PatriotsReign

I know all of you agree our government better be done spending our money to fix our economy. So just to prove my gut feelings, here's a poll to see where everyone stands.

My personal belief is the more our gov't spends on trying to fix our economy, the worse it's going to get. Just as an example of how crazy governments can get, France has announced it will purchase 30,000 new homes that were in the development stage in an effort to stimulate their housing indusry. That will do exactly nothing for their real estate markets.

France To Buy 30,000 Planned Homes To Boost Building Business

"So that current property programs can be successfully concluded, the president...has decided to intervene directly, ordering the purchase at discounted prices of houses on which building work has not yet begun," a statement said.

This move will initially cover 30,000 homes, and by ensuring that they will be built, the decision will support the homebuilding industry, it said."

Morningstar - Dow Jones & Company, Inc.: France To Buy 30,000 Planned Homes To Boost Building Business

reflexblue

I didn't vote because it's to earley to tell what exactly they are going to do with the money. Are they going to buy up the toxic waste from banks or are they going to use the option of infusing the stock market instead where we the taxpayer get a piece of the action,the wast gets removed and if it goes bad the taxpayer is the last to get hit with the fallout.

For those reading this and wonder whats the difference it this:
If the gov. uses the money to buy up the toxic wast its analigous to my givning someone a 1000 dollars to clean up thier house then I leave,and they keep the house.

With a stock infussion its analigous to my paying a 1000 dollars to clean up the mess but I get a piece of the house.

As far as the French buy all those houses to me it could very well turn out like the FEMA trailers. No one ever lives in them and eventually they get condemed. It won't help because they aren't going to end up selling the houses.IMO

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PatriotsReign

It is my opinion that no matter how the gov't spends the $700 billion, it won't help the economy. I also feel that even if the fed's spend another $10 trillion to help the economy, it won't help and will make things worse.

reflexblue

My original position was let them go bankrupt. These CO. like the AIG or Lehman brothers would still exist but under new ownership. And the original owners would feel the pain. But thats a mute point now.

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I Likes Spikes.

MrSparkle

I agree with you. I don't think there is anything that is going to stop this correction.

Real World

If the fed infused $10 trillion into the market, the economy would do a 180 in the short term. The problem is the long term remifications of what a $10 trillion infusion would mean.

Stimulus packages are something I'm very much against, but not completely. The key to me, is the structure & intent of each package, along with the cost. If it's a cash give away, I'm opposed. If it's a tax based, pro-growth, incentive laden deal, then I'd be willing to support it. When I was a 22 year old assistant PM on a mutli-million dollar commercial project, an architect said something to me (one of many things this guy taught me) that stuck. He said to us in a site meeting "don't be penny cheap, and dollar foolish". A generic stimulus package, that has no real purpose, is just that. It infuses an immediate penny into the economy, at the cost of a dollar down the road.

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"The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already, without a shadow of doubt, what is laid before him."
Leo Tolstoy, 1897

weswelker#83

A new stimulus will scare more people. The only thing they can do:
Paulson and Bush could resign.

Real World

That'd be fine and dandy wes, except for the fact that it's been the dem house and senate that have free loaded a lot of money into the abyss of late. Maybe Bush, Paulson, Pelosi, and Ried should resign. None will though.

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"The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already, without a shadow of doubt, what is laid before him."
Leo Tolstoy, 1897

PatriotsReign

Well folks, there's already talk of new economic stimulus packages coming up in the news. An entire menu of plans will be coming in the months ahead. And what will the result be? A longer recession and an unstable economy.

When will the idiots in Washington realize they're not doing us any favor by sending out tax rebates and promises to get us more money? That isn't the way it works and it won't work.

Just keep building up that deficit congress, you're doing a hell of a job!

sdaniels7114

I'm not entirely for them or against them. I feel they've worked in the past and don't want to go back to the mindset immediately after the depression hit.

I am, however, convinced that whatever the French are doing is almost certainly wrong. So we shouldn't do that.