Come on Congress really? $819 billion

In today's economic climate, I am not totally opposed to some sort of stimulus package. I am really beginning to think we need one. But not one littered with pet projects. Right now the "stimulus package" that passed in the House has things like money to build up SCHIP, new schools, renewable energy, roads and I have even heard a new mob museum in Vegas. Come on. I know this is being done under the guise of job creation and money in people's pockets, but after the projects are done, where do we go from there?

I think one thing that needs to happen is fix the banking system. Congress passed TARP, which was supposed to buy up bad assets of banks and allow them to function without that bad debt. But in fact, what has happened is they got the cash, handed out billions in bonuses and they have done nothing to take care of the core problem. What needs to happen is they need to file for what is essentially bankruptcy. The banks go into receivership of the government, deposits are protected, and all of the liabilities are wiped out. I know this will hurt investors, but frankly they took a risk and they are already lost lots of money, the current program is helping there either.

One the banks' liabilities are wiped out, then they go on the block to be sold, instead of right now where the government owns often a majority, which essentially is nationalized banks. We know the government is not a good manager of money or businesses, look at social security. Politics don't make good business strategies. I heard one person put it, the banks would not be giving loans to the financially sound people that should be getting them, instead they would be giving loans to lower income groups that can't afford to pay them back, thus continuing the problem we are in. It looks better politically to give loans to those groups than the financially sound groups.

Once the financial system is taken care of, help the tax payers, and I do mean those who actually pay taxes. Putting the money in the hands of the people always helps the economy. Don't be giving credits to people who don't even pay taxes. I know they are low-income, thus the reason why they are not paying taxes, but find ways to help those groups make more money, education, training, etc.

This is a problem that was created over the course of 10 plus years and will not be fixed next year. Don't expect that our president is some savior and will waive his hand and it will all be over. He isn't that good. No one is. Patience is key, save what you can, and Congress, stimulate not pay for pet projects. This is not the time.