Friday, December 19, 2008

Obama readies the rescue

Barack Obama is promising a huge injection of funds to improve the neglected U.S. infra -structure and at the same time to "crack down on the culture of greed and scheming that's led us to this day of reckoning."

"If the financial crisis has taught us anything, it's that this failure of oversight and accountability doesn't just harm individuals involved, it has the potential to devastate our entire economy," He also had a crack at regulators and politicians who fell asleep at the wheel.
And how right he is.

Barack Obama may ask Congress next year to approve a stimulus plan of around $850 billion, an amount that has grown as the U.S. economy sinks deeper into recession, an adviser to the president-elect has been reported as saying.

The latest proposal is circulating in Congress as Obama’s advisers work with lawmakers to craft a package aimed at improving roads, bridges and other parts of the crumbling infrastructure. (Sounds not unlike China's rescue package with its emphasis on infra-structure)
The target is 2.5 million jobs over the next two years.
Well we are getting close to a trillion dollars!!!
At least some action is assured after the dopiest U.S. administration in its history.

(news wires have reported the substance ..the opinions are those of DeepLode)

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