I've got a strong suspicion that the Treasury will start running the money-presses 24/7, if they haven't already...

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"The most important single central fact about a free market is that no exchange takes place unless both parties benefit."
- Milton Friedman

"The quickest way of ending a war is to lose it."
- George Orwell

They call it 'The Rust Belt' for a reason. Steel tanked years ago and it's cheaper to ship scrap to China, process it and ship it back as new steel. We can't compete with China on labor rates.

This just shows how far conservatives still have their heads jammed up their collective posteriors. Once again, you're expecting we're all going to the barricades and lay down our lives so as to guarantee we all lose our jobs and taxes will not be raised a few % on the very rich.

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Alizee Jacotay, the reason god invented hips

I have to agree. I always heard steel was one of those messy and resource hungry industries which our "post-industrial" economy was shipping overseas in favor of producing information and services. As I understand, most American steel production now is in "mini-mills", plants which produce quantities of a thousand tons or so of high quality special purpose metal made from scrap, and we leave the million ton runs to Mitanni, which is why every manhole cover you see has "Made in India" emblazoned proudly on its galvanized surface.

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Alizee Jacotay, the reason god invented hips

Wealth is NOT created at retail, nor by the credit "industry." The creation of wealth takes place when a useful product is created through mining, processing, manufacturing, and/or cultivation. Value is added to a product when it transported from the site where it was created to the place where it will be put to use (or consumed).

Because of this, the bailout of the financial sector has not, will not, and cannot create the wealth needed to achieve full employment and a rising standard of living. The financial sector can only expedite the transfer of wealth between other economic entities, such as manufacturers and consumers. The past thirty years, during which the financial sector has been the focus of the US economy, has seen the greatest transfer of wealth in the history of the planet--from consumers to manufacturers and investors (with retailers and lenders profiting disproportionately), from the working class to the wealthiest individuals, from small businesses to large corporations, and from the United States to its overseas suppliers of consumer products.

What is needed, in order to restore our nation to its former prosperity and preeminence in the global economy, is not additional bailouts which will expedite the further transfer of wealth. What is needed is effective action which will enable our corporations and our people to increase the amount of wealth that they create. We need a "Marshall Plan for America."

In the years following the Second World War, our government took the initiative in addressing the economic woes afflicting Western Europe, where the industries and their ability to create wealth had been destroyed during the war. We used American resources in several ways; first, we assured that the immediate needs of the people were met through foreign aid programs which provided food, clothing, and rebuilt housing for the people of Europe; second, we provided money and equipment needed to rebuild the infrastructure which had been destroyed in the great conflict--rebuilding railroads, constructing highways and bridges, and repairing ports, airfields, and transportation facilities; third, we provided capital and equipment to rebuild the manufacturing ability of Western Europe, so the people in those nations would be able to create wealth for themselves, providing jobs for the people (and the means for sustaining their families), and producing the vital manufacturing base which would allow these nations to accumulate the capital for future investment and long term prosperity.

Now, after three decades (or more) of thoughtless "profit-taking" by management, abandonment of American workers and the transfer of manufacturing jobs overseas, and outright fraud on Wall Street, we have reached a point where it should be obvious to everyone that a "consumer economy" CANNOT SUSTAIN ITSELF. We have to produce value in order to create wealth and assure prosperity for the widest number of our citizens. For that reason, I think that a "Marshall Plan for America" should be instituted, closely following the example that we set in Europe more than a half-century ago. We need to rebuild our crumbling infrastructure, improve our transportation systems (including ending our dependence on imported petroleum), invest in new and more efficient manufacturing systems, and rebuild the industrial base which made us the wealthiest nation. If the private sector is unable or unwilling to provide the needed capital, then it is the DUTY of the government to serve its people by working to assure their well-being, prosperity, and security during all the years ahead.

I would have to ask the same as I currently do of the auto industry. If we do dump money into steel and there is still no market to make the industry thrive, what have we purchased? The auto industry has gone to Washington and asked for money to make a product that they have a hard time turning a profit upon. I don't want to drag them into this, but has organized labor "helped" steel the way, IMO, that it has "helped" the auto industry?

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The best argument against democracy is a five-minute conversation with the average voter.-Winston Churchill

To Whom It May Concern,

Instead of simply handing out money Obama is talking about putting money into America's infrastructure to stimulate the economy. The status of the United States interior is horrible and in need of major work. We are in danger of catastrophic failures in multiple areas because we spend money on other things.

Infrastructure Report Card 2005

The steel industry isn't saying give us money. They are saying invest the money in things that will help the steel industry and help America which is what the infrastructure plans will do. Investing in the infrastructure is very much what the government should do instead of just giving people money like they did the banks. Money which has disappeared with no accounting and with no real way to measure results unlike investing in infrastructure which will result in a better interior condition, an investment in companies that provide real improvement and which will provide jobs for years to come.

Sincerely Yours,
C. David Neely

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They don't WANT to hear what you're saying, David. It's a matter of conservative (Libertarian) "faith" to simply chant, "No bailout! No bailout!" without considering what actually needs to be done to make the United States a place where capitalists will CHOOSE to invest their money in the means of production and the creation of wealth.

After all, didn't a great Republican tell us, "What's mine is mine, and so is everything I can screw you out of?" They don't want to hear about working toward any common benefit, or building for the future. It's all about what they get for themselves--right now.

high end metals are the only way to make money in the US. same with most sorts of manufacture.

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Socialism doesn't create a rising tide that lifts all boats. It drains the lake and teaches the boat riders not to help themselves by rowing.

Jesus loves you, allah wants you dead

"Every government interference in the economy consists of giving an unearned benefit, extorted by force, to some men at the expense of others."

Ayn Rand

it only takes one to get the undivided attention of the rest and they all know it. thats why they spend the bulk of their time in DC.

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Socialism doesn't create a rising tide that lifts all boats. It drains the lake and teaches the boat riders not to help themselves by rowing.

Jesus loves you, allah wants you dead

"Every government interference in the economy consists of giving an unearned benefit, extorted by force, to some men at the expense of others."

Ayn Rand

That statement is absolute bullshit, daddio. The United States is STILL the most productive manufacturing nation in the world. It just doesn't produce as much as it once did. In other words, while other nations have begun to produce MORE WEALTH, we have chosen to produce LESS. Is it any wonder our economy is in trouble?

oh they are, and when the inevitable inflation hits, gas, and the like will go back to their previous sky high prices.

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"The captain has turned off the `No Dubbing' sign. You are free to speak any language you choose."

when I was working in the plastics biz in the 90's, we ceded the making of low tech films to the koreans because the margins did not support continuing to make them here. we were very efficient but for the commodity goods, we could not make money on them so we refocused on making films that the koreans could not make.

this is not bullshit, this is real life and its been that way for years. generations really. when a product becomes commodity, manufacture goes to the cheapest provider.

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Socialism doesn't create a rising tide that lifts all boats. It drains the lake and teaches the boat riders not to help themselves by rowing.

Jesus loves you, allah wants you dead

"Every government interference in the economy consists of giving an unearned benefit, extorted by force, to some men at the expense of others."

Ayn Rand

a worthy cause but as an answer for what we are in now, well, its been tried and has not yield the desired results. The 30'as and Japan in the 90's.

Infrastructure spending is no silver bullet, do we need it? Oh heck yea, but if he thinks that this is going to be the end all be all, he’s nuts. AND remember please, that this is pipeline stuff, it will be a year before one shovel full of earth is turned.

Now, you want to talk about waste, google the big dig, read up on where that started and how it turned out. And remember that the feds may green light something but the locals can misdirect it, ala levee money in New Orleans.

This is not the 50’s and Eisenhower, back then the special interests were not nearly pernicious as and destructive as they are now.

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"The captain has turned off the `No Dubbing' sign. You are free to speak any language you choose."

Ah, high forrester, if it were so easy.

What I see coming from Obama is simply another WPA project- billions wasted on trivial matters, and low paying jobs going to some to assist them, while the bulk of the money is wasted on Demo pet projects in areas not needed.

You want to do something useful- here is my wishlist"

Spend money on rail (yes, even subsidize the hell out of it) to ease the need for auto travel- that means putting routes where they do some good- like extending lines to where people actually live and work

Spend money to finish and revitalize the interstate networks

Make long term low interest loans to industries such as steel so they can modernize and compete with low wage countries

Increase tariffs on imported goods

Ban the hiring of any employee who is not a US citizen or who does not present paperwork certifying permission to work in this country

Eliminate the tax on gasoline and replace it with taxes on those that now pay no income taxes

As a companion to that- make sure that all persons who earn money in the US pay at least a small amount of income tax- no more freeloaders

That would be a start