Second stimulus package

[Jovial Monk]

But a lot of it is going into planes trains and automobiles. Just that that takes soooo long to get started!

The lower income families who are getting the handouts missed out badly under the Rodent, don't begrudge them the bit if money they get: they will spend it (as ABS figures show they did with the first bonus) and so keep the economy going.

[Jovial Monk]

So Malcolm 'Beasley' Turnbull is opposing the second stimulus package. House sat till 5.00am listening to Opposition wankers opposing the package.

Malcolm is sitting, waiting, doing fukkall and thinking the recession will sweep the Lieberals into govt at the next election. Just like Beasley did, thinking the GST would sweep Labor into power. He is an inexperienced politician and I think his massive ego will prevent him learning much.

Now Labor and minor egomaniacs will negotiate on the package and the Fibs/Nuts will not have a say, again like Beasely opposing the GST.

[Ethnic]

I will stimulate you BelleCelle.

You're going to give me $950?

[Jovial Monk]

The first stimulus worked! Complete with a pretty graph and a couple interesting links in the comments there.

[Jovial Monk]

The incomparable Possum dissects the stimulus package:

http://blogs.crikey.com.au/pollytics/20 ... structure/

[JW Frogen]

One of the problems with the Obama plan to get out of the crises might be instructive to us should our banks start to go down as well.

He wants to inject cash into the banks, improve their balance sheet in the hopes that this will see a kick start in lending once again as it will offset their toxic securities holdings.

I think a better idea would be to do what the Regan Administration did during the Savings and Loans crises, actually use the cash to buy any failing bank, strip the toxic assets out and either eliminate them (yes many funds would take a loss, but they are already) or restructure the terms (for instance give sub prime mortgage holders new terms they can pay, thereby stabilizing confidence in the securities long term viability) and then re-sell the now healthy banks back to the private sector.

The Reagan administration actually turned a profit for the US taxpayer by doing this in the long term.

[Jovial Monk]

Yeah, just buying toxic bad loans from banks just rewards the incompetents who got the bank in trouble in the first place.

[JW Frogen]

Yeah, just buying toxic bad loans from banks just rewards the incompetents who got the bank in trouble in the first place.

No more so than doing what Obama is doing, giving them money and letting them keep their assets.

The government can dictate terms to a bank going under and then resell once the toxic liability is gone, unlike the solution so many governments are persuing, pump money in, let them keep the bank, and give more people to spend more money they should have never been spending in the first place.

Reagan made a profit out of a crises for the US tax payer, let us see how Rudd or Obama does.

[skippy]

"THE Opposition Leader, Malcolm Turnbull, conceded yesterday that his alternative plan for an economic stimulus package would still require government borrowing of up to $177 billion, compared with the Federal Government's proposal to borrow up to $200 billion."

So the libs would have done much the same, what a hypocrite.

http://www.smh.com.au/news/national/tur ... 55691.html

[mantra.]

Turnbull certainly is if he's done all this blustering for nothing. So what was his plan - any major infrastructure plans like harvesting of water and massive job creation for all those miners in WA now unemployed? What about all the guest workers who were promised citizenship - did he have any plans for fruitful employment for them, or will they join the queues of unemployed. In Howard's last year he brought in 350,000 migrants and Rudd is/was going to do the same this year, although one of his Ministers did say they were going to review the numbers - probably drop it down to 330,000.

All that money the Coalition had and it's gone in a puff of smoke. We have nothing to show for it but massive debt, people losing their homes and jobs while those at the top of the heap responsible for this crisis continue to collect their fat pay packets. For those who are wealthy they can buy up cheap shares and cheap homes in preparation for the next boom - while the idiots sucked in by the coalition's rhetoric pass the debt bucket onto their children.

It's a disgrace. We don't live in a democracy - we live in a fascist state. We're importing too much food, haven't enough water and if we're ever cut off from the rest of the world - we'll probably end up perishing because we're driving our farmers off the land and we waste what precious little water we have.

What a backwater we are when we once had so much potential.