Its Stimulus check time again – part deux

October 20, 2008 by · Leave a Comment
Filed under: Opinion 

Yay, just what I needed, it was starting to get pretty tight in my household.  I was wondering how I was going to afford the new video games coming out this year or more money to go drinking.  Come on people, only more consumption is going to get us out of this mess.  Forget creating middle class jobs or actually keeping a budget.   You need to go do your part and take on more debt so we can grow and consume so we can keep our 70% consumption driven GDP supermacy.  Remember, when you bailout everyone, you in affect bailout no one.

Reuters Release:

U.S. Federal Reserve Chairman Ben Bernanke told Congress on Monday that another wave of government spending may be needed as the economy limps through what could be an extended period of subpar growth.

 “With the economy likely to be weak for several quarters, and with some risk of a protracted slowdown, consideration of a fiscal package by the Congress at this juncture seems appropriate,” Bernanke told a congressional panel.

It was the first time the central bank chairman had explicitly endorsed a second stimulus package. The government sent out about $100 billion in tax rebate checks over the summer to try to jump-start the economy, but consumer spending has struggled since then. Retail sales fell for three consecutive months through September.

The White House also appeared to be warming to the idea of another spending program. Spokeswoman Dana Perino said the Bush administration was “open” to a stimulus plan, depending on its makeup, and would look to Bernanke and others for guidance.

U.S. stocks were higher in early afternoon trading, and prices for government debt and the dollar also rose. European markets also rose as banks there took advantage of government lifelines and credit markets began to thaw.

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