Stimulus- House GOP ‘Oh, My God’, House Dems- “May Not Be Enough”

It seems House dems still have the mindset that money exists in a vacuum: The Hill

House Appropriations Committee Chairman David Obey (D-Wis.) also told reporters it may not be the last effort to use big government spending to spur the economy.

“This represents the largest effort by any legislative body in the world to take government action to prevent economic catastrophe,” Obey said, “and even that may be insufficient alone.” Later in his briefing, he added, “This product may undershoot the mark.”

Thankfully, the House GOP has found its voice on this issue: ABC

“I just can’t tell you how shocked I am at what we’re seeing. You know it’s clear that they’re moving on this path along the flawed notion that we can borrow and spend our way back to prosperity.” 

                                                                                                                              House Minority Leader John Boehner

Meanwhile, in the Senate, reality has taken cover and fantasy is now the order of the day:

The Senate just voted 42-52, FAILING to pass a resolution of disapproval on spending $350 billion more on the TARP bailout plan. That means that they supported the second half of the bailout. The measure will now move to the House where, if it passes, it will certainly be signed into law.

FAILout, part II. Apparently that first $350 billion was so effective that the Senate couldn’t help itself but to vote for the second half, too.

Meanwhile II, Cititgroup which is the poster child for government intervention aka Bailout closed at $3.83 today. Wasn’t the whole point in bailing Citigroup out in December an attempt to stabilize the market? Back then we were told that if Citi’s shares went below $5, the institution would collapse and take the rest of the economy with it?

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