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Tax Rebates Urged To Rescue Economy

Tax Rebates Urged To Rescue Economy
Do they really think spending your rebate check on a flat-screen is going to help the economy?

AP
January 17, 2008

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United for urgent action, the White House and Congress raced toward emergency steps Thursday to rescue the national economy from a possible recession, including tax rebates of at least $300 a person — and maybe as much as $800. Federal Reserve Chairman Ben Bernanke endorsed the idea of putting money into the hands of those who would spend it quickly and boost the flagging economy.

All the talk of rescue efforts failed to soothe Wall Street. The Dow Jones industrials plunged 306.95 points, underscoring deepening concern about the country’s economic health.

The sudden scramble to take action came as fears mounted that a severe housing slump and a painful credit crisis could cause people to clamp down on their spending and businesses to put a lid on hiring, throwing the country into its first recession since 2001.

President Bush told congressional leaders privately he favors income tax rebates for people and tax breaks for businesses, officials said. Bush spoke with congressional leaders as House aides worked behind the scenes on an emergency package that could also include more money for food stamp recipients and the unemployed.

Aides to lawmakers involved in the talks said the White House is pressing for tax rebates of $800 for individuals and $1,600 for married couples. Lawmakers were likely to settle on a $500 rebate for individuals, said an aide involved in the talks, with details for couples and people with children still being negotiated.

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U.S. economy teeters on the brink

Globe & Mail
January 19 2008

In a bid to save the world’s largest economy from recession, U.S. President George W. Bush and central bank chief Ben Bernanke yesterday endorsed a $100-billion stimulus package as the spreading housing mess continued to hammer banks, consumers and investors.

The rare plug for fiscal action comes as a growing number of economists say the United States is either in recession or perilously close to it. “The United States has now effectively entered into a serious and painful recession,” said economist Nouriel Roubini of New York University.

Prof. Roubini said all of the keys to economic health are headed in the wrong direction, including the housing market, credit availability, the job market and business spending. Add to that a run-up in oil and gas prices, and the consumer is likely to take it on the chin in 2008, he said.

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7-Year Plan Aligns Europe With U.S. Economy

World Net Daily
January 16, 2008

Six U.S. senators and 49 House members are advisers for a group working toward a Transatlantic Common Market between the U.S. and the European Union by 2015.

The Transatlantic Policy Network – a non-governmental organization headquartered in Washington and Brussels – is advised by the bi-partisan congressional TPN policy group, chaired by Sen. Robert Bennett, R-Utah.

The plan – currently being implemented by the Bush administration with the formation of the Transatlantic Economic Council in April 2007 – appears to be following a plan written in 1939 by a world-government advocate who sought to create a Transatlantic Union as an international governing body.

An economist from the World Bank has argued in print that the formation of the Transatlantic Common Market is designed to follow the blueprint of Jean Monnet, a key intellectual architect of the European Union, recognizing that economic integration must inevitably lead to political integration.

Read Full Article Here

Related News:


Recession looming in US housing-boom states
http://www.ft.com/cms/s/0/e3…0779fd2ac.html

Gold bounces off one-week low
http://www.reuters.com/article/hotStocksNews/idUSL1871969620080118

World not running out of oil, say experts
http://business.timesonline.co..ural_resources/article3207311.ece

Bush To Spend Even More, as a ‘Stimulus’
http://www.lewrockwell.com/blog/lewrw/archives/018712.html

Biggest drop in new homebuilding in 27 years
http://www.msnbc.msn.com/id/22705772/

Somber Fed Says Economy Has Lost Punch
http://news.yahoo.com/s/ap/20080116/a,,.ti_6asoUkVv24cA

Biggest drop in US housing starts since 1980
http://www.ft.com/cms/s/0/582..11a-0000779fd2ac.html

Sinking Sterling Is Catching Dollar’s Disease
http://www.bloomberg.com/apps/new.._ZI7aTk7VBw

Euro Future For UK?
http://www.channel4.com/news/article..for%2Bbritain/1353047

Stocks punished; Dow off more than 1,000 in ’08
http://www.usatoday.com/money/markets/2008-01-17-stocks-thurs_N.htm

Japanese Stocks Plunge On Open
http://ap.google.com/article/ALeqM5g1..ig50wD8U7VSE80

Dollar Dips On Bernanke Testimony
http://www.reuters.com/article/hotStocksNews/idUST32987020080117

Bush Wants $140B Stimulus Package
Greenspan Joins Firm That Bet Against US Housing Market
Bank of America to cut 650 jobs, sell a brokerage
Banks Losses Exceed Assets
Goldman Sachs Hints at $1000 Gold and $135 Oil
Shares in freefall a Dollar tumbles to 2-1/2 year low vs. yens recession hits
Shares in freefall as recession hits
ECB warns crashing dollar may stop Fed cuts
Top economist blames Fed for sub-prime crisis
Inflation Up by Largest Amount in 17 Years
Citigroup May Write Down Up To $24 Billion, Lay Off 20,000 Workers
Wall Street braces for more losses
Shadow spreads across the US economy
Transit Panel Urges Gas Tax Increase
Bankers Throw In Towel On Northern Rock
“U.S. Economy Screwed”: Henry Blodget
Largest Saudi Bank Urges Dollar Depeg
Crisis may make 1929 look a ‘walk in the park’
Wholesale Prices Up 6.7% In 2007
Breaking phase ahead for the global financial system in 2008
Traders betting oil will hit $200 a barrel in 2008
Gold Futures Rise to Record $900.10
Weaker dollar likely to push gold over $1,000-mark

U.S. Economic Collapse News Archive

 


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