I agree with you Praveen. Where were all the budget cutters during the Bush administration. If you want to cut the budget and reduce the balance of payments, close most of the 1000 military bases we have overseas and bring the troops home. You don't even have to reduce the military (though that would be a good idea) just have all the troops spending their money on US soil. Create a US Medical corp to soak up reduced military personal to be available for natural disasters and such. Could even be the start of lower cost medical care.
Anyway instead of the banks saying we really don't want the money but OK we will take it. The congress should have 1) given money to the states so state workers wouldn't need to be laid off in the short term. 2) Planned and built infrastucture projects. Repaired roads and bridges, built high speed rail. improve sewer treatment, etc
Most of the stimulus money went overseas. If you give me a tax cut I go to Walmart and it goes to China. If you build something, you hire workers to design and build it and create the materials all in the US. The money we pay the workers then goes to Walmart and then to China but as a country we end up with something for the money. The infrastructure that was just built. In the depression we got rural electrification, the Hoover Dam, the interstate highway system, etc. What did we get this time except a large national debt?
Then wait for the banks to be worthless and just take them over. After cleaning up their books, split them into much smaller banks that are not "too big to fail" and pass a law that no bank can become greater than 1% of the GNP or something like that.
Toofuzzy
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