Now that the proposed stimulus package has passed the house and will almost certainly pass the senate next week, we take a look at the impacts it will have in the very near term, one to two quarters and in the long term.
1. The very near term (rest of 1st quarter 08):  If looked at through a very myopic mind set the cons of said stimulus package will be seen with little benefit. The cost is the most obvious problem with over 800 billion dollars being distributed. The other short term benefit is the money that the middle class itself will receive through rebate checks. Nonetheless as many economists have predicted, even if this bill were signed tomorrow, the real benefits wouldn’t be realized until at the earliest quarter 2 or 3.
2. The short term (from march to September of 2009): the true benefits of such a stimulus will finally become realized by the late second quarter of 2009.  By then the infrastructure projects funded by about 600 billion of the 800 based on the house version would be commencing. Consequently, many new jobs would be created, both specialized and general. Also during this period, the rebates would begin to be spent and that 212 billion dollars will slowly be injected into our economy.
3. Long term (late 2009 and all of 2010): by then one would hope that the job creation and money injected into the markets would have made an impact. Large companies will rehire and inflation would decrease drastically. As a result we will probably once again see the fed increasing interest rates back to the norm in addition to a prospective increase in consumer confidence.