Zapatero really made an impact last night with his speech

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MADRID - Spanish Prime Minister José Luis Rodriguez Zapatero said his government will approve on Friday a new stimulus package valued at 11 billion as the financial crisis pushes economies around the world into recession.

Mr. Zapatero said the new package is worth around 1.1% of Spanish gross domestic product and should create 300,000 new jobs in 2009. It follows a separate package of around 40 billion in tax cuts, spending and loan programs approved earlier in the year.

On Wednesday, the European Union's executive arm urged its 27 member nations to spend 200 billion to stimulate the region's floundering economy, although this amount includes some spending programs already under way.

Mr. Zapatero said 8 billion of the fresh funds will go to city governments to spend on public-works projects such as hospitals and
schools. An additional 800 million will go to the automobile industry and the remaining 2.2 billion will go to various research-and-development and public-works projects.

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One observer said that the address was the best he has heard from any leader, anywhere in the world, yet!   He went on to say that he is such a great speaker. He just downloads his brain. No pre-written scripts - no bull.  He really knows his history of finance and is proud of where Spain stands in this crisis. He predicts total crash for USA and Britian - France & Germany - in the next few months.

The same person remembered when Canada had a bad recession back in 1984. Their socialist government spent their reserve money on "make-work" projects and got some people back to work fixing road and building hospitals. The people were still in a financial mess - but gthey all felt good that the infrastructure of their country was being improved. It gave them hope. Well - Zappy is following in those footsteps and work projects are starting right away.

Plus - mortgage relief, increased unemployment, and he offered to bail out the banks - but only one bank accepted. He was so proud at the "brave" banks not to take government money and lose the public confidence.

Did you know?

Did you know that Zapatero and Obama were born on the same day - only one year apart?  They both have two daughters and their favourite sport is basketball.  Amazing!