I just skimmed through Obama's speech. I am not particularly good at parsing this political stuff, so I won't. The speech had a lot of the typical politician's assertions about features of his programs that have no basis in their actual design. For example, he asserts that home bailout money won't go to the irresponsible, but there is no such design element in his actual plan (homeowners are eligible for bailouts based on various hard-wired value formulas and ratios -- there is no step where their motivation for becoming overextended is or even could be assessed, nor any step where the government may exercise discretion).
Anyway, the one overriding sense I got from reading the speech was that I was totally correct when I wrote this:
So you ask, will we get any stimulative effect? I would answer: Just one. Obama and Congress will now shut the hell up trying to panic everyone into battening down the hatches for the worst economy in history, and folks can get a bit of breathing space to look around them and see that business opportunity is still there. This is $800 billion in hush money, a bribe we are paying Obama and Pelosi in the form of passing a lot of their pent up leftish wish list, in return for them taking some ownership interest in real economic health.