February 4, 2009

Coburn: Stimulus package is debt that we don't need

Posted: 10:10 AM ET

by Tom Coburn, U.S. Senator from Oklahoma

As the Senate considers a massive $1.1 trillion stimulus bill, it is vital that the American people ask hard questions of their elected officials. When they do, it will become very clear that the bill will not only fail to stimulate the economy, but could seriously delay economic recovery.

As a nation, we got into this mess by spending and investing money that didn't exist. We won't get out of it by doing more of the same.

Yet this is precisely what this bill proposes we do. Less than 10% of the bill could be considered true stimulus, if one assumes tax credits and infrastructure spending will jolt the economy. The other 90% of the bill represents one of the most egregious acts of generational theft in our nation's history, with taxpayer money going to special-interest earmarks, an ill-conceived bailout to states, and permanent spending increases that expand government's reach in areas like health care and education.

(Read more of Sen. Coburn's commentary HERE)

Filed under: Congress • Economy

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Mike, Zephyrhills, FL   February 4th, 2009 1:34 pm ET

Republicans are right on many items in this bill.

Healthcare needs to be passed for all, Its way over due to have Medicare for all. Its the right thing to do!

I need more money monthly, disposable income they call it. For example, my auto insurance policy has a built in state mandated Personal Injury Protection, which adds 50-60% to my policy and then the states says I have to have Insurance on a car thats is paid for.

These laws and costs always go up and up and all I see on TV is more and more Lawyer Ads advertising to sue me or someone if I have an accident.

Time for Fair Tax, Free Healthcare and even Free College for our children.

We waste enough money and pay for useless laws that clearly benefits Corporate America.

Send a message to your congressman and senator!!

hugh ~ california   February 4th, 2009 3:08 pm ET

I read REPUBLICAN Senator Coburn's entire article. The ones who got us into this mess wasn't we "as a nation," as he suggests, it was we as REPUBLICANS who failed to regulate wallstreet.

Sen. Coburn uses egregious rhetoric calling Obama's stimulus package egregious! Senator it is YOU who are egregious, with your trumped up logic that makes no sense whatsoever. Coburn is the blind attempting to lead the blind. Thanks but no thanks Senator, we "as a nation" have had quite enough of your way of doing business in Washington. Thanks for all the great work; look where it got us today!

Debbie   February 4th, 2009 5:03 pm ET

Republicans and the word right do not go together. This is their septic tank of wasteful spending. Great ideas are flowing out of their heads now we have a Democrat for President. For 8 years it was fine to blow millions on corporate nonsense but now the republicans want an input in this stimulas package that will help the working people. The republicans could care less if this gets past , they only care about trying to give the President a hard time and find fault on every detail. This is childess, the Congress did not blink a eye for the CEO's to pat themselves on the back with a huge bonus for them all but they kick and scream like bratty children when it comes to helping the middle and poor class. Take away the mansions and jets and see how they feel.

Mike P   February 4th, 2009 5:36 pm ET

Again, we need to be going after our government. I think that congress has allowed $600,000,000 for themselves to go out and buy new cars ( if I'm wrong, somebody please say so ) . How is that going to help me find a job? These guys spend way to much on themselves and they need to be stopped. They're the reason our country is in the state that it's in. It's always millions and billions to start new agency's yet when they approve the money, it just lines the pockets of our elected officials. Next thing we hear is there is'nt enough money for a certain project, so they shut down a school or hospital. I think we need to shut congress down. They spend so much of our tax dollars going back and forth.

Let's spend 15 billion dollars to create a nuclear waste hold in nevada called Yucca Mountain. Now let's impose impossible retrictions on it. Let's hand out millions in settlement fees across the nation, for nuclear reactor sites that are forced to hold their own waste. And hevan forbid, we utilize the technoligy that Europe has come up with to process and reuse "waste". Or even sell it to them.

It's this kinda government thinking and spending that is driving what once was a great and thriving country into the ground. Government needs to be stopped, and they need to be stopped now, before were are past the point of no return, event horizon if you will.

joanne from Sudbury ontario canada   February 4th, 2009 5:40 pm ET

America did not need a war that bankrupt the Country either so why not spend money on programs that will finally help the American people rather than putting them out in the cold the way Bush and his band of thieves did.

atsegga   February 4th, 2009 5:50 pm ET

The Borgen Project has some good info on the cost of addressing global poverty.

$30 billion: Annual shortfall to end world hunger.
$550 billion: U.S. Defense budget

Beldar from Remulac   February 4th, 2009 6:09 pm ET

Oh by all means let's toss out the proposed stimulus package in favor favor, eh..a little help here Coburn!
I think it should be against the rules of debate to be against something without providing a viable alternate plan.

It is hard to prove a negative – who can say if the first economic stimulus package did not work? We do not have any way of knowing what would have happened if we had not done it.

I am just going to continue to consume mass quantities and see what happens!


msm22   February 4th, 2009 6:15 pm ET

in my opinion, NAFTA/GATT, "free trade" did more to hurt the American economy than anything....& was signed into law by Clinton, a democrat, albeit, supported by BOTH advocacy is before we spend billions more, can we have a transparent accounting of that first 700B "stimulus" TARP CORPORATE WELFARE bill?

Kelli from Tampa   February 4th, 2009 6:22 pm ET

Tell them hugh- you always take the words out of my mouth!

Ckelly   February 4th, 2009 6:46 pm ET

There is always a panic that gets Wall street what it wants NOW!

Same song, not even a different tune...spend a trillion dollars because the sky will fall in if we stop, debate and think about it...

Much of the deregulation of the financial system was fashioned and passed in Bill Clinton's time...

It seems that due to Wall street, multinational companies and the oligarchies behind them and a clearly corrupt political system-

Things will not get better. This is not a fight between democrats and republicans...This is a fight between the political system and its corrupt backers and the taxpayers... when will the taxpayers storm washington?

very scary indeed.

lance   February 4th, 2009 6:47 pm ET

I have a question for senator Coburn. If a stimulus is not needed did he vote for the Bush stimulus that did nothing for our economy? Also would he be willing himself to suspend his own salary and ask all his colleagues do do the same until the American taxpayers can afford to pay them? Get a grip and use your brain a stimulus package is needed you bozo its just a shame the american people can"t count on their own goverment to do the right thing!!!!!

Kelli from Tampa   February 4th, 2009 6:53 pm ET

Ckelly you are right! There is not answer, these Wall Street folks have all the money. I have been screaming that Wall Street companies have been in Vegas buying drugs and having parties on our dime. I have been saying this for months! (I have a best friend in Vegas who is a dealer believe me she lives next door to them she knows)...I have also been saying when are American's going to get rid of the apathy about this, start building the guillotines, and grab the tourches. At least the French had the moxie to get it straightened out.

Beverly Walden   February 4th, 2009 6:54 pm ET

If Bush in his 8 years of office had done half of what President Obama has done in just 2 weeks – we would not be soooo screwed up. It is not your fault President Obama. The media has been trying forever to latch on to some negative. By the way, where was the whistle blower
for the past 8 years? I have seen him 4 times today!!

msm22   February 4th, 2009 6:56 pm ET

CORPORATE WELFARE for the CORPORATE MASTERS! let's have some change, some transparent accountability, hope, hope, hope.....where did that 700B go & what exactly did it do?

hugh ~ california   February 4th, 2009 8:56 pm ET

@Kelli from Tampa:

Thanks, "I've got visions and the rest of the world wears bi-focals."

I'm just kidding, I took those words right out of "Butch Cassidy & the Sundance Kid."
Real thanks this time. You're pretty keen with words yourself, ūüėČ Kelli from Tampa.

Ron from Georgia   February 4th, 2009 8:59 pm ET

Where is that change that was voted for in November i see none. Its the same old pork laden bills they promise one thing but deliver another mainly other things that can wait . Like this so called stimulus plan more than half does nothing to help the put millions of Americans back to work and now Obama wants to remove the buy American provision.

The unemployed in the United States can not wait years for jobs to be created, especially not when each and every year more are outsourced to other countries. We unemployed United States citzens need jobs now ,

Riemie Ledet   February 4th, 2009 9:23 pm ET

Larry I am confident all will work out. I work in the oilfield and I see things turning around......we are still driling and making money for the big oil companies but I do worry about the other sectors of the working world

Daniel Talley   February 4th, 2009 9:24 pm ET

I feel Donald Trump gave the best all around
answers asked by Larry King. Could not have
been any better.
Thanks, too all of you!

Tim   February 4th, 2009 9:27 pm ET

My suggestion to address the economy and to stimulate spending, savings and attract business is to abolish all income taxes and replace it with a federal and state consumption tax. All local expenses will be paid for wit property taxes. Tax incentives can be used to pay for health care for companies, buying homes and vehicles that meet or exceed 40 MPG. Then the Government concentrate on regulating the banks and other business practices to ensure a meltdown will not happen again.

Pat and Mary Caulder   February 4th, 2009 9:27 pm ET

We (the taxpayers) bail out the banks then they turn around and raise our APR rates. We are supportive of President Obama and he is on the right track in capping CEO salaries. We wish we made $500,000 a year!!! But, instead our tax dollars go off to pay the fat cats while they in turn screw us over! Furthermore, facing the higher APR rates – makes us WANT TO CURB OUR SPENDING WHICH IS DEFEATING THE STIMULUS PACKAGE! This does not make sense. But, of course government never makes any sense. President Obama help us!

Robert Z   February 4th, 2009 9:27 pm ET

Larry, what the heck are the people in Washington thinking? How can we afford to just plow ahead and add more government spending on top of 100's of billions in bailouts. Please stop the runaway spending. PLEASE.

Barbara Vuletic   February 4th, 2009 9:28 pm ET

Rep. Pence from Indiana being interviewed was saying that cutting taxes is the only and the best way to immediately stimulate the economy, and I definitely agree! Cutting taxes will have the quickest effect on getting the economy moving! Everyone needs to contact their representatives in Washington NOW!

ANDREW RENCICH   February 4th, 2009 9:30 pm ET

Well is it me or are the people that are behind on bills and having there homes foreclosed being forgotten about when it comes to this stimulas ideas. There is more pork in the bill than anything, all politics and greed. How about you send each tax payer 100K granted it will make the dollar worth less, but so is pouring almost 1 trillion dollars into the market. You could give each tax payer 100K, that is not even a million dollars and then everyone would be paided up to date on there bills. Then money would, in the end, make its way to the bank as capital allowing them to lend and with everyone FREEING up debt they would be able to BUY/SPEND!!!!!!!

jay   February 4th, 2009 9:32 pm ET

The Donald might not be the Guy at the top of my list, but I have to take my hat off to him. He is one of America smartest Business mine.

Robert W. Mertz   February 4th, 2009 9:33 pm ET

PLEASE. Bring up the subject of Minimum Wage. it MUST be raised to $ 10.50 NOW .

BigD BROKE in MINNESOTA   February 4th, 2009 9:36 pm ET

LARRY- President Obama is Doing What He Has to Do, as Obama is a REAL RUTHLESS Pragmatist.

The Methodical Barack Obama is Like a 'Caterpillar' Rolling Right on Through to "The SOLUTION!"

Robert W. Mertz   February 4th, 2009 9:36 pm ET

Maybe a light at the end of the tunnel for the Working Poor .

Jimmy Burke   February 4th, 2009 9:36 pm ET

Mr. Cheaney, respect is earned...not given. You have not earned respect, Barack Obama has.

Mario   February 4th, 2009 9:37 pm ET

Please take me off of the "notify me of followup comments via email.

Thank you,

Hud   February 4th, 2009 9:39 pm ET

Donald Trump hit the nail on the head tonight. Great Job.

jay   February 4th, 2009 9:39 pm ET

Dick Chenny is still trying to sell his bull that he and Bush to had been selling for the pass eight years. America is in the tank. Our country has lost it value because of these two fools. He need a one way ticket to hell as far as the American people are concern. I have news for you Mr. Chenny, the American people are smarter than you think we are. So go to hell with you fear tatics.

Jane, from Indiana   February 4th, 2009 9:42 pm ET

Who is advising Mr. Obama and the people who are drafting the stimulus package? As I read and hear about the things suggested it sounds like the same old song and dance and a continuation of the same old approach to government spending. Why don't we assemble a team of economists and business minds to advise the people who are obviously struggling with what to do next. It seems to me these folks are acting out of fear and shooting from the hip with our precious tax dollars. Can we gather our senses and step back to really think through a solution other than just throwing money at anything that moves.

Buzzard   February 4th, 2009 9:43 pm ET

Could we go back to when a Postage stamp was 3 cents and a post card was a penny , and Minimum Wage was 75 cents AND a US citizen could NOT own gold ?

Minimum wage MUST be $10.50 NOW.

Fred Hoff   February 4th, 2009 9:43 pm ET

Why not stimulate America with long term actions not short sided pushy Polical agenda.

Long term we should take a hard look at what Donald said regarding the openess of our country-he was right regarding opening up a business in China…forget it. But on the other hand we open our door here…this is worng. Was NAFTA a catalyst of a degree it moved American jobs off shore.. we saw it coming.

We NEED more emphasis on long term productivity programs: Reinvest in American Agriculture else hunger will abound, rekindle the production of products and yes shut down the US Commerce Office if they do not support Buy and Produced in American…3rd: Open up more research stimulate the encomony with a United Challenge Рa purpose for the expenditure of the money. Like JFK-Put a man on the moon. We need this kind of stimulus. 4: Education-touch subject but let’s open and expand the education of our children…the idea is build more schools and have more teacher…long stimuli like this is good for America. Lastly: Heath care Рnot the program we are hearing about but a castosphre event that causes the life threaten need for care…cancer for example, major medical, then let the medical industry work a solution for low cost health care…

These are my five pillars…

We need economy revitalization agenda ERA.

r/Fred Hoff

tanya   February 4th, 2009 9:43 pm ET

Why are they not considering making this housing tax credit retroactive. Why is it that if you bought in Dec. 2008 you have to pay back your $7500 credit. But if you closed on your home Jan 2nd they are considering making it a true credit with no payback? The original bill started April 08. It seems everyone who took advantage in 2008 and 09 should get this perk.

Jay   February 4th, 2009 9:45 pm ET

Larry, I think that if we have about 460 American families in the US, and from that seven hundred billion dollars you give a cap of 1 million dollars per family to pay off all their dept, all the bad dept which is paid off will go back into rebuilding the economy and erase a lot of bad dept and bad morgage dept. But the funds to do so will not go to the individual , it should go to a place to be dispersed. A form describing your depts should be filled out and a check issued for each amount. Such a little thing to do. No one looses there house, or bussiness etc........

Angelina Santos   February 4th, 2009 9:48 pm ET

While watching your show tonight, it was suggested that we contact you through CNN to tell you where we are...Well here goes my husband and I are in our late 40's and have three children and are two months behind on our mortgage....We live in the state of RI which has the greatest % of unemployment....I was layed off on Dec. 8...My husband is a commerical fisherman and here in RI they are allowed to work three days a week for approx. 3hrs. This stimulas package is not in favor of the middle class...I have a question..Why as American people have we not come together with a package to present to the congress as the Big 3, etc....This is an outrage... We have valued our freedom here in America and those who fought to protect it...We have not always agreed with the current administration yet we continue to pray and hope for change..Yet we the middle class is not consider... We have never asked for a hand out and that hasn't changed...Our concern is why??? And how can we learn from our mistakes and move forward in unity.

Dona   February 4th, 2009 9:52 pm ET

I am sitting here in my lovey rented home, with no health care,[since dec 05] and 2 lawyers that failed to represent me in obtaining a settlement that was balanced for both parties. our 3 sons were old enough, ex met a gal on line and split. happens every day right?
I was in treatment from 93 to 06 for Bipolar Depression nd heavily medicated and had no idea what was going on. I was duped.
I did make a full recovery to find out there were many mistakes, compounded by a judge passing on our "no fault" divorce, and would never aloow as a mistake had been made. I have no faith int he law, that allows a man to ignore his wifes ilness, Not 1 incidence of talking to her doctor and then walk away.
A contract is acontract and so I advise contract law. The "players" know exactly wha they are doing when they do it, but feel they are above it. It's called narristist behavior. HELLO?!

MY point is that until people act ethicly and positivity and understand that the othe guy is your problem, and if you mess up, when you are paid a fee for your services then the stakes are higher.
"There but for the grace of God go I", and we must loose the division caused by so many influences.
Dona Wheeler

Edward Lindsay, Ed.S.   February 4th, 2009 9:52 pm ET

Larry, this whole financial mess could have been averted if anyone in
Congress had any sense. The problem began with the massive
number of home foreclosures; so what solution did they come up
with? Bailout the banks of course. Wrong action.

All Congress had to do was to require that loan holders give the
people who were about to lose their homes extensions on their
loan payments and then give the home owners opportunities to
rrefinance their loans at rates which they could afford. And then,
the same options could be afforded to those who had already
lost their homes due to foreclosure if their homes hadn't already
been sold. This action would NOT have cost taxpayers a cent.
Instead, Congress chose to help out the bigwigs who didn't need
the money!

It's still not too late to help out other homeowners who are about
to lose their homes by just passing an act that would accomplish
the above; but I doubt if anyone will do anything about it.

Sylvia from TX   February 4th, 2009 9:56 pm ET

*********************Why is it when we ‚Äúhelp‚ÄĚ out the government for their financial disasters it‚Äôs called a bail out, but if the government helps you with your financial troubles it‚Äôs called a hand out!??******************

Tom G   February 4th, 2009 10:03 pm ET

Larry, Your Guests tonight said it best, and its good advice for your listeners – "Hope for the best but prepare for the worst..." People need to stand up and take action to make things better for their family and community in things they can influence and help with. Lets all stop turning to the government for bailouts.

Edward Lindsay, Ed.S.   February 4th, 2009 10:03 pm ET

I've heard a lot of "garbage" about how both Democrats and
Republicans want to help the Middle Class. Both parties claim
they want to reduce taxes for those in Middle Class; however,
I haven't heard any one of them mention removing the income
tax on Social Security income.

Most people who receive enough money to have their Social
Security income taxed, again, ARE in the Middle Class! I say,
"taxed, again" because the money is taxed BEFORE it is contributed
into the Social Security System and then TAXED, again, if their
incomes are a little over $40,000. This is not fair by any means.

Yet, Congress continually refuses to help those Middle Class
citizens who are really in need of help.

Tim   February 4th, 2009 10:04 pm ET

How about going back to the gold standard and abolish all income taxes and go to a consumption tax?

Roy Phelps   February 4th, 2009 10:05 pm ET

Is it my imagination or has CNN gotten more Republican based since the presidential election. Tonight you had two more conservative Black reporters (Uncle Toms), which is at least the third I've seen in the past few months. It seems you have started an anti- President Obama campaign, and you are using Black peoople to make your arguement that would in no way represent the the majority of Black people in this country.
Roy Phelps

Ralph Bateman   February 4th, 2009 10:09 pm ET

4% (or less) Goernment refinancing for primary home owners... FANTASTIC! Way to go to get the country on the right track.

Setting 'good credit' limits??????

If we had good credit, we wouldnt need such help... we'd already qualify for lower rate mortgages.

Our debt to income ratio is what's hurting us and our ability to spend.

We havn't missed a mortgage payment.


Buzzard   February 4th, 2009 10:18 pm ET

THE PROBLEM began with Ronald Reagan, A President of a Union , and then turned againest working Americans. Regan believed that Screen Actors were a bit better than PLUMBERS or Steel Works or Truck drivers. the working man has been losing ground ever sense the days of Ronald Reagan.

Elizabeth Jane Sutter   February 4th, 2009 10:22 pm ET

This doesn't have to be posted. I am not sure where to place my comments about tonight show. The women in the middle of the screen "Barbara" was fantastic and made a lot of sense. I hope you will have her on the show again. By the way, I am also a big David Gerghin fan and he has also given us some information about how and when the administration is planning to address the housing problem. I hope the Larry King show starts to do more on the housing problem.

I don't understand why President Obama is not addressing the homeowners plight more specifically right now!. The Republicans are out there talking about a 4% refinance rate for eveyone, no questions asked. That would get the housing market going in a big way!!!.

Buzzard   February 4th, 2009 10:43 pm ET

Jeepers, it would appear , Ross Perot was right and evry one else has been wrong. Could we PLEASE have Ross Perot on the show again ?

Judith   February 4th, 2009 10:44 pm ET

I agree with you Hugh from Cali The GOPs play their little games on the American people talking as one calls fork tongues while their on camera but in fact looking out for themselves and the big guys of Wall Street and big business.Red States bring foreign plants in their states and give them big tax breaks with all the goodies while the people in their State are paying the taxes for them.Once the breaks are gone if the breaks don't keep coming they are up and running looking for another State.They are here for one thing only 'to make money'.We can't go in their Country and get the same treatment.

We have a President that at least Wants to try to turn the mess around that Bush/Cheney put us in along with the GOPs that were all looking out for themselves.Had these GOPs looked pass their nose they would have said hey wait a minute we need strings attach.These GOPs act like little kids in a club saying if you want me as a friend vote my way.They listen to Rush Limbaugh who isn't holding no public office telling them 'he has more power they them'. These GOPs are working for the American People and their boss IS President Obama not Rush who acts like he's so radical at times.
The GOPs voted on everything Bush wanted including the War which is the Bush/Cheney Lie War of Iraq.

Now Cheney is putting his two cents in when in fact their should be a muzzle on it.VP Gore kept his mouth shut to Bush.Cheney wants to keep that Fear bs.We as Americans are not stupid.We know their are groups of terrorists.It's too bad Bush didn't listen to Clinton when he warn him about terrorists because had he 911 never would have happen.

Pam   February 4th, 2009 10:45 pm ET

I sure hope I'll get a call soon to let me know that my job has been created. I have not even been asked what kind of job I want. I hope part of the economy boost will include jobs in the IT area.

Judith   February 4th, 2009 10:52 pm ET

I would say go along with the package and Put American Made and don't let the GOPs try to bs no one.We had American Made on items years ago and we had a booming economy.Reagan was the one that said we should have more coming in to the USA by foreign made.
When he was in office,plants closed down,stocks crash and farmers lost farms.Now it's time to put our Country back.This is now not back when.What worked then might not work now.In the Depression of the 30s we had that then we had the war.This time we started with the war of Iraq with trillions spent then the economy and now a 2nd war.
So ones that think they know that what President Obama is saying won't work might work.At least he's trying.
Another point.Many of the media when telling stories do not tell all.
They tell so much of what they think should be put out to the Public

Buzzard   February 4th, 2009 10:58 pm ET

Please , can anyone say Minimum Wage ? And maybe Larry can get Ross Perot back to see what he thinks about this whole thing ?

Ron from Colorado   February 5th, 2009 12:12 am ET

Senator Coburn,
Did it ever occur to you that your philosphy is what put us where we are today? To begin with , you commentary is incorrect. There are NO EARMARKS in the stimulus package. Try reading history for a change. Harding, Coolidge and Herbert Hoover ( AKA as Reagn, Bush & Bush) brough about the great depression, and FDR (AKA President Obama)with deficit based stimulsu packages brought us out. Economists from conservatives to liberal agree that goverrnment stimulus is necessary to prevent collapse. Get your head out of the sand!!!

Jeff   February 5th, 2009 12:27 am ET

Citi Bank just raised my credit card interest rate by 5%. When asked them why, they said it was because of the economy. Mind you, I have never been late on a payment since I had which is over 5 years.

If all of my creditors follow suit with Citi Bank. What ever money I get from the stimulus package would not go towards new purchases and such but to these greedy credit card companies.

I would rather the government keep the stimulus money then me handing it over to the banks.

This whole stimulus thing is going to blow up which is very sad because I want the best for our country and our new historic president.

What can we do Larry?

James   February 5th, 2009 12:30 am ET

I am a 23 year old recent college graduate (degree in finance and economics). Currently, I am working on writing a business plan and starting a company. However, I worry that Obama is loosing focus on the country’s long-term organic growth gained, in part, through entrepreneurism. What are Obama’s plans to nurture today’s entrepreneurs and are there any provisions within this bailout?

Thank you.

Adrienne   February 5th, 2009 12:32 am ET

Dick Chaney has a lot of nerve doing a phone interview when he was never any where to be seen during Bushs administration. He was always getting a new heart....... Now he has something to say? I really don't think anyone cares what he has to say.

Penny   February 5th, 2009 12:33 am ET

You want to stimulate the economy.....since we are putting out Billions....give each American citisent one million bucks....then watch our economy start to move. Its the best way to get everything moving again.

Frank S   February 5th, 2009 12:35 am ET

No intelligence and no hope. What a clown, what we didnt need was 38 years of Reagan Wreckonomics. I really hope that republicans continue to show their disconnect with reality all the way to the next election cycle. Wont it be interesting when they become the next third party behind the Libertarians. Their march to oblivion is indeed very very entertaining.

These dolts probably still believe Palin has a brain too LOL

josh dianiska   February 5th, 2009 12:38 am ET

February 4th, 2009 10:37 pm ET

yeah, this bill needs to hurry up and pass and every body just needs to get along and get over there little bickering habits , and im glad he cut the ceos pay cause they asked for bailout money therefore they should sacrifice a little something like everybody else dont u think, why would they be so dumb to ask for money and then go out and still throw party and all are they stupid i understand they made there way up the american chain and now probably live the american dream, but can they give a little back too the middle class at least and ive been laid off the past year and ive been seeing some interesting things about mexico on the news that have been on youtube for a while.some of these videos on about civil war in america in 2009 do you believe this can happen, and another thing id like to point out to you please watch some of these videos on 2012 too. do you think the economic collapse could be related to any of these things pertaining to 2012 and how come the goverment hasnt said anything about 2012 if you dont know any thing abouth 2012 please read up on of all the possible things that could and may happen or have already began the history channel even came out with a show about nostradomus about how he predicts the end on dec 31 2012, so did the mayans and there is a eclipse of the sun and venus and our galaxy lines up with its center on that date. , theres also alot of crazy videos on youtube about the nwo and how the military has already began practicing martial law ive seen videos on there of soldiers in the streets practicing raiding cars and houses and taking weopons. am i just worried for no reason or am i going crazy thinking that all these scenarios are related if you could do a little research for me and please let me know what you think about it all on your show id appreciate it thanx

msm22   February 5th, 2009 12:40 am ET

congress passed legislation limiting rates of interest banks can charge, (predatory lending), it however does not take effect till July of 2010....that is the effectulness of our Congress! why does legislation that affects consumers not take effect til then? Who is snowing who here....Mr. Pres. full transparent accounting of that FIRST 700Billion CORPORATE WELFARE stimulus...the banks got bailed out, laid off thousands of employees, CEO's got bonuses, went on great trips & the taxpayer got their interest rates raised & the only reason is GREED....give me old fashioned crooks, they only wanted a piece of the pie, this new breed wants the whole pie....this CHANGE IS UNBELIEVEABLE...

josh dianiska   February 5th, 2009 12:41 am ET

dick cheney is just going to give terrosist more ideas and he's suggestin americans have no hope in obama , what a sad old guy cant he give into something new, no offense larry your great and youll never be old...

josh dianiska   February 5th, 2009 12:47 am ET

i know for a fact the banks were lending to people they didnt need to lend to i am a 22 year old male just building up my credit and 2 years ago the banks had no problem giving me a person access line account and many other credit cards wich got me into debt and i had a good job and i made enough to pay them off, but now i am liad off , but lucky me i still am managing to get bye, and i now have 700 credit score, at 22 years old, great but not so good any more cause all im doing now is pay my debts back,

msm22   February 5th, 2009 12:54 am ET

seriously, if I were in a position of trust & I got bailed out to the tune of Billions of bucks, with the expressed concerns that I jump start the economy & I starting buying other banks, gave my dismal performing CEO's millions in bonuses, sent them on exotic trips, laid off the middle class sector by the thousands, then raised interest rates on all my credit card holders accounts, I BET I'd be in JAIL....I don't believe I'd get a free pass, a lecture, & I seriously doubt I'd get any portion of yet another stimulus package....

Carol   February 5th, 2009 12:59 am ET

The so called pork is about 1% of the stimulus package. The GOPers had to have some talking point to knock President Obama and as usual some folks are falling for it. Instead of doing the research on it for themselves. WE as the people going through this stuff need to get more involved in what is being handed to us. Don't just take these people's word that are on television, look it up and read it for yourselves is what needs to be done. How many of those senior GOPers do you think make less than $200,000 a year and truly understand the real working man? How many of them do you think have set foot in a regular neighborhood in the past year, unless they were running for office again? They have no idea what's going on out here! I saw this coming in 2004, that's when I was laid off when I was 50 and have had a job one since then because I am too old. My bills didn't stop. My husband is retired and we have one retirement check to make it from one month to the other. It's hard, but some folks have even less than that. I hope they do something sooner than soon.

robert leach   February 5th, 2009 1:01 am ET

If they want to put people back to work, use the stimulus money . Give it to the people so they can buy things, cars,houses etc. Giving this money to banks etc, doesn't help the little people at all. If this money was doled out to people we could buy things and get people back to work

James A Ross   February 5th, 2009 1:07 am ET

Americans don't need a short-term fix like president bush stimulus. We need long-term remediation for our country. We need jobs and tax breaks.

Lorraine   February 5th, 2009 1:45 am ET

In regards to the panel discussing the housing market, on 2/4/08. I feel these people are totally out of touch with the working class people.
Your panel did not adequately answer yours questions. Their responses for more geared for the rich. 10 or 20 years ago it was easier to get back on your feet, after a financial set back. Today its going to take the help of the government to help the peple of this great country.

Michael C. McHugh   February 5th, 2009 10:21 am ET

I don't pay much attention to these Republicans from places like Texas, Oklahoma and Mississippi. They'd be against President Obama no matter what he did, and I am 100% certain they will continue to oppose all his policies in the future. Republicans like these don't want anythng to change in this country and will fight it tooth and nail.

What they don't seem to realize is that the ground has shifted under their feet, and that ordinary people really do want an end to the old Republican policies.

I just hope the Democrats don't wimp out to the conservatives again. This time, they have to stand up and fight for ideas that will help the common people of America.

As for the Republicans, if they had any common decency at all, they would apologiye for leading this country to the brink of ruin. I am not holding my breath waiting for them to admit their ideas were simply wrong.

Jack   February 5th, 2009 1:42 pm ET

Free trade must become fair trade. America has to stop exploiting poor countries for their cheap labor.

sailormansea   February 5th, 2009 2:10 pm ET

As an independent, I see each sides argument clearly. To the republicans I say to you the following: 8 years of deregulation for the financial sector is the root of many of the problems that we have today. George Bush was a horrible president in reality that only lasted 8 years because he, Dick, Ashcroft, Chertoff, and a few others played the fear card with the american people. We were all still reeling about the 9/11 attacks when he sold us all that malarky. We were lied to from day 1 and the strategy changed with no rhyme nor intelligible reason. Afghanistan to Iraq to find wmd's that are still at large even after 4 years of us occupying that very nation. Bush gave all his buddies a nice farewell present when he jumped the gun on the wall street bailout, AIG, and a long list of others. We went from no regulation to speak of to too much regulation where the system can not function like it is supposed to. Companies that go bankrupt are bought up by other companies that turn them into successfull companies again and that is the nature of the shark tank known as Wall Street. We screwed up the shark tank by throwing a trillion dollars of tax payers money into the tank and therefore preventing the business as usual. The sharks ate the trillion and now they are prowling the tank for more scraps. Stop the madness now with these bailouts. Isn't it funny though when Georgey Jr. was president and jumping scared out of his skin to save the financial giants, all I heard was dems saying what a stupid idea that was. Now that we have Obama as president, all I hear is conservative republicans saying how stupid the idea is. Lets face it, it was a bipartisan stupid idea and it still is. Survival of the fittest has always been the rule on wall street and still is. The only difference now is that we are trying to artificially save wall street somehow by killing the competition and therefore killing wall street in the end anyway. Save the Wall Street! Leave it be get your money back or at least some of it if possible, prosecute Madofff and the other crooks that have bonused themselves. That will show investors that we don't tolerate theft in any regard, and confidence on the market will be restored. Put a tough guy in for Treasury Secretary like Rudy Giuliani or a similar no nonsense guy, and another no nonsense guy for the SEC.

sailormansea   February 5th, 2009 2:28 pm ET

Somebody please tell me where in the world was senator coburn when George Bush Jr. was throwing $ 700 Billion at the financial giants on Wall Street. Was this bailout madness not started by the republicans that were in office? Did he just wait until a democrat president got the reins to wake up and start screaming bloody murder. I have been following the news on these ridiculous unnecessary bailouts since the beginning and I can't for the life of me hearing about Senator Coburn being against it until just recently. Where have you been Senator? Also, where has our congress been as well. Bailouts don't work on Wall Street by the way, to all of you geniuses. Now you have handed over a trillion, getting rid to feed the sharks again with the same result. Go ahead do it and watch it again! Now stick your head in next time! Wall Street execs want more bonuses so keep up the bailouts and watch them eat it up and grow more fat. They are laughing all the way to the bank! Why you say, because they own the banks and you just made a trilllion dollar deposit and ran out of the bank without your deposit slip and paper work. Some geniuses we having running the country! Lord help us please!

sailormansea   February 5th, 2009 2:39 pm ET

Nationalize the banks like Britain has done will be the only answer. These greedy banks that took the taxpayers money and will not lend it to the very people whom gave these banks the money to stay viable by their own admission. Once we control the banks and start loaning it again to american folks and businesses, the economy will stabilize due to the returned flow of monies rather than the hording of it which is what the banks are doing now. We can take a lesson from our friends on the other side of the ocean and definitely should follow their lead. Stability is where banks need to return to and we are not going to get it by trusting them to do what has to be done and what is right. Sometimes in life, you just got to grab the ball with both hands and run it in yourself. God Bless America and Donald Trump!

sailormansea   February 5th, 2009 2:49 pm ET

I think Donald Trump should be offered a job as consultant or in some position of power over Wall Street and these Banks. I say give him what he wants and needs along with a sharp axe and start cleaning this mess up properly before it is too late. I want Rudy in there as special prosecutor in there with him too. Lets get a dream team of no nonsense experts together and hang these crooks out to dry for good. That will clean things up and restore confidence on Wall Street. Tough times require tough measures and it is high time to clean up our back yard. These jerks like Madoff are laughing at us! I say we should have the last laugh!

mary from brooklyn, ny   February 5th, 2009 4:30 pm ET

i am livid. this stimulus is supposed to be for the little person. the people who are paying for it, in more ways than one. we are taxed from the government, the city, the town, the land, food, gas, water, electric, oil, and banking just to get started. "they" and they don't deserve a capital, are giving 198 million dollares,our hard earned money to the Filipino's! this money is for American's. we don't even take care of our own soldiers, the hospitals are shameful. 62 million to Guam....TO GUAM??????!!!!!!!! 175 million to quit smoking, try education for our children. 50 million to San Francisco, try giving it to all the borders patrols for American safety. 12 billion to the transit, tell the transit they should start charging their employees to get to and from work and their families to pay their way! i never in my life heard of a company paying for traveling for the entire family! if any one can aford $2.00 for traveling it's the MTA. these "people" have destroyed our economy allowing the banks and wall street not to have to be accountable to anyone. we, the people that hold this country together, need help. congress and the senate should be fired. if i ever did what these "people " did i wouldn't have a job any longer. we need young men and women in their seats, people who haven't fogotten how hard life can be. most American's are truely struggling just to survive. how much do you think we can take, we don't have any more to give. enough is enough is enough.
the very tired, poor class, there is no more middle class.

sailormansea   February 5th, 2009 6:50 pm ET

I am with Mary from Brooklyn NY! Whoever thought that a red nec from S.c. would agrree with a NY' er an probly a yankee fan. Mets or Yanks Mary? We r throwin' good money away with the bailouts. Where is the baleouts wih averege workin peple that don't hav white callers. It is a travisty of justice for the avredge hard workin american tax payer. I am so upset rite now, and I know that I m not alone.

Albert Kral   February 5th, 2009 9:15 pm ET

Politics has never defined itself more as the election campaign is continuing while the country is suffering. It is quite clear that the Republicans play politics over the backs of the American people. What do they have to gain as a political party if Obama turns the economy around?? So why support him and help to re-elect Obama? It is the sad truth unless we just have all the bright people in the Republican party and the dummies in the Democratic party.

Peggy T.   February 5th, 2009 9:48 pm ET

It's time for the Republicans to remember, they had eight years in the white house, etc. to do some thing possitive, it never happened.
They turned their backs on the American People & basically said, by doing NOTHING to help the middle worker / family – we don't care about you & your problems. All the while giving big tax breaks to oil companys & big business. The American People are in terrible trouble, our elected President Barack Obama is doing all that he can do to try & turn things around. It's clear that the Republican Party cares not once again about the American People & their problems. They are more interested in saying – well, this is not our idea – so it can't work. Well, WAKE UP!!! Giving tax breaks to big business & oil companys did not work the last eight years, it's not going to work now.
My husband had worked the last almost 11 years for a large trucking company, it has come to light that it's a pretty sure thing that he's going to be laid off if he doesn't transfer in to a different location. Even that is not a sure thing, it's possible that if the economy doesn't improve & do so pretty quickly – the company could have to take more drastic measures. So, stop your bickering, stalling & get the bill passed. President Obama is our elected President, so stop playing games, suck it up – grow up & do some thing possitve to actually help instead of acting like a child throwing a tantrum. Do some thing that the Republican Party couldn't do in eight years, make a possitve difference. Get on with passing this bill to get the economy going. If not, remember – we the American People do vote! There is another election coming up, we will remember if you acted like grown ups & did the right thing to help, or acted like spoiled children & took your ball & went home. Get It Passed!!!

Peggy T.   February 5th, 2009 10:05 pm ET

It's so sad that the politicians can't agree to get along.
I see that President Obama has so many possitive things he wants to accomplish for the country. He stated he wants to have Republican in put & support on issues. This is so typical of the Republican's – before even seeing the bill to turn things around for the economy, they began saying one to another, don't support this. People are losing their homes, people are going hungry & people are losing their jobs by leaps & bounds. Don't you see the folly in your ways, it's time to act like grown ups, do the right thing for the American People for a change. I know that when the Republican Party & George Bush handed the first tarp payments to the banks, etc. there was not any real over sight. They gave money to their fat cat ceo's while the rest of us are out here struggling. That didn't work out over all, but this has a real chance of working, the time to act is NOW! The American People can't wait any longer.

russell hitt   February 5th, 2009 10:10 pm ET

don't you think it's time to end unfair trade practices with china, japan, etc. the way its going, they don't have to bomb us to take over the world, they'll do it financially, they must be over there laughing out loud. we can't compete with their cheap labor, forced labor, prison labor, child labor etc. something has to be done now, just gonna get worse if we don't. i tried to buy something american made, it's all from china.

Steve Hackworth   February 5th, 2009 11:15 pm ET

President Obama gives a good speech except that everyone agrees that it was partisan in nature and basically lays the blame of our current recession on the republicans. Is that change? I'm looking for "Real" change where every bill is not loaded with pork and the politicians govern in a decent, sensible, moral fashion with fiscal restraint. Where lobbyist and special interest groups don't dictate our policies and the small guy has a voice. This is not about the stimulus bill but how Washington does "Politics as usual."
This sense of urgency is somewhat tempered after the Tarp fiasco where it was so crucial to hurriedly waste tax payer money. We've been down this road before so we're understandably concerned. Every economist does not agree with our new direction...right or wrong. In fact many talking heads have put this recession on the greed and excess of the American people. We're paying the price whether we participated in this behavior or not.
For example...if we cut back on driving then we get a new "Carbon" tax to make up for lost revenue from the fuel tax. Wonder why we're frustrated?

Steve Hackworth   February 5th, 2009 11:30 pm ET

The current stimulus bill should not be a catch all for every spending program that comes down the pike. It should be direct and to the point. Maybe since no one is sure of the outcome it should be implemented in carefully calculated stages which might allow some time to gauge the results. Or if the problem is too big then at least show some fiscal restraint and cut out all the pork. If it doesn't have to do with stimulus then get rid of it. The trickle up approach also seems to make sense especially in light of the TARP fiasco.
We were promised change and so far that seems to be a real battle. The wealthy seem to have a problem with following the same rules tax or otherwise and when will the politicians figure out that the average decent, hard working American doesn't care who's to blame and are sick of that answer to tough questions.
Being a farmer and an independent trucker, I'm struggling just as much as most, and have many issues that concern me. Economy, tightened credit, oil prices, ethanol, fair trade, states privatization of toll roads, cross-border trucking program with Mexico, rising taxes, health insurance and in general the fact that our politicians would rather spend money on any and everything except helping the average American.
Finally, I realize these are extraordinary tough problems and it's impossible to please everyone but its past time to clean up the way our government works (lobbyist reform especially) and level the playing field so we can start trusting again

Anthony Roeback   February 5th, 2009 11:51 pm ET

The Republicans seem to think that it is better to give Americans a hand out (tax cuts) as a means to stimulate the economy. This is short term plan that leads to no benefit. Americans want jobs, not a hand out. If you give money to job less people, they will hold on to that money for bills and basic needs. This will not support the retailers that are suffering due to a lack of confidence. It is like that old saying, if you give a man food today, he will need it again tomorrow, if you give him a means to grow his own food, he will be self sufficent from that moment onward. Americans are not beggers and pan handlers. We need our government to assist in generating jobs so that we can EARN our money. Tell those Republicans that insist on making pan handlers out of us to think higher of the American resolve. We are better than they think we are!! Support the stimulus package!!!

valerie   February 6th, 2009 12:33 am ET

does anyone find it strange that not only would Dick Chaney, now be speaking out against the President, and the fact that we may be due for another terroist attack, but that the Republicans, now all of a sudden want to negotiate and debate over policy's in which they helped escalate to the point that we're at now.

I really feel in my heart and I hope I'm wrong, that not only is the ex vice president out to set up this great President that we now have, by being in cahoots with terroist, but that the Republicans are trying to also help make sure that he doesn't succeed. God has his hands on President Obama and the word of God says "Touch not my annointed and do my prophet no harm. So those who are plotting behind his back and playiing games to bring him down, just now that God is looking and booking and we all must one day stand before him and give an account for our actions. God Bless You Mr. President and God Bless and help the Republicans.

valerie   February 6th, 2009 12:35 am ET

Huge California I agree with you whole heartedly. I'm an Oklahoman and believe you me, we here don't think much of Coluburn or Inhoff. Their both Rednecks who only care about the wealthy.

Mike S   February 6th, 2009 1:03 am ET

I think the good Senator from Oklahoma, and all the other Senate Republicans, need to read up on a thing that the News Media generally fear to even whisper – The International Economic Emergency Powers Act of 1977.

The Senate Republicans should be reminded that:
1.) They are in the minority
2.) They do not have the Executive Branch to back them up
3.) The President doesn't need their approval on this matter - he does have the power to do it all by himself and completely shut them out.

joe   February 6th, 2009 3:41 am ET

hello larry,

im 27 years old i am now getting more intersting in politics do to the crisis we are ALL going through at the moment, my question is can we alll (amercains) get involed to help are goverment and nation before it gets worse? or depend on are goverment?

billie margraves   February 6th, 2009 10:19 am ET

am i missing something or did the suits almost miss Cristmas to push the bush stimulus plan through to help those that have missmanaged our money and evadently lost all this cash already but now that President Obama wants to help those that really need help all the suits on capital hill seem to be resisting. is America not a large enough lobby group anymore

billie margraves   February 6th, 2009 10:27 am ET

hay just wanted to put my two cents in. eight years ago i was telling people about how big business was killing there consumers buy cutting wages and beifits and well look no one can sell anything go figure. now it looks like the government is trying to kill the tax payer (isent that how they get payed?) cutting their nose off to smit their face . im stupid and i can see how this is going to end

billie margraves   February 6th, 2009 12:22 pm ET

I'm confussed why is everyone so down on President g. w. Bush dident he do exactly what his resume said he was qualifyed to do ? i truly believe that a person should be required to take a test before allowed to vote. STUPID PEOPLE.

Survivor from the 60's   February 6th, 2009 1:18 pm ET

We don't need "tax cut" stimulus when its gone its gone and we are back to the same problem.....

The Republicans are not thinking out of the box and keep barking the same old lines – that is all they know and they can't even come up with a concept other than pointing at their opposition and blaming them for everything.

Brandon from Ft. Worth   February 6th, 2009 4:38 pm ET

Im so tired of these republicans playing games. Where were these steady hands when Bush was in office and pushing through every bill when it came to national security. Why didnt I hear Sen. Grahm telling us to take things slow and make sure that we have the right plan, because maybe if we had we wouldnt of had the Iraq war to deal with. The auto industry needed a bailout and they got one, the banks needed a bailout and they got one, and now the PEOPLE need a bailout and apparently it cost to much. Give us the stimulus that we need and stop being mad because a republican didnt come up with the idea first.

BAYLOW   February 6th, 2009 9:50 pm ET

This whole stimulus debate is a joke. Don’t the republicans realize how badly they are hurting their own states and the people in their states by not working with President Obama and the Democrats. It is so ridiculous…the facts are out there and I surely hope that the American people see through their BS. They have been dragging this out long enough, and frankly, it needs to stop! Everyday that goes by, more and more AMERICANS are losing their jobs, houses and investments. Republicans will not come out and say it, but by wanting more tax cuts, I truly believe that they are trying to backdoor the Obama administration into failure. Tax cuts only gain two cents for every dollar given back to the tax payer, while spending to fix our crumbling infrastructure would gain 59 cents on the dollar. What they are doing is not right and needs to be stopped! It’s time to put personal politics aside and do what’s right for the people and their political stature.

Buzzard   February 7th, 2009 1:04 am ET

Raise the Minimum WAGE Now.

It should be at least $10.50.

Buzzard   February 7th, 2009 1:17 am ET

Minimum Wqge.

It ain't like the Poly Ticians are givining anything to the poor folks, except to be payed a decent wage for a fair days work.

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