Sunday, February 15, 2009

Good things come to those who wait.

Wait a minute, I thought all was going to be put right with the passage of the Spendulus Package. The crisis that is our current economic condition required late night sessions and back rooms deals to be struck with expediency not seen since the courtship of Kenny Chesney and Renée Zellweger. Let's hope the effects of the stimulus are longer lasting and more positive than these two stars marriage. I don't have high hopes though. This package will herald the return of "W". Not George W, but the W of welfare.

For weeks we've heard how important it is that this pork laden bit of government intrusion be passed forth with and, now that the Senate, with the help of three turncoat Republicans, has passed it, the first African American President of the United States is taking a few days off in Chicago before signing the bill on Tuesday in a Campaign stop in Denver before a second Campaign stop in Phoenix. So much for hurry up. It seems this guy takes a lot of time off, doesn't it?

I've read quite a bit of this bill (which explains why I haven't posted much recently, I have been sleeping a lot) and seen in it's entirety it is a scary bit of legislation. And it is not going to have the desired effect of stimulating anything other than a growth spurt in the Federal Government bigger than a pre-pubescent Shaquille O'Neil.

Most economists, even those initially in favor of the stimulus package, have stated that, without a "fix" for the financial sector of the economy, the bill would be useless spending. Knowing that, I find it strange that in 1000 pages and a trillion dollars, nothing for the ailing banks is mentioned other than limiting the salary and bonuses of those in charge.

Of course, come Tuesday when the bill is signed in to law and the money has been officially spent, the Obama administration might get to work on what he admits is the real problem.

“To truly address this crisis, we will also need to address the crisis in our financial sector to get credit flowing again to families and businesses. And we need to confront the crisis in the housing sector that's been one of the sources of our economic challenges,” Obama said. “I'll be discussing that extensively soon.”

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