The coming financial crisis

[rjs246]

The biggest band-aid wont help the real problem, but Ill take the refund check anyhow

Bingo.

[Diomedes]

Me too.  And if Monkeyman Bush thinks I'm going to blow it at Wal Mart he's out of his AIDS soaked mind.  It goes to debt or savings.

[phillymic2000]

Me too.  And if Monkeyman Bush thinks I'm going to blow it at Wal Mart he's out of his AIDS soaked mind.  It goes to debt or savings.

Damn right

[PoopyfaceMcGee]

What's debt?

[Seabiscuit36]

feds drop interest 3/4 of a point, and the futures opened down -523.  ARMEGEDDON

[Susquehanna Birder]

The Fed move was to stave off distaster. Hang in there...things will improve today. Hell, things might even finish in the green.

[rjs246]

Cutting interest rates was (part of) what led the country into this mortgage/debt nonsense problem in the first place. Not poo-pooing the cut, just pointing out that we want to make sure we've actually learned from our mistakes. Also, maybe a new solution to the problem, rather than recycled ideas to 'stave off' distaster would be refreshing.

[Cerevant]

Yep.  Lowering interest rates stimulates the economy by encouraging more debt.  That sucking sound you hear is the US dollar circling the drain.

[PoopyfaceMcGee]

Yep.  Lowering interest rates stimulates the economy by encouraging more debt.  That sucking sound you hear is the US dollar circling the drain.

Are we still equal with the loonie?

[Cerevant]

Yep.  The loonie would have pulled ahead and kept going, but that would kill the economy up here...
Bloomberg

The Bank of Canada, in a scheduled meeting, lowered its main interest rate by a quarter point today to 4 percent and signaled it will act again to shield Canada from the U.S. slowdown. The Bank of England said it has no plans to change the date of its next rate decision. The bank's policy makers are due to begin a two-day meeting in London on Feb. 7.

[PoopyfaceMcGee]

"Stimulus Package"

Sounds hot.

I won't get a dime, and shouldn't, so it must be fair.

[Diomedes]

Here's how the deal works out, according to the AP via NYTimes:

How the Rebate Works
By THE ASSOCIATED PRESS

Filed at 8:41 p.m. ET

How Americans in different financial situations would fare under the rebate plan proposed by House leaders and the White House.

--An individual with $2,500 in earned income in 2007: Disqualified because income fell below the $3,000 threshold. No rebate.

--A married couple with no children, with adjusted gross income of $100,000 in 2007: Would qualify for the full $1,200 couples. A $1,200 rebate.

--A worker with one child, who earned $9,000 and owed no taxes in 2007: Would qualify for the $300 rebate available to individuals who pay no taxes but earned at least $3,000, plus an additional $300 for the child. A $600 rebate.

--A couple with income of $145,000 in 2007, with three children: Would qualify for the full $1,200 for couples, plus $300 for each child. A $2,100 rebate.

--A couple with income of $160,000 in 2007 with two children: Would qualify for a partial rebate, reduced by 5 percent for every $1,000 in income above the $150,000 threshold. An $1,800 rebate -- $1,200 for the couple plus $300 per child -- would go down by 50 percent for this family. A $900 rebate.

--A couple with income of $200,000 and four children: Disqualified because their income exceeded $174,000, the phase-out limit. No rebate.

--An individual with adjusted gross income of $23,000 and no dependents would get a rebate of $600.

--A couple with adjusted gross income of $160,000 and two children would get a rebate of $1,300.

--A couple with adjusted gross income of $184,000 and two children would get a $100 rebate.

[reese125]

thanks Dio

[ice grillin you]

i dont know why but im getting $600...kind of embarrassing really...i will be donating mine...this really is what it says it is a stimulus package for bushs pathetic economy not really to help people out

[Diomedes]

whatever I get, is going half to debt and half to savings

let the people who live in McMansions spend this welfare check on teevees and ottomans