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...Trillion-Dollar Question Michael Grunwald's story contains the most gems per paragraph of anything I have ever read [Jan. 26]. His analyses of the problems, the opportunities, the pitfalls and the inevitable lining up at the feeding trough are all spot-on. I especially liked the admonition to give the money to the people who can't afford to save it. That money will go straight to the free market - even though my wife and I will most likely save anything we get. Paul Bliss, San Diego...
...beginning to wonder if anyone reads basic economics anymore. It has been widely understood for centuries that government does not create wealth; it merely redistributes it. The stimulus plan can be summarized as follows: we are going to borrow a trillion dollars from foreigners and spend it on a mile-long list of pork-barrel projects that we don't immediately need (or else we would have found another way to pay for them) and hope this gets us out of the recession. Stimulus won't solve the fundamental economic problems of this country: decades of low savings coupled with...
...very good bankers might not want to work for maximum-wage pay and could bolt their TARP-constrained companies. Why, for instance, would JPMorgan Chase CEO Jamie Dimon, perhaps the most astute operator in banking, want to labor for a measly 500 large to run a company with $2.2 trillion in assets...
...economy quickly while attracting bipartisan support and letting Congress work its will, so it's not clear how hard he'll push to fund his long-term agenda. But Obama should ignore the partisan gripes about the stimulus becoming a "Christmas tree." Congress is about to toss almost $1 trillion into the economy, which means that any stimulus is going to be a Christmas tree, no matter where the gifts are hidden. And in November, America chose its Santa. This might be his best chance to decide who gets the goodies and who gets lumps of coal...
...This isn't just the first test, it's the biggest. Trillion-dollar legislation doesn't come along every day, and the hard choices are not just what we spend money on but how, at what speed, toward which priorities. Is getting a bad bill quickly really worth it? Is taking more time to get it right really so risky...