As you may have read on my previous post.  Obama has a very strong economic stimulus plan that he wants to bring in.  This plan is very comprehensive and supposedly will cost tax payers close to $775 billion, over the two years the plan takes place.  Many believe it will cost much more then that, some suggest it will be closer to 1 trillion dollars!

The bone of contention within that economic stimulus plan is the part on taxes!  As his campaign (more…)

If you have not seen it already, there are already talks about the next wave of foreclosures!  It is pretty scary.  Basically, it all has to do with the resets of the Alt-A and Pay option arm loans! 

What are these?

Alt-A: These are the loans which were given to individuals whose credit score was not good enough for a regular loan, (more…)

In a press conference earlier today, Bush stated that he is going to pass a $17.4 billion dollar bailout package for the domestic car industry!  The money will be coming from the pre-existing $700 billion bailout package for the banking industry.

What I found shocking is that it went up from the original $14 billion, which was in the congress bill which did not pass last week!  He stated that he felt if they waited for the new congress to convene it would be too late.  In any other economy he would have been able to just allow the industry to go down, but this would have a huge ripple effect on the economy as a whole!  As such, even though he does not want to, he is passing this so that there is not a larger loss of jobs and a longer recession!  According to most figures, if the entire domestic car industry were to close you would see a total job loss of 2.5 million jobs!

So why can’t the automobile industry just do a chapter 11 bankruptcy?  (more…)

 The original proposed deal was for $25 billion, which then went down to $14 billion of American taxpayer money that was to go to bailout the BIG 3!  Unfortunately, yesterday the deal did not pass the senate (more…)

Their are a LOT of things going on with the economy and I will write more about them tomorrow.  Of course one of those is that Obama spoke to the governors of each of the states within the United States to see what are their needs of federal funding.  As you can imagine, every single state needs government funding due to almost all of them having a budget deficit.

So what is the solution? (more…)