Blog Buzz: Barack Obama Hopes to Sign Stimulus Package on Inauguration Day, Citigroup Bailout, Obama’s Economic Team

By U.S. News Staff

November 24, 2008 RSS Feed Print

Our daily look at stories and topics that are lighting up the Internets:

Obama, Dems Want Stimulus ASAP

Barack Obama and congressional Democrats don't want to waste any time when it comes to the economy: The plan is to have a stimulus package (possibly worth $500 billion) ready for Obama to sign on the first day of his presidency. Liberal bloggers discuss the challenges that such a timeline presents and make suggestions for policy makers. A HotAir blogger has a better idea for a stimulus package that involves a "sharp reduction in government spending, accompanied by a decrease in tax rates on investment income." Chris Cillizza analyzes Obama's focus on economic solutions for "Main Street."

Citigroup's Sweet Deal

The latest rescue plan from the feds comes in the form of $20 billion of capital that the Treasury Department will inject into Citigroup. The company will issue $7 billion in preferred stock to the Treasury and the FDIC as payment for a government guarantee on $306 billion worth of risky assets. Liberal bloggers are critical of what they see as a "sweetheart deal" for the "mismanaged company" and say it "highlights how poorly Washington has dealt with the underlying causes of the crisis." Conservative bloggers assert that the bailout will not work and that with this rescue plan, "the taxpayers have acquired a bank."

Obama Names Economic Team; Questions Remain

One of the biggest announcements about Obama's new team comes today with the introduction of his economic team, including Timothy Geithner as secretary of the treasury. Noam Scheiber at the New Republic discusses how and why Geithner was chosen. Other bloggers say why the selection of Melody Barnes as director of the Domestic Policy Council is of interest. Bloggers still have a lot of questions about upcoming appointments: Is the cabinet bipartisan enough? Will Bob Gates stay on? Will top advisers Susan Rice and Anthony Lake get positions? Who will be secretary of labor? Also up for debate is whether the "Team of Rivals" is really a Team of Pals, and whether the Clintonista-heavy administration means Obama isn't serious about change.

—Gretchen Hannes

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Okay, I agree that we need a stimulus package, but why not go to the sources of the problems and solve those first? Then maybe the gov't wouldn't have to bail us ALL out.

If it wasn't for the NINA...No Income No Assets.. loans, just maybe the economy wouldn't be is the crapper like it is now.

And now the gov't has thier fingers into the free commerece that I believe this country was founded on.

As far as the comment that the health care system is in place, may I ask a question? Where do YOU live? There isn't a health care program out there to help the middle income families, who seems to be paying for everyone's "supposed" health care plans. Also, if there was, then why are so many of the elderly having a hard time trying to stay afloat? These are the people who literally BUILT this country, and look at the way the country has repaid that debt.

This is where the government seems to fail the people who voted them into office. There is no longer "For the people by the people." If indeed such a government did exist like that, I can't see it. It seems to be for the insanely well off and the welfare system people. That leaves the middle class to tote the load and suffer the most.

If these people that we have given a chance to make their mark in history, would stop being sheep and start be sheperds, maybe this country wouldn't be hobbling along. LOL and you think teenagers suffer peer pressure...evidently the GROWN men and women, the illustrious elected, seem to suffer it to.

So before all of you out there think OH FREE MONEY...let me rmind you that there is NOTHING for free. At what cost will the come to us all?

It is time for us, as a united front, to go to our representatives that we voted into that office, becuase we thought they shared the same view and ideas as we do, to remind them exactly WHY we voted them there.

Get the prices of everything down to a affordable rate, so that we won't have to drool over the "idea" of another stimulu package. Facts are we shouldn't have to ever be in a position that we would have to beg off for ANY assistance at all.

Still On my soap box.... of LA 11:49AM November 25, 2008

With the Feds buying interest in all these "private" companies this will move the employees into the Federal Government Employees category. I have always been told the Federal employees have better pay, better, health care, and better retirement.

This will help solve three pressing issues:

health care - done

retirement - done

more money in the economy

This is going to be great! Everyoine will have a job and health care with little to no personal responsibility. This will be a much better system, I think there is a name for it.... it's called Communism.

Who needs freedom, liberty, and the pursuit of happiness?

We'll have the Feds providing all our needs.

BTW this isn't karma and praying is going to do liitle to help this out. Clueless in IL

Larry of CA 10:25AM November 25, 2008

We need a big and intelligent plan today. There are futurist that may be helpful regarding a new system. Our present system has fail the public. Our leaders have failed us. America is in deep trouble.The future will not change for sometime. Nixon froze the economy, perhaps we can look at why he did so and what ever the results of such action. Our new economic team appears to be strong on intelligence.

We need around the clock thinking on these problems. America is a great nation. We will be tested to no end. Perhaps there is so form of karma working against us. Perhaps we need a day of atonement for our sins of greed and racism?

We have a serious problem. We must pray for the right answer. There are so many people who are suffering. Bush needs to apologies for his failure of leadership and seek forgiveness. I feel badly for the people who voted for him.

Jim Lee of IL 10:29PM November 24, 2008

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