A Video from this Morning’s “Fox News Sunday w/Chris Wallace” here he speaks to Larry Summers. Perhaps the best part of this is where Chris pushes Larry on the point that this “Temporary” spending measure will in fact become “permanent”, a not inconsequential fear, and Larry tells him no, these spending hikes are in fact temporary, in particular in terms of education and health.
I don’t know about you, but I like the fact that, at least on the face of it, President Obama is keeping his word about the temporary nature of this bill. Larry also talks about and defends the timeliness of the spending here. A well put together defense of The Stimulus package.
There is other news on the Stimulus front. Monday was going to be the day that Tim Geithner was going to publicly lay out the plan for shoring up the Banking Industry, but put it off for one day, so officials can focus on the stimulus package. A quote from the Bloomberg.com story on this subject:
“The Senate votes on Monday, and economic officials administration-wide will be working and consulting with senators throughout the day,” the Treasury said in an e-mailed statement in Washington today. “Secretary Geithner will postpone the release of the administration’s Financial Stability and Recovery Plan until Tuesday to allow for that to happen.”
While I don’t like having to wait to find out exactly what is going on here, One day’s wait won’t kill anyone, and the fact that it is on the way should help ease the minds of troubled investors in the market tomorrow.
But I am still expecting the market to be down tomorrow. The Friday news about the jobs report, which seems to have had no affect then will have one tomorrow, as well as the news about the GM Restructuring plan, and the lack of surety as far as the actual stimulus plan goes. And what i mean by lack of surety is that there is a lot of backlash against this stimulus from the right, and the right here has controlled the debate, and that lack of confidence may well affect the markets, as it may well affect the senators who will be voting on the Stimulus package tomorrow.
Which will be my final point for Today’s blog. The affect public opinion may well have on the vote tomorrow afternoon. Watch it live here tomorrow at 5:30 pm. I hope they have the votes necessary to pass this, but I tell you that I am not too certain that it will pass. Just because three Republican Senators have said they will vote for this bill, does not mean that it will pass. There has been some not insignificant resistance from some democratic senators against the cuts the Republicans have forced into this bill. Now there is talk that they have acquiesced and will vote for it, and I hope they are right, but nothing is guaranteed until all is said and done.
One more video, a few quotes, and I am done.
This video is from The World Economic Forum at Davos. Economist Stephen Roach giving his outlook for the future of the world economy, and It isn’t pretty. The two drivers of that economy he looks at here are both suffering, they being the American consumer and China. Growth over the next few years looks to be minimal, and he says the American recession will be a “Japanese like adjustment” Oof. Japan took a decade to get out from under it’s economic issues during that adjustment.
That’s about it for me. Later!
Today’s Nuggets, Via Wikiquote: Of all things, good sense is the most fairly distributed: everyone thinks he is so well supplied with it that even those who are the hardest to satisfy in every other respect never desire more of it than they already have. Rene Descartes
It is a thorny undertaking, and more so than it seems, to follow a movement so wandering as that of our mind, to penetrate the opaque depths of its innermost folds, to pick out and immobilize the innumerable flutterings that agitate it. Michel De Montaigne