The administration was right to press for a big fiscal stimulus, I think, and it is better to have the bill that emerged from Congress than none. (The FT called it ugly but necessary: I couldn't have put it better myself.) Still, if ever a rushed extravagant purchase was likely to induce a touch of buyer's remorse, it is this one.
Republicans have a point when they complain about the inordinate length of the bill--1,400 pages or thereabouts (the count does not seem to have settled down yet). Republicans are right to say that not a single senator or congressman voting for it can have read it. Of course, it is hypocrisy for them to say this: failing to read the law you are voting for is standard working method in Congress. But that doesn't invalidate the criticism, certainly not in the eyes of the public. Not every unread piece of legislation costs taxpayers $800 billion. It isn't too much to ask that the politicians voting for this law, even if they had to make an exception, had read it first.
It will be interesting to see what is hiding in those 1,400 pages. Some disturbing early discoveries have already been reported. For instance, the bill appears to reverse or at any rate undermine the Clinton welfare reforms. It appears to ban the hiring of skilled immigrants in much of the finance industry. It appears to cap finance-industry pay much more aggressively than the Obama administration has proposed. Even if you don't think these ideas are harmful or unworkable or both, as I do, you have to admit that they deserved more of an airing than they received--which is virtually none--before they became law.
Re: For instance, the bill appears to reverse or at any rate undermine the Clinton welfare reforms.
Those reforms were predicated on a full employment economy (or one very near full employment). We probably should suspend those reforms in the current environment where it is decidedly not the case that there are jobs going begging. But yes, after the crisis is ended we would need to restore them.
Economic Stimulus is critical at this time in the country's history. As the employment rise and jobs are sent overseas domestic tranqulity should be on the front burner for awhile. While families faces the hardest year to date they wonder if they are able to survive the near future with major businesses going out of business. Cooperation is the key now not business as usual.
Edmonson Profit
I'm pretty sure H1B visas only apply in so far as we're talking support jobs within the financial industry, not actual financial work, which are more the providence of E1/E2 visas for traders/investors.
You don`t think that the financial industry (is it really an industry, or a PR club?) executives should have their pay limited to say 25 times the median? If you mess up on your job and bankrupt the company (face it, Citicorp is bankrupt as are many large financial institutions), isn`t a pay cut (maybe even to the under US$100,000 level -- shocking!!) in order? If these guys can`t live on earthly salaries, let them walk. Nobody, and I mean nobody is indispensable. Including me and you sir.
This is the bill that will keep on giving. We will be reading stories for the next six months at least about all the Christmas tree goodies stuck away in it. Then for the following six months we'll be reading stories about the horrific waste and mismanagement involved in implementing it. Then after all that we'll be reading about how the jobless numbers are still down and this bill didn't do a damn thing. Thank you, Mr. President, Speaker Pelosi and Sen. Reid.
"...it is better to have the bill that emerged from Congress than none..."
But that wasn't the choice. The choice was between the Democrats version of a "stiumulus" bill that had little to do with stimulus and a lot to do with repayment of political debts, and the Republican bill which came in at about half the price of the Dems and would probably have worked twice as good (because its spending provisions were indeed targeted at stiumlating the economy - granted, that may be because the Republicans don't owe anyone because they lost).
"It will be interesting to see what is hiding in those 1,400 pages"
What an amazing mentality!!! Whatever is in the bill should be PUBLIC KNOWLEDGE before the bill is even VOTED ON, never mind PASSED!!! And didn't 0bama and the Dems all promise an "open, transparent" government? Didn't they say they would post all legislation online for 48 hours before voting on it?
I'm reminded of a joke, that is too long to repeat here, but the punchline is "I'd have been happier if he hadn't bet me that he could pee all over you, your bar, and your customers, and have you all laughing about it."
That is exactly what 0bama and the Dems are doing to the American people right now, and you guys are laughing.
Clive:
Really. What's the big deal? We don't even need any "skilled" natives in the finance industry, let alone immigrants.
Are we going to benefit by hiring some immigrant with a better idea for another financial-engineering instrument to replace all those instruments that just failed?
If, as you say and I'm inclined to agree with, senators and congress members routinely pass legislation without reading the details, I'd call that a broken system. If it's broken, and I believe it is, it was broken long before President Obama took office.
The Democrats in charge of Capital Hill promised a 48-hour vetting and then broke it in one of the most galling moves I can remember from Congress. No vetting period because of the "emergency" and then the President TAKES THREE DAYS OFF. I think a trillion-dollar spending bill would warrent Congress working on Saturday and Sunday, but apparently I'm off my rocker.
The Democrats better pray (those that do) that things naturally cycle in an economically positive manner. If it doesn't, they are providing the opposition with the rope on which to hang them.