Stimulus, stimulus, everywhere the buzz word stimulus, but where is the devil, you know that creature who screws up the details?

Navigating the politics, the lack of analysis, the specifics and more importantly, the time line of effectiveness is not for the faint of heart. To that end we must start with the latest publicly available legislative text.

The Bill Text

The working title for the bill is, The American Recovery and Reinvestment Plan . The bill is also in a state of flux. The House states the bill will be formally introduced on 01/26/09.

It seems like all commentary on the situation of America today is put into the context of post-WWII. That's like studying the history of Rome, but ignoring the 500 years of history that happened before Ceasar's armies crossed the Rubicon. If you intentionally limit your vision of the world then you will eventually be caught off-guard by larger trends.
This problem is especially true in the field of economics.

The fact is that the financial system, as it was structured in 1944, was an experiment. No one knew if it was sustainable, and it certainly wasn't intended to last forever.
That world has been slowly, and increasingly, breaking down for the last several decades, but because no one looks more than 65 years into the past no one can imagine a different world. Everyone is terrified of the "unknown", when in fact is isn't unknown at all. It's just different.

Earlier this week I wrote a piece on how bailed out banks have been speculating in oil markets.

Today, more evidence that the banks haven't learned that in the end speculation is a zero-sum game has emerged. At the same time that Goldman Sachs has been taking TARP funds, the bank is purchasing foreign firms involved in energy speculation.

On the day that a new American President was inaugurated, the Lords of the City of London decided to quietly announce in their newspaper of record, the Financial Times, that there are about to be major shifts in policies and practices.

On Monday the UK government declared total war on the economic crisis, and not a moment too soon. A long phony war ended abruptly with the financial system’s near-meltdown in October. Now, in the next phase of the crisis, the government is thankfully using a full arsenal of ammunition.

First it was Bear Stearns. Then it was the Countrywide and the mortgage lenders. Then it was Lehman and AIG.
Now we have another banking crisis brewing, but this one is different because it's not from America. This one is from the other side of the Pond.

Jim Rogers, chairman of Singapore-based Rogers Holdings, said the “U.K. is finished” and investors should sell the currency.
...
“I would urge you to sell any sterling you might have,” said Rogers. “It’s finished. I hate to say it, but I would not put any money in the U.K.”