Doing nothing but stopping federal spending is a better idea than anything the government has done so far. Letting the market correct itself is exactly what needs to happen right now. Bailouts and spending packages simply prolong and worsen the agony of the recession.
Bush didn't spend any money on infrastructure the last 8 years. The country needs a facelift. And, doing it now will help each state get thru this tough time, pay unemployment benefits, etc.
We'll agree on NO bullshit wasteful pork, but not that the government should sit and do nothing. That's insane.
Construction companies eliminated 104,000 jobs. Factories axed 168,000. Retailers cut nearly 40,000. Professional and business services got rid of 180,000, with 78,000 jobs lost at temporary-help agencies. Financial companies reduced payrolls by 44,000. Leisure and hospitality firms chopped 33,000 positions.
We can't afford infrastructure spending right now. Doing nothing so that the market can correct itself is not insane. Wasting trillions of dollars in an attempt to spend your way out of a recession, now that's insane.
Come on now. Show me the economists that suggest the best thing we should do is hunker down and wait for the storm to pass.
Job losses could get even worse - Eye on the Economy- msnbc.com
The reason the Great Depression went on so long was the Government waited too long before they did anything. Sort of like how Bush let it all happen and now Obama has to dig himself out of this hole.
And like we paid for Iraq, the rich are going to pay for this one.
How come Wallstreet still won't buy at rock bottom prices? If Wallstreet would start buying, things would start to improve. But everytime a stock goes up a couple points, they dump what stocks they have.
Bad as Friday's grim jobs report was 8.1 percent unemployment rate, 651,000 jobs lost in February, 4.4 million shed since the recession began the labor market's pain is likely to continue until well into 2010.
Wall Street economists, who are not typically paid to see the glass half-empty, warn that more bad news is coming in the months ahead.
"The economy is in a tailspin. Businesses are jettisoning jobs at an unprecedented pace," said Richard Yamarone, economist at Argus Research.
The labor market remains in free-fall," said Nigel Gault Chief US Economist IHS Global Insight. The recession is deepening; there is no sign yet even that the rate of contraction is slowing."
Thanks George Bush. You set us up to fail!!!
Oh yea, this is poor people's fault.