Supposidley just happened, details to follow. Includes tax cuts for business owners and some kind of rebate.
Here's an idea. Have the government buy 100 billion worth of bank stock and give it to taxpayers. Or how about invest social security in CMO pools. given today's firesale prices, they should do well over the fullness of time, plus it would give politicians an excuse to prop up real estate market.
And those of us who make more than $75,000 get nothing. Woohoo! First it was mortgage rate adjustment for those who got themselves into a mess through bad financial management. Now it's a free check for everyone except those who have worked hard to be successful! What a fucking country!
Individual making over $75k don't get the full refund. It phased out at 87k. So if you make more than 75k but less than 87k, you get some. Unless I read it wrong. http://news.yahoo.com/s/ap/20080124/ap_on_go_co/economy_stimulus;_ylt=AiaiXkjOghxY_wOV6tiiRx2s0NUE
Looks like Fannie and Freddie got their wish as their conforming loan limit is raised to $625k. Dropping rates, giving people free money, raising the conforming loan limit, Hope Now or whatver that plan was called, etc... sure does look like a floor in housing is being built.
The good news/bad news now. The good news is that our federal government has taken HUGE steps to shore up the ailing economy. Kudos. The bad news is they have blown their entire load now, used up all the artillery. All they have left is a couple of rounds of rifle ammo (small arms) in the form of rate cuts. If this plan doesn't work, there is nothing that will. The markets will be left to work itself out.