A "pundit" on CNBC said we need an economic stimulus package that gets money in the hands of low

BleedingHeartPatriot

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Tue Jan-22-08 02:07 PM
Original message

A "pundit" on CNBC said we need an economic stimulus package that gets money in the hands of low

income people since they have the "propensity to consume."

Bob Auewerwater sp(?), from Vanguard.

Man, the underbelly of the financial upper class is ugly. MKJ

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CountAllVotes

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Tue Jan-22-08 02:10 PM
Response to Original message

1. duh

they need to get money to those that need in the most - aka the "underclass" or what the hell ever you care to call them (or the "poor"; "working poor", etc.).

These stimulus packages do nothing for those in my boat and never will. I still expect to see nothing from any of this.

I suppose I'll have to savor that extra $8.00 a month my spouse gets from Social Security (gee that is almost $100.00 a year!). :mad:

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Cleita

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Tue Jan-22-08 02:12 PM
Response to Original message

2. Actually he's right.

Poor people will go out and spend their money. Rich people can only consume so much so they will probably invest any excess money and that keeps it from circulating and giving the economy a boost. Trickle down economics is what has gotten us into this mess. The way to fix this and pull us out of recession is to tax the upper economic classes and use the money to create jobs for the underclasses.

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BleedingHeartPatriot

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Tue Jan-22-08 02:14 PM
Response to Reply #2

4. All day as I've watched the money pundits, they reduce individuals who aren't in the

Edited on Tue Jan-22-08 02:17 PM by BleedingHeartPatriot

Bush "tax cut" category to "consumers" who are there for no other purpose than provide the upper investor class more cold, hard cash by buying stuff.

If anyone were to mention repealing tax cuts to this punditry crowd, they'd have a mass case of fainting vapors.

MKJ

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rodeodance

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Tue Jan-22-08 02:21 PM
Response to Reply #4

9. I have not listened but I can imagine you are right on.

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flashl

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Tue Jan-22-08 02:26 PM
Response to Reply #4

15. And, he said "the international community" ...

LOST FAITH in the American consumer!

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BleedingHeartPatriot

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Tue Jan-22-08 02:27 PM
Response to Reply #15

16. I'm telling you the stream of consciousness coming out of CNBC today has been very enlightening.

MKJ

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flashl

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Tue Jan-22-08 02:30 PM
Response to Reply #16

17. I guess I couldn't handle the truth??? I had to turn off the teevee after that comment. n/t

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BleedingHeartPatriot

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Tue Jan-22-08 03:00 PM
Response to Reply #17

23. Well, the economists are pretty darned miffed at all of us for not spending ourselves into debt.

during the holidays, and they seem to hold grudges.

MKJ

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The2ndWheel

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Tue Jan-22-08 02:34 PM
Response to Reply #4

19. We do live in an economic system

Other than consuming, most of us are just in the way. If there was a way to go from product to profit without people, it would be done.

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rodeodance

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Tue Jan-22-08 02:19 PM
Response to Reply #2

7. lower incomer's will most likely need to buy basics-like food,--ect. Money will 'get out"

more.

yet--we all consumers

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Beer Snob-50

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Tue Jan-22-08 02:25 PM
Response to Reply #2

13. Even a 600-700 dollar one time tax rebate

and not take it back when they file thier returns for all who make 60K and under would do much to get things going. Also, I believe that saving is also necessary to get us out of this mess. Savings in the way of CD"S, Checking and Savings accounts, and Mutual Funds.

Much of our savings now is in foreign corporations.

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Cassandra

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Tue Jan-22-08 02:13 PM
Response to Original message

3. It's true, though...

although "propensity to consume" is a snotty way of putting it. Lower income people need stuff and upper income people might just stash most of it in savings.

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SoCalDem

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Tue Jan-22-08 02:17 PM
Response to Reply #3

6. Yep.. it's a snarky way to say they "spend all their money" and "don't save"

of course they never tell the reason WHY... If you NEED $X dollars a month to LIVE on, and you make $X minus 50%, of COURSE you will spend any "extra" you can come by.

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niyad

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Tue Jan-22-08 02:15 PM
Response to Original message

5. note to bushco and supporters-- STOP BLOWING UP 2 BILLION of OUR RESOURCES

in your insane, illegal, unjust and immoral wars based on lies, and then we wouldn't HAVE this problem. by the way, WHERE are you going to get the money, since you have blown nearly a TRILLION dollars since you stole office?

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rodeodance

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Tue Jan-22-08 02:20 PM
Response to Original message

8. I read that est. 50 million lower income will NOT get the rebate anyway--or very

small amounts--100$ at best.

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BleedingHeartPatriot

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Tue Jan-22-08 02:25 PM
Response to Reply #8

14. Those first numbers that were floated were for a specified group of people.

In which the lowest income folks aren't included. The rebate is aimed at helping people pay off a little to the lenders. Those who are "well off" enough to be up to their eyeballs in debt.

MKJ

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rodeodance

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Tue Jan-22-08 02:22 PM
Response to Original message

10. LBN a few days ago--Congress might have package ready by MARCH

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BleedingHeartPatriot

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Tue Jan-22-08 02:23 PM
Response to Reply #10

12. Funny that the those who were all about the "free market" are asking for a governmental handout.

Not funny ha ha, though. MKJ

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Karenina

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Tue Jan-22-08 02:22 PM
Response to Original message

11. How about JOBS...

Yeah, those things. Maybe even some that pay more than minimum wage! WHAT A CONCEPT!

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BleedingHeartPatriot

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Tue Jan-22-08 02:31 PM
Response to Reply #11

18. Jobs? But, wouldn't jobs get in the way of consuming?

:toast: MKJ

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gratuitous

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Tue Jan-22-08 02:41 PM
Response to Reply #11

21. Jobs?

The Bush administration has spent the last seven years plundering the labor of the lower classes. If they start creating good jobs at decent pay, there's a risk that the rabble won't be quite so impressed with a proposed $800 handout with so many strings attached it looks like a marionette.

"Why eight hundred dollars?" "We did a study that told us that's what you people consider a lot of money."

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sinkingfeeling

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Tue Jan-22-08 02:41 PM
Response to Original message

20. I shocked that a CNBC pundit would admit that. The people being squeezed are the only ones who

will spend money.

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Initech

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Tue Jan-22-08 02:41 PM
Response to Original message

22. The "financial upper class" sickens me.

Bush says that they are his base, the "haves and have nots.". No, it isn't. It's the "I want it all for myself and fuck everybody else" group that is that fuckwit's base.

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jpak

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Tue Jan-22-08 03:02 PM
Response to Original message

24. Most folks, however, will be spending their "stimulus package" on heating oil & gas- not at Target

sad but true

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lumberjack_jeff

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Tue Jan-22-08 03:13 PM
Response to Original message

25. If economic stimulus (e.g. cash payments) is desirable

Then he's absolutely right. Give cash to low income people and it is more likely to flow into the economy.

It is the same rationale which suggests that tax cuts for the rich are not productive.

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BleedingHeartPatriot

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Tue Jan-22-08 03:24 PM
Response to Reply #25

26. Funny, listened all morning, didn't hear a peep about rolling back the tax cuts.

Now, they were all quite chipper and peppy about the fact that that Bush AND Paulson said that protecting the Tax Cuts was the most important thing, last week Friday after the Bush announcement, such as it were.

Again, they keep going to the "well" of consumer spending, which has just about run dry. What then? :shrug:

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DCKit

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Tue Jan-22-08 03:31 PM
Response to Original message

27. Confirmed: Pundit = WH Press Agent

At least in this case.

Psst, hey dumbass. Even the rabble understands what happens when you don't pay the bills. Whose ass is gonna be in the bear trap with this stupid plan?

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La Lioness Priyanka

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Tue Jan-22-08 03:35 PM
Original message

while thats a crass thing to say, isnt he right? i mean if you already have money, arent you more

likely to save/invest?

whereas if you dont have any, you can finally buy that heating oil/clothes/food that you need?

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La Lioness Priyanka

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Tue Jan-22-08 03:35 PM
Response to Original message

28. dupe

Edited on Tue Jan-22-08 03:35 PM by lionesspriyanka

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BleedingHeartPatriot

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Tue Jan-22-08 05:26 PM
Response to Original message

29. I'm sure he didn't think it was crass at all. Watching the "moneyed" class "spin" the market action

today was fascinating in that to these folks, "low income people" are no more than "consumers" who are an integral part of the machine which keeps feeding them the funds, allowing them to maintain those lifestyles they love.

But, actual individuals, not so much. One spokesperson was thrown off when the CNBC yelling guy asked about the impact of the latest economic news on the individual. She gave him a blank look and asked, "Individual?" Then the penny dropped and she said, "Oh, you mean consumer," and continued on her merry pundit analyzing way.

MKJ

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KoKo

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Tue Jan-22-08 05:29 PM
Response to Original message

30. I watch CNBC...and they are worried Consumer will Save their Stimulous...

instead of going to Walmart and spending it...therefore..there are some that say it's not worth giving the tax stimulus to "stupido's" who don't realize they need more Chinese Crap! :shrug:

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