Tuesday, February 17, 2009

President Obama Signs $780+ Stimulus Bill

As millions of Americans are holding on for dear life, today President Barack Obama signed into law the largest stimulus bill in history.

The question on most people's lips: What will be the outcome of this mass amount of spending and tax credits? Unfortunately, we are treading in unchartered territory, as no one 'really' knows. But right now, people in breadbasket America who are on the fringe of losing homes, jobs, health insurance and 401k values are hoping-against-HOPE that Obama really has a plan and is not gambling or crap-shooting the future of America.

Using the Dow Jones' 300 point drop as a gauge–– especially on the day President Obama signed the paperwork making his plan a reality––offers no reassurance to an already nervous public. While many truly want this neophyte President to succeed... there is nothing in his background to indicate he has ever faced or mastered any financial crisis, and can therefore pull from such experience. If only he had served as a CEO or a company, Governor of a State, Mayor of a town, small business owner, or even manager of a Wendy's or McDonalds, where he would have had to make a payroll or balance a budget... maybe folks-on-the-farm would not be so trepidatious and jittery at this juncture in history as demonstrated by the tanking of the markets since the election in November.
"Having had a long weekend to digest the political dealings in Washington, market participants aren't feeling any better about things than they did before. The bearish disposition is an issue of confidence - or lack thereof -", said Patrick O'Hare, an analyst at Briefing.com.

Well, the ink is dry now. We can only wait and see... Let's all hold good thoughts that Obama's stimulus plan works. A lot is riding on his big gamble!

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