Friday, February 6, 2009

BREAKING NEWS - Senator Dianne Feinstein Says She May Vote Against Obama's Stimulus Package Plan


I just saw this headline on CNN. Democratic Senator Dianne Feinstein from California is apparently hinting that she may vote against President Obama's stimulus package because it won't create more jobs. If this is true, this is a big blow to Obama's plan because Feinstein is an influential Democrat that I'm sure Obama was counting on to help him get this package passed through. More to come as it becomes available...

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4 Responses to "BREAKING NEWS - Senator Dianne Feinstein Says She May Vote Against Obama's Stimulus Package Plan"
  1. Anonymous said...
    February 6, 2009 at 3:44 PM

    "Feinstein is an influential Democrat that I'm sure Obama was counting on to help him get this package passed through."

    I hope that was a typo and you don't think Feinstein is a man. She's surely a woman.

  2. J. Anthony said...
    February 6, 2009 at 6:44 PM

    Anonymous,

    No, I was referring to Obama in the above sentence where I referenced "him". It wouldn't make sense if I was referring to Feinstein.

  3. Donald Bergerson, San Francisco - and proud of it said...
    February 6, 2009 at 9:57 PM

    To the extent that Senator Feinstein opposes the stimulus plan because it "costs too much", she is shortsighted and should reconsider. Any portion of the plan that funds new infrastructure projects creates real, tangible wealth. It does not waste our childrens' money or hobble their future, but rather enriches their inheritance. That portion of the stimulus bill which funds programs for people who have been laid off, or who are poor, stimulates the economy to the extent that these people, who would otherwise be sitting at home and not participating in the economy, are instead putting money into circulation. Indeed, some of the money they spend may indeed be spent on "capital" improvements. That portion of any stimulus bill which funds state governments helps to keep people employed, and these people, also, will put money into circulation - with beneficial results similar to those set out above. Finally, that portion of any stimulus package which merely "cuts taxes" - while it arguably may put money into the pockets of people who eventually will spend it - does so unevenly and unpredictably. While some may spend money, others may simply hold onto it. As a general matter, when an economy is stagnant, saving money merely increases numbers on a balance sheet and does not increase real wealth. I learned this on the first day of Economics 101, and suspect that Senator Feinstein did, too. Perhaps she has obligations to interests whose members do not care whether actual capital wealth is increased, but instead hope to benefit primarily from an increase in their ledger-balances. If so, she should reconsider her opposition to the bill before it is too late for the American Economy. If a real stimulus bill is not passed, her wealthy friends will be stuck holding worthless paper, the rest of us will be stuck holding nothing, and the economy will fail.

  4. Anonymous said...
    February 6, 2009 at 10:13 PM

    God, Please let Feinstein vote against this bill. If it passes it is the end of our Republic!

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