Economic Stimulus Package...What Will Work?

Economic stimulus package.  Bailout.  Worst financial crisis since the Great Depression.  Nearly 3.6 million jobs lost since December 2007.  

We've heard all the buzz words and sobering truths.  Now, I wonder...what will actually work to stimulate the economy and when will it take effect?  

I, like everyone else, has seen and heard President Obama as he crosses the country in an attempt to garner political and public support for his stimulus package.  As he said in his Monday press conference: 

"I can't tell you for sure that everything in this plan will work exactly as we hope.  But I can tell you with complete confidence that a failure to act will only deepen this crisis as well as the pain felt by millions of Americans."

I have no doubt that's true.  However, I'd like a little more explanation as to the specific components of the stimulus package and how its authors predict it will stimulate the economy. Will it work?  How long?  What are the possible ramifications, if any?  

We've heard Democrats agree with Obama and say unequivocally that this will work. Republicans say unequivocally that if instituted, the stimulus will produce dire consequences.  

Here, the NYTimes outlines the differences between the House and Senate stimulus bills. 

I guess we have to dive in and "hope" whatever form of the package that is passed will work.

We certainly can't afford to waste more time.

CC