News Round Up: Senate Economic Stimulus and Bank Rescue

Posted in News
Tue, Feb 10 - 5:34 pm EDT | 5 years ago by
Comments: 7
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I’ve been busy today. We got some great snow, and I admit that I’ve been making playing in it with The Boy a priority. At any rate, as I enjoyed sledding and building a snowman, the Senate passed its version of the economic stimulus bill and Timothy Geithner, the Treasury Secretary, revealed a bank rescue plan. As you might guess, the opinions on both are flying. So I thought I’d do a bit of a news roundup of today’s economic goodness. (Free From Broke has some great coverage of the basics of both.)

Economic stimulus bill

The Washington Post offers basic coverage of the economic stimulus bill.

Coverage from The Huffington Post.

American Rivers thinks the economic stimulus bill is a good idea.

BloggingStocks shares some of the “pluses” of the economic stimulus bill.

Michelle Malkin blasts the bill for its vast amount of pork.

The Economic Populist offers its view the Senate only made things worse.

My Two Dollars believes that some of the tax measures in the bill are a bad idea.

Finally, I thought this question, on Generation X Finance, about financial advisers as part of economic stimulus, intriguing.

Timothy Geithner bank rescue plan (admittedly, it was difficult to find anything positive about this one)

The L.A. Times offers coverage of the bank rescue plan.

MarketWatch has the entire text of the remarks Timothy Geithner made this morning.

Stock Market Funding reports that the stock market did not respond well to the bank rescue plan.

Stock Trading To Go laments the lack of details in Geithner’s bank rescue plan.

Over at the Banks.com Mortgage Blog, I point out that this bank rescue plan is just more money spent on “economic stimulus” that isn’t really subject to public debate.

Naked Capitalism thinks that the bank rescue will be a fiasco.

Arohan makes the argument that the bank rescue plan could work.

Geoff Gannon has a detailed look at the plan, and he doesn’t think it’s that bad.

John Taplin likes the idea of an Aggregator Bank in the rescue plan.

What do you think about the economic stimulus bill and/or the bank rescue plan?

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  • Gogu

    I think the stimulus $$$ should go to people like you and me. Banks screwed people over and they are still screwing… After all, they created this big mess. They should clean their own mess, and the real people that will benefit from this stimulus should be us, the people. If we have the $$$ we will spend it, creating demand of goods, which eventually creates jobs. If the banks get this $$$ they will only create more credit line which will result in more debt. I just don’t agree at all with the stimulus. Oh, BY THE WAY, what happened to the last stimulus??? how did it help so far??? I don’t see any change, but some banks had more money to buy other banks… I still think they should distribute the $$$ to the people, and not as a tax break, because most of the people affected are UNEMPLOYED. Only the rich will benefit from that. Money should go to the middle an low classes and most to the Unemployed.
    Just my 2cents.

  • miranda

    I think a lot of people are frustrated like you, Gogu! I do like the job creation measures in the current stimulus bill, but I think a lot of crap has been added. And I agree that more of our leaders’ objectives would have been met if they gave us more of the $$$.

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  • Gogu

    So, the banks received the money for TARP last year and they actually charged millions of $$$ to process the money coming into the bank. Isn’t that stupid? Ok… let’s help them with some more money… why not since they spend so much on “fees” to process the tarp money coming into the bank… The system is so messed up it’s a shame. I feel like I’m watching a bad theater play where the government & banks are the actors…. we end up paying for the ticket anyway.

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  • http://freefrombroke.com FFB

    Let’s hope we can finally get the economy ticking upward. It’s real frustrating seeing dour news every day. I know that’s just blind optimism but hearing about the economy every day is a little tiring (even for a blogger)! Thanks for the list of articles!

  • miranda

    Indeed. I’m running out of outrage — it’s sort of being replaced by resignation…