America's New Budgetless Reality Is "Betrayal Of American Taxpayers", Says Republican House Leader John Boehner

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Tue, 06/22/2010 - 12:47 | 426936 Turd Ferguson
Turd Ferguson's picture

This is truly unprecedented and shameful.

It will, however, be glossed over as "politics as usual", which its not! For the US government to operate without a budget is a sign of utter capitulation. This is ultimate proof that our system of government and finance is not on the verge of collapse, it is collapsing NOW.


Tue, 06/22/2010 - 12:55 | 426966 Muir
Muir's picture


I guess I shouldn't have followed madhedgefundmanager's advice.



29.52 -0.81‎ (-2.67%‎)  Jun 22 12:51pm ET

Tue, 06/22/2010 - 13:29 | 427070 FrankIvy
FrankIvy's picture

Was his advice to sell/short BP?

Could they possible go to anywhere but zero w/out a bailout?

Tue, 06/22/2010 - 12:56 | 426973 zice
zice's picture

Well, the rifleman’s stalking the sick and the lame
Preacherman seeks the same, who’ll get there first is uncertain
Nightsticks and water cannons, tear gas, padlocks
Molotov cocktails and rocks behind every curtain
False-hearted judges dying in the webs that they spin
Only a matter of time ’til night comes steppin’ in

Time to hold tight.

Tue, 06/22/2010 - 18:16 | 427076 Rusty_Shackleford
Rusty_Shackleford's picture

"Crickets are chirpin' the water is high
There's a soft cotton dress on the line hangin' dry
Window wide open African trees
Bent over backwards from a hurricane breeze
Not a word of goodbye not even a note
She gone with the man in the long black coat.


She's gone people.

Tue, 06/22/2010 - 13:21 | 427010 knukles
knukles's picture

Got some real bad news for ya' Stennie!  "No budget, no bond buyers." sayeth the Vigilantes. 
(Kinda like "no tickie no washie" if ya'll wanna put it in Chinese laundry terms.)

What a great way to chase money off shore.  The government dissolves the rights of senior secured debt holders a la GM and Chrysler, then wants folks to buy its bonds, bills and notes with No Disclosure, No Plans whatsoever. 

Now that's new financial engineering at its best.  The perpetual blind pool debt obligation.  Marvelous, bloody marvelous.!

Tue, 06/22/2010 - 13:55 | 427139 G-R-U-N-T
G-R-U-N-T's picture

This adcministration is an absolute disaster. Bend over America cause your about to get poked again, and again, and again......

Tue, 06/22/2010 - 13:55 | 427146 G-R-U-N-T
G-R-U-N-T's picture

This adcministration is an absolute disaster. Bend over America cause your about to get poked again, and again, and again......

Tue, 06/22/2010 - 13:44 | 427111 IBelieveInMagic
IBelieveInMagic's picture

Where was John Boehner when Georgie was at the White House partying? He has found religion now?

Tue, 06/22/2010 - 14:45 | 427307 Aaron Burr
Aaron Burr's picture

Atleast with W we actually had a budget--we could have kept HIS ponzi going for a couple more decades but we got hours left in this one.-

Tue, 06/22/2010 - 15:47 | 427488 DasRipper
DasRipper's picture

No "Atleast".  I'm happy the Dems are going this route.  The solution to this whole mess is the collapse.  They are just making happen much swifter.  I say Bring It On.

Tue, 06/22/2010 - 15:50 | 427494 BS Inc.
BS Inc.'s picture

The time when that equivalence crap would have worked is long past, pal. Time to find a new schtick.

Tue, 06/22/2010 - 16:39 | 427647 IBelieveInMagic
IBelieveInMagic's picture

I would agree if we can get away from the two party circus but if all we have is these two parties to pick from, I will go with Obama any day, thank you. I am thoroughly disappointed with his performance but am also aware of the deep problems that he has to tackle -- it is easy to suggest radical solutions when you are not in position to really do anything...


Tue, 06/22/2010 - 17:16 | 427744 MsCreant
MsCreant's picture

You really do believe in magic. 


God I really hate being that rude to you but I don't know what else to do. Feels like I am bitch slapping Bambi...

Wed, 06/23/2010 - 19:24 | 430392 TheGoodDoctor
TheGoodDoctor's picture

I'd pay to see that. There is jello or pudding and a swimming pool involved right? Anyway, I digress Lenin called them "Useful Idiots". So true.

Tue, 06/22/2010 - 13:49 | 427123 svendthrift
svendthrift's picture

I've made the decision to leave the United States. I'm over it. Gotta look out for me and mine.

Tue, 06/22/2010 - 15:14 | 427406 Testicular Cancer
Testicular Cancer's picture

Where u goin? Need company?

Tue, 06/22/2010 - 15:22 | 427435 Sqworl
Sqworl's picture

Costa Rica, no extradition with US and new swiss banking world!!

Tue, 06/22/2010 - 14:52 | 427338 Cleanclog
Cleanclog's picture

I didn't think it possible, but this will make Greece look like the responsible government.

Un-"f"ing believable.  With trillions and trillions in federal, state and local government debt in the United States - we have elected legislators saying they will not build nor present a budget.  No guidance, no roadmap, no nothing.  And we pay them for this crap.

Tue, 06/22/2010 - 15:00 | 427371 Yes We Can. But...
Yes We Can. But Lets Not.'s picture

Yes, unprecedented and shameful.

And astonishing.

This administration appears more and more every day to be dangerously incompetent and craven.

Tue, 06/22/2010 - 16:09 | 427553 Gwynplaine (not verified)
Gwynplaine's picture

For all you Mel Brooks fans out there:

He inverted that phrase though: "Hope for the best, expect the worst!" (from The Twelve Chairs).

Tue, 06/22/2010 - 17:29 | 427779 Jim Cramer
Jim Cramer's picture

Isn't this the President who insisted on transperancy and bent Bush over because he wasn't keep accounts on the budget for the war?  This is not a defense of Bush but a knock on who this guy is.  He says one thing and you can bet he'll do the other.  I absolutely expected all of this to occur during his ruling since he is not deserving of the title of President but deserves to be called a bully or better yet a mobster.  I am just shocked at the speed at which he is doing all of this..........

Tue, 06/22/2010 - 12:46 | 426938 Ragnarok
Ragnarok's picture

NEO: There is no balance sheet.



Tue, 06/22/2010 - 13:18 | 427039 MsCreant
MsCreant's picture

Never was. It all has been a fiction designed to misdirect our attention for many years now so that the machine could be left to feed on our dreams. We could debate exactly when, but I will go along with my colleagues who call the formation of the Fed in 1913 as the date.

I am an academic. I have participated in all kinds of accounting games that my bosses have demanded of me (even as I have fought it and pissed off my colleagues who just want to do it and go home). We create "units" because they ask us to, even though we don't work that way, so they can account to their higher ups. Then they come back to us and ask us which units do we feel we can cut and still be profitable. We never had the units, we only made them up on paper so that our bosses would have a narrative to take back to the government. Then we are supposed to cut units, that did not exist in the first place?

I tell this story because this crap is happening at the individual level, in families, organizations, systems, etc. It is pervasive.

There is no balance sheet. There is no balance because what we are doing is not sustainable. 

Tue, 06/22/2010 - 13:26 | 427060 knukles
knukles's picture

This is what comes when mankind ceases pretending anything is sustainable.

Tue, 06/22/2010 - 13:42 | 427107 Rusty_Shackleford
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We've gone from having money that said 'Tis Death to Counterfeit on every note to 100% mandatory institutionalized counterfeiting.


We've gone from a country where everyone instinctively knew that there was no such thing as a free lunch, to one where we started thinking "well, maybe there really is a free lunch", and then ultimately to one now where we've actually convinced ourselves eating free lunches is a revenue generating activity.


"The worst day of a man's life is when he sits down and begins thinking about how he can get something for nothing”-Thomas Jefferson


Tue, 06/22/2010 - 13:51 | 427129 VegasBD
VegasBD's picture

Quote of the day brotha

"we've actually convinced ourselves eating free lunches is a revenue generating activity"

Tue, 06/22/2010 - 14:43 | 427290 Rusty_Shackleford
Rusty_Shackleford's picture


That particular concept has been rattling around and causing an itchy spot in my brain since they started talking about how the new ObamaCare entitlement was actually going to save money.  It felt good to form it into words and write it down.  Now I can finally stop thinking about sandpaper all the time.

I remember thinking, we're soon going to see infomercials about "getting started in the lucrative new field of eating free lunches". 

Universities will form entirely new departments and people will graduate with degrees in Liberal Arts with a Minor in Eating Free Lunches.


Hell, eating free lunches could be the next bubble!!!


By the way, I stake an Intellectual Property claim on the CEFLFE (The Chicago Eating Free Lunches Futures Exchange).

Tue, 06/22/2010 - 16:35 | 427636 onerepublic
onerepublic's picture

Government inflates healthcare costs by mandating employer insurance, crippling free market mechanisms and sees health care costs go from 4% GDP to 16% GDP. Government provides healthcare to remaining uninsured promising program will reduce costs. Then says program will actually not reduce costs. Government then claims war on oil.

Tue, 06/22/2010 - 14:02 | 427171 OldTrooper
OldTrooper's picture

Great TJ quote, Rusty.  I wasn't familiar with that one.  I'd like to add it to my collection.  Do you have a citation?

Tue, 06/22/2010 - 14:27 | 427252 Rusty_Shackleford
Rusty_Shackleford's picture

I'm sure it's fairly well established although I can't tell you exactly where he said it (hell, it may even be like his "central banks" quote and be highly contested).  I just googled it.

Tue, 06/22/2010 - 14:13 | 427204 B9K9
B9K9's picture

Rusty, I would suggest that no one has been really been convinced. Rather, politicians realized votes could be bought, non-taxpaying voters realized it was theft, but thought it was justified in light of historical grievances, and taxpaying voters paid, grumbled & waited/hoped for the system to eventually fail.

All three parties have always known the truth; our current predicament is a function of gaming calculations being made concerning a specific expiration date. Watch the rats abandoning ship - they are the tell. First Orzag, then ...?

Tue, 06/22/2010 - 15:05 | 427367 Rusty_Shackleford
Rusty_Shackleford's picture

Good points.  You know, you're probably right,... although the person would have to be functioning on a conceptual/rational level. 

However, I would venture to guess that a much larger proportion of the population is functioning on the perceptual level only(, and really is 100% truly convinced of it.  It's almost hard to hold it against them.  It has been drilled into their minds for their entire lives.

I think it goes much deeper than just vote buying. 

Hell, I would have more respect for the system if that's all it was.


Kind of like Lysander Spooner and the Highwayman.

Tue, 06/22/2010 - 21:01 | 428237 Almost Solvent
Almost Solvent's picture

I have no kids (yet)

Yet I get a $3k property school tax bill every year

State says I have to pay to educate OPK (other people's kids)

Section 8 queen with 4 kids in school pays nothing since she rents and gov't pays her rent


Tue, 06/22/2010 - 14:02 | 427174 I need more asshats
I need more asshats's picture

"Then we are supposed to cut units, that did not exist in the first place?"

Lesson learned: When asked to make up units, make more than expected. Then when the request comes in to downsize you will shine like a supernova. They'll call you the ax-lady who really knows how to take it for the team.

You'll get your big fat bonus(in academic term of course) and the kitty's will be happy while playing with their new ball of Afgani-kush premium catnip.

It is sustainable we just need the US Department of Incremental Control and Enforcement. These guys will smooth out the whipsaws and control incremental growth.

Tue, 06/22/2010 - 14:54 | 427349 MsCreant
MsCreant's picture

Lesson learned indeed. We are all Ponzi scammers now. 

Tue, 06/22/2010 - 14:46 | 427312 rapier
rapier's picture

 Of course there is no balance sheet.  Government cannot capitalize its assets. So your left with 14th century cash flow accounting.  Since there is no balance sheet, nothing on a page showing worth of assets two generations of business centric people have come to assume nothing the government has or does has 'worth'. Not dollars and cents worth and then any worth at all.

As we come closer to the dream of the Donner Party Conservatives they should consider that they are the fattest ones of all.

Tue, 06/22/2010 - 15:01 | 427377 rapier
rapier's picture

Oh yea, and all non governmental actors have been free to inflate their assets and show great balance sheets, usually, or have it reported they are great.


The false distinctions erected by todays idologies will fade away and history will construct new ones. 

Tue, 06/22/2010 - 15:26 | 427445 RichardENixon
RichardENixon's picture

MsCreant, I beg to differ with you. There is a balance sheet. Unfortunately, the Equity portion is a hundred trillion or so in the red.

Tue, 06/22/2010 - 17:21 | 427756 MsCreant
MsCreant's picture

In a newer TD post, if you have time, if you feel an inclination to do so, maybe you would post something to us (or to me) that is an on the ground NOLA situation report. Last I heard you were 20 miles away and could occasionally smell it.

Tue, 06/22/2010 - 15:59 | 427524 Cathartes Aura
Cathartes Aura's picture

brilliant post MsCreant.

the "fiction" of the amrrkn DREAM was a myth sold to the public as distraction, and as more people struggle to wake-up, the illusion gets busted.

dis-illusionment can be devastating, but waking up is preferable to being lied to. 

Tue, 06/22/2010 - 17:18 | 427753 MsCreant
MsCreant's picture

Thanks. I think I am still waking up myself, I'll get back to you on that.

Wed, 06/23/2010 - 01:21 | 428539 RichardP
RichardP's picture

Don't wake up.  There is a reason it is called the American ... Dream.


Tue, 06/22/2010 - 12:46 | 426941 mchandler@ameri...'s picture

Perhaps they should just declare the budget secret because of national security.

Tue, 06/22/2010 - 12:49 | 426946 Spaceman Spiff
Spaceman Spiff's picture

The budget is already secret.   Do you mean they should engage in double secret budgeting?

Tue, 06/22/2010 - 13:33 | 427085 PierreLegrand
PierreLegrand's picture


Tue, 06/22/2010 - 15:55 | 427512 RockyRacoon
RockyRacoon's picture

That sounds like one of the old Get Smart episode titles:

"Double Secret Secret Budgeting"

Wed, 06/23/2010 - 14:51 | 429647 RichardENixon
RichardENixon's picture

I expect Obama to bring back the Cone of Silence soon.

Wed, 06/23/2010 - 01:25 | 428542 RichardP
RichardP's picture

"The budget is already secret."

In case you are serious - no it is not.  It is printed and distributed.



Tue, 06/22/2010 - 12:48 | 426943 Assetman
Assetman's picture

House Republicans are offering better solutions to cut spending now and help small businesses put people back to work.

House Republicans had 8 years to correct out of control spending.  Now, how did that work out, Leader John?

Republicrats = Same Wolf in Sheep's Clothing

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