I am cranky today, so brace yourselves. I am officially sick and tired of hearing about economic stimulus plans, as it is my firm belief there simply is nothing the government can do at this point to stop what we have coming down the road. A 150 billion dollar stimulus is not going to do anything.
What they should be discussing is how we got to this point, and working on reworking the regulations and the regulatory agencies who are apparently asleep at the switch. I am not sure if people remember, but the real damage from Enron was the blind eye turned by the banks and the accounting firms. Once again, when you look at what has happened here, it appears that it wasn’t just a few shady agents writing bad loans- the whole system looked the other way. Everyone figured out how to get theirs and hoped they weren’t the one left standing without a chair when the music stopped.
If I were in the government, and I wanted to do something to make this looming disaster less painful, I would immediately begin to rewrite the rules so it is less likely bullshit like this happens again. Giving people a reason to feel confident about their investments is going to do more for the economy than the 150 billion handouts.