AP
Bush hails economic stimulus package

By DEB RIECHMANN, Associated Press Writer 2 hours, 17 minutes ago

WASHINGTON - Consumer confidence is on the skids, yet President Bush is optimistic that tax rebates and help for homeowners will adequately jump-start the economy.

During the past few weeks, many Americans have received letters from the Internal Revenue Service, explaining the tax rebates that will be sent out soon as part of an economic stimulus package Bush signed into law last month.

Bush said in his Saturday radio address that the checks, as well as incentives for businesses to invest in new equipment, will give the economy a "shot in the arm."

On Friday, the Commerce Department reported that in February, consumers turned in their weakest spending performance in 17 months. Consumer spending edged up by just 0.1 percent last month, the poorest showing since September 2006. If the effects of inflation are removed, spending was flat in February, the third consecutive month of sluggish activity.

Consumer confidence dropped to its lowest level in 16 years, further raising fears of a recession.

Trying to allay rising fears about the direction of the economy, Bush said his administration has taken action to help homeowners keep their homes.

Democrats say more is needed. They want Bush to endorse their housing assistance proposal, which would let bankruptcy judges lower payments for homeowners staring at foreclosure.

The president has come out strongly against the Democrats' housing package, warning that an overzealous governmental response to the nation's housing woes could hurt the economy's ability to recover long-term. He paid a quick visit Friday to a nonprofit debt counseling center in Freehold, N.J., to argue that his administration had acted effectively.

In the Democrats' weekly radio address, newly elected Illinois Rep. Bill Foster said, "Our plan will help more families avoid foreclosure and gives cities the chance to rehabilitate foreclosed homes and put them back on the market."

Foster, who won a January special election to fill retired Republican Rep. Dennis Hastert's seat, also talked Saturday about middle-class tax cuts, using sources of renewable energy to lessen the country's dependence on oil and expanding children's access to health insurance.

The administration's financial moves over the past about six months include expanding the Federal Housing Administration's ability to offer refinancing to homeowners with good credit, allowing Fannie Mae and Freddie Mac to buy up more home loans and brokering help for struggling homeowners through a private-sector mortgage industry group. That group has agreed to offer a five-year rate freeze for people who have not missed payments or a 30-day foreclosure pause for those who fall behind.

In October, Bush said, his administration helped bring together the private sector group called the HOPE NOW Alliance. HOPE NOW helps streamline the process for refinancing and modifying mortgages, and it runs a national hot line to connect struggling homeowners with mortgage counselors.

"If you're a homeowner struggling with your mortgage, please take the first step toward getting help by calling the hot line at 888-995-HOPE," he said.

Democrats are planning a test vote Tuesday on their measure, which would also let localities with the highest foreclosure rates access federal grants to buy foreclosed properties and provide $200 million in counseling to distressed borrowers. The proposal fell short of the 60 votes it would have needed to advance when the Senate took it up last month, with all but one Republican opposing it.

Seriously, how long are americans going to keep believing that shifting money from one account to another creates any value ?

The Story of SPAM.

Hormel developed America's first canned ham (''Hormel Flavor-Sealed Ham'') in 1926, and eleven years later developed the first canned meat product that did not require refrigeration. It was a ''distinctive chopped pork shoulder and ham mixture'' developed by Jay C. Hormel, son of Hormel founder George A. Hormel, and marketed as ''Hormel Spiced Ham'' - not a terribly inspiring name for an innovative product fated to save lives, win wars, and balance diets of people world wide.

Hormel Spiced Ham got off to a slightly rocky start. Other meatpackers began to introduce their own canned luncheon meats, and Hormel lost its controlling share of the market. Soon, however, they came up with a cunning plan to rectify this situation - they would give Hormel's luncheon meat a truly catchy name. Toward this end, they offered $100 for a suitable appellation. The winning name was, of course, ''SPAM'', and a legend was born.

SPAM was launched with much high-profile advertising in mid-1937. It was called ''the Miracle Meat'', and promoted as an anytime meat. In 1940, SPAM was the subject of quite possibly the first singing commercial. The jingle was to the tune of the chorus of ''My Bonny Lies Over The Ocean'', and the lyrics were ''SPAM SPAM SPAM SPAM/ Hormel's new miracle meat in a can/ Tastes fine, saves time./ If you want something grand,/ Ask for SPAM!''. Hormel also sponsored George Burns' and Gracie Allen's network radio show, which included ''Spammy the Pig''. During World War II, sales boomed. Not only was SPAM great for the military, as it required no refrigeration, it wasn't rationed as beef was, so it became a prime staple in American meals. SPAM supported the war effort more directly, too. Nikita Kruschev credits SPAM with the survival of the Russian Army during WWII. During the late 1940s and early 1950s, the Hormel Girls performing troupe advertised SPAM as they performed throughout the country, distributed SPAM door-to-door, and even had a national weekly radio show. Ads proclaimed, ''Cold or hot, SPAM hits the spot!''

In 1960, SPAM began to be sold in 7 oz cans alonside the original 12 oz ones. SPAM began to spawn variations in 1971, when smoke-flavored SPAM was introduced. Next came less salt/sodium SPAM, in 1986, and with it the honour of being considered ''state of the art in its industry'' by the Minnesota Association of Commerce and Industry." In the early 1990s, SPAM Breakfast Strips were introduced, as was SPAM lite.

What now awaits us on the SPAM front? Only time (and possibly Hormel) will tell.


==========================


At least, you can eat Spam !