix it to roofs?

What about Ocean and River Power Turbines that use the power of nature and are invisible on the surface! Enough power to run have the nation?

What about automation of Banking, one of the least automated industry that would be simple to make an Internet application with ATMS (the only automation they have done to date)? ATMs, debit/credit cards, and the Internet direct from the Treasury can do everything waiting in line with Middle-MEN Banksters Taking massive fees and charging Outrageous Rates!

What about Robotics that enable Americans to compete with 15 cent per hour labor?

What about automating more healthcare functions with low cost "small devices" patients can use to manage their health?

What about funding every business plan that has justification and can save energy, reduce cost, or improve quality of life?

Funding Main Street instead of the DEAD END Wall Street will get us out of this CRISIS!

TRICKLE DOWN FAILED AGAIN - TIME FOR DIRECT INFUSION OF FUNDS TO MAIN STREET ENTERPRISES!

FUND Creation of Wealth Building Exports (NOT TOXIC DEBTS bu WSt Banks)!

[PhilipTaylor]

Kuttner said, "This is the only recession since the Great Depression in which the job loss wiped out all the job growth of the previous recovery."

Yet we fund the CR00KED Banksters and ignore Main Street, and that is the exact OPPOSITE to what FDR did! He started Rebuilding our Economy with Government Sponsored Jobs Programs building our National Parks and other long term projects.

$306 to Wall Street & Banks for Every $1 to Main Street is guaranteed FAILURE as Trickle Down Bank Funding is proven to be DE_AD!

[Chernynkaya]

Always love your posts, PhilipTaylor.

[PhilipTaylor]

Shrinkage is GOOD in Banking!

1980 Banks made up 10% of the Market's Value
2008 Banks made up 40% of the Market's Value

Banking has become a Manufacturer of TOXIC DEBTS that has hurt our reputation Worldwide!

Banking must return to a support FUNCTION of a "REAL" Manufacturing and "REAL" Services Economy!

Automate the mathematics and databases of the Banking Function and downsize the Middle-MEN who take EXCESSIVE FEES, Charge Massive Rates, and Refuse to put their money into INVESTMENTS that have RISKS (preferring FAKE investments where Risks are removed)!

An Automated Government Bank is in OUR FUTURE for Main Street Manufacturing!

[sueinmn]

No more tax cuts! They do not create jobs as trickle as they feel! We need another round of unemployment benefits as many it has run out and still no jobs!! You cant even get hired flipping burgers as all the "south of the border" are getting those jobs also!

[Joe Caps]

GIVE GOVERNMENT ALL OUR MONEY AND PROPERITY WILL RAIN DOWN ON ALL OF US!

Let's trust the politicians. They never act in their own self-interest and always do what is right for the people!

[sueinmn]

They take it now so give it back to us instead of wallstreet!

[polybius]

Good job watering down the last one, and adding useless tax breaks for the rich for the republicans, then!!

NEWS FLASH : the rethugs are guilty of what they always accuse the Democrates of : Hating America.

the rethugs would prefer the country die than be proved wrong on their asinine theories of "trickle-down" and Laissez-faire economics. The idea that good, strong govenrnment should exist to protect the people from the excess of the free-market are so abhorrent to them, they really would rather see our country be destroyed than be see their selfish, un-empathic theories be disproved.

There is no bi-partisanship with ppl like this. They are dogmatically set against the interests of the American People.

Also, the "independent" Press is wholely and unabashably corporately run and executed, so that the public discussion is being manipulated in the rethug's favor.

We need the corporate media to be reigned in, to safe guard the Republic. Regulation yes, but also we need a national corporate media, largely funded publically in the same model as the BBC. This would permit a balanced national conversation, instead of one framed only by private interests.

[kenp48]

Only 6% of the first stimulus plan has been spent and they want more? Maybe if Congress had taken a day or 2 to actually READ the freakin plan,they would have known it was a back loaded piece of garbage legislation. They should have done their JOB, read the bill before voting on it. The Stimulus Plan has done NOTHING, 9.5% unemployment and getting worse. These CLOWNS in Washington just love to spend OUR money. This is a JOKE! ENOUGH IS ENOUGH.

[sueinmn]

The stimulus read just fine, its the slow states fighting over how to handle the money. They either refuse or spend the time fighting to use it differently than required!

[prettyinpink]

Instead of creating more government jobs how about encouraging the PRIVATE SECTOR to create more jobs? Instead of heaping more regulation that destroys our competitiveness how about letting business innovate? Instead of giving more to the lazy how about rewarding the hardworking Americans?

Increase unemployment benefits? How about working 2 jobs, getting some training and making a life for yourself?

Instead of growing the control government has over all our lives how about some individual responsibility?

We need to cancel the first stimulus and reign big government back in. When you find yourself in a hole the first thing to do is stop digging.

[ScarletKnight1307]

if you are redoing a house and decide on what you are going to do you hire the painters

you don't say it hasn't worked or you need new plans when they have only painted the door and say you need to start over. I supported the first one a second would take too long to pass and even longer to administer. If they do it should be something like a payroll tax holiday where it can hit immediately and cut
the cost of employing people and ad more to the workers payroll or lesson pay cuts.

[CALAVA]

Obama should've listened to Paul Krugman.

[VikingQuest]

Yes, like when he told us to create a housing bubble in 2002 :)

"To fight this recession the Fed needs more than a snapback; it needs soaring household spending to offset moribund business investment. And to do that, as Paul McCulley of Pimco put it, Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble."

- Paul Krugman, 2002

[cheisdead]

But Comrades - "It's for the greater good".

[Concerned American99]

Watch this very cool video about spending under the last 5 presidents in terms everyone can understand. Should scare everyone to death.

http://www.youtube.com/watch?v=P5yxFtTwDcc

[prettyinpink]

OH it does. It is unsustainable. I hated the GWB spending. Guess what I think of the current policies?

Every working American can be prepared to pay more and get less. This country is no longer about liberty and prosperity. Its all about what big government can do for you. "free" health care-its yours. Halting those evil insurance companies-we will put a stop to them.

Giving more and more to the irresponsible while punishing the hardworking-thats what its all about.

[VikingQuest]

Obama told us unemployment doesn't go above 8% if we passed this stimulus bill . . .

That was a laughable prediction so why should we trust him on his predictions on a second stimulus?

[Joe Caps]

For the left, results do not matter.

All they care about is either power or cleansing their guilt.

As long as the intentions are good, their guilt can be cleansed.

Look at the black community. Entrenched Democratic majorities have only damaged the inner cities. They have had decades to foster some type of progress, but have only made things worse. Yet, they still feel good even though they have only accomplished moving the blacks from one type of slavery to another, because they tried, and that is what counts.

[VikingQuest]

Many of those same things can be said about the right.

Goofballs on this site get caught up in left/right and forget these people are career politicians . . .