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71% Oppose Raising Debt Ceiling As Congress Prepares To Ignore Supermajority's Wishes Again
Just in case there was any confusion that congress (and its Wall Street superiors) almost work for the majority, but not quite, here is some additional evidence: "The U.S. public
overwhelmingly opposes raising the country's debt limit even though
failure to do so could hurt America's international standing and push up
borrowing costs, according to a Reuters/Ipsos poll released on
Wednesday. Some 71 percent of those surveyed oppose
increasing the borrowing authority, the focus of a brewing political
battle over federal spending. Only 18 percent support an increase." Yet somehow the market has already factored in that no matter what happens, Congress has no choice but to continue heaping on the debt, and following this week's auctions, the total should approach $14.1 trillion in debt, cutting the buffer by another $100 billion. Which is why expect to hear many more threats of untold destruction should Congress actually side with the supermajority for once.
More from Reuters:
The poll underscores the tough task ahead for U.S. lawmakers as the debt nears its current ceiling of $14.3 trillion. Treasury Secretary Timothy Geithner last week warned that a failure to raise the borrowing limit in the coming months could lead to "catastrophic economic consequences".
Republicans, who won control of the House of Representatives in November on a promise to scale back government, hope to pair any debt-ceiling hike with a commitment from President Barack Obama to reduce long-term spending.
Republicans have vowed to slash $60 billion from the budget as soon as March, but many of those cuts are not likely to be popular with the public.
Just as amusing is the popular response on which programs are "cuttable":
Only 24 percent say the country can afford to cut back on education spending, a likely Republican target, and 21 percent support cuts to law enforcement.
With the Pentagon fighting wars in Afghanistan and Iraq, 51 percent supported cutbacks to military spending.
Less than half, 45 percent, support an expected Republican effort to pare environmental enforcement.
Some 53 percent support cutting the budgets of financial regulators like the Securities and Exchange Commission, in spite of the widespread consensus that a lax regulatory atmosphere contributed to the devastating financial crisis of 2007-2009.
And 47 percent support cutbacks to national parks, which were shuttered for several weeks during the budget battles of 1995 and 1996.
So there you have it: take money from the SEC's porn and hush money taxpayer funded sinking fund, and put it back into the Treasury. We are fairly confident that backdoor deals for SEC "enforcers" will provide sufficient loopholes for the grossly incompetent to continue living in abject corruptin-funded splendor.
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JUBILEE!!
+100. The bible has some very interesting things to say about money.
Regardless of what people think, China is not yet ready to emerge as the world's leader, so there is no one out there willing to put their nation, their currency, their government in the position currently occupied by The United States of America.
Put simply, the rest of the world needs the US to extend our borrowing limits. The rest of the world needs the US to put the creaky, shaky, flawed global economic growth engine back together.
No. Delusion or duplicity.
The reality is that the US and the US alone can not afford losing its first seat. And any one associated with the removal of the US from the first seat will have to face the painful experience of an empire that does not want to die.
For the moment, the US offers its trading partners nothing but a capacity to consume them faster and faster.
The BRIC's best interests would be to decouple from the west and start intensifying inter trading. The issue is that it would mean the collapse of the West.
Somebody recalled Larry Summers' quote. Summers' reasoning was flawless and suppressed not on humanitarian ground but because it exposed the expectations of trading deals with the West.
Humpty-Dumpty or any other alliteration that suits
That's an allusion not alliteration. Alliteration is the use of a recurring initial sound in a series of words such as "road rage," "hedge hog" or "Full fathom five thy father lies."
http://www.halfpasthuman.com/badfood.html
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Damn...update from Markets entity...Too many immediacy values with too high sums in the impact, duration, and tension levels to ignore so had to stop work to extract and post the update below. Rest of the report better not be like this or it will take forever....
Extract from upcoming Shape Report: Markets entity:
As 2010 fades rapidly from sight, and mind, we note that the Markets entity is pretty much as its primary supporting descriptors would have it, a [basket (of) crises]. The [basket-case markets] set has secondary support coming from [interwoven] and [inextricably twined] which are themselves both supported at their primary levels by [bad foods] which, given its supporting sets, we are interpreting as [indigestible products]. These [indigestible (financial) products] are about to make [minions (within markets)] go into [spasms] of [violent puking]. This is indicated to be a [planet wide] level event, that in its turn brings [international grievances] and [inter country tensions] to a [visible] and [frightening] level that will be described (in the msm propaganda press) as being a [boil over] situation. The interpretation that we have about the [indigestible products] is that they fall into the category of [derivatives] in general, but specifically there are linguistics around the idea of a [gold price tied/bound] form of [derivative] that [fails] in an [instant] due to a [crisis] in the [gold/precious metals market]. This forecast is based on a lot of immediacy data value sets and so may be within days of happening, and likely will be occurring by the time that this Shape report is published.
clif
January 11, 2011
Congress fought the first time against TARP and the only thing that happened was another $130 bil added to buy 12 votes... so the message is that if they vote this down it will just cost more in pork - so we should see it fail the first time and then they can double the ceiling and pay everyone off...
And what is aggragate. A young man took his Econ final and was given a grade of average on his final exam at WMU. I explained Utility of the individual and he was absolutey lost. Millions of Individual decision of fiat money worth less than is was in three generations. Take the time to explain wage generates savings and that generated my income. Need less to say at that point he was deer in the head lights. They just do not get it. Until then debt is a future claim to your master.
http://www.sparknotes.com/economics/macro/aggregatesupply/section3.rhtml
they don't even understand reserve currency.. they think it is just extra money in someone's sock
a number of very smart people don't believe in reserve currency. when the debate was whether the Saudis would only accept payment for oil in Euros, the experts were split, half saying so what, it all comes out in the wash. we buy euros to buy oil.. then of course the euro hit the rocks and that debate was over.
you miss the point.. you defined oil backed money
RC allows countries to fabricate their own currency valuations (their new money is now backed by the RC money, not statically exchanged for it)
and the point you're making is that currency markets do not trade like other commodity markets, which is to argue that the whole system should be scrapped, which implies one world currency, or SDRs are the only solution, but i feel looking at your moniker that such a solution may be antithetical.
How can SDRs be any solution when they are gamed as bad as any other? http://www.imf.org/external/np/exr/facts/sdr.htm
Gold is the one world currency, with oil as the velocity behind all the endless parlor games on top of it. Once cheap oil is gone, this circus clouding gold ends.
btw - my moniker is just a reminder of how rigged the insiders have the game setup..
Does it really even matter anymore? The FEDs have been monetizing like 10%+ of GDP for a couple of years. Just go with it and use the time to better prepare for the eventual collapse.
Because it is coming.
pods
agreed - I am looking to put as many dow solar shingles on my roof this year.. even if it only gets enough to keep the fridge and toaster oven going I will be living like a king compared to others...
the new majority in politics is 45% (give or take) that number reflects the degree of self loathing which has entered the system. that is we vote for candidates we do not trust, policies we do not agree with, and a continuation of failed policies, because our national self worth is lower than a frogs balls. we're pretty sure we couldn't make it without Uncle Obamas food stamps, or endless tax cuts for the wealthy, please sir give me a crust of bread, or a flat screen TV. (I don't want the job unless there are health benefits) we've lost faith in ourselves, and we elect people we wouldn't care to be seen with. none of us want to raise the debt ceiling, but at the end of the day the President will still have approval ratings around 45%. and the stock market will go higher, (Bob Prechter states that people buy stocks when the public mood is positive, he is wrong of course, people buy stocks out of greed and avarice, and fear, that their disappearing wealth will leave them destitute finally, and they reach out for those paper lottery tickets called common shares. when America gets itself together this market will correct, and not before)
At this point, further gnashing of teeth is no longer necessary. The debt ceiling, as a feature of today's discourse is only a distracting issue for those who don't realize that the apex-oligarchs knew from the beginning that the system they installed was cyclical, not linear.
They have to raise the debt ceiling, Timmy G threatened to blow America up if they don't.
Debt limit raised or lowered is meaningless in many respects.
The debt is fraudulent, thus the amount that is, is wrong. Wipe it out, then you don't need to raise the debt limit.
Bad mortgages, bailouts, derivatives, just wipe them out. State debts, wiped out.
This is why 71 percent, and most of the other side is wrong.
It's not about more or less debt, it's about what is the quality of that debt? How was it created? If it doesn't have a chance to be paid off, how about some glass-steagall?
Everyone is focusing on the wrong fucking thing. We need trillions of dollars to get us going or we're going down.
We need to get rid of this fraudulent debt, or it's going down.
But instead of focusing on those FACTS
People want to play the, should we raise our monetary debt limit regarding monetary debts, mostly fraudulent, or should we not, and let things go that way...under the guise of 'anti-american' austrian school of monetary non-thought.
Both Krugman and Paul are charlatans.
The whole debt limit is a farce, when the issue is Glass-Stegall, derivatives, bad mortgages, and illigitimate bailouts, amongst others like bullshit state debt.
It's a little like having a 1 hr and 30 minute conversation about what the character wore in the first scene during a 1 hour and 30 minute movie. You sort of miss everything else, including the main reason you came.
Debt ceiling is a farce. About to be used fascistly, by your favorite neigborhood fascists, the sophist Ron/Rand Paul.
Most are believing it's a legitimate debate (when it isn't). 71 percent sheeple, vs the other side, who too, answer the question like sheeple.
Wake up people, it's a non-debate. Glass-Steagall and the debt ain't anywhere close to 10 trillion, let alone at 'the limit'.
Great now I get to watch bad actors, with a bad script, produce what? A bad movie. Which should be pretty obvious when the actors (fiscal conservatives) rail on about a bogus debt, without realizing it's bogus. But cut, cut, cut, like it's legitimate that's the Ron 'idiot' Paul way. Is it your idiot way too? Better think and change it, or you won't get anything close to what you are thinking you will. Fascism doesn't turn out like 1950's America. Especially not the Ron/Rand Paul fiscal whackos in a monatery world. Don't let them harm you or your family for bullshit reasons. Just because they saw spending federal money on a ponzi scheme is wrong, doesn't mean their fascist monetarism non-ideas are any better or any more American. They're not. You don't realize this at your own peril.
Glass-Steagall
Not Austrian-ism
Hey Congress: Just say NO!
Since when do debt markets lower interest rates because of MORE debt, and MORE risk?
What a twisted world that would be!
Just say NO!!
Didn't the supermajority hear what Austan "chicken-shit" Goolsbee said? If we don't raise the debt ceiling Uncle Sam will be in default. Which begs the question: isn't it an act of default either way?
Bottom line: V-shaped recovery for the PTB, L-shaped depression for the rest of US on Main Street.
http://therookiecynic.wordpress.com/
D@mn it! Another flawless logical conclusion found! The Thought Police are gonna have field day on this site!
Hey, federal government of the USSA. Just default and shut down.
Life will be infinitely better without you. Not kidding.