OBAMA STIMULUS PLAN

I was in opposition to the TARP. By all accounts the TARP has been a failure at best and a fraud at worst.

Now, the U.S. Senate will debate and vote on the House approved $819bn stimulus package past Wednesday, 28 January 2009.

It is my opinion that the stimulus package will similarly fail, in it’s current form, and do more harm than good. The resulting deficits will be disastrous. The Bush Administration’s 2008 stimulus package had no real effect. The TARP was a fraud, and resulted in a massive transfer of taxpayer wealth to the financial elite who created the economic collapse, along with government policy, in the first place. And, then used the monies to reward their greed and incompetence such as 4bn in bonuses by Merrill Lynch, and 18.2bn by other Wall Street banks.

I do not object to government intervention. Moreover, I think we have had enough tax cuts. America, as Alexander Hamilton knew, must be fiscally responsible. Prudent and sound national finances have proved to be indispensable to our country’s well being. This stimulus plan seems more like something out of the capitals of Argentina and Zimbabwe than Washington, DC. I believe that deficit spending to this extreme will lead to hyper-inflation and an even more severe economic crisis than we are now experiencing. As that fellow once said, 'do you think that money is heaven sent?'

We can’t afford to get this wrong.