Printing dollars is not called a stimulus package. Its the opposite
of a stimulus package. Its a destimulus package as it makes the
currency worthless. People who have worked hard to save these US
dollars now find they are being robbed by the incompetent banks.
A relief package would be one where the CEO of the bank is taken to
court for gross negligence/incompetence, deposits paid back to
customers and the bank shut down.
Otherwise this fiasco will just repeat itself 2 years from now.
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Bush admits slowdown in economy
9 Mar 2008, 0001 hrs IST,IANS
WA****NGTON: President George Bush acknowledged "our economy has
slowed" as American employers slashed 63,000 jobs in February, the
most in last five years, but claimed a stimulus package could help
stem the tide.
"Losing a job is painful and I know Americans are concerned about our
economy. So am I," Bush said. "I know this is a difficult time for our
economy. But we recognised the problem early and we provided the
economy with a booster shot."
The stimulus package that US Congress passed this year will send tax
rebates to American taxpayers by spring, and Bush urged them not to
save it. "When the money reaches the American people, we expect it to
boost consumer spending," he said.
A labour department re****t on Friday said the US economy lost jobs in
February for a second month running and at its fastest pace in five
years, making it all the more certain that the nation is slipping into
a recession. At 63,000 the job losses in February were nearly thrice
as many as a downwardly revised 22,000 the previous month.
Although the unemployment rate declined a tenth of a point to 4.8%,
that was the result of so many people giving up and leaving the labour
force, rather than a sign of economic strength, the department said.
Separately, the Federal Reserve, the central banking system of the US
concerned about another round of financial market freeze-ups,
announced it will boost loans to the nation's banks.
The central bank will do so in two auctions this month raising the
loans from $30 billion to $50 billion per auction, and will buy up
$100 billion of mostly troubled mortgage-backed securities.
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