Why is the news media just now asking these questions or making comments about the so called stimulus?

I am a small business in Virginia..I have been in business since 2006. I have worked two jobs to save up the money to start it. I am a Navy vet..but when I applied to get an SBA loan, was told sorry I needed to be an Immigrant or Minority to get any funding, but a illegal immigrant down the street got a home improvement grant for $15,000 in less than 2 months. Did I note Illegal? Am I mad? Yep. I bust my butt and get nothing..told I am more or less not "Politically Correct" to get assistance..

They didn't say that when I was in the navy serving my country! Nor did they say that when I worked for the state of Virignia rescuing citizens off the Freeways for six years. My company lost two contacts that have all but killed us off due to this crisis. Last year we helped in the community paying rent and heating bills for residents hit hard by this, we even gave away two cars to needy families..now I need help! Not some handout like the CEO's getting millions of our money...but work would be nice before I am living under an underpass of a freeway!

President managed his way successfully through his first storm but he and his team recognize there are darker, more treacherous ones ahead--and the perfect storm is yet to appear--good luck.

why are we giving our tax dollars to these corporations, who clearly have no idea how to use it. here is my theory, there are @ 300million LEGAL american citizens..give every LEGAL american citizen 1 million dolars. people will spend, people will save.everyone will be happy. .I also believe we need to take a good look at our welfare system..it makes me sick. my tax dollars are paying for lazy people to sit on there butts have more kids. the welfare system is supposed to help peolpe get back on there feet, then tell me why someone already on welfare has another child..it does not make sense. meanwhile i'm a middleclass working woman and my tax dollars pay for all these children born on welfare..thats just to start

Not to bring welfare into this....but local media here did a news story back two years ago about a welfare recipent who had a strech limo pick her and her two kids up, drop them at daycare and then to work. The afternoon, same thing, stop at the store,ect. A STRECH LIMO...paid by ....you guessed it...us the tax payer thru social services.

I had my car break down when the engine blew up, I went and asked if I could get a strech limo too...nope! Take the bus!

After the local news aired the story...the local social services office stopped the service and went to local taxi cabs.......Look it up in back history at wavy.com...Hampton Roads Local NBC network.

David it just seems as if there is a systemic problem here and it is not being addressed. And no, the credit crunch is not the systemic problem – in fact it is the symptom of a deeper problem. The truth is that the American dream is no longer a reality in the modern global world. There was a period of prosperity some decades ago when a house, a car and a picket fence was potentially possible for all, but that no longer applies. So much of the stimulus package seems to be designed to maintain a vision, initiatives and industries for that are no longer viable and one has to wonder how much money will disappear into a black hole before this fact becomes obvious.

During the election I often wondered at the promises made by most of the candidates to restore jobs in fore example, the motor industry when it should be obvious that in terms of “making things” no western nation can now continue to compete with the east. New and innovative kinds of industries and thinking in terms of growing jobs are required.

Some governments in the east are already shifting spending towards growing capability in healthcare delivery, research and development and other intangible sectors. This is an area where America can and should take the lead. Western nations can still be very competitive and continue to grow jobs if they move much more focus to the knowledge economy. And this is where spending will be most productive.

HOPE THAT THE STORM BEHIND US ECONOMY WILL BE OVER, AS SOON AS THE PRESIDENT SIGN IN TO LAW THE STIMULUS BILL.

Spencer Akins February 17th, 2009 9:58 am ET
Why is the news media just now asking these questions or making comments about the so called stimulus?
------------
Because the media has no clue when they smell smoke. They only know how to scream "Fire!" when their nose is burning!

Rush is right - they've become nothing more but a "drive-by" media!

About welfare...for every person that abuses the system, there are hundreds, if not thousands of people who use it as designed. I came from a poor enough family that we were on food assistance. Both my parents worked. My father was a HS teacher.

Do people abuse the system? Yes, but people also abuse the tax system (corporate welfare and tax shelters), spend their student loan money (which we do subsidize to keep interest rates low) unwisely, flunk college courses paid for with grants funded by our tax dollars, drive overweight vehicles on (and thereby ruin) the roads that our tax dollars pay for....

Should we get rid of all of these because of a few bad apples? Seems a bit extreme to me...

The secret to the stimulus is how greed will ruin the plan by everyone taking the money and pigeon-holing instead of spending. I think the bank reregulation should have happened first!!!

I just recently became a US Citizen, I have been in the US for 20 years. I really wanted to vote for Change. No Ch-ch-ch-change but Change. The republicans and President Bush has driven our economy into the ground. That is fact! they have had their chance and on their watch they let the Amercian Economy fall into a depression. They had no solutions, they have waisted 340 Billion of the tax payers money on the first part of the Tarp. No accountability no insurance just a hand out to the banks and Wall Street. Courtesy of the Republicans and George Bush. How is Obama's stimulus plan not going to work when there is not other alternative. At least someone is trying to make something happen. The Republicans have had their chance, for 8 years they have corrupted and crashed the US Economy. Time for change is Now.

this stimulus plan is a bandaid not what's going to fix the problem. Greed is the reason we are in this situation. Business is no longer conducted with integrity and honesty, it's about making the most money at whatever the cost. Not only that, but it doesn't seen like people are being held accountable for their mistakes. Allow these corporations to suffer the consiquences of their actions. We will all suffer for a while no matter what but no amount of money is going to force change in the way people think or the way business is done in this country.

I think we should stop all givaway programs no matter the merit. Scholarships, school student loans, car loans, home loans, small business loans, corporate loans, federal loans, grants of all sorts, tax shelters, income tax refunds, food stamp assistance, unemployment, and welfare. All these are some sort of giveaway to assist americans, who are in some sort of need or to give back to the tax payer. Where is the justice? All the above listed giveaways have a class justification, where one is judged more moral than the other. When, in fact we should not expect anything? We should work and buy what we can afford or save to be able to afford it. We should not expect any income tax return, or assistance. If we do not work we should not eat! Now for those who endorse one givaway over another this would settle the debate! But, woe to them if they are unemployed, foreclosed upon, business shut down, can't afford college, can't afford to pay cash for a a car, can't afford to pay cash for a home, can't afford to start up a business, can't afford to buy goceries or pay the electric bill! STOP THE CLASS BASED RACIS CRAZINESS!

I would prefer that the 535 Congressmen stop spending our money on something they HOPE will stimulate the economy and let 300 million Americans decide for themselves on how to spend their money. The inovations of 300 million Americans will trump 535 Congressmen.

Hey this is very important. Today President Obama is giving a major announcement. Our lives could change forever, It's time to get on the Obama bandwagon. We had a Bridge to Nowhere. Let's hope this isn't the Train to Nowhere.

This is very important. We need to stop bickering and get with it. This is the land of the free and the home of the brave, We've got to stop fighting each other and do what we can for America. A lot of poor souls here and even around the globe are counting on us.

The solution is to fix the problem that started it all – housing. If the government would provide (or guarantee) 1%, 30 year, fixed rate mortgates, housing pricing would escalate. No more toxic assets, no more foreclosures.

The auto crisis:
The car industry has known for years that we the people would like to see cars move away from foreign oil consumption. In fact GM has been very involved in stifling the electric car movement. See "Who killed the electric car on DVD.
So now they want to use our money to bail them out when all along they could have made the transition a few years back that would have made the sales they needed to keep in good financial standings.

I say we give our money to "Shai Agassi" of "Better Place" who is converting Denmark and Israel to electric cars. We need to let these idiots be victims of there own doing.

David Burnett
Albuquerque, NM

Once you are lucky enough to discover that you have got a bubble in the system.. And once you are lucky enough to have it kindly bursts in your face.. You let the system touch bottom; find its true self; and allow it go back up again “Is it so deserves!!!” OBAMA’S LOGIC SAYS “NOT SO.” It seems to me that he's fantasizing while awake about bringing the standards of living back up to those of the Live Housing Bubble era.

David what amazes me is that most of the comments out here are dealing with this crisis as if it's some unique INTERNAL American problem. This is true only in the sense that we had government 'leaders' over the last eight years that concockted one the most horendous Ponzi Scheme scams of all time. Namely get American to spend their savings and the equity in their assets (namely homes) to by cheap COMMUNIST Chinese and other foreign goods whilt their very livlihoods were being undermined with winks and nods and outright incdentives from the Federal government to have private industry outsourse our industrial infrastructure and with it those high paying jobs it produces to the Government Sanctioned Slave Labor colonies of COMMUNIST China and SOCIALIST India. the net result was that entire life savings were spent and equity in assets was disolved without any way of Americans replacing them with High Paying Income fo the Jobs that were sent overseas.

This my friends is the cruelest joke that neo-con Republican Greed mongers have ever played on the American People for mere short term profit. Not only has it nearly destroyed the American Middle Class which is the Mainstay of Stability and the engine of economic growth in our Nation but it has nearly destroyed our very Democracy.

This stimulous bill is most certainly a beginning step in the CORRECT Direction but our new President and Congessional Leaders must now propose longer term solutions which will re-establish our industrial base and provide those High Paying jobs that our Industrial base produces to stabilize and re-grow the American Middle Class ! Made in U.S.A. must become a major National Battle Cry for every Patriotic American in dead as well as word and our National Government must openly spearhead this effort with cash and tax incentives to those that compy and with tax penalties and criminal penalties for those that DON'T !

To CNN......PLEASE Investigate why I have to jump thru hoops for "Loans/Grants" from SBA and other departments and banks who are suppose to be working with SBA....just to tell me after miles of red tape...NO! only immigrants and minorities.

Obama said he would help small business...no question.

He did not state only a "select few".....as I noted I want work not handouts like Big Business who gets "blank Checks for BIllions" within a phonecall...let alone the five months I waited to be only told no....they would have saved me time and money by stating we only give it to only TWO types of status....The one guy told me the USA wants immigrants to get a chance at the "american dream"..where is my dream? I only asked for $159,000...not $100 billion. Is there any hopes and dreams for us? I am about to have my lights turned off, and car taken away..no kiddin...like in 8 days.. I am a single parent too..I am over this double standard.

I am stupified, in this age of oil dependency,regarding simple things the gov't might do to ease the pain of oil shortage.
Why doesn't the gov't either demand from oil conglomerants:Exxon Mobil etc to begin immidiately building HUGE oil storage tank batterys throughout the US ?Lets build up the quantities of oil taken from our native soils and stockpile it.into the "megabarrels" In time the stockpiles will fill to capacity and eliminate any reliance on foreign quantities.
Have the govt spend billions on its own storage facilities here in the states and put people to work.Put the bailout money"our money" where ,in time, it can do a world of good.Billions of barrels of oil ,on hand , that could be refined with existing refineries, as demand takes it .????
Mark

LET ME SAY THIS: Remember when Bush said to put social security into the stock market what a joke. After 8 yrs. of the rich getting tax cuts now look at this mess Bush has left us in. With homes, jobs ect. republicans sat on their hands and confused the public for a long time that things are great. Now they are out of power and cry for some bi-partisanship give me a brake. This bill will not fix everything but at least it shows something is being done and I tip my hat to the only 3 republican senators that voted for the bill they had enough common sense to know this is not to the time to play politics.

The main problems with government forcing mortgage rates to artificially low levels, (e.g., 1% proposed by Dave), are:
(1) It would indeed artificially inflate housing prices, which are already far above normal, sustainable levels relative to incomes (see, e.g., Case-Shiller data). This fundamentally unsustainable condition is key driver of the present crisis and such government intervention would only exacerbate it.
(2) Those who buy at the artificially low rate, and correspondingly inflated price, will find themselves with little or negative equity ("underwater") when interest rates get back to normal and prices decline correspondingly.
(3) Any such artificially low rate is ultimately being paid for by the taxpayers. If this rate were available also for refinancing of existing homes, it would have the effect of transferring tens of billions of dollars over decades from the poorest among us, who generally rent, to the richest, who own. Economically misguided and morally reprehensible.

The main problems with government forcing mortgage rates to artificially low levels, (e.g., 1% proposed by Dave), are:
(1) It would indeed artificially inflate housing prices, which are already far above normal, sustainable levels relative to incomes (see, e.g., Case-Shiller data). This fundamentally unsustainable condition is key driver of the present crisis and such government intervention would only exacerbate it.
(2) Those who buy at the artificially low rate, and correspondingly inflated price, will find themselves with little or negative equity ("underwater") when interest rates get back to normal and prices decline correspondingly.
(3) Any such artificially low rate is ultimately being paid for by the taxpayers. If this rate were available also for refinancing of existing homes, it would have the effect of transferring tens of billions of dollars over decades from the poorest among us, who generally rent, to the richest, who own. Economically misguided and morally reprehensible.

If gas prices continue to go up they will take back the increase in the working peoples paycheck they are suppose see in June.

1.51 a gallon one month ago
1.91 a gallon today that is a 20% increase, if it is costing some working people about $50 a week to go to work, then it has already costed them $10 more per week to get to work........!!!! it does not take a "Rocket Scientist" to figure this out........!!!!!!!

Reality check people. I listened to some interesting comments that were made at the detroit auto show. With the big three auto makers struggling to stay alive being acussed of making vehicles that nobody wants yet it seems that all vehicle manufacturers are sufferinfg similar fates. The comments centered around the fact that with our fuel prices being so much lower than that of europe what is the incentive for people to go out and buy a fuel efficient vehicle when gas here is dirt cheap. With so much talk about how american tax payers are going to pay for a nearly trillion dollar stimulus package i offer this thought. With roughly 250 million registed vehicles on the road using an average of lets just say 200.00 a month in fuel a 15% increase in fuel tax each year for the next four years would still make our fuel cheaper than that of our europen friends, but would add nearly 500 billion dollars to the cause of paying for this stimulus package. Maybe even create some demand for fuel efficient vehicles and inject money into further greener product development. Not to mention the fact that 500 billion could go a long way to stimulate other sectors of the economey and employ hundreds of thousands of individuals. Now I know some critics will say how can people afford another 30 bucks a month in fuel when times are already tough but is that to much to pay if it means you will still have a job next month and not be worried about the prospect of being laid off? Just a thought from a Canadian friend.

You want to get the nation moving again ? Stop the practice of business as usual! Why not stop the oil companies from taking money out of our pockets, by raising the price at the pump the day prices increase and taking weeks to drop the price when it falls ! Stop the banks from charging us a fee for using the ATM to get our money out from one bank and then another fee from our own bank, when they both use the same system ! Stop insurance companies from charging one fee in one neighborhood and two streets over more ! Make the oil companies pay the royalties fees from pumping oil out of govenment land ! Give us saving incentives by allowing tax deductions for the money we save, allowing more money to be invested ! No, it doesn't take rocket science to see the rich are for the rich !!!!

Too much pork in the "Stimulus" Plan. Too bad they can't write a bill that only addresses the subject. Spending Billions of dollars isn't going to fix this mess. They need to stimulate the economy by allowing businesses to grow and hire people, not tax the living life out of them so they move out of the country!!! Why do you think we call India for technical support?

Dear David,
I largely agree with your assessment of the future economic problems facing President Obama. What many people don't realize is that, if Obama fails, the country fails. As a political science professor for over 30 years, I appreciate the intelligent, deliberative, and rational way you and Jeff Tobin analyze things and make comments. Unfortunately, I fail to see that objective and intelligent approach displayed by others on CNN, such as Lou Dobbs, John King, Jack Cafferty, and Campbell Brown. Nit-picking, unsound criticism, microscopic analysis, etc. by CNN and others on cable tv only spread a negative psychology to Americans, and might lead to a self-fulfilling prophecy partly created by the media. There need to be more people like you and Tobin on cable tv. Keep up the good work!

One of the main contributors to the Recession is not only getting off scott free but is continuing its harmful policies without a word from the President, Media, or Congress. I am refering to the massive layoffs in the Auto Industry, trucking, and Airline Industries caused by out of control gasoline prices. Auto sales have not rebounded from this event because the Oil Companies have not been given the attention they deserve and continue to overcharge by as much as 50 cents a gallon on gasoline and deisel which should be selling for under $1.50 a gallon with oil at $34.00 a barrel....Obama promised to replace the windfall profits taxes on Big Oil and was going to use them to help the stimulus package costs-sounds like Bush sayiing the Iraqi's would pay for the war-The American Public needs to be reassured that the OIL companies will be under Congressional oversight and the loopholes in the Commodities Market will be fixed to prevent a reoccurrance of a National Disaster!!!!!

Hi David, always happy to read your blogs, as I know they will be knowledgeable and informative. I listen most closely to your commentating on TV; your ideas are objective yet principled, and you concisely summarize for us the big picture of what is happening at the Capitol. I agree with those who favor nationalization of the banks. At this point banks are afraid to extend loans and credit in spite of the billions of bail-out money, so it seems nationalization will be hard to avoid.

Why is everyone so negative about the stimulus package.

Why don't they follow Rush, Glen and the rest of the Republicans.

Cut taxes, oh that is if you have a job.
And do nothing....Gee isn't it what the last administration did.

Ask the governor of California...what a mess he's got his state in..
Cut taxes, and look the other way. Well, it caught up with him.

Now, he even needs a bailout....what a joke.

Ron Paul talked about the fradulent economic system that we live in is what truly is destroying our economy if banks will continue making money "out of thin air " We will never be free from this debt. I emplore all of you to research Jerome Daly v. First National Bank of Montgomery they wanted to forclose on his home but he beat the bank in court because their loan practices were deemed fraudulent. The case took place in Minnesota in 1969 please look it up it will open your eyes to the corrupt nature of the government.

------–We have been fooled,thus we are fools--------–

The debt load we are taking on will hurt future generations for decades as our currency is diminished against all other currencies of the world, making our country's exports worth far less, while making all imports (including oil and cars) far more expensive for all of us. With Social Security estimated to go negative in 2017, our country is facing bankruptsy.

I heard this morning about some details of the stimulus package. A tax credit (up to $5B in bill) will be given for weatherization of your home. Great idea, improve energy efficiency, create a few new jobs...

Then the details, it must be at least a family of 4 and earn less than $42,000 per year. What family of 4 earning less than $42,000 per year would own a home? Much less have the extra cash laying around these days to pay someone to weatherize their home and then wait for a tax credit. The Republicans may get what they wanted after all, a much smaller bill. I have a feeling a lot of this money will not ever get spent because, the targeted Americans just don't exist!

The price tag of this bill is say $1T. If they handed out checks to each household (110M households) that would be $9,000 per household! The majority of that would be spent in the local economies. The government could force it to be spent by requiring receipts for tax exemptions. Anyway, only time will tell.

Whoever wrote the quote at the bottom is leaving out something. He did NOT get refused because he not an immigrant or Minority unless he specifically applied for something only Immigrants or minorities can receive (english language training, etc).

Most of the time when I hear these stories, they are altered enough to hide some fact that reveals the truth. The rest of the time, I do not find out the truth. In this case, he did not get what he wanted. His other issues made it about a liberal government (yes, all the conservatives are gone now) and non-white people. He needs to wake up and tend to his own business and stop trying to blame the 'different' one in his neighborhood.

February 17th, 2009 10:04 am ET

I am a small business in Virginia..I have been in business since 2006. I have worked two jobs to save up the money to start it. I am a Navy vet..but when I applied to get an SBA loan, was told sorry I needed to be an Immigrant or Minority to get any funding, but a illegal immigrant down the street got a home improvement grant for $15,000 in less than 2 months. Did I note Illegal? Am I mad? Yep. I bust my butt and get nothing..told I am more or less not “Politically Correct” to get assistance..

AC360,

Please remind everyone the President has only been in office not more than a month.

Send to you some possible resolutions, not complaints...those should be reserved for ???

It is like a business. If you need to grow your business, put money into it. not cut back!!!!

Also, there is a couple of CNN programs which air between 6pm and 7pm, they are part of the fear problem. They are negative in every sense of the word. They feed upon people's fears....Stop it.

AC360, remind them the President is not the problem...

Ask them if cutting taxes for the unemployed is?

Ask John McCain...part of the problem.

After last week I am still wondering what exactly do the republicans really want for stimulus – other than tax cuts? It seems that they are against most programs that serve the people. What then are their actual ideas for saving our economy and creating jobs?

Despite the package passing, it seems we need to discuss much further the intentions of the two sides of the aisle, because in our minds, we are beginning to see a sad and dangerous cleft in our government. Can the media help reconcile the public's image by exposing what each side really stands for?

As usual, your comments are insightful. A big 'if' to any economic accomplishments will be IF the Congress (both houses and parties) are willing to work together with the Obama administration, and IF the American people are patient.

Hi, David Gergen!

I'm Brazilian, I'm in a Go-NoGo if I will go to live in USA because of the crisis, and since then I have followed the work of AC360 to know what I expected.
So if I deceive in something, forgiveness.

President Obama deserves our trust in everything that represents. But he assumed the presidency, at a difficult time remaining and one of its biggest challenges is managing expectations and to avoid many frustrations.
The crisis will worsen before improving, President Obama has said repeatedly in his speeches. But as worse? How will people's lives in this time?

The packages are so many: one is to help the financial system, another to stimulate the economy and combat recession. There is a package specifically for the real estate market.
I just read about PLAN N (Nationalization), but the people want is to see results, improvements and to have purchasing power, to have jobs, etc..

I read that the complexity of the international crisis will make Obama Government acts on the basis of "trial and error."
This means that there is no consensus among leading economists about what should be done to solve the problems in the international financial system and the American housing market?
What do you think about this?

I grew up in the midst of multiple economic crises. Sign in a crisis is very easy, but exit ...

I'm wondering to myself (all the time) as a country like the USA, with so many riches and with so many competent people arrived at this point?

Thanks ... I imagine how difficult it is in times of economic crisis, his work: it gives good news, is criticized for not seeing the reality, if say that the news is bad, takes the blame for speaking in disgrace.

Thank you very much

i have never seen more incompetence in industry than in the mortgage servicing business.JP morgan chase/wamu is the worst at responding and completing any workout programs for its borrowers.Aswell you may want to know wells fargo is not allowing wachovia to asst any of its home owners with help.option arm loans are a large part of that porfolio that came from world savings. they knew what they were buying and now we the tax payers are bailing them out and we can not get the help needed we have been promised. i would be fired if i ran a company the way they do and the are complaining about their pay and or bonuses. you got to earn it like the rest of us in america!

My thoughts are this the plan is to save or create jobs BUT keep this in mind even if one job is not created at least the new president can say he saved how ever many jobs that are left.

PS it is always easier and save face by saying you saved X amount of jobs than you can create

just a thought

Mr. Gergen,

My husband moved to Mexico where he is working for a living to support his family in our country of origin; these United States of America. We are very grateful for him and all his hard work, assured that he does all he can to provide for his family. But for us more “stimulus” down the road won’t be soon enough. Sure now, administration insiders believe that the package will begin to help quickly in saving jobs that might have been lost; but, so many jobs are already gone – been gone for years. Those of us living with the uncertainty of growth any time soon in the Home Building industry are already at a loss.

The creation of new jobs — or at least those that will show up in statistics – seems like a fantasy. For us personally there are no longer unemployment benefits (they ceased when he took the job in Mexico), COBRA health insurance benefits will expire soon, taxes on my husbands earnings in Mexico will be owed both there and in the U.S., as well as the state of Colorado this April, and we won’t be able to pay any of them unless our house sells at our asking price – which seems unlikely based on its current value estimate. We feel doomed because even with a job in Mexico there is still no job security, but we are still hopeful because we have income and are not yet near bankruptcy or foreclosure. We’ve been there before and I myself cannot help but recall that terrible time and feel the same pain for people losing their jobs and homes today. I’m always praying things get a little better soon for those families, not only with the help from this stimulus plan, but with our power to persevere. God bless them, our President and our beautiful country. ~ L.C.

Rosm

California is an example of a Liberal run state...Tax and Spend. Look for that to happen to this country. The Democrats spend like drunken sailors and when the cash flow slows, their only solution is to tax and spend some more!! They know no other way!!

David here are my thoughts... Please print.

Auto Crisis – Do a structured bankruptcy. Put Americans back to work. Urge quality and innovation. Upon completing the first phase, give backup assistance.

Housing Crisis – what about the ones whom already lost out....
help was too late for them. Offer something whereby, everyone who can afford it, can participate...even if they lost there homes through forclosure. Many forclosures are really due to upside down mortgages. Paid $600k, now worth 100k. Was it overrated in the first place?

The banking crisis – order a meltdown... in order to receive funding, the banks must do zero liabitlities, and must immediately loan out what they received from us..THE US GOVERMENT.
lOANS should not be all based on FICO and friends, who don't know what happened. Humans should loan the money on a case by case basis. BUT LOAN the money.

Aw...the FEderal deficit....SIMPLE, get an eraser and start from scratch....recreate it...

URGE QUALITY, BUY AMERICAN...put America back to work.
Get out the shovels, roll up your sleeves and lets go.

Even if the stimulus bill creates or saves Obama's high estimate of 4 million jobs, that is about $230,000 PER JOB. If you just gave people the moeny we would be better off.

This spending is all borrowed money, so in my opinion this amounts to stealing money from our sons and daughters. What right do we have to spend with borrowed money that our children will have to repay two or three times over with interest?

IT IS JUST PLAIN WRONG!!

Since Bush and Cheney fiddled while Rome burned Obama is left with the worst financial debacle in history and the dear Republicans could care less.

David, I respect your commentary and analysis tremendously. You have maintained very high standards of impartiality. The one suggestion I have is that we seem to get political commentators night after night commenting on economic matters. I'd like to see CNN do a series similar to Black in America, which explores in depth what led to this economic situation. Bring in the economists to tell us, not political commentators. I'm tired of hearing how George Bush caused it all, when anyone who does a minimum of research will see that the roots of this problem go much deeper. We keep hearing about 'derugulation' but never hear specifics. What bills deregulated which industries? Who sponsored them? Who voted for and against? There are some economists who are say that 'do nothing' is the best answer in the long term. That these rescues and bailouts perpetuate the weak businesses which should be allowed to fail for a better, stronger economy in the future. We need more than 5 minute sound bites and panels commenting with a political spin instead of an economic one. Do tax cuts really hurt or help, or both or neither? I'd really like to have a detailed economic anaysis of the stimulus, and what generates jobs vs. what doesn't.

David,

Many of your bloggers have come up with some good ideas.

I especially like the one to expose BOTH SIDES OF THE AISLE in Washington.

Let the American public know whose really obstructing their path back to prosperity. And why for almost 30years American has remained on the loosing side of the road.

THE LAW MAKERS WE PUT IN OFFICE HAVE EGO PROBLEMS....
EXPOSE THEM, so we can get them out, and just maybe we can get something done.

Until then, we will never prosper. One administration will get close or put it on track (92's to 2000) and another will tear it apart(2001 to 2008).

"And economists of almost every stripe complain that its impact was weakened during the political wrangling"

It is a little bit late for media and GOP to support President. A great damage was created in so called "talk shows", by so called "economic analysts" (I must say that CNBC was the worst) and by so called "patriots" who spent many times more for fun then President for Economic Stimulus and help to suffering American people. It is shame.

I hope I get somthing out of the Stimulus other than a bill. Really all I have to say right now. I pray they do something for the people who are in their homes and trying to keep them.

For the life of me, I don't know why anyone would have wanted this job. President Obama has been left unprecedented problems to deal with and he is certainly trying his best to solve them. He has not come unglued or frustrated, at least outwardly, and has stayed calm and reassuring which your country badly needs. He has been juggling so many important different issues and has been on top of them all. He is so clever and exudes confidence which is refreshing. Imagine if McCain had won and was trying to solve the economy with tax cuts for the rich and big business and VP Palin was giving foreign affairs speeches oversees. Very scary thoughts! I expect to hear the hypocritical Republicans criticizing everything he does but I am very disappointed with the media who is constantly picking at the little things, asking "gotcha" questions and being overly negative. Your country needs support and confidence right now from everyone, not backstabbing and negativity. If you concentrated more on the good things in the stimulus and how it can help ordinary people it could help to calm everyone instead of working them up into an unnecessary frenzy.

Everybody is a expert right? The stimulus is not enough.There are not enough tax cuts. Left and Right, Up and Down. Pres. Obama is taking this MESS head-on, not making excuses, not being unprofessional and childish because they lost the election. ALL of CONGRESS should be together, the Republicans will see the country fall off the globe only to be able to say Obama failed, is that fair to America. Is it fair to be against the ONLY person willing to put any ideas on PAPER to help save the country. WELL LET"S HEAR SOME IDEAS INSTEAD OF BEING CRITICAL. So far, the Pres. Obama's stimulus is the only viable thing on the table.

Our President has been in office less than 1 month and some people are ready to put him on the firing lne and he has only just begun.Let's give him support and help in anyway we can.I have never failed to vote since I became old enough.I have learned A few things so far,one is when we put A republican in office the democrates didn't do their job.And then it works the other way as well.The Republicans that voted you in should now stand tall and let freedom roll from their voices and hearts.Mr. President and Mrs.First Lady you have an enormious job ahead..Let us all stand tall and not waver in our faith in you and your family.God Bless you all each day and take care of each other.This is our only way we will be A success.When we were in war in the 40's we stopped making cars altogether for about 3 years.Let's do it again.No one can afford A new car or new house.Put the money back into our military and rebuild.We are in bad shape,this would create jobs galore.Build tanks,planes jeeps and let the women work and the men protect us as they are already doing.All for one and one gor all,Barbara J. Garcia ,8309 Petunia wy. Buena Park,Ca.90620 Ph#714-994-1126

"why are we giving our tax dollars to these corporations, who clearly have no idea how to use it. here is my theory, there are @ 300million LEGAL american citizens..give every LEGAL american citizen 1 million dolars. people will spend, people will save.everyone will be happy"

Now that's a great idea! Invest it, spend it, buy a house with it. That's what Americans need right now. The liquidy issue goes away, Jobs would be created to meet increased consumer demand, and people could pay cash for a new house. Note: $300,000,000 is only 30% of
a billion!! Brilliant!

Gergen for Commerce Sec!

You need to ask yourself "What's going to happen to people's hope and their lives when this Stimulus package takes a flop"? Desperation does funny things to a person.

This just in, the President has a tough road ahead of him. Well thank you David Mr. Obvious Gergen. We can argue all of this money talk until we're blue in the face, but the bottom line that will determine success or failure is if Americans are going to rally behind whatever legislation is set and make the most of it. I don't care if the President tells us to go out and shovel manure, if we don't make the best of it then we're in deep doo doo indeed.

When you think about it, George W. Bush is like the fellow who leaves the burning package on the front porch containing filth and feces such that when the unsuspecting occupant of the house attempts to stamp out the flames, he nonetheless gets crap on himself. Bush new about the imploding economy long before it happened and allowed it to come about, no matter the consequences to the following president. Such pranks are well known in college but are repugnant in everyday life. But Bush's shortcomings which are many will only paint Obama is a greater than great president because he needs to be if he can succeed given what Bush has handed to him and given what Gergen has stated! George W. Bush, the man who keeps on giving as disgusting as it is!

Why is no one reporting on the cost to fly air force one to Colorado and back? What a waste of OUR money. The election is over...where is the careful spending...going through everything line by line..he is acting more like a rock star...this is OUR money not his GRANDSTANDING money. I work very hard for my $10 and hour and he is flying a jet that cost ME $30,0000/per hour!!!! Give me a break. Where is the MSM on reporting this????

To Michael K, I believe that you got your information wrong. The comment you were addressing said that he went to the SBA (Small Business Association) for a loan for his business. They said that he needed to be an illegal immigrant or a minority to receive any funding. What kind of nonsense is that? Why would an illegal immigrant have priority over a businessman from the US? You don't think that that is wrong? Then he went on to say that an illegal immigrant that lives near him got a grant for home improvements on his house. Why should he get any money from the US, he doesn't pay taxes (I'm not talking about sales taxes) on the money that he makes, why should he profit from our tax dollars. This is the biggest problem in this country, we want to help people that won't help themselves, or else they really are not citizens of our country, but are profiting from our tax dollars. We all need to wake up and take our country back to where we cared about what happened to the country and not every one else.

I am so tired of this insane American assumption that the abusers of the system are the rule rather than the exception.

Do you people honestly think that anyone wants to be unemployed and that they don't deserve help until they are employed? Most people don't abuse the system.

My husband doesn't WANT to be unemployed, he just can't find a job. And yet he's tried. Even to the point of starting to call around to companies asking if they're hiring. But for low level jobs they say he's overqualified (which he is) so they don't want to hire him (despite the fact that 4 months of unemployment means we're starting to get desperate) or that they aren't hiring.

Do you honestly think that he's riding unemployment because he wants to? He's horrifically embarassed to be on unemployment and thats the truth. He was so embarassed that he wouldn't leave the house for the first week after losing his job as though he felt that people could see it on his face. Not to mention that he's getting depressed.

Honestly, stop this arrogance. Gvt is NOT the enemy. They are helping which is what they're for.

For the first time in a long time, there is a President that actually cares about all of the people he serves instead of just the rich ones. He's trying to make things better for all of us.

Frankly I'd rather take the long term difficulty's in paying this off than have my wonderful husband be unable to find a job for yet another week.

Once again, it will be up to the professional sales people of america to get the economy going again.

Don't laugh. This is not a joke posting.

It's true.

If you are a business owner, or have influence on purchasing, do not make things worse by freezing spending. Work with your professional sales person to find solutions to your problems. Your order does much to keep the economy going.

i do not see were any tax cuts are going to help if everyone is unemployed and the fact that only part of this money is going to be spent/wasted this year why did we need such a big package. what is spent this year we could have reserved the vote on what to spend next year with the remaining money after we found out whats working and whats not working......I like the idea but i think we are heading into the wind with this package as it sits.

I am a small business owner. There's no need to hold your breath to see how this so called stimulus package will oil the economy. The process to approve it, it's content and potential future impact is already a disaster. President Obama will do a great disservice to this country by signing this bill. It's amazing that we spend so much money on education and special programs, but fail to instruct in the most basic understanding of financial responsibilty and budgeting principals.

First, thank you David Gergen for a fine summary of what the new Administration is facing. I trust and appreciate your perspective.
Secondly, much of what we are facing is new, unchartered territory. For those who claim to know all of the answers...you are largely misguided or misinformed. Thirdly, a big part of the problem is that as a country, we are pathologically split. There are many people who would rather see this President fail no matter what. Our social and political patterns die hard... Liberal or conservative - it doesn't matter. Until we unite, trust, resolve and pull together from the extremes, our recovery won't happen. In closing, to Mike in VA, you didn't get an SBA loan for some other reason that has something to do with your financials.. I have been in business successfully for 20 years... I have been approved for an SBA loan and I am a middle-aged white guy. Go figure.

Rosm,

Republicans aren't against a stimulus package, they (we) are against THIS stimulus package. It does very little to help the economy. Tell me, what are you going to do with your extra $8/week. Way too much money being spent on pet projects that will do nothing at all. Sad really.

David Gergen, You should give lessons to all your CNN colleagues aout how to conduct oneself as a news reporter and analyst. Your thoughtful, articulate, intelligent and non-confrontational style, consistenly devoid of malice and cynicism, brings great credit to the TV airwaves, particularly, unfortunately, CNN. The other stations are no better, there are just fewer involved.

With much admiration and respect,
a viewer

When it comes to SBA it is so true... They are not lending... Looked into the matter with quite a few other business owners. Each one of us was told come back around March.. In the mean time there is no salvation for most of us.. Laying employees off and finaly closing the business. At this point 3 of the businesses are gone and a total of 11 employees are out of work..
I see that the SBA is not truly there for the small business owner. Big business seems to have made everyone suffer. Small business owners are the back bone of the country yet we are not being helped.
So much for help from the SBA... I don't believe this stimulus package is going to help the people only those that sit in Washington.

Everyone looks for someone to blame...when the truth is that those who point the finger have only themselves to blame. When you agreed to take that job, so the business you work for could grow, so you could get more money, so you could spend more money, so you could have more, so you could have more to lose, so you could blame for your loss....maybe because you think you deserve it, you earned it, you are due it, or your neighbor has it....in reality, everyone on this earth starts with the same that they leave with, and everyone has the freedom to choose where they want their life to go (or not go)....that's the American Dream.

It's not HAVING IT ALL so that when the bubble bursts you're still fat and rich and isolated from 'those below you' That's false security...and this nation is soon to find the consequences of that type of thinking.

RJ, CA – Rush is not right about anything! If anyone thought that Obama was going to step in and everything was going to suddenly be perfect, well I have a bridge to nowhere I would like to sell you. This huge mess took a long time to develop and there is no quick fix. Americans have persevered thru some of the toughest times in the history of mankind so we should all put our noses to the grindstone, quit whining and bickering and remember the three most vital platitudes for humankind; 1) The Ancient Greek Ethic of Reciprocity (Golden Rule); 2) Voltaire's "I disagree with what you say, but will defend to the death your right to say it"; and most importantly 3) Patience is a virtue.

Well our Congress and Senate have passed a very large Stimulus Package to bail out the very elite and rich on Wall Street, also our bankers, our auto makers, and today our President signs all of these dollars into their hands, what a blessing for this group. Not any concerns for the group of working People who have to work and pay the taxes to repay this Giant amount of money, except the chump change check the other administration gave us, and the four hundred dollar chump change this administration is offering. What an opportunity our Congress and Senate passed up to really help the citizens of the United States, they started at the top and they should have started at the bottom, because money in a clinched fist will not fall out, but in a hand that has needs it will be turned loose for what the good ole USA needs, products sold. All of these congress people always say they want to do what is good for their people in their areas, well for less than fifteen billion dollars they could repair Social Security for hundreds of years, repay Fannie Mae, Freddie Mack, College funding, food stamps, Hud housing, banking problems, and a bunch of other things, We as Americans need to learn to do addition again and not just take numbers that people throw at us for granted, or assume the numbers are true.

I wish people would stop making the suggestion that we give every person in this country 1 million dollars. I think the people that make that suggestion either don't know how to do arithmetic or they are certifiable, since it would involve paying out $300 trillion dollars, not $300 million unless we were to give everyone a dollar, which I think we can all agree would not do anything for the economy. To put it in perspective, our national debt is somewhere around 3 trillion, and that didn't happen overnight, so to increase it 300 times in one distribution would be insane if not impossible, since the country is already essentially bankrupt. The bigger issue surrounding this idea is that we should not be giving anyone anything. This country did not become the economic powerhouse it was before this crisis by handing out anything to anyone. It was the result of hard work and perseverance. The problems we have now are being perpetuated further by the fact that we are bailing everyone out, and no one has an incentive to succeed. So stop with the handouts. No one is going to get a million dollars from the government to sit on their butt, and Obama is not going to save you if you don't make your house or car payment. Stop relying on the government to solve your problems. That is a sure fire recipe for disaster in your life and not what the founders of this great nation intended when they drafted the Constitution and the Declaration of Independence. The one truth I learned early in life is that you don't get something for nothing, and to expect the opposite does not agree with the laws of ecomonics. How many examples from history do there have to be to realize government is not the solution but rather the problem? It didn't work for the Soviet Union, socialized medicine does not work in any country that has tried it, and that kind of mentality is a guaranteed failure now. Please wake up people, and stop waiting for your check in the mail, get off your behind, and make something happen for yourself. That is the only way out of the mess we are in, and that is not my opinion, that is the fact of the matter.

If the Republicans continue to rail against this stimulus, there will be no consumer or market confidence. Tax cuts hae not been the answer and Republicans refuse to conced this. I was truly hoping to see some partisanship in facing the worst crisis in my 54 years. Unfortuneately soem people would rather be oppositional depite the fact that EVERY economist around have said there should be an even bigger stimulus and that atx cuts are NOT the answer.

I couldn't believe my ears sunday when Senator Lindsey Graham said he hasn't ruled out the idea of Nationalinzing the Banks....Did Rush approve that message?

Don't forget that Obama flew to Illinois over the weekend costing the taxpayers $30,000 an hour to celebrate Lincoln's birthday!

I was recently laid off from a small engineering firm in San Antonio, Tx.
There was only approximately 8 employees at the time of my layoff and we had a health group program but, being smaller than 20 employees I have been informed that I can't receive COBRA. I can still receive a state continuation health plan from my ex-employee health group for 6 months as I am told. My question is, will the stimulus package help unemployed workers with the cost of this plan considering it is much higher because of no employer cash input? Or are there any other programs for health care for the unemployed this package may create.

Question: What is the government gave every househoold, $100,000...and let them use it how they see fit...re-finace their mortage, buy a new car, etc. instead of bailingout the banks. I figure this would cost about $12 trlllion with about 120 million households., give or take a few. How much are we up to now in spending and it is not getting there quick and there is more to come.
...Would $100,000 not stimulate the economy or some piece there of?

Food for thought!

What's happening now is what I was afraid would happen. The new president takes office and people expect him to snap his fingers and make everything ok. Folks, this is a global crisis. It was a long time in coming, and it'll be long and painful in going too. It IS severe and it WILL get worse. We've never seen anything like it because the causes were different than what caused the Great Depression, and the fix will have to be unique too. The point is, give the man some time, give congress some time, and understand that it WILL be painful. There will be more bankruptcies and more foreclosures before it's fixed. It won't be fixed in the president's first year, and possibly not even in his first term. That's just realism.

Jacqueline, nobody is looking down on you for working like you do. That's good, and just what everyone in the country needs to be saying. However, be a little realistic here. Air Force One flights to Colorado and back are expensive, but they certainly don't cost you, one single tax-payer, $30,000 an hour... you won't pay that much for all the AF1 trips in your lifetime. That is part of a set of measures necessary to ensure the security that any president requires and also ensure his timeliness in being where he needs to be when he needs to be there in order to run this country.

The problems with Wall Street, businesses, Gov't and the American people are all the same, none of them save money. Now Wall Street, the gov't and businesses all tell the American people to save money but none of them do it themselves. At the end of a good fiscal year none of the money is set aside for a bad one, no; instead the board members and top executives get BONUSES.. The same very thing everyone is mad about now was not a problem when things were going good but now everyone wants to point fingers. It's too late now. Accountabilty needs to be taken around the board because it's not just one industries fault, it's all of them because when America was on top no one prepared for the hard times.. America forgot one important thing about being on top.. there's only one place to go..... DOWN

I do have great revenue making idea
that'll be a huge economic panacea!

It is the best of all possible resolutions -
we simply tax all campaign contributions!

David:
We are all now legitimate victims of bad decisions by those of us who chose to participate in the fallacious notion that easy credit/money equated with equal outcomes. In the pointless effort to ensure equal outcomes we will all share equally in the pain of recovering a knowledge of individual responsibility for our own well-being. To depend on a government of any stripe (or its figurehead) to elevate our personal success is a foolish pursuit espoused by liars and believed by the historically ignorant.

Feel SORRY for tax payers in Calif. paying tax for a woman in welfare to keep having more kids as she wanted.

Feel SORRY for all tax payers in US (me included) paying tax to rescue Calif. government which abusing the welfare system for years.

Feel SORRY for Mr. President who faces such huge mess and can do nothing but keep printing money.

Feel REALLY SORRY for our next generations.

Let's face it....US will be the next Britain soon if we can't turnover quickly from living in debt!!!!

Just want to thank Obama and the idiots in Congress for mortgaging the futures of my children, grandchildren, and yes alsomy great grand children. Not to mention probably really screwing up my future retirement.

Well, maybe I can land one of those "six-digit" jobs resodding the National Mall?

You left out the "state and local government crisis". These government entities have, for years, over compensated public sector workers with wages and benefits that are presently wrecking public services. California and Kansas are essentially bankrupt. So is Oregon. To find out why, just consider Oregon's state employees. There are 23,000 of them. All have, in addition to a public employee retirement account – which the taxpayers are on the hook for, they all have a "stock investment" fund. The average account has slightly more than $100,000. Now, those accounts are guaranteed by the taxpayer. They also have a guaranteed minimum annual return of 8%. Now, the stock market has collapsed, and those accounts have lost an average of 35%. Add in the 8% guarantee and the taxpayer is on the hook for more than $43,000 for each account. $43,000 * 23,000 = $989,000,000.... actually slightly more than billion dollars. A similar system exists across the country, or state employees. The debt, a hug black hole, actually, is more than $100 billion. And that's just for state employees. Add in city, county, and other government employes and the debt is $300 billion. Then, ad in lifetime medical insurance, "free" medical insurance for dependents, their regular retirement benefits, and the ***unfunded*** debt for state and local public employees is in excess o $3 TRILLION dollars. It is very close, in size, to that other black hole, the financial services industry toxic debt load.

Everybody has a comment. Everybody seems to have a solution. Everytime I hear about a way out of this mess there are many opposing arguments. Does anyone really understand whats going on? Does anyone understand what's at the root of the problem. I certainly don't and
I think others are just guessing, They will poke and prod, tweek and tamper and the problem will work it's way out and very little of the so called solutions will have been effective.

Steve February 17th, 2009 3:28 pm ET

I wish people would stop making the suggestion that we give every person in this country 1 million dollars. I think the people that make that suggestion either don’t know how to do arithmetic or they are certifiable, since it would involve paying out $300 trillion dollars, not $300 million unless we were to give everyone a dollar, which I think we can all agree would not do anything for the economy. To put it in perspective, our national debt is somewhere around 3 trillion, and that didn’t happen overnight, so to increase it 300 times in one distribution would be insane if not impossible, since the country is already essentially bankrupt.
_________________________________________

Actually, the National Debt is around $10 Trillion and the Deficit is around $2.7 Trillion. I think you need to do more research.

Mr. Gergen, I live in a small town with approx. 4800 residents. We are faced with a "state mandated" sewer renovation costing approx. $8.4+ million, which we will be hard pressed to fund without the benefit of the stimulus package. This will mean several construction jobs and in turn additional sewer-related positions for the town. I realize the magnitude of the stimulus funding is well beyond anything attempted by the Federal Government. However, right now anything for us, at least for now, will help our Town off -set the additional service fees that will burden our tax payers for the length of time required to service the additional debt.

I remember hearing my parents and grandparents speak about the depression and how tough things were and thinking that that could never happen again. Well it is happening now and I think we all need to take a moment to look back to that chapter of our past because we came out the other side and we need to learn from the past. We need to stop pointing fingers at where the fault lies and about Republicans and Democrats and really pull together. We need to learn from the "greatest generation" about how to pull together as a nation and as neighbors to neighbors. During the WWII people sacrificed for the good of all. They collected metal and rubber and gave up much for the good of all. None of us are in this alone. We all are or know someone who is out of a job or struggling. This isn't a problem for the President alone to solve and everyone else gets to sit back and second guess him. We need him to guide the country and he needs us, all of us. The politicians aren't going to solve this anymore than they solved other things in the past. It is WE THE AMERICAN PEOPLE who need to band together, help one another, help our President, sacrifice if we must, turn to your neighbor and help them out. It may seem like a small gesture to loan someone $30 to get gas, but add all those small gestures together and we can do this! Stop whining and pointing fingers...let's just Suck it up, Buttercup and get moving forward!!!

Bill M

Sorry to burst your bubble but $300,000,000 would only get every citized a whopping....$1. There are 300,000,000 citizens.

You want to give everyone $1 Million? That would cost $300,000,000,000. That is $300 TRILLION dollars. Might be a bit pricier than the current package.

Take a math class.

Nancy Pelosi and Obama running the country? Im scared!

Why was it a priority for the Democraps to get this voted on??? OBAMAnation sat on it four days before he signed it...Because the LIB's didn't want to give the American public four days to read the BS that the LIBS were cramming up our A_S.

President Barack Obama has turned fearmongering into an art form. He has repeatedly raised the specter of another Great Depression. First, he did so to win votes in the November election. He has done so again recently to sway congressional votes for his stimulus package.

In his remarks, every gloomy statistic on the economy becomes a harbinger of doom. As he tells it, today’s economy is the worst since the Great Depression. Without his Recovery and Reinvestment Act, he says, the economy will fall back into that abyss and may never recover.

This fearmongering may be good politics, but it is bad history and bad economics. It is bad history because our current economic woes don’t come close to those of the 1930s. At worst, a comparison to the 1981-82 recession might be appropriate. Consider the job losses that Mr. Obama always cites. In the last year, the U.S. economy shed 3.4 million jobs. That’s a grim statistic for sure, but represents just 2.2% of the labor force. From November 1981 to October 1982, 2.4 million jobs were lost — fewer in number than today, but the labor force was smaller. So 1981-82 job losses totaled 2.2% of the labor force, the same as now.

Barack Obama Job losses in the Great Depression were of an entirely different magnitude. In 1930, the economy shed 4.8% of the labor force. In 1931, 6.5%. And then in 1932, another 7.1%. Jobs were being lost at double or triple the rate of 2008-09 or 1981-82.

This was reflected in unemployment rates. The latest survey pegs U.S. unemployment at 7.6%. That’s more than three percentage points below the 1982 peak (10.8%) and not even a third of the peak in 1932 (25.2%). You simply can’t equate 7.6% unemployment with the Great Depression.

Other economic statistics also dispel any analogy between today’s economic woes and the Great Depression. Real gross domestic product (GDP) rose in 2008, despite a bad fourth quarter. The Congressional Budget Office projects a GDP decline of 2% in 2009. That’s comparable to 1982, when GDP contracted by 1.9%. It is nothing like 1930, when GDP fell by 9%, or 1931, when GDP contracted by another 8%, or 1932, when it fell yet another 13%.

Auto production last year declined by roughly 25%. That looks good compared to 1932, when production shriveled by 90%. The failure of a couple of dozen banks in 2008 just doesn’t compare to over 10,000 bank failures in 1933, or even the 3,000-plus bank (Savings & Loan) failures in 1987-88. Stockholders can take some solace from the fact that the recent stock market debacle doesn’t come close to the 90% devaluation of the early 1930s.

Mr. Obama’s analogies to the Great Depression are not only historically inaccurate, they’re also dangerous. Repeated warnings from the White House about a coming economic apocalypse aren’t likely to raise consumer and investor expectations for the future. In fact, they have contributed to the continuing decline in consumer confidence that is restraining a spending pickup. Beyond that, fearmongering can trigger a political stampede to embrace a “recovery” package that delivers a lot less than it promises. A more cool-headed assessment of the economy’s woes might produce better policies.

Mr. Schiller, an economics professor at the University of Nevada, Reno, is the author of “The Economy Today” (McGraw-Hill, 2007).

We republicans do not support this spending bill because it will not stimulate the ecomony, the only thing this bill will stimulate is debt, and in the process will devalue our dollar and ultimately will bankrupt the nation. Further, no one, including Obama can tell the American people where he is going to get the money to pay for this pork fest that the Democrates and Obama have created. And for Mr. Schumer, who indicated the American public didn't care about the pork in this bill, you are completely WRONG!

After reading most of these comments I had to chime in. I listen to Rush Limbaugh. I am a republican. I also think we need to give Obama a chance to fix what is wrong. Once it is fixed and it will be. The people who caused the problem need a good butt whoopin. These would be the greedy banks making loans they knew were going to go bad. Also the individuals who took the money. My wife was a loan officer but quit when these ARM loans were being pushed. Look in the mirror did you really think you could pay $1000 a month for 3-4 years and be able to pay $2500. You were fooling yourself you bought too much house and you knew it when you signed at closing. So we had two idiots screw this up. The banks and the people that took the money. Look in the mirror people we ALL helped make this mess. Please dont give me the "well they should'nt have loaned it to me". Everyone of us budgets our money. Where did you think the extra $1500 was gonna come from? I now await the replies of the people who would sue McDonalds because the coffee's too hot. The people who jump trans am's over ravines because we saw it in a movie. You are responsible for yourself. It is not somebody elses fault. When we all wake up from the liberal politically correctness we are living in and realize it is not everyones elses fault you are where you are then we can truly get this right.

RE: Your comment on issues pertaining to “The auto crisis – As General Motors and Chrysler send their reports to Washington, scheduled today, there is a sense in the administration that no good choices lie ahead.”

There’s no denying that it’s a shaky issue. However, I'd like to comment on: Development and Improvements to local and national transportation systems based on knowledge, information and verifiable facts with respect to solutions already in place(?).

I’d like to hear about mass transit systems going the way of Palm Desert, CA’s Sunline Transit Agency with its Hydrogen Electric Hybrid and Hydrogen Fuel Cell Hybrid Electric buses, or conversion of shipping & distributing companies eighteen wheelers and big rigs to similar fuel efficient systems, or construction of wind turbine farms (admittedly ugly, but smart) like the ones near Palm Springs, CA.

There’s transportation and energy solutions already out there all over America that are waiting for expansion. I hope they get money sent their way, just as expected by Namaste Solar Panel Company's, Mr. Blake Jones after today's bill signing by President Obama.

Just putting it "out there." ~ L.C.

The economic storms are coming; and there is no one better equipped to be captain of the United State's ship than Pres. Obama. Imagine if the McCain/Palin duo would have been incharge. SCARY

For the past 20 years Washington has promoted Free Trade. We require our manufactures to compete against countries with no environmental rules , no OSHA safety and no wage standards.1000's of manufactures have left the US and we have lost 5 million manufacturing jobs. Free trade was supossed to increase our exports and create jobs. If Free Trade is working is working- then why are we running a $800 Billion trade deficit? Fair Trade now!!

The banks did not just get a bailout. They sold preferred shares to the US government. Wells Fargo just announced a $371.5 million dividend on the 25,000 shares it sold, payable Feb 15, 2009.

Some of these shares will make a killing, and some will be a loss. Overall, it has not cost taxpayers the $340 billion we have heard about. It could, but it may even make a profit for the taxpayers, as a similar plan did in Europe a few years ago.

It is easy to do some heavy accusing. Are the real criminals those who bought houses they could not afford? How about the investors who keep demanding higher returns, when companies cannot deliver them?

Let's talk welfare. In the "stimulus package" just signed into law, welfare has no end to it. In other words, you can stay on welfare as long as you want. What has happened to this country? We give out our hard earned tax money to people who don't want to work and are not expected to give back. Look at poor California. They are now paying for 14 children whose mother is MILKING the system!! Oh, but she has a need to give birth. What we need to do is to EXPECT those on welfare to provide a minimum of 20 hours a week to community projects such as cleaning up our parks, streets, working with kids in schools, helping a senior citizen take care of his/her yard, etc, etc. This will get folks to stop "expecting" handouts and accomplishing something that the community will benefit from. It's time to wake up America!! I'm tired of supporting every lazy person and I'm not alone!

The stimulus plan isn't nearly large enough. We were lifted out of the Great Depression by a massive public works project alternately known as World War II. After the war we were left with huge debts, but a booming economy. It will take projects of similar magnitude to get us out of the current mess. If the government to act decisively on this, we will be left with the kind of long term stagnation that has plagued Japan.

First, any repub not for the stimulus...well, give there $400 to me. Oh n!!! you won't do that will ya? How about then a simple explanation where the first $350 bazillion of TARP money YOUR PARTY SPENT!!!! SPENT! Like spending!!!! Like crazy out of your mnind rob the public spending. You have no right to criticize. Come down from your height of hypocrisy. Also....
If you have a credit card balance well you're number 8 out of 25 on Time mags reasons for the cisis. Blame the person in the mirror, then if your not satisfied blame the deficit SPENDING repubs.

This country may soon be faced with a troubling decision – either cut back in our efforts to police the world (Iraq, Afganistan, etc.) or continue to suffer with budget deficits and a fragile economy for years ahead. The ability to balance and redefine our roles as the economic leader and the military leader in the world within fiscal constraints may become the bellwether for measuring President Obama's presidential performance. We wish him the best of luck.

LMAO at Every Wilson: How is an income tax rebate a handout? If anything, it's an interest-free loan to the government. What do you propose? A flat income tax rate? That's called the AMT and you'll be paying it next year fur shur!

I'd like to recommend Russell Baker's books: GROWING UP," GOODTIMES" and "THERE'S A COUNTRY IN MY CELLAR."

They provide great insight about what our parents and grandparents endured, sometimes unknowingly, during their "depression." Compare his experiences to your family's ancestors.

Mr. Russell is awesome. Read, talk, learn, laugh and let's get past all this.

L.C.

Our new President needs to stop trying to help the American people. Everytime he opens his mouth, the stock market drops another 3-4 %.
Either he realizes that this is a big boy job and let someone else step up or just go ahead and resign before he puts the economy into a depression that we cannot recover from.

And for all of those that voted for him. I hope he keeps his promise to you. He hasn't for others, but that is what we expected.

These problems that loom........ are depressing for the average person to come to grips w/. I will pray constantly, w/o cease for this president...........We need this admiistration to succeed, or these domestic issues, (not to mention Iraq, and Afghanistan), will linger long after Obama's 4-8 years. So Republicans/DEMS, let's get it together, and get ideas flowing......... Let's support this President........Let us as americans, fight to live the American dream.....The Pursuit of Happiness........ Through education, and re-education, of ourselves, and job skills.....

We have to hang together through this mess. We can't start pointing fingers besides there is plenty of blame to go around. I know the President is doing his best for our country. He is right one for these troubled times so lets stay tough and united.

You know what kills this country??? LOANS!!! I don't know since when that people in this country started living in all kinds of loans. The word of loan has been abused significantly and lots of people are living in red and don't even realize that their debts cannot exceed their assets. Such borrowing culture really destroys the country!!!! Obama perhaps can lead us ride thru the storm this time but he alone can't save this country except we change our way to live. More importantly, we have to educate our kids not making same mistakes like we did.

Where's my kiss?

I am so sick of politicians spending money rather than representing me. I am sick of them thinking they can have a "town hall" meeting and get to know what I am thinking and understand how I feel about issues. Nancy Pelosi, George Bush, Harry Reed, Barack Obama have NO idea what its like to live like real people and they really don't care. It's despicable. What a joke. Stimulus for there egos and cronies.

To PJ, from PA........ Bill Clinton did reform welfare, so that most citizens of the U.S., can no longer just sit at home and collect a check. The provision was called Welfare to Work....... which is extremely active in my state NYC......... After a recipient is recieving public assistance for a certain amount of time(I believe 6-8 weeks), you must now report in to a workforce agency, where they usually assign a person(s) to park cleaning, street cleaning, etc.....

It has become crystal clear that Timothy Geithner, of tax evasion fame, is going to try to rebuild Wall Street by enlisting the same "private" parties that helped drive our nation into the ground.

President Obama made a collossal mistake in not asking Geithner to step aside and will now watch him try to get his Wall Street friends paid a second time off of mortgage fraud.

By creating a "Private/Public Investment Fund," Geithner's unemployed friends that formerly worked at Lehman, AIG or Bear Stearns will now make even more money off of taxpayers.

It will be fascinating to see President Obama's reaction to seeing the usual suspects getting paid again while the honest citizens continue to pick up the pieces.

Only in America can money be laundered in plain sight.

The actions of our elected officials in the past few months are TREASON against the taxpayers. Thomas Jefferson warned us "God forbid we should ever be twenty years without such a rebellion.
The people cannot be all, and always, well informed. The part which is wrong will be discontented, in proportion to the importance of the facts they misconceive. If they remain quiet under such misconceptions, it is lethargy, the forerunner of death to the public liberty. ... And what country can preserve its liberties, if it's rulers are not warned from time to time, that this people preserve the spirit of
resistance? Let them take arms. The remedy is to set them right as
to the facts, pardon and pacify them. What signify a few lives lost
in a century or two? The tree of liberty must be refreshed from
time to time, with the blood of patriots and tyrants.
It is its natural manure."

Get your guns it is time to take back AMERICA

Why is CNN just now giving us the truth about the economy and the inadequate stimulus. Anderson Cooper has been less than forthright with us. I would like to, but i just cannot trust his reporting any longer.

How will giving filipino veterans money for fighting to defend THEIR country in WWII part of the stimulus package?

How is paying someone's health plan bill supposed to stimulate the economy?"

How is giving more money to the mismanaged Amtrak supposed to stimulate the economy?

Voodoo economics.

Democrats and Republicans should be ashamed.
Pork barrel that our children and grandchildren will have to pay. All in the name of political expediency.

Rosm,

Please address my one (1) question, Have you read any portions of the Stimulus Package? My answer would be NO! Take a clue!

the Porkulus package will just put us deeper in debt... and raise the "baseline" of socialist spending that is already out of control... the end comes when nobody is willing to buy US T-Bills.... then the dollar will crash against other currencies... the irony?... the very people that Obama and his socialist Congressional buddies profess to want to help ("the poor", "the children", "the elderly", the "blue collar workers", etc) will be the ones crushed the worst by the cost of food, gas, clothes, and utilities doubling and then doubling again.... and taxpayers will finally see the "European" (50%+) taxes that the socialists have secretly been planning all along.....

I miss Bill Clinton who was a smart president in last two decades and the only president who let people in this country live with confidence and happiness

I would really like to see the greedy pay and not the single parent trying to make ends meet. I wish we could let those B&*&tards get what they deserve. As for a solution, I think giving every American a couple hundred thousand dollars or some amount over the next couple of years, coupled with a gas tax to bring in revenue and encourage people to buy more efficient vehicles along with investing in infastructure and not pet projects of special interest groups but ones that make life easier for commuters and encourage going to work on public transportation would really help the economy. The next point is what would have happened if we tried to artificially save the Steel industry? A waste of money. Are we doing this again?

OBAMAnation knew what he was doing with Timothy Geithner...OBAMA is a first class Chicago Crook...Crook working for a Crook

David,

It take guts to do this size recovery package that's why the Republican's didn't sign on to the program. At least we don't hear President Obama saying every miniute how he inherited this and the effects 911 have on the situation. Let's have this discussion in September since we all know it takes months to get things going especially in Washington. The good news is Main Street does get some benefit from the package. I was just sick and tired of having Bush puppets tell me how threated I was while the fat cat's got fatter.
Now them and everyone else is on a diet.

Mr. President...did you read it before you signed it? I hope so since it is YOUR stimulus package as you emphasized on the radio on Saturday. With all due respect, and I have truckloads of respect for you, I hope you looked to see what those weasels in Congress added in when you weren't looking since you will be held responsible for its outcome. God Bless us all.

David:
This is a bit off subject but what is the story with this 'fairness doctrine' on radio that i keep hearing about ?

I am a conservative Ronald Reagan supporter turned Liberal Democrat ..... but ..... this smacks of excessive Government censorship of the Air Waves. I listen to the IDIOTS Hannity and Limbaugh even though I can't see any merit in any of their self serving rather shallow and myopic extreme conservative Dogma but I most certainly will voluntarily put my life up against their right to say it just like I did in Vietnam ! I find them quite humourous at times and it really reinforces my belief after listening to their callers that the 'conservatism' they preach is both morally and intellectually bankrupt beyond a shadow of a doubt. What , however , gives anyone the right including the Government to limit or ban their stupidity.. My God under this reasoning every word out of Sarah Palins mouth should be banned ! and where does this 'fairness' stop. Must we now force equal time to Zorroastrian religious communities on the radio as well and limit Christian Fundamentalist mumbo jumbo to some specific time frame.

You know I like to say that Jimmy carter made me a Republican and that G W Bush made me a Democrat, only because these two represent to me the political extremes of left and right respectively. Let's liberal both new and old get a hold of ourselves here. Doesn't this sound a bit too much like Big Brother for any true Patriotic American ?

Thanks for all the comments on my story...

First off, if anyone had any dealings with the SBA they would know what I do, they are USELESS to small business..just another agency to make you think DC cares. Second, I would not care one bit about coming from Mexico to start a new life, just do it LEGALLY like everyone else. I have friends in skilled trades get laid off so illegal under the table Mexicans got work saving big business millions in labor costs. And please don't even try and say it does not happen..it does, wake up! The illegal immigrants themselves say they don;t want to pay taxes or help...they are laughing at us! I hear it all the time...from them! 22 live right across the street from me.

Third...I have been a small business owner and got NOT A SINGLE DIME..as I said I worked TWO jobs to save my own money to start it. Then have two contracts drop due to budget cuts on us. When does it end?

Lastly...NOT A SINGLE senator or congressman read the package...NOT ONE..they just signed off on it taking Obama at his word on what it had in it and not one person asked the important question...sure there's social services, education and transportation funding in it...but how much? To Who? And Over what timeframe?
They all just accepted the fact these things are there..and they just might be...but what else? and how much? to who? Not a single asking question.......have you read it?

This is a general question to the Republican Party in Washington who seem to have so much criticism for President Obama's Stimulus Bill

Why is it that for the last eight years , all of your ideas and plans have failed to improve the economy and actually made it worse.??????
Please allow President Obama's plan the chance to see if it will work!!!
OK!!! You had your chance and really messed us up!!
Thank you.

why did it have to go denver to be signed

Letter sent to the President

Mr. President:

The most money that was lost during this economic downturn is retirement money. This is due to current regulations that only allow retirement funds to be deposited with financial institutions or invested in the stock market.

I urge you to consider new regulation that would allow the investing of retirement money into the real estate market for purchase of a new property, capital reduction to existing property, monthly payment for struggling home owners, etc. The government can then lien the property for tax due.

Real estate is a more sound long term investment than the stock market. Have you ever seen a real estate property that did not appreciate in 10 years? To the contrary, in the last 13 years I have seen my portfolio drop in value about 50 percent.

Allowing the investment of retirement money into real estate is a win-win solution for the American people. It would boost the construction industry, help out the mortgage / credit crisis, minimize foreclosures, put more investment money in people hand and most of all, preserve the retirement funds for tax payers.

Thank you for your time.

Hey, Give Obama a break. He's really only spending $30 billion dollars a day since he's been in office. That's only about $100 per person in the US. He's only been in office 26 days. $787B / 26 days= 30 Billion Dollars a day. There, now that's an easier pill to swallow. Isn't it? OOOPS, I forgot about the interest.....

What is the definition of insanity? Doing the same thing over and over again expecting the same results.

If we all do not see that nothing is changing and our politicans no matter who they are are not doing a thing to help the middle class you are on "Train to Nowhere". and selling you a line of BS...I just have to believe we are all not that stupid. Not much more than 52% of our country voted for Obama....glad to say I was not one of them becuase I don't believe any politican...Democrat or Republican...I believe in working for what you have and I am not looking for a handout. For those that are...what are you going to when the taxpayers who pay for all the freebies finally give up and join you?

We are being robbed pure and simple and unless we take a stand against the insanity path I think we will all come to regret for not only ourselves in the current economic situation we are in, but for our children and future generations.

Vote out every single Congressman and Senator and put in somebody new...and if Obama's plan doesn't work...get rid of him too in 4 years and put someone else in.

Change is more than a PResident....it is putting in a New everything. Doesn't do much good to put in a new President if you have the same old dogs (Congress and Senate) not doing any new tricks wtih him allowing the old dogs to write the tricks.

All of these situations have global elements. Half of American cars are built in main, or their parts are, in other countries. Half of the foreign cars sold here are actually built here. I think the structured bankruptcy has the greater flexibility, because it will allow the US auto manufacturers to get out from under the thumb of bloated unions. Sorry, I don't think that someone who screws in side panels in a car should be making more than my physician!

Nationalizing banks. Hmm. Not too fond of that option, but it may be the necessary step to take. Most industrialized countries have nationalized banks and do just fine with them. Typically, Americans think that this is socialism, just like universal health care, when it really is not. What we DO need is regulation back and enforced, both for banks and other financial institutions!

The housing situation is possibly the simplest situation to fix. First, a moritorium on foreclosures as long as the owners are making some effort to make payments. Two, restructure ARM loans to a fixed rate, long-term loan, with negative consequences if people buy houses to flip and sell. Houses should be homes, not short-term investments. When I bought mine (on a VA-backed 30-year loan), I intended to live in it, probably for the rest of my life. I understand that growing families might want to buy up, but generally, stop thinking of houses as money trees and you reduce the impact that all these flip and sells have had on the market.

I made some money and went to the ferrari dealer to pick up my car and they called the police they was going to arrest me for impersonating a politician???????? WHAT THE

True leadership is lacking everywhere; in business and in government. Those in the executive and legislative branches of our government are simply not skilled enough to lead us out of this mess.

BTW.....IF they seriously read the bill..package...whatever..(I call it Sci-Fi.)..I mean really read it...each member of congress and senate...they could NOT sign it for three months...three months from now..if they READ it FULLY....Not in the time they had it, debated it...and passed it and the president signed it.....It is IMPOSSIBLE. It would take that long to digest it all.......but nooooooooo its sign a "Blind Bill"...that's what the people want right?

Page 14,678 could say... they will take guns away from each legal owner...it is now ILLEGAL to own one..does it? Hummm...I wonder?

I expected this from Obama, I did not vote for him. He lied during the general election, if people had paid attention to the primaries Obama would be no surprise. Those that thought how great it would be to give him a chance well THANKS, This country will never be the same! Only days in office and generations will have to pay.

He has already broken promise after promise.
Was the stimiulus on internet for review before voting from congress?
Was Stimulas bill given 5 days for review before Obama signed?

Obama the greatest liar on all time. A President we can all be proud of just like Jimmy Carter.

David,

We need to get smart. We need as many as possible on the same page if we are going to have a chance. The republicans must stop digging in their heels and start contrubuting to the solution. They have been enriched for many years now. It is now time to pay for their wealth generation. The stimulus package is partly the result of thier action. In regards to what needs to happen:
Auto Industry – Produce reliable smart cars that last. Reorganize via the bankruptcy court. Union will have to give.
Housing – Start working out those loans immeditely.
Banking -Let those leverage assets that have been swaped, future traded, derivatives net out to wherever the counter transaction sits and the loss fall where it may.
Finally, we in america need to stop fighting and get busy correcting the error of our ways. We need confidence out hear and stop the its my way or the highway, both democrates and repulicans.

Printing up a gazillion dollars and trying to use them to spend your way out of a recession will definitely stimulate one thing, for sure: catastrophic inflation. The good news: we'll all be billionaires. The bad news: we won't be able to buy a loaf of bread.

Chris, Your president has his name on that the 340 billion black hole also (of course at least he didn't cop out and vote present) and don't go crying when this stimulous bill does not work either but I suppose that will be Bush's fault also. That's the problem with this country today it is always someone elses fault. The democrats were the brain child behind the so called everyone should own a home even if they can't afford it. I believe this mortgage crap is what got us here. Oh I believe Pres Clinton was the author but I guess that wasn't his fault just like he didn't inhale!!!!!!!!!!! And guess what, the only thing Clinton did right while he was in office was Welfare reform which Pres Obama will handidly reverse that.

I am heartened by the many positive comments and the willingness of some to be patient and make the sacrifices necessary to get beyond this difficult era. I agree with those who see Mr. Gergen as a voice of reason and objectivity. I can barely stand commentators like Rush Limbaugh and Lou Dobbs. If their ideas are that good, why can't they communicate them in a way that will interest and motivate those who can carry them out? It is so easy to criticize when you don't have the whole story OR the final responsibility.

It seems to me that everytime there is a downturn in the economy, there is one surefire solution to get out. I hate to say it but its WAR. The Great Depression (of the 1930's, not today) was post-sceeded by WWII. The economic slowdowns in the %)'s was eliviated by the Korean conflict. In the 1960's and 70's it was Vietnam to the rescue. In the late 70's and 80's, the USA sold munitions to other countries( Iraq vs. Iran; Arms race with the USSR escalated; various small conflicts occured as well Lybia, Lebanon et al. In the 90's recession it was Iraq Pt. I and Pt. II followed after the dor com bust in the late 90's and early 2000's. It should be obvious that the mechanisms of capitalism are maintained and oiled by the military industrial complex. Time and again this has been proven, to the chagrin of Eisenhower no doubt ( in regards to his famous military-industrial complex warnings as he left office) Therefore, to continue logic, ask your congressperson or senator to lobby the government to start a large, full scale war. It provides employment on the battlefield and on the homefront. It unites all countrymen. Saudi Arabia should be a nice start. China would be way to much of an undertaking at the moment, as they own most of the USA debt. get them at a later datae. This may sound tounge in cheek, but its all about scarcity, and there just is't that much to go around anymore.....

This smacks of socialism. The auto manufacturers and banks should be allowed to fail. Like Mike in Virginia, I also own a small business. I have also suffered in this economic turndown. Businesses like ours have to just keep tightening the belt until it is no longer a belt, but a torniquet. Then we start chopping off limbs. No one will bail our businesses out, even though our businesses are the backbone of the American economy. The problem with the American dream is that everyone in America has lost sight of what that dream is, freedom of speech, religion, and the pursuit of happiness. Its not "A flatscreen TV, a huge SUV, a 500,000 dollar home, and unlimited credit on my mastercard". Americans need to regain a bit of common sense when it comes to spending....and so does our government. It is a tough time...for those who overspent, for those who didnt save, for the companies that rewarded executives for failure. The economy has to find its own way...painful as it may be. Socialised medicine? Theres people dying in the emergency rooms in Canada while they wait for doctors. Put limits on lawsuits and the costs of healthcare will go down.

O, NYC, You really don't know any facts O. For years Bush asked Congress to look into Fannie and Freddie. But, the Dems said there wasn't any problem in the sub-prime debacle. Dodd, Barney and many more said we don't need add'l regulations. Meanwhile the books were cooked for end of the year multi-million dollar bonus to exec's. Oh, and Barney. because he's gay, gets a free ride...he was living for years w/ one of the exec's. The press knows all this and reports none of it. So the very same people responsible are bailing our behinds out with a pork laden "stimulus." But, O you and press can continue to blame Bush, when this doesn't work. After Europe woke up they decided the Socialism thing wasn't working....and now here it comes to America. Are they going to rename us The United Socialists of America. Education is the key to a strong society, it eradicates the welfare state entitlement state of mind.

13 buck's a week in stimulus ain't gonna cut it, period. I can collect that many can's in my State and get that amount back. If you don't have a job and even if you have one, how in the world would you expect someone to rush out and purchase a 30 thousand dollar car, even if they can get financing. I think most middle class people would rather take the 600 + dollars it cost to buy a new car in a payment per month and put it into groceries or something else like paying the heating bill. I say do away with the income tax for six months to a year and I'll bet you'll see people spending some extra money that they really will have. This 13 buck's is a joke.

we decided to stop paying our mortgage, get foreclosed THEN get help. we asked for lower interest now to help, but we were refused because we pay our bills on time.....I think the wrong behavior is being incented with the various bail outs, stimuli, etc..... help folks before they need it so we do not get in deeper....

I would like to comment on the SBA loans, we had an opportunity to do a business and needed a SBA Loan, Actually we did not need a loan, just backing for a credit line to purchase product...after about 6 months of paperwork they came up with an "plan" where we would have to purchase some type of insurance which would be more expensive than the money we needed. End result ...we got private loans and never wasted time with the SBA again. We are still in business 7 years later.

I agree with David about interest rates on mortgages. My thought was to have people pay the same house payment...as when they had a ARM... against the principle only for two years. If you sold your home within the two years you would pay back the interest from the sale of the house. This way the bank recovers the "actual" money they loaned out but the homeowner could pay what they could afford..I assume when they had the initial ARM, at the same time lowering the debt they owe.

There many better ways to help the working class but this stimulus bill is not one. I am republican, but did not support the last bill under Bush either.

For the truck drivers and construction workers who are crippled now, forgive the excise tax, road taxes, fuel taxes for two years. For each new tire sold in the US a fee of $25.00 to $54.00 is charged for infrastructure...not sure where all the money that was collected went...but this would directly help this sector who are losing everything.

Since most banks are lowing credit limits on credit, keep the credit limits but only charge a small percentage over rate banks get.. didn't the feds give money at zero interest for loans between banks, why not make the interest rates no more than 4%.

We need to get out of the crippling debt we have, it makes no sense to borrow to collect from taxes from people who have no money, so they can borrow more money they don't have.

Pat,

I believe this is a consevative figure but I would venture to say 60% or more (I believe more) are mortgages that they couldn't afford or qualify for under normal circumstances to begin with. So we help these folks and prolong the inevitable????????

Hey Pat...America needs to stop fighting? What fight? All I see is the rich making bad mistakes, asking DC Daddy for Billions...DC giving them the funds to what? Spend badly again? Oh wait ...I Know..hold on to it and profit off the interest...what about the lower middle class? Humm..the mininum wage force who for 11 years never got a raise up on federal wages..but Congress and Senate did!.. Each year....but they shot down our pay raise..quick....the rich said no.....wait! ..Who do they represent again? us or big business?...humm....

The bottom line is this....the rich will always get the billion dollar checks from Washington...middle/lower class will get nothing but excuses and lies...promises they never keep...ok ...if its true..where is my check? My assistance? Im a small business! I earned my own way and need help now...or there will be no tomorrow to worry about beacuse we will be gone..I asked for loans/grants..got the door slammed in my face. Just yesterday I got a letter from my own state small business assistance program...."Sorry We Can't Help You" but if you made between $250,000 and $500,000 we can! $500.000?? ARE you serious?

matt from toronto,

I don't think it had anything to do with the war. It's called government stupidity set in motion before Bush.

I can't believe you people – you think that Obama is the great savior – a smooth talking Chicago lawyer. You think GB stole your money – it's been gone a long time. You think it's a bad idea to invest your Social Security money in the stock market – did you think there was any money left in the SS trust fund? Oh puleeze. The money is all gone. We are in for a really bad ride. Obama won't be your hero much longer – his true abilities will shrivel – that is, to BS us all into thinking he's gonna fix the world for us. This has been brewing for a long time – ever since Johnson and the Democrats started their run on SS and their welfare society. It's over folks – keep your job as long as you can-you'll be supporting everyone else. I wonder what I'll do while you're at work – probably watch BO on tv talk about the good times ahead. Oh puleeeze. Suckers.

David Gergen is a partisan hack with no credibility. Recessions are a natural part of economic cycles & this one may last an incredibly long 2 years (which would mean ending in late 2009/early 2010) before this spendulus program even can have much impact. But the inflation, deficits, & permanently bloated government it spurs will last a lifetime. Priceless. He's no ordinary lawyer when it comes to speech giving, but a pretty typical lawyer with regards to management/leadership skills....but with this liberal MSM he may make it to Mt Rushmore before he's even out of office. There will be little joy watching BHO fail unlike the joy the partisian Dems enjoyed watching Bush fail though. Maybe the people will take their frustration out on this Contress w/the lowest approval rating in HISTORY.

ahhh~~~~ If only the republicans would simply fade away~ here we are at the end of 8 years of republican freedom...8 years of deregulation, 8 years of tax cuts for the fabulously weatthy, 8 years of the bafoonery an lies of bush and his lackies..It's interesting, iif you look back through history, the country's always been in its most trouble at the end of a republican reign... when will they finally go away? you know like the whigs... If only that ship of greedy sanctomonious fools would sink...

Unfortunately now, like the spoiled children they act like they lock step to do their best to undermine and make difficult the mess they left the rest of us to try and figure out a way to save...

they won't be happy until they're one of us "regular type folk":and if they keep on with their whining and greed and if most of the country doesn't choose to simply ignore them, they will all soon be poor too... and to that I say...get to teh back of the bread line morons...

Tax cuts for the filthy don't work, deregulation doesn't work, never has, I hate that there is a need for this stimulus, but there is a real need and sersiously, who's gonna jump start this economy...the banks most of these republican idiots run...no, they were the first in line for a handout...just like these self righteous goofs will be when the recession stops at their door...

I'm am lucky, I earn a good living and haven't felt any of the financial strain but most of the country has...

I always appreciate David Gergen's analysis. I think he is a true patriot for not joining into the political wars that seem to be going on in our country.

Dear David Gergen,

I honestly don't care about the lack of support of bipartisanship for Obama. He is not expected to sit still and do nothing! I think regardless of the outcome of this stimulus package, at least somethng was done about this. It al has to do with re-configuring the stimulus package with ending the US Army support in Iraq.

This past weekend, I had my 2006 GM car in for some repair work at the dealership where the car was originally purchased and whom has provided all the necessary services. The car is in good shape and I was looking for an upgrade to a 2009 larger vehicle. To my amazement, the dealership offered me over $4,000 less than the current loan value and virtually gave no discounts on the new car we were looking at. We were going to purchase one off the lot. My credit rating is in the high 700’s. Interestingly the dealership was not willing to deal one least little bit. I was totally insulted at the offer and walked out of the dealership. If the car industry is in such dire straits then why are the dealerships not willing to move vehicles off the lot? It is apparent their bailout is not necessary since they really don't want to sell vehicles at REASONABLE prices.....

It is about time to just let the BIG 3 sink. I can go down the street to the Hyundai dealership (which I have never shopped at) and purchase almost two cars for the price at one of the BIG 3 automakers…. What is wrong with this picture? I pride myself in buying American vehicles, but at what price. I am not going to purchase a vehicle then pay GM to take my current vehicle off my hands. If this 2006 GM car lasts as long as my 1996 GMC, it could get 10 more years of life out of the vehicle. Why or why is it worth less now than my loan value? There is something wrong with this picture with the U.S. automakers. I still own my 1996 GMC Suburban with 376K miles, no problems with the engine, oil changes every 6,000 miles and it still gets 20+ MPG. You can’t get a new vehicle that gets that same MPG today in the same product class. HOW COME?????

Should U.S. autoworkers keep their jobs with the BIG 3 automakers if consumers can’t get decent deals for the vehicles? Consumers have to go where they get the best deal for the hard earned money they are shelling out. I consider myself a loyal American buyer. But, I am seriously rethinking about buying American. And to those hardworking individuals at the BIG 3 automakers, I am sorry but something is drastically wrong with the BIG 3 leadership and the cost structure of the BIG 3. Maybe it is time to let them fail…

It is about time to just let them sink. I can go down the street to the Hundai

The Borgen Project has some good info on the cost of addressing global poverty.

$30 billion: Annual shortfall to end world hunger.
$550 billion: U.S. Defense budget

Hey Jesse, totally agree with asinine policies crafted by politicians, get a lot of that in my Country. The point I was trying to communicate was that when a downturn occurs in America, an external conflict is generated to supply manufacturers an oppourtunity to inject their wares. Wether that be tanks, guns and ammo or plasma, Imbedded CNN reporters (nudge, nudge...wink wink) and tent makers. Its been a constant for the last 100 years that I know of. America has lost its way. It used to be a counrty based on diigence and hard work and now everyone thinks there owed something. Something for nothing, directly learned from the plethora of cable channels and the drivel they serve to a tired, unsuspecting brainwashed public....

aww "Gene" from Vermont, we're gonna get you back to the conservative side eventually! You're absolutely right to think that it's WRONG for the grossly misnamed Fairness Doctrine to be reinstated in America. If liberals were so great, why doesn't Air America garner the success in ratings and ad revenue that the conservative stations do? It's not because someone is coming to Vermont, holding a gun to your head, forcing you to listen to Sean Hannity on the radio; it's because we have free choice here in America, and tons more people choose Sean over Air America.

SO most libraries are overstocked with Al Franken books; does the Fairness Doctrine put more Ann Coulter on their shelves? Somehow I don't picture Chuck Schumer writing that into the bill!

Thank you to Susan Desg....
That is the first true comparison I've seen between now and the Great Depression. I, too, would hope that our President would stop creating more fear amongst us by making his incorrect comparison.

Having said this, I still believe that we must support our President as he 'tries' to offer some help; however, congress has added so much pork to 'his' bill that he probably wouldn't recognize it.

How about a measely $25,000 per working family, then sit back and watch the economy explode. People will spend, spend and spend some more. They will also save to put their kids thru college, they will be able to stay in their homes.

Giving billions to car manufacturers won't help us, we can't afford to buy a car.

Can the Securities and Exchange Commission please end Naked Short Selling and bring the uptick rule back.

What is the S.E.C. doing. If they don't stop this madness going on, their ain't going to be an exchange to look after.

CNN's latest headline 2/17/09 – "Stocks slump despite stimulus"

Did you consider that the headline should be "Stocks slump because of stimulus"?

Anderson, when will you consider that this stimulus maybe was too much too soon and poorly developed? Just because President Obama said it was needed? Based on what experience? Where is your critical review?

How much of this banking crisis is a direct consequence of the bill signed by Bill Clinton (and promoted by Republicans) that undid a lot of the safety regulations put on banks after the Great Depression?

Pardon, but do any of the persistent Bush haters on this site undertand that the Dems have controlled the house and Senate since 2006? There is plenty of blame to go around.

I hope that Obama succeeds in turning the economy, truth is thought that he and the Dems own it now, as they own the war on terror.

By the way, Obama is maiming and killing innocent citizens and babies in Afghanistan as we speak. He lies, people die. Hey, that's fun,
I'm going to enjoy life on the outside, no responsibility for anything that happens, just Monday morning quarterbacking. Alright!

David

Just tell me that we will balance the budget by the end of the administration, inflation will be at 2%, we no longer need oil from the Middle East, we have a surplus on our trade agreements, Social Security now can paid for all its beneficiaries, yadda yadda yadda. Lie to me, that's what I'm used to. These transparency business is getting me dizzy and I will need an USA made prescription glasses if it does not stop anytime soon.

Ricardo
Miami

OK xtina. Somone once mentioned to me that political beliefs encompass a giant circle. The extremes at each end eventually wrap around to meet in some ambiguous nether region of Subversion.

I failed to mention that I can see the motivation of the left for such action.( I don't know of likes of any any Air America sponsors out here on the upstate New York border for example.) but remember in spite of this Vermont is still an overwhelming liberal state. My issue here is with the Constitutional concept of free speech. In that regard I am with you 100%. It's the rest of your neo-con agenfda that I abhor. Sorry xtina but I've been around the block several hundred times on this and I always side with those that are removed from or act to counter balance the extremes.

mike from toronto,

Thanks a lot for the comments. You are so right!!!!!!!!!!!! I love my country but we have become prisoners of instant gratification. We are almost as much at fault as our government. It's always nice to hear from someone on the outside looking in and see the same thing I see and as a lot of the above bloggers.

My grandmother just made an interesting point a while ago in a conversation I had with her. She said quite simply that she and my grandfather worked to feed and clothe their kids, that her parents worked to feed and clothe their kids during the Great Depression, and that families helped each other through crises. They didn't have fancy houses, cell phones, laptops, or TV's. They didn't drive luxury SUV's. But they made it. No one died from not drinking Starbucks every day. No one died wearing a homemade dress or hand-me downs. The world didn't end because they didn't have an iPod or live in a McMansion. Her point is simple. No one helped her generation or her parents to survive. They did it on their own. They did it quite well. But yet we whine when the government nanny can't wipe our butts, give us a six-figure paying job and food, and let us keep our over the top lifestyles. Wake up America before our own selfishness does us all in. It's amazing how Obama the community worker forgot what community work really means. It's not the hand out but the hand up. This stimulus surely isn't the hand up.

i don't know about anywhere else but in ohio they are planning to raise just about everything we can't vote on such as taxes on cigaretts,license fees, registration fees, and so-on so i hope the $13 extra a week holds out long enough to give it back THANKS STIMULAS PLAN

Anderson, please remind people when given a chance that no one is stopping the banks from giving bonuses from another source, just don't use tax payer money for it. They will still get their bonuses.

President Obama signed the stimulus package 700 billion dollars, don't you think $40,000 in every Americans hands will get this economy back on track? Everyone who wants a new car, home, or whatever it may be, it will be better than $13.00 a week. Wondering?

I truly wish the media would quit admiring Obama and start asking some tough questions. Obama has been sheltered to this point and I realize what truley historic deal this is, but he is the President of the United States and it is the american peoples' responsibilty to hold him accountable. Snap out of it media!!!!!!!!!!!! quit talking about basketball, blackberrys, dog, kids first day at school and all that BS. Quit being afraid to ask the tough questions, you sure were not afraid to ask Bush. I am afraid CNN, ABC, CBS, MSNBC and all the major news papers have become nothing more than GLORIFIED TABLOIDS!!!!!!

How can we track our state's use of the money from the Stimulous Package? I live in the state of Alabama and I'm very interested to see what Bob Riley will do with the money.

I'm not sure anyone will go for more stimulus packages before this one shows any sign that its worked or not. You stated this one may save jobs that would have been lost – how do you prove that? Anyone can say it but how do you know that a job would have been lost? Sounds like smoke and mirrors to me.

Some of the features in the stimulus package (like lengthening unemployment pay) may work and I'm willing to wait and see what does work and what doesn't but I'm not willing to support another stimulus bill until we have some sort of indication that we are going in the right direction. To me, that is foolish and wasteful and no, I'm not a Republican.

My husband and I are both unemployed, actively looking for work, it's hard to find anything. Public assistance is not for everyone to qualify. However, I have a lot of faith in our new president. Personally, I think the U.S. government should just "forgo" peoples problems during this crisis. Just this once. The government is bailing everyone else out so the people should be forgiven for their mistake--basically, start over. These are trying times and it's getting difficult creating worry, health problems, future, etc. However, I have a lot of faith in our new president. As far as president Obama, I think we need to give him a chance. He is trying and he is human. He's got a world to deal with next to God!

CNN- you guys rock!!

these auto maker's need to hit the highway with there overpriced junk and stop spending taxpayers dollars to keep the lights on and their wallet and purses full... if those people really truly want to keep thier job get rid of the union and thier fees lower thier wages and stop the big corporate bonuses and when the company does good they all do good..

Tammy
Understand your comments, but can not agree.

I have worked and paid taxes for 40 years. For most of that time, 35% of my income went to federal, state, local, and sales taxes.

In spite of this, managed to buy a home, have a nice car, and a couple of laptops.

Worked 50 to 60 hours a week for most of my working life.

Did what I was advised to do...Maxed out 401Ks, fed IRAs, managed some personal savings.

Then George Bush and his Congress let us all down.
$11 trillion national debt that our great grand children will still be paying for in the 22nd and 23rd centuries.

SEC, FDIC and other institutions that did not follow the law and let crime in the financial industry run wild.

Like many Americans lost about 30% of my retirement savings, and will now live like some people feel we should, "third world"

We have been screwed.

Oh thank you lord Jesus for President Obama. He is our Hope and prayers will be answered. This Stimulation is going to work because We as Americans need it to work and Obama said, "We are the rocks of this nation" and we will not be broken by this Financial mess that George Bush and them Triflen Republicans put on us. I already went on the Whitehouse.gov website and there plain as day you can see exactly what our taxpayer dollars is going to help create on jobs and tax reliefs. You can even apply for some stimulation money too and give feedback on your stories of how the stimulation helped you to recover and can we recover? As one famous President is fond of saying, YES WE CAN and thanks to the best President that this country has ever known, YES WE WILL.

I don’t understand why the republicans are spending all their time talking about whats wrong with the presidents stimulus bill. And they don’t have any better ideals to stimulate this economy, but they have better ideals to stimulate their pockets. The president told congress in so many words if anyone had any better ideals to stimulate the economy then lets hear it……silence. And while citizens are still loosen their jobs and homes, republicans are fighting with a president that they clearly don’t like for whatever reason. And remember the quick jolt that president talked about a few months ago, hellooooo. STIMULATE, STIMULATE, not fix, stimulate. In others words get the ball rolling, duhhhhhhh. The republicans where also silent when the previous administration give the first half of the bailout money to wall street. Now congress wants to fight with the our currant administration, o please. I want to take all the republicans by the hand and say, “come on little boys and girls lets play nice because this is clearly bigger than you all”.

Why is it so hard for the Aministration to simply temporarily acquire the toxic assets of each and every bank so each can get back to doing what they do best: Loan money to fund growth and investment.

As long as the President continues to procrastinate, the financial institutions, and the economy, will continue to deteriorate.

Let's face it, the bad loans are going to be there regardless of who owns them. We need to insure that not one more bank fails and that every bank can conduct business without fear of failure. This needs to be done now, today, tonight or first thing in the morning.

This country needs bold actions, not cautious plans.

sory Joe from PA. If trillion dollar deficit is the wrong way to go, why did Obama add to the deficit with his spending bill? Isn't he doing the same thing the "liberal " George Bush did?

Unbelievable workload indeed...

Mr. Gergen, I really wanted your opinion on this specific things.
In House, the stimulus bill passed with 246 Yea and 183 No (57.3% Yea to 42.7% No)
In Senate, the stimulus bill passed with 60 Yea and 38 No (61.2% Yea to 38.8% No)

This means that the bill has MORE SUPPORT in the senate than the House floor. Can someone please tell me why all media is talking about how the bill sneaked by in Congress when the NO votes were 43% and 39% approximately – meaning way less than the YEA votes.

Seriously – I understand the filibuster proof majority, but that is not a standard by any means. We focus on 50% + 1 as the majority. 60-40 split is a blow out. I really hope that Media starts addressing it that way.

Stimulus Plan? – It is a package of special interest pork. Primariy designated to make whole the bankers who managed to loot their vaults and now require a cash infusions. Fear not – This is not the end of Capitalism. It is the end game of Socialism. Capitalism was derailed in 1913 when the Private "Federal" Reserve was created by bankers and then Capitalism was completely shut down when FDR created his New Deal which was a raw deal. By 2016 we will have the begginings of Capitalism once again once this nonsense going on is purged like venom. Now you folks will find out what Socialism on seroids is really like. You won't like it.

The government can continue to throw money into the banking system, car industry and anything else that may come to mind. Until Americans can pay back our school loans, morgage payments, and everyday bills the United States will never get back on its feet. These are common rules of supply and demand. Americans will continue to hold back on buying, until we feel secure. As we have all seen the American consumers run this country. Some of that stimulas package should have come back to the Americans immediately, it will not help us next year, most of us will have already lost the shirt s off our backs by then. Not good enough for those in need of help now. 787 billion dollars, and not a penny to help U.S citizens now.

Xtina

Mr. Obama is another story.
We needed to spend some money to keep the country out of bankruptcy, but looks to me that he pushed through all of the pet projects that he would have had trouble pushing through later.
Since we are using a trillion dollars now that we don't have and at least another trillion this year for the banks and car companies and hundreds of billions more for Bush's Iraq war and Obama's Afghanistan war.

Deeper and deeper we go into the sink hole.

Hoping that millions of Americans will stand up and force the right programs.

The main problem with the stimulus is that it isn't big enough. Also, too many useless tax cuts. Those can wait.

Although, politically it's great that Obama just signed the biggest tax cut ever.

I have not yet heard anyone on CNN address the fact that the bail out that Congressman Eric Cantor signed, his wife's company received a great deal of money. Is it me or is this a conflict of interest? The fact that Eric Cantor is being so vocal about the Obama administration bailouts is crazy.

What a Joke
The people who voted for this person are idiots, two years of the demorcats in the house and senate wow we never saw this coming!!!!!!! Oh well the great one will save us, going to be alot of crow to eat by the idiots that support this mess. Give it all to welfare lazy people and illegial's as Nancy said they deserve an American life. One day you young people will have to grow up and pay for this mess, the joke is on you. HA I know the truth will come out, get ready to eat that crow!!!!!!!!!!!!!!!

who is this clown that keeps saying give every american one million dollars to save money? that does not equal three hundred million dollars, that equals three trillion dollars 3,000,000,000,000.
seriously...

What is really wrong with this country is that so many Republicans submitting there comments seem to be blaming Obama and the Liberals for this mess we are in. Will they ever admit they were wrong about Bush and their own party?

The Scorpion and the Frog is a fable about a scorpion asking a frog to carry him across a river. The frog is afraid of being stung, but the scorpion reassures him that if it stung the frog, the frog would sink and the scorpion would drown as well. The frog then agrees; nevertheless, in mid-river, the scorpion stings him, dooming the two of them. When asked why, the scorpion explains, "I'm a scorpion; it's my nature."

Congress saw their chance and passed the Mother of all spending bills, even if it eclipses the taxpayers’ collective ability to repay it.

I believe that it is a very real possibility that Joe and Jane will quickly come to the conclusion that they must, out of self-preservation, nullify the bail-outs, stimuli and the intent of Congress thus, collapsing the middle class. Productive Americans are disinclined to pay into a stupefying taxation scheme that is required to support this mind-numbing spending spree.

We cannot pay it back.

I really think the government urgently needs to consider having the Federal Reserve transfer funds directly to cities and states facing bankruptcy. We do not need budget cutbacks in this crisis, but expansionary, Keynesian policies at every level–including the global level once the IMF is reformed.

I also think that the best way to save Social Security and expand Medicare to cover those with no jobs or no private health insurance will be to have the Federal Reserve directly subsidize the Social Security Trust Fund.

To create jobs, the Fed could also fiance a National Development Bank or in infrastructure fund that could be shared out to the states based on population. It could also finance national projects like a high speed rail network that would keep this public works spending going for as long as we need–and it’s going to be years.

We might also consider setting up some kind of National Housing Bank, where the federal government can just write down or write off millions or mortgages and give homeowners new ones on much more liberal terms.

Now, if we have trillions of of Federal Reserve money going to big banks and corporations, so all I’m suggesting is that we use the Fed more creatively to help working class and middle class Americans in this crisis, help them with pensions, housing and medical care, and also prevent the states from going broke.

If the big business interests are getting a blank check here from the Federal Reserve, then it’s only just that the common people get something out of it, too.

We are now seeing that the Illegal Aliens can not only impact this Nation but the global economy as well. Many of the Sub-Prime loans & defaults were to Illegal Aliens that started the unraveling of the Global Economy! Just like our Declining standard of living, Bankrupt Hospitals, Failing Schools, Welfare costs, Identity fraud, Welfare fraud, Voter fraud, Gangs, Crime, Crowded prisons, Destroyed communities, Exploding population, Congested roads, Pollution, Insurance costs, Balance of payments, (Imported oil etc. to support the illegal alien population) Trashed Constitution and the Rule of Law, they have now spread their negative impact & misery across the Globe.

It looks like with American heading into a very bad recession or more likely an depression, The 100,s of billions the Illegal Aliens are costing American tax payers for free medical, schooling, welfare etc. needs to be spend on American citizens, not invading criminals from third world counties, plus the 40 to 50 billions remittance by Illegal aliens needs to stay in the country to simulate this economy and force Mexico & Latin American to address their problems!

Last but not least, all Nations immigration policies are by design & intent suppose to enhance the Nation and its Citizens that immigrated legally, obeyed the laws, paid the taxes, fought the wars and built the nation! Clearly for the reasons numerated above Amnesty for the invading horde of uneducated peons and criminals does not meet this criteria.

They certainly must not be used to further the political careers and lust for power of Corrupt/Pandering Politicians that refuse to abide by Article IV, Section IV of our Constitution against Invasion, Enforce our Immigration Laws, or Honor their Oath of Office!

I am in export business since last 15 years. There are always ups and downs, but now it is down and more down. Business has fallen by 80%. somehow managing so far. But now it is going to be the THE END. What a sorry state of affairs. Could not have imagined this even in dreams. I think the root cause of all this is too much imports. If our imports of manufactured products is less even by 25%, all our problems will get diminished greatly.

Copies to The White House, Sen Reid, MSNBC, CNN

One of my ideas for job creation:

I want the US to run 3 to 4 lines of 30” diameter steel pipe from the Pacific Ocean to the Nevada Nuclear Test site where a desaltation plant, a nuclear power plant, and 6 to 12 each multi story hydroponic garden and fish life tank skyscrapers will be constructed. My plan is funish all of Southwestern US with electricity, water and food.

This plan will require engineering piping design, environmental planning, thousands of tons of steel, Nuclear Power Plant engineering and design, desaltation plant design, and hydroponic skyscraper design.

The fish life serves two purposes, fertilizer for the plant life and food for the population. These skyscapers can be researched in Popular Science magazine archieves since the idea is many years old.

I won’t elaborate here, but this idea will create hundreds of thousands of new jobs and could be duplicated in 3 to 4 other sections of the country as well as in Africa and other areas of the world where populations are suffering from drought and starvation.

If you carefully analyze this idea you will realize that jobs from just about every field of endeavor will be created, skilled as well as unskilled labor, light construction as well as heavy construction, engineering, science, physics, trucking, as well as manual labor. You name it opportunity for all is involved.

JJ in NV

For the life of me I don't know why you won't post this. Could it be that I've hit a nerve here ?

Just remember that what put the final nail in the last Hooverian/Republican DEPRESSION was the Mother of All ‘Stimulous Packages’ none other than the Astronomical Government Spending and the Massive Tax Increases of World War II. It’s going to take spending and selected tax increases of that magnitude to get us out of the newest Hooverian/Bush/Republican DEPRESSION as well.

Well Ab. If we still MADE things here we just might have something to to export other than raw materials !

P.S. BTW whatever happened to the release all that great 'American Entrepenurial innovation' that the Bush tax cuts were to supposed to provide to close all our trade imbalances with the COMMUNIST Chinese and SOLCIALIST Indians ???? Seems to me that all that forgone tax money went DIRECTLY to the COMMUNIST Chinese and SOCIALIST Indians to put their SLAVE LABORERS to work for SLAVE WAGES while outsourcing good High Paying American jobs and American Infrastructure to them putting MILLIONS of American either out of work or working for McDonalds and Wal-Mart in DEAD END jobs at Poverty wages.

The governor of California-Rep this state is a disaster. California elected a actor to run their state. This will continue to happen when you do not get people who are qualified for the job. In my state the recovery bill will create 70,000 new jobs. Rep are the ones who should want to keep education because under their leadership disaster happens. Americans need to be able to compete in the 21st century. My nephew speaks Chinese and travels over seas. He is a honor student. Rep are out of touch.

Marty R, financing stimulus through gas taxes would be a great idea except the tax would counteract the stimulus. Government spending is what the doctor ordered, alas, and although many people don't like the medicine we'll have to put off getting serious about the deficit until after we've cleaned up the current mess (but then we'll really have to do it). Higher gas prices would indeed be useful, not just for the competitiveness of the auto industry but also for making headway on global warming and energy independence. The way to do it would be to have an offsetting tax break so it would be revenue neutral, otherwise it would be self-defeating. Think lower payroll taxes by an amount equivalent to the increased cost of driving for the average person.

Sometimes it is really hard to listen to all this commentary. Reason being is that most of you are stupid. "Republicans ran us into this mess". The last 4 years of Bush's presidency there was a democratic senate and house. I think there is a lot of blame to go around, not just to Bush.

Also, do not forget that Clinton's surplus he left the Bush administration was also helped by a Republican Senate and House.

Take some time to learn how government works before you start talking. Also Als........ lets not forget our great Governor (Grey Davis)that was actually booted out before we elected Schwarzenegger.

Spencer

It is because the media has been mesermerized by Obama..........remember the "tingling up my leg" comment by Chris Matthews, MSNBC.......................what a joke.

The big question is what will California do when the massive earthquake hits and devistates the economy even more...?

David, all you and others talk about is "infastructure," do you or anyone you really know have a son or daughter who will get a job out of the infastructure? Thought not. Be honest with us. The state crews won't get bigger without illegals who dominate the construction industry. Look around...

Be positive,

Mike

David Gergen is a joke! He is a biased apologist and propagandist for the Democrats. All during the campaign I continued to listen to his biased and ill formed opinions. Now that it is becoming clear that social engineering by the Democrats (forcing loans to high risk individuals) and endless attacks on our Capitalist system are destroying the greatest nation ever created, perhaps we can get back to the Truth. For all the criticisms of the Bush Administration and the spending and the tax cuts, Democrats alternatives involved even more money than President Bush proposed.

My wife and I have taught our daughter the value of hard work, only buying what we can afford and the greatness of America. If more Americans acted responsibly and deferred their need for instant gratification we would not have gotten into this mess in the first place. Having stated the obvious I will finish with one final obvious point. America will overcome this recission, regardless of the ill conceived decisions by the current President.

God bless and keep the United States safe.

Everything Obama does results in a loss of confidence both in the stock markets as well as consumer confidence. Free markets are not perfect, but they beat the alternatives – socialism, communism... that Obama and the liberals seem to favor... Lets get the liberals out and let the grownups fix the system again like they always do. And don't get all "George Bush did it" on me. George Bush's failing were where he sided with liberals – spending, environment, etc... George Bush went to Washington and became an enabler of liberals. So, I'm not saying Bush – I'm saying Reagan. I like what I see starting to rise up on the right – Cantor, Steele... these are the faces of hope for me. Read the WSJ. Read drudgereport.com. Educate yourselves...

The story of this administration will be what it does to the Bill of Rights and the U.S. Constitution. There have never been as many enemies of our liberty in high positions of power as there are now. Freedom of Speech? Freedom to bear arms? The Ninth and Tenth Amendments?
The right to own and use property? The God-given right for a child to survive to birth? The currency may very well collapse, all the banks nationalized, and the national capital moved to Crook Co., Illinois, but the damage he does to Freedom may very well haunt Obama the Unready's reputation forever.

Toyta, Nissian and Hynda don't seem to be in a crisis mode.

I bought a house I can afford in a location I can afford. My adjustable rate mortage went down this year from 5.7% to 3.75 %. Why?

I bought what I can afford.

So if I make good decisions, pay my bills, live within my means without asking for a hand out, IS THERE A GIOVERNMENT PROGRAM FOR ME???

Of course not.

In regard to the GM bailout.....I thought we were going to retain and create jobs with this ridiculous stimulus package.

GM is going to close 5 more plants, eliminate 1000's of dealerships, and eliminate 47,000 jobs. Why in the world would anyone consider giving these idiots more money unless they keep jobs. Plus, think of all the jobs from suppliers and all the peripheral companies that will be lost.
So much for job creation.

Biased media? I posted a comment about the Democrats controlling the house and senate the last two years and its not posted? Congress the house and senate controlled by the Dems slipped some stuff in on OBAMA in the bill he signed yesterday. Does he get the blame like BUSH does the last two years. The Democrats controlled the house and senate the last two years but all I read here is "8 years of Bush". Post this so the facts can be shared.

Dont take my word for it. look up "Historical Democratic control of congress"

Bush has his share of the blame. The Democrats need to stand up and take their share as well. What were the Democratic congressmen doing the last two years when this melt down started? Ask that question.

With all due respect Mr.Gergen,I have yet to see Mr.Obama demonstrate any of the political or leadership qualities of a Reagan,FDR or Lincoln.Although,having seen you on CNN you've
tried hard, to projection those qualities on him.My guess is at best w/
dealing with a Carter II here.Good luck to us all!

Let me get this straight...Go into debt in order to make it easier for people to go into debt....and then go into debt to pay for the debt that made it easier for people to go into debt...all because it was too easy for people to go into debt.

My McMansion says yes, but my braiin says capitalize the military and go to Mars.

To all Liberals who voted for Obama. Please follow instructions:

1. Get sheet of paper.
2. On paper write "..Why did I vote for Obama?"
3. Place sheet on envelope.
4. Seal envelope.
5. On face of envelope write "..To be opened on February 18, 2010,
while on way to Unemployment Office."

Tammy from Berwick, LA:

"We whine when the government nanny can’t wipe our butts, give us a six-figure paying job and food, and let us keep our over the top lifestyles. Wake up America before our own selfishness does us all in".

WELL SAID! I cannot agree more. The residents of this country have become so spoiled rotten and incapable of taking care of themselves that we even expect the government to pay for the houses we couldn't afford in the first place! We want to know, "Where is my check"? "Who is to blame"? Newsflash! It wasn't all George Bush's fault! Democrats played a part in it. Independents played a part in it. We all played a part in it.

Look in the mirror people. You will see the the reason for the deficit and the answer to the problem. Taxes MUST go up and spending MUST go down. To pretend otherwise will just accelerate the oncoming train wreck.

O, NYC – You spoke of bi-partisanship. Tell that to Pelosi & Company. They shut Republicans out of the crafting of this so called Stimulus Bill. The big O's attitude is "we won". What should have been added was, "so screw you Republicans".

Hey he said change now were going into a focused war in afganistan, the one in Iraq, how long have we been in japan....and ohh by the way why are paying to fly are politicians all over the world somone needs to let them know we have what they call a telephone, internet, video conferencing, and didn't cnn succesfully do a hologram interview....wouldn't that be more cost effective than paying for the security measures, jet fuel, safety shall i go on. its sounds to me like world tour vacation at our expense

This is a typical CNN biased & slanted article. Gergen is a Tank Media propagandist.

Why is it, "Obama Team" and 'Bush Administration"?

Why are the Iraq & Afgan wars driving up the deficit, but 'stimulus' pork is not?

CNN, Gergen – worthless. I only read this here as part ot the real clear politics page.

Spending your way out of this crisis is like drilling another hole in the bottom of the boat to let the water that is leaking in drain out. Let 's see; Geithner is Larry, Obama is Moe and Rahm is Curly. Yeah that' the ticket.
That Moe, he sure is a good thinker.

I read no further than this sentence. "For now, administration insiders believe that the package will begin to help quickly in saving jobs that might have been lost (e.g., with infusions of fresh money, state governments will not have to fire as many people)." Great, just freaking great. Government people get to keep their tax paid jobs with more taxpayer money. I guess government and union members are more important than taxpayers. How pathetic.

the question I have is how can an individual find out if there current mortgage is held or guarantee by fannie mae and freddie mac?
from what I have been reading those held or gurarantee by fannie and freddie are the only ones that qualify to refinance if you are current and you owe more than what your house is worth. Meaning you are over the 80%ltv.

the other question is since the loan will be over 80%ltv is the PMI going away? or are we going to be obligated to pay PMI since we owe more than the house is worth due to falling home prices?

Hi Anderson!

Love your show!

I have a very serious concern! My Cobra plan comes to an end at the end of this month. There was no extension passed for Cobra dealing with people 55-65years old. What do we do? I am 59 and my husband is 63 years old. WE WILL LOSE OUR INSURANCE?

I am unemployed and he is self-employed. The insurance companies are impossible to deal with for private coverage. They either want to deny you or exclude things as important as your heart!!!! Outrageous!!!!!

It would be nice if Congress would dive into, in very short order, a way to provide ALL citizens affordable health coverage minus the pre-existing conditions. It is very important to all Americans at all ages!!!!!

Can you visit this issue on your show?

Hopefully,

Gloria

The stimulus package won't work. It was a excuse to get tax and programs passed like Harry Reid's $8 billion bullet train from LA to Vegas. Our socialist president Barack Hussein Obama claimed tax cuts don't work History would prove him wrong. Ronald Reagan and George W. Bush got us out of 2 democrat recessions by giving tax cuts. They liberals always maintained that Franklin Roosevelt got out of the depression through a stimulus called WPA. History shows the recession ended in World War II. Even Gene Penszynski from Vermont knows that. I believe that Obama's approach will extend the recession through out his term. He will follow in the footsteps of Jimmy Carter worst president in history and lose his bid for a second term by a landslide.

Lastrep,

Your post got me thinking. Seems to me that it is about fed control over everything, from banks, to businessess, to state government. Do you see what, it looks like, is shaping up here?

The newly signed American Recovery and Reinvestment Act includes a provision for the Temporary Suspension of Taxation for Unemployment Benefits, but the provision states that it is for taxable year 2009. Is this an error? I can't help but wonder why this provision wouldn't cover those who were unemployed this past year
(2008) and are now facing a federal tax bill?