The latest passing of the bill that was supposed to save America and the economy (of the planet) has fallen flat on its face. Noone can determine the reason its passing hasn't addressed a falling market. All the experts on Wall Street and the Politicians in Washington couldn't put Humpty Dumpty back together again .....and can pay anyone to pick up the pieces.
The answer is multifactorial because the intertwound nature of the ecomony. First, when Congress proceeds to "pork up" a Bill in a crisis situation, the public sees the seriousness has not been prioritized for no earmarking. Poor taste and poor judgement was demonstrated and public disgust soon followed. Secondly, the pork itself was shameful in what I see as a "nickel and diming" of the tax payer. People were benefiting from the bill by embezzling funds to ancillary groups completely unrelated to the situation at hand. Third, the Bill addresses the bank failures, job losses, and economic slow down strictly by "throwing money at the problem" by bailing banks out. And ONLY banks. The average person has no relief immediately, if ever. The problem is seen initially as a liquidity issue. The last thing anyone or any business needs is more available credit. Credit is the reason we are in the predicament currently. Of course, specific situations require available funds, such as college tuition. But is anyone looking at automobiles or boats, much less buying them.
While I am not necessarily an advocate for FDR-era policy, I believe the answer for today's fiasco can be found in our history. The modern "NEW DEAL" should consist of helping the ENTIRE economy while putting the country's best interest for the future in the crosshairs.
The Bill should have been geared towards the infrustructure of the country. Building new roads and repairing old ones, construting new bridges and initiating the new green energy installations to alleviate fossil fuel dependence would be . Each item scrutinized by by-partisan committees which oversee any abuse (although an independent third party would be ideal). Each project done in cooperation with private business. MOST IMPORTANT: Only citizens of the US get on the payroll!! We lost jobs to outsourcing and now we must ensure jobs created are for only legal citizens. Stipulations in the bill for people to cash checks from these jobs would include opening or maintaining banks accounts. Therefore, liquidity would be created without the bailout.
IN PART 2: DISCUSS SPECIFIC PORK PROBLEMS WITH THE BILL PASSED
MORE IDEAS FOR ECONOMIC RECOVERY