The Binary Circumstance

Agent-of-change Barack Obama has come up with his own economic stimulus package:

LAS VEGAS (Reuters) - Amid growing worries about a worsening of the U.S. economy, Democratic presidential candidate Barack Obama proposed a $75 billion economic stimulus plan on Sunday that includes worker tax credits, a one-time pension supplement and help to homeowners facing foreclosure.

The plan would include an immediate $250 tax credit for workers, which could double if the economy worsens, a one-time $250 supplement to Social Security payments, a $10 billion fund to help homeowners facing foreclosure and a $10 billion fund to assist states facing budget shortfalls amid lower tax revenues.

[…]

Obama’s leading rival, New York Sen. Hillary Clinton, on Friday unveiled an economic stimulus package she said would be worth $70 billion. Her plan placed more of an emphasis on helping families unable to make mortgage payments — a major issue in Nevada where “for sale” signs are common on homes around heavily populated Las Vegas.

“There are some similarities,” Goolsbee said of the two plans. The biggest difference with Obama’s plan is that “the absolutely most imperative thing is to get the money into the people’s hands immediately so they can spent it.”

Bush and Congress are also working on a $100 billion plan.

I find it interesting that none of the plans get to the root of the current problem which is that government creates as much money as it wants for political purposes. All the proposed economic stimulus plans rely on creating more money which in the end can only add to the problem.

Agent-of-change and New Hampshire primary victor Hillary Clinton has offered an innovative (NOT!) economic plan to rescue the country from a recession:

The New York senator, who hopes to become the Democratic nominee in the November election, proposed $30 billion to help low-income families hit by the mortgage crisis and $40 billion in other spending, mainly for the poor and unemployed.

[…]

Clinton released her plan, which aides said would be a one-time program paid for by government borrowing, as Republican presidential rivals John McCain and Romney dueled over economics on Friday. [emphasis added]

What’s so different about borrow and spend? That’s what the Republicans have been doing for almost eight years.

Ron Paul paid a visit to Jay Leno on the Tonight Show last night. Leno had him as a guest because Fox News didn’t invite him to their Republican debate even though he got 10% of the vote in Iowa and was probably the top Republican fundraiser in the 4th quarter.

The LA Times printed a transcript for those of you who missed it.

It had to happen. Just how bad will it get?

From the Seattle Times:

The housing market in King County ended 2007 on a sour note as the median single-family house price last month fell 1.1 percent from December 2006. It was the first time in recent history that prices declined year-over-year.

And the number of homes for sale rose 61 percent in King County, continuing a trend that started in April, the Northwest Multiple Listing Service reported Monday. The MLS is an association of Realtors that compiles home-sales statistics for King, Snohomish, Pierce, Kitsap and 15 other counties.