Are we starting to see some light at the end of the tunnel?

[J. J.]

First, a disclaimer.  I'm on the board of a group getting some stimulus money.

The stimulus is a joke; I've seen the job estimates and expect it to be, at best, two-thirds of estimated job creation.  It will also be substantially slower than anticipated.  I expect the negative effects to be seen by September.

The toxic asset program buying is needed and is a long term plus.

The proposed budget partially eliminates two important deductions, charity and mortgage deductions.  It will have an effect of slowing housing sales next year and will kill charities (Sojourner, take note).  2010 looks bleak. 

[J. J.]

JJ - the charity deduction partial elimination will simply not occur.  It is dead because the votes will never be there for it.

For that matter, I expect the mortgage deduction partial elimination to face the same fate.

I hope so!  Both are hideous ideas.