So... is this "stimulus" package passed? (loans, credit, debt)

[shiphead]

I keep getting mixed reports about this or that, but is it truly passed?

[chet everett]

Technically, the way it works with the House & Senate is NOT just like "School House Rock".

After bills are voted on in the House & Senate the differences in the bill go to a panel of representatives from both, they then hammer out the "final version" in something called a "conference comittee" and then THAT gets voted on for 'final ratification'. There are rules about what can get tweaked by the conference committee, but basically as long as there agreement that is what then gets signed by the POTUS and made law.

http://www.freep.com/article/20090211/NEWS15/90211047/Agreement+near+on+$790B+economic+stimulus+package

[Donn2390]

Originally Posted by w1ngzer0

I keep getting mixed reports about this or that, but is it truly passed?

You better pray it doesn't pass. It's the worst bill ever written and will assure our country is doomed....

[gwynedd1]

My dream stimulus works like this.

The Federal Government triples everyone's money. If you have $1, you get $2 more. However you must spend it on retiring debt first. If you owe on your mortgage you must pay that down first. This way new treasury notes would cancel out federal reserve notes.


Did you notice that is the exact opposite what the Obama plan is? It would be about inflation neutral but put an ax in the head of usury.

[chuck22b]

Originally Posted by gwynedd1

My dream stimulus works like this.

The Federal Government triples everyone's money. If you have $1, you get $2 more. However you must spend it on retiring debt first. If you owe on your mortgage you must pay that down first. This way new treasury notes would cancel out federal reserve notes.


Did you notice that is the exact opposite what the Obama plan is? It would be about inflation neutral but put an ax in the head of usury.

Sounds about right for "equitable" distribution. But, you know as well as I that it's not about equitable or fairness. It's about who has the most power to pull the strings and what is "perceived" as the most direct way to reduce private debt.

In a way... if the Treasury loans money to the banks (Treasury Notes) and requires them to be put into asset backed securities (ie, loans)? Isn't that a more direct injection of capital towards loan holders instead of forcing millions of home owners to "have to" pay their debt down themselves? The tricky part is to enforce banks to have to write down principals once they get the injections.

-chuck22b

[drjones96]

Every time I look at the details of this 'stimulus' package it's direct effect on my finacial standing gets smaller and smaller. I'm thinking eventually there will be absolutely no effect of this package on me at all.

I smartly bought a house in Sept '08....therefore I will not benifit from the home buyer tax credit.

I had contemplated buying a car in '09 if the tax benifits were substantial enough....but it looks like they have pulled back from allowing interest on car loans to be deducted. What was a several thousand $ benefit is now only a few hundred.

Originally I thought the $500 ($1000 if filing jointly) tax credit was going to be a straight up check sent to us around June is now going to be a income tax adjustment in our paychecks.

Fun Fun Fun. I feel so dang stimulated.

[goodbyehollywood]

Originally Posted by Donn2390

You better pray it doesn't pass. It's the worst bill ever written and will assure our country is doomed....

I agree that it's a horrible bill. If this is the best leadership that we have, then paying off our debt is irrelevant. Obama is, as many predicted, putting us on the path of the worst case scenario.

[gwynedd1]

Considering we just got across the board pay cuts, the stimulus will offset 2 months of it. On the third month we are at a loss. who will spend it now? 400-800 is a joke.

[k374]

Originally Posted by gwynedd1

Considering we just got across the board pay cuts, the stimulus will offset 2 months of it. On the third month we are at a loss. who will spend it now? 400-800 is a joke.

at least you are getting $400 or $800, I am getting exactly zero And it's not like I am rich, I live in a 650sqft apt for god's sake! I know couples making big money ($150,000/yr) and living in big houses getting $800 from this stimulus plan, what a crock! not only will they get the $800 check, probably Obama is going to subsidize their big houses too!

[michmoldman]

I crapped out a better plan last time i had diarrhea. And it smelled better.