Archive for the ‘Steve Forbes’ Category

Obama Week 3: Senate Poised to Defeat Stimulus?

February 1, 2009

“As it stands it would be very hard for me to vote for this package, because I don’t think it is fully targeted, timely and temporary,” Senator Kent Conrad (D-ND) said. “I think there is widespread dissatisfaction with the package that came over from the House.”

Both Democratic Senator Kent Conrad and Nebraska Sen. Ben Nelson seem ready to join with Senate Republicans against the House version of the stimulus….

“Too little is being done about housing, which is central to the crisis,” said Conrad.

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Republicans suggested overhauling the Senate’s stimulus proposal because they said it doesn’t pump enough into the private sector through tax cuts but allows Democrats to go on a spending spree unlikely to jolt the economy.

“When I say start from scratch, what I mean is that the basic approach of this bill, we believe, is wrong,” said Sen. Jon Kyl of Arizona, the No. 2 Republican. He added that he was seeing an erosion of support for the bill.

By DOUGLASS K. DANIEL, Associated Press Writer

In this photo provided by CBS, Sen. Mitch McConnell, R-Ky., ... 
In this photo provided by CBS, Sen. Mitch McConnell, R-Ky., appears on CBS’s ‘Face the Nation’ in Washington, Sunday, Feb. 1, 2009.(AP Photo/CBS Face the Nation, Karin Cooper)

Senate Republican leader Mitch McConnell of Kentucky said he doubted the Senate would pass the bill, contending that Democrats as well as Republicans were uneasy with it. He renewed a Republican complaint that Democrats had not been as bipartisan in writing the bill as Obama had said he wanted.

“I think it may be time … for the president to kind of get a hold of these Democrats in the Senate and the House, who have rather significant majorities, and shake them a little bit and say, ‘Look, let’s do this the right way,'” McConnell said. “I can’t believe that the president isn’t embarrassed about the products that have been produced so far.”

Democrats defended their almost $819 billion version of President Barack Obama’s stimulus plan, which is set for debate this week, and said they were open to considering changes by Republicans. But they said the unrelentingly bleak economic news demanded action.

“We cannot delay this,” said Sen. Dick Durbin of Illinois, the Democrats’ No. 2 leader. “We can’t engage in the old political rhetoric of saying, ‘Well, maybe it could be a little bit better here and a little bit better there.’ We’ve got to pull together.”

A bank employee counts US dollar bank notes. The euro fell sharply ...

Sen. Chuck Schumer, D-N.Y., agreed that more could be done in the area of housing, though he said tapping money in the separate financial bailout fund would be a more likely way to pay for mortgage relief.

Under Obama’s plan, strained state budgets would receive a cash infusion, projects for roads and other infrastructure would be funded, and “green jobs” in the energy sector would be created. In its centerpiece tax cut, single workers would gain $500 and couples $1,000, even if they don’t earn enough to owe federal income taxes.

Among the major changes Kyl said would be needed to gain Republican support in the Senate was the tax rebate for individuals and couples, which he criticized as going to too many people who didn’t pay the tax to start with. He also criticized the bill for seeking to create nearly three dozen government programs and giving states far more money than they need.

Durbin argued that $1 out of every $3 in the bill goes to tax cuts and defended it as aimed at helping working families. While he contended that Democrats were “very open” to Republican proposals, he cited only what he said were calls for more money in job-creating public works projects, typically a Democratic priority.

Sen. Jim DeMint, R-S.C., characterized the proposal as “a spending plan. It’s not a stimulus plan. It’s temporary, and it’s wasteful.”

Read the rest:
http://news.yahoo.com/s/ap/2009020
1/ap_on_go_co/congress_stimulus

Related:
Economic Stimulus About “Soul of America”
.
Forbes Pleads For Bank Bailout, “Banks Are the Heart of the Financial System”

Here’s What $800 Billion Stimulus Means to America as We Knew It

Fox News:
http://www.foxnews.com/politics/first100days/200
9/02/01/stimulus-heavy-spending-say-growing-nu
mber-senators/

http://jmcpherson.wordpress.com/2009/02/01
/a-stimulating-limbaugh-lesson-and-battles-in-
afghanistan-and-tampa/

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Forbes Pleads For Bank Bailout, “Banks Are the Heart of the Financial System”

February 1, 2009

Steve Forbes said on Sunday that getting American banks lending is much more important than the current economic stimulus bill.

Forbes appeared on “Meet the Press” on NBC with David Gregory.

Forbes said that Japan used eight different stimulus packages in the 1990s and couldn’t solve their economic problems without solving the bank lending dilemma.

“And that’s why they have a high debt and still a stagnant economy,” Forbes said.

“The banks are like the heart of the financial system,” Forbes said.  “You can have a strong head and strong muscles but without the heart you have nothing.”

Erin Burnett of CNBC said the “New American Economy” will provide a lower standard of living to most Americans.

“And that means likely a lower standard of living.  So you may return to vigorous growth, but likely that debt-fueled expansion, you’re not going to have that.  And that’s a tough message to tell people, your standard of living is going to be lower for a long time.”

David Gregory pointed out a Heritage Foundation release this week that said:  “The combination of current law programs plus the stimulus–and without any additional borrowings for additional financial market interventions or other new spending–suggests at least another $1.6 trillion of new government debt, bringing the total of publicly traded federal debt to $9.9 trillion by the end of 2010…[and] the debt-to-GDP ratio will have reached 67.9 percent for a two-year increase of 23 percentage” points.

Forbes said, “You’ve got to ….  and I hope the Senate will do this, is work more on the tax side; like, say, having the payroll tax for two years.  That lowers the price of hiring people, also….  Payroll tax holiday.  That way people get more money and it’s cheaper to hire labor.  Reduce the capital gains levee for a couple of years, positive things like that.  And then get back–again, the banking system, Japan did not fix their banking system, which is why they stagnated.  We have to fix ours, starting by one of the most boring subjects in the world but devastating banks today, get rid of this mark-to-market accounting, which is destroying banks.”

Read the Meet The Press transcript:
http://www.msnbc.msn.com/id/28964188/

Steve Forbes, Chairman and CEO of Forbes Media, participates ... 
Steve Forbes, Chairman and CEO of Forbes Media, participates in a plenary session the Annual Meeting of the World Economic Forum, WEF, in Davos, Switzerland, Thursday, Jan. 29, 2009.(AP Photo/Keystone, Alessandro Della Bella)

http://www.bigbook.eu/senators-q
uestion-daschles-late-tax-filing