Posted by WARREN MOSLER on November 24th, 2008
Whether or not you like the details, $700 billion of actual, front loaded spending will quickly turn things around.
Equities could easily double from current levels over the next year.
The credit machine will turn back on with a vengeance.
And without an energy policy that immediately cuts gasoline consumption, CPI could quickly be back over 5%.
By Daniel Whitten
Nov. 23 (Bloomberg) — Congress will send President-elect Barack Obama an economic stimulus package the day he takes office Jan. 20, two Democratic lawmakers said today.
Senator Charles Schumer of New York told ABC “This Week” today the package will be between $500 billion and $700 billion. House Majority Leader Steny Hoyer, of Maryland, said on “Fox News Sunday” that he believed the Inauguration Day goal would be met, but he declined to put a price tag on it.
“I think Congress will work with the president elect starting now and will have a major stimulus package on his desk by Inauguration day,” Schumer said. “I think it has to be deep. My view it has to be between 5 and $700 billion.”