Barack Obama was elected on a mandate of change in the November presidential election, and boy has he delivered! After his stern remarks last night in his manufactured press conference, the Democrats (and 3 Republican traitors) did their job this afternoon in passing the stimulus bill.
U.S. Senate Approves $838 Billion Stimulus Package
Feb. 10 (Bloomberg) -- The U.S. Senate approved an $838 billion economic stimulus package, clearing the way for negotiations with the House over a compromise plan that President Barack Obama wants lawmakers to send him within days.
The Senate today voted 61 to 37 to approve its measure. The bill provides $293 billion in tax cuts and more than $500 billion in new spending that the legislation’s supporters call critical to preventing the economy from sinking deeper into recession.
After the Senate added $838 billion (with interest!) to the national debt, President Obama's tax-evading treasury secretary Timothy Geithner did his part to destroy the confidence of the American financial system.
Geithner unveils new bank rescue plan
Creating a private-public partnership to take toxic assets off banks' balance sheets. Policymakers believe clearing bank balance sheets of badly deteriorated loans and securities is a prerequisite for restoring the normal flow of credit into the economy. Geithner said the plan will aim initially to use public financing to create as much as $500 billion in private sector buying capacity, with the prospect of an expansion to $1 trillion down the road.
The U.S. stock market processed both actions today with incredible swiftness:
[caption id="attachment_623" align="aligncenter" width="468" caption="-381.99 (4.62%)"]
[/caption]This exchange from Arrested Development pretty much sums up today:
Board Member #3: Why should we believe in you?
G.O.B.: For the same reason you should believe a hundred dollar bill is no more than a hundred pennies!
G.O.B.: They approved me unanimously.
Michael: Why wouldn’t they? You’ve only lost them 99 dollars so far.
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