Stimulus Package Redux : I'm 79 years young and lovin' it!

[TalkingDog]

http://www.marketwatch.com/news/story/great-fiscal-stimulus-package-/story.aspx?guid={D3B850E5-E05D-40DA-A630-42B3CB838AE9}

But, the financial pundits and government leaders of the day insisted, the economy's fundamentals were still strong. Mass unemployment was, some months after the crash, still just something that went on in Germany and Britain. America was strong and merely needed a push to keep the financial markets from harming the broader economy.

With that in mind, Herbert Hoover -- only nine months into his presidency -- assembled leaders from the public and private sectors to create an economic-stimulus package. Among the measures, Time magazine reported at the time, was a promise from Congress to offer bipartisan support for a tax-cut package. The proposal called for $160 million in tax relief -- only about $22 billion if adjusted against the gross domestic product at the time, and therefore much smaller than the plan under consideration here in 2008. Read Time's original coverage of the plan.

Also on the table was an assurance from the Federal Reserve that it would provide cheaper credit. Granted, the Fed had much less power over the money supply in those days, mainly because the amount of liquidity it could create was limited by the supply of gold it held to back the dollar.

I'm forever blowing bubbles, pretty bubbles in the air....

My Favorite Master Artist: Karen Parker GhostWoman Studios

[Fredda Weinberg]

1. Someone hits the reset button ... value is redefined. Isn't that the

nightmare scenario? These days, you have monitors monitoring the monitors ... every disturbance gets a response. We don't face a crash ... Wall Street isn't facing suffering. That's why the people need an effective political leader - pick your best candidate and vote, please.

[TalkingDog]

2. Candidate Picked and voting early and often as soon as humanly possible. n/t

My Favorite Master Artist: Karen Parker GhostWoman Studios

[lyonn]

4. Who have you picked? nt

[TalkingDog]

6. As Fredda suggested:

I picked my best candidate.

My Favorite Master Artist: Karen Parker GhostWoman Studios

[lyonn]

3. Not a very encouraging article....

Another part that was interesting was:


"After a period of wild, bipolar volatility, stocks had taken two big tumbles (a 12.8% drop on Oct. 28 and an 11.7% fall the next day) while the top bankers and "captains of industry" rushed to shore up the market. By November, the Dow had hit its low for the year at 198, down from the giddy September high of 381."


"....wild, bipolar volatility...." It said our market didn't recover until 1954(?).

Sounds familiar.

[Fredda Weinberg]

5. When I was a little girl, someone painted a graph of the market

and updated it every year on the corner of Kings Highway and Coney Island Avenue, where thousands saw it each day. During the Clinton years, the slope became so extreme, so consistent ... eventually, the wall was painted over with murals paid for with federally funded youth programs.

There was a lesson lost, but professionals do study economic history and there are safeguards against the worst an executive like LBJ or Nixon could do. They're textbook cases * is repeating.

[sallyseven]

7. I am kinda happy I am going out of this world. and

won't be around much longer. Have fun kids. Talk your heads off and complain over every little thing. See where that will get you. While your whining bush's crowd will take your pants down and spank you. Gonna give 1/2 of my rebate to the local food bank and the rest to the Democratic Party. See how the economist like that.