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Boehner Issues Interim Statement As Debt Ceiling Talks Continue

Tyler Durden's picture




 

Following a resumption of the "failed" debt ceiling discussion as of 11 am this morning, John Boehner has just released the following broad statement: “As I said last night, over this weekend Congress will forge a responsible path forward. House and Senate leaders will be working to find a bipartisan solution to significantly reduce Washington spending and preserve the full faith and credit of the United States." So much for the debt talks breaking down. And with so many "deficit-cutting" loose ends, all of which will eventually be resolved, probably by the time Asia opens tomorrow, here is Bloomberg's latest attempt at summarizing what is currently going on and why for Obama getting a solution before the market opens bidless on Monday is the most important thing right now.

Senate Republican Leader Mitch McConnell said congressional leaders are “committed” to preventing a U.S. default following a meeting with President Barack Obama a day after talks on a broader deal to cut the deficit collapsed.

“The president wanted to know that there was a plan for preventing national default,” McConnell of Kentucky said in a statement. “The bipartisan leadership in Congress is committed to working on new legislation that will prevent default while substantially reducing Washington spending.”

After the meeting, which lasted under an hour, House Democratic leader Nancy Pelosi of California said she hopes a framework for an agreement will be worked out this weekend and that congressional leaders must “make every moment count.”

She told reporters there would “absolutely, positively not” be a short-term deal. The president wants an agreement long enough to last through the 2012 elections.

With the Aug. 2 deadline to raise the $14.3 trillion debt ceiling approaching, Obama said at the White House last night that “at minimum” Congress must act to avoid a U.S. default that would roil financial markets and damage the economy. He said he was consulting with Treasury Department officials about a default’s potential consequences.

It’s very important that the leadership understands that Wall Street will be opening on Monday, and we’d better have some answers during the course of the next several days,” Obama said.

Said otherwise, it is very important for America to understand that the only thing this administation cares about is Wall Street.

 

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Sat, 07/23/2011 - 14:42 | 1485155 Conrad Murray
Conrad Murray's picture

Why do we pay taxes? Why can't they just print the money they need? 100 trillion in unfunded liabilities means nothing when the presses are rolling. Right Americans? RIGHT?! Have cake and eat it, fuck the peas.

Sat, 07/23/2011 - 14:52 | 1485185 Rusty_Shackleford
Rusty_Shackleford's picture

HA!  Good one.

Sat, 07/23/2011 - 15:26 | 1485277 traderjoe
traderjoe's picture

It's true though. The US does not need to tax anyone. Sovereign countries can simple print money - without having to borrow it from private corporations or banking cartels. See the United States Note - http://en.wikipedia.org/wiki/United_States_Note.

A United States Note can come into existence without borrowing. It is not debt-money, though it is still fiat, unbacked paper currency. 

Taxes are simply a form of control, re-distribution, and places in power those that can best manipulate the system. It also creates vast inefficiencies and mal-investments.

In my opinion, the best monetary system would have multiple alternatives, including sound money (gold and silver) and a government scrip (United States Note) so people would have the freedom to chose the best money for a particular need. 

The Federal Reserve Note is simply the Scam of the Century. 

Sat, 07/23/2011 - 15:54 | 1485315 TruthInSunshine
TruthInSunshine's picture

Does a single person here believe that they would not, and in fact have not already (via an already pocketed agreement, waiting to be pulled out at the appropriate time), come to a consensus, and kick the can?

It's all posturing. That the Democrats want a deal shows you how little their constituents know or care about economic cancer.

That the Republicans are willing to agree on a deal shows you how little their constituents know or care about economic cancer.

But make no mistake, the Ponzi will go on, there will be no actual cuts to the deficit (just voodoo ecomometrics), and they'll fix everything the same way Trichet, Merkel & Sarkozy fixed the intractable math making anything but their Ponzi just as bad, if not worse.

Apparently, one doesn't have to actually do anything to resolve systemic economic crises, anymore. One only has to jawbone and bullshit and spin long enough, and voila, problems solved.

And Main Street will continue to get pummeled with the costs of the increasing debt, deficits, and recklessness, with higher taxes and regulations and fees of all kinds, making their businesses suffer even more, while the Honey Sweet Nectar Transfer Teet keeps feeding the engorged Wall Street/Financial/Banking sector with that taxpayer sugar.

 

Sat, 07/23/2011 - 15:45 | 1485346 TruthInSunshine
TruthInSunshine's picture

snake eyes

Sat, 07/23/2011 - 15:50 | 1485356 DosZap
DosZap's picture

TJ,

JFK did just that,(had US Notes Printed),with plans to do just what you said. Months later he was DEAD...................

 You don't mess wid da Fed.....................was the message recieved?.

Sat, 07/23/2011 - 16:06 | 1485405 dark pools of soros
dark pools of soros's picture

put Ron Paul in a bunker on mars, elect him for prez and try again?

Sat, 07/23/2011 - 16:42 | 1485482 jmc8888
jmc8888's picture

There is no such thing as a 'best' monetary system.

Monetary systems are inhernetly fucked up.

(no this isn't saying...no money. monetarism is an ideology...thus monetary system is an ideologically based system)

The BEST system (yet devised) is the American Credit System.  Hamiltonian Credit System it is sometimes called, because that's who created it.

What we have is the worst of Greek/Roman/Venetian/London system rolled up into a global clusterfuck of oligarchism. Monetary systems = Oligarchy.

Glass-Steagall

 

Sat, 07/23/2011 - 18:10 | 1485608 traderjoe
traderjoe's picture

And what does G-S do to stop the counterfeiting of fractional reserve banking and the scourge of our country having to borrow its own currency from private banks?

Sat, 07/23/2011 - 21:51 | 1486062 lovejoy
lovejoy's picture

Finally it is becoming understood. We are no longer on the gold standard. The government does not have to borrow to print money. It can print all that it wants. The only downside is that too much printing could result in inflation. Why the taxes ..... because it gives the fiat currency legitimacy. Does the Government allow you to pay your taxes in gold or cattle. No! You need US dollars. This is how the government creates demand for the currency. Also taxes should be to simply to control the economy. If the economy is heating up, increase taxes and if if it is cooling too much, cut taxes. 

Sat, 07/23/2011 - 14:52 | 1485187 rajat_bhatia
rajat_bhatia's picture

So glad i shorted gold friday

Sat, 07/23/2011 - 15:17 | 1485270 kito
kito's picture

you cant short gold unless you break off a piece of it. and if you did that, kindly forward me the discarded portion. ill be happy to take your gold shorts.

Sat, 07/23/2011 - 17:44 | 1485567 JimS
JimS's picture

"happy to take your gold shorts", he's got gold shorts? I wonder if it's boxers , or briefs? (I don't really want to find out, though)

Sat, 07/23/2011 - 15:20 | 1485282 traderjoe
traderjoe's picture

As day trade? And how does a debt ceiling raise solve any of the issues surrounding the insolvency of the fiat system?

Sat, 07/23/2011 - 19:27 | 1485731 nmewn
nmewn's picture

"So glad i shorted gold friday"

I gotta say, you're terminally stupid.

Sun, 07/24/2011 - 00:34 | 1486307 Id fight Gandhi
Id fight Gandhi's picture

Dollars have lost 97-98% since 71. Any debt increase means it's worth even less.

I'll stick with "tradition", thank you.

Sat, 07/23/2011 - 14:57 | 1485206 Squid Pro Row
Squid Pro Row's picture

In all seriousness, I have pondered this question.  With the Fed buying almost 100% of new debt and maintaining its commitment of low rates for an extended period, the market's opinion matters very little.  The Fed will print new money to buy bonds and maintain its interest rate target.  Under these circumstances, why even bother collecting any taxes?

Also, until an alternative to the dollar emerges, the world is forced to use it for international trade.  Perhaps something else will come about in the future (electronic gold/silver/etc/etc), but today, there is no credible alternative.

So, why bother with taxes?

Sat, 07/23/2011 - 15:34 | 1485318 ThirdCoastSurfer
ThirdCoastSurfer's picture

Require the Fed to forgive the $2.5 trillion on it's books and, wallah!, the current debt limit ceiling through 2012 is assured!

Sat, 07/23/2011 - 15:38 | 1485335 kito
kito's picture

ive often thought of it as well. zerohedge should do a piece on the ramifications of the fed going hard core jubilee on the treasury. what does that do to the markets?

Sat, 07/23/2011 - 19:33 | 1485741 nmewn
nmewn's picture

"So, why bother with taxes?"

To keep the middle and lower classes off the golf courses.

Sat, 07/23/2011 - 14:59 | 1485217 Ident 7777 economy
Ident 7777 economy's picture

LOL

 

+1.5T (at least)

Sat, 07/23/2011 - 15:53 | 1485361 GeorgeHayduke
GeorgeHayduke's picture

Naw, they have to tax the sheep to keep the psychological sense of peasantry upon them. Plus, it gives them yet one more law to imprison any peasant who see through the veil and decides they are not paying any more taxes to the oligarchs.

In this corporate colonial/feudal oligarchy the peasantry will always pay tribute to their owners just to keep them well conditioned.

Sat, 07/23/2011 - 16:42 | 1485484 angmikey
angmikey's picture

I hate peas! I like printing presses making more money. Oh if I only had one.

Sat, 07/23/2011 - 14:44 | 1485159 Re-Discovery
Re-Discovery's picture

american fascism on full display

Sat, 07/23/2011 - 14:52 | 1485179 Zero Govt
Zero Govt's picture

Marxists to the left, fascists to the right, but when it comes feeding time on the carcass of America they're all vultures at the end of the day

Sat, 07/23/2011 - 15:27 | 1485302 Spastica Rex
Spastica Rex's picture

My momma always said, "tyranny is as tyranny does."

Sat, 07/23/2011 - 15:39 | 1485340 kito
kito's picture

you didnt strike me as a backwoods southerna.

Sat, 07/23/2011 - 14:54 | 1485180 Zero Govt
Zero Govt's picture

double post

Sat, 07/23/2011 - 14:47 | 1485162 lolmao500
lolmao500's picture

And Boehner will become hard and stiff and shaft the american people once again.

Boehner is ONE GUY... what about the other republican make up their damn minds and tell Boehner to go to hell?

Sat, 07/23/2011 - 14:50 | 1485176 snowball777
snowball777's picture

Shortest path back to a Dem majority.

Sat, 07/23/2011 - 15:54 | 1485364 DosZap
DosZap's picture

We are already dead Fred,another Dem majority, and I vote real americans purchase land somewhere else, and Migrate, start over,and leave this to the fascists.

Sat, 07/23/2011 - 16:25 | 1485446 snowball777
snowball777's picture

¿Qué?

Sat, 07/23/2011 - 16:52 | 1485493 SRV - ES339
SRV - ES339's picture

Right you are... back to the GOP, after all they did such a great job under Bush!

Sat, 07/23/2011 - 16:41 | 1485481 GeorgeHayduke
GeorgeHayduke's picture

You say that as if it matters which party is "in control." Both sub-parties belong the to the fascist over-party. So, it doesn't matter which sub-party has the majority as the fascist party always wins. Now, the Dems might favor some corporations over other corporations the Rethugs favor, but both serve their fascist masters.

I know some folks like to claim one party is Marxist and the other Fascist, but show me one single law passed since Reagan that gave even the slightest bit of real power or wealth to the peasants (the supposed Marxist way) while not giving windfall profits to corporations who's lobbyists and lawyers likely wrote any such legislation. Anyone? Anyone?

Sat, 07/23/2011 - 23:53 | 1486189 Calmyourself
Calmyourself's picture

HA, name me one single law i nthe USSR that ever gave any power to the peasants.  Marxism is simply power for powers sake.  But much difference between these two sets of losers in Washignton no, not too much at least in the upper levels..

Sat, 07/23/2011 - 16:43 | 1485485 Long-John-Silver
Long-John-Silver's picture

and with a dem majority the total destruction of the American economy is assured. I hope you enjoy watching States leave the Union to forge ahead in a new country of their own making. This is the inevitable outcome as foretold in Sal Alinsky's book "Rules for Radicals". Even he admitted that they alone could never rule over 50 states and were planing to have China, Russia, and Cuba take over and rule parts of the nation.

Sat, 07/23/2011 - 14:53 | 1485183 Ray1968
Ray1968's picture

.... disregard.... (I erased my post)

Sat, 07/23/2011 - 15:00 | 1485223 Ident 7777 economy
Ident 7777 economy's picture

I. Doubt. It.

 

But we shall see (he hasn't caved to this point).

Sat, 07/23/2011 - 15:08 | 1485246 yabyum
yabyum's picture

Boehner will do all in his power to protect the elite and uber wealthy, you can take that to the bailed out bank.

Sat, 07/23/2011 - 15:56 | 1485374 DosZap
DosZap's picture

yab,

You not read the POTUS words?.

Repeat until sinks in, Wall Street..............W_A_L_L _S_T_R_E_E_T.

Now, Boner is protecting WHO again?.

Sat, 07/23/2011 - 17:20 | 1485521 GeorgeHayduke
GeorgeHayduke's picture

It's all theater. It's good cop/bad cop. They both are there to protect the upper 5%. They just put on the show to make it look like one of them is fighting for you.

Sat, 07/23/2011 - 15:58 | 1485376 DosZap
DosZap's picture

$

Sat, 07/23/2011 - 14:44 | 1485163 fishface
fishface's picture

Said otherwise, it is very important for America to understand that the only thing this administation cares about is Wall Street.

honest words at last

 

Sat, 07/23/2011 - 14:56 | 1485200 GlassHammer
GlassHammer's picture

It would have been more honest to say "the only thing any administation cares about is Wall Street."


 

Sat, 07/23/2011 - 16:05 | 1485366 ViewfromUnderth...
ViewfromUndertheBridge's picture

Not entirely true:

-She told reporters there would “absolutely, positively not” be a short-term deal. The president wants an agreement long enough to last through the 2012 elections.

I thought this was Tyler's commentary...but, apparently in the rush to avoid default all sense of irony has been lost. Short term irresponsibilty got the world into this mess and I, for one, am backing it to get us out.

Sat, 07/23/2011 - 16:37 | 1485471 macholatte
macholatte's picture

Said otherwise, it is very important for America to understand that the only thing this administation cares about is Wall Street.

 

Foul Ball !!!!

 

Getting re-elected is priority 1.

Getting money to be re-elected is priority 1-A. 

 

If the present Congress errs in too much talking, how can it be otherwise in a body to which the people send one hundred and fifty lawyers, whose trade it is to question everything, yield nothing, and talk by the hour?
Thomas Jefferson

The American Republic will endure until the day Congress discovers that it can bribe the public with the public's money.
Alexis de Tocqueville

The only difference between death and taxes is that death doesn't get worse every time Congress meets.
Will Rogers

 

Suppose you were an idiot, and suppose you were a member of Congress; but I repeat myself.
Mark Twain

 

You can lead a man to Congress, but you can't make him think.
Milton Berle

 During my service in the United States Congress, I took the initiative in creating the Internet.
Al Gore

Sat, 07/23/2011 - 14:45 | 1485165 Mongo
Mongo's picture

FRB Q&A

I don't have any money

If you are the Federal Reserve just push "Print" button.

 

Sat, 07/23/2011 - 19:37 | 1485749 nmewn
nmewn's picture

I vote we run our household budgets the same way ;-)

Sat, 07/23/2011 - 14:48 | 1485169 Ray1968
Ray1968's picture

If the market opens bidless, the NYSE will just cancel all trades until back to normal.....

They've got BHO's back.

Sat, 07/23/2011 - 14:48 | 1485170 Zero Govt
Zero Govt's picture

I'm very impressed how politcians drive head long into a financial train wreck then go into clown show and spitting dummies out of the pram mode while posturing like you've got the moral high ground... i'm really looking forward to the final stage, the 'solution' where the debt hole they're in is dug even deeper ...very impressive place Govt

Sat, 07/23/2011 - 14:53 | 1485186 dwdollar
dwdollar's picture

Yes, that 'solution' requires a higher level of awareness that us proles are incapable of understanding.

Sat, 07/23/2011 - 15:12 | 1485250 Uncle Remus
Uncle Remus's picture

Is "train wreck" the meme du jour?

Sat, 07/23/2011 - 14:51 | 1485181 rajat_bhatia
rajat_bhatia's picture

So glad i shorted gold friday

Sat, 07/23/2011 - 14:56 | 1485198 slow_roast
slow_roast's picture

Why?  If there isn't a compromise by 6pm EST tomorrow, which there might not be, those long gold could make good money.  And if there isn't a compromise at all you're fucked.

Sat, 07/23/2011 - 15:00 | 1485222 rajat_bhatia
rajat_bhatia's picture

thats highly unlikely, obama cares about wall street

Sat, 07/23/2011 - 14:57 | 1485204 r101958
r101958's picture

I am glad you did too. I bought physical.

Sun, 07/24/2011 - 00:40 | 1486322 Id fight Gandhi
Id fight Gandhi's picture

Deal = dollar falls, markets up, gold up

No deal = dollar falls, markets down, gold up.

So.... Huh?

Sat, 07/23/2011 - 14:55 | 1485188 Pure Evil
Pure Evil's picture

Dr. Rectumglove: Or How I Learned To Stop Worry About Trillion Dollar Deficits And Love The Debt Bomb.

Sat, 07/23/2011 - 15:15 | 1485260 Uncle Remus
Uncle Remus's picture

Mein Fuehrer! I can print!

Sat, 07/23/2011 - 14:53 | 1485191 Global Hunter
Global Hunter's picture

It was fun while it lasted and I actually started to let myself believe they wouldn't raise the debt ceiling.  

Sat, 07/23/2011 - 14:55 | 1485195 slow_roast
slow_roast's picture

Who needs the circus when you have Fox, CNN, and Boehners?

Sat, 07/23/2011 - 14:55 | 1485196 solgundy
Sat, 07/23/2011 - 15:08 | 1485245 Pure Evil
Pure Evil's picture

Is it possible to have my name changed to:

Heartless Multi-Millionaire or Mendacious Manatee of Malevolence

Sat, 07/23/2011 - 15:16 | 1485267 Uncle Remus
Uncle Remus's picture

Chump Change Citizen (C3po')

Sat, 07/23/2011 - 14:58 | 1485197 virgilcaine
virgilcaine's picture

The Mkts should be getting jittery soon, this isn't going to end well.

 

I believe Obama will be the fall guy politically but WS will reward him hansomely for it. Like R Summers that 'brilliant' Economist.

Sat, 07/23/2011 - 14:56 | 1485201 JJ McApe
JJ McApe's picture

my god, default already... better now than in two years.

Sat, 07/23/2011 - 15:19 | 1485278 Uncle Remus
Uncle Remus's picture

What do we want? DEFAULT

When do we want it? NOW

Repeat ad nauseum, ad infinitum or until SWAT arrives.

[Pro Tip: bail bondsman on speed dial]

Sat, 07/23/2011 - 14:58 | 1485208 JW n FL
JW n FL's picture

NO NEW TAXES FOR THE RICH WHO DONT PAY TAXES!!!

 

Tax Cuts for "Job Creators!"

 

Subsidies for "Job Creators!"

 

We NEED Tax Breaks!! for the Rich!

We NEED Forced Austerity for everyone except the Top 1%!

We NEED Cuts across the Board!! that effects everyone but the Top 1%!

We NEED ALL of these things so that "We the Sheepish Consumers Masses" can be squeezed enough to cause action!

 

Anything that makes the Rich, Richer and the Poor, Poorer! is Great! for the Country because it will more quickly bring about change that "We the People" truly can believe in!

 

Please Help Give Tax Cuts to “Job Creators”! the Trillions they have sitting on the sidelines is nowhere near enough! Remember! It is not what can your hard earned money do for you after years of working, it is what can your hard earned money do for the Banks after years of them stealing your stored labor from you! Be a team player! Support the Banks, More!

 

Top 10 corporations which paid no taxes

Here is Sen. Sanders’ list of the 10 worst corporate income tax avoiders:

1) Exxon Mobil made $19 billion in profits in 2009. Exxon not only paid no federal income taxes, it actually received a $156 million rebate from the IRS, according to its SEC filings. (Source: Exxon Mobil’s 2009 shareholder report filed with the SEC here.)

2) Bank of America received a $1.9 billion tax refund from the IRS last year, although it made $4.4 billion in profits and received a bailout from the Federal Reserve and the Treasury Department of nearly $1 trillion. (Source: Forbes.com here, ProPublica here and Treasury here.)

3) General Electric made $26 billion in profits in the United States over the past five years and, thanks to clever use of loopholes, paid no taxes.(Source: Citizens for Tax Justice here and The New York Times here. Note: despite rumors to the contrary, the Times has stood by its story.)

4) Chevron received a $19 million refund from the IRS last year after it made $10 billion in profits in 2009. (Source: See 2009 Chevron annual report here. Note 15 on page FS-46 of this report shows a U.S. federal income tax liability of $128 million, but that it was able to defer $147 million for a U.S. federal income tax liability of negative $19 million.)

5) Boeing, which received a $30 billion contract from the Pentagon to build 179 airborne tankers, got a $124 million refund from the IRS last year. (Source: Paul Buchheit, professor, DePaul University, here and Citizens for Tax Justice here.)

6) Valero Energy, the 25th largest company in America with $68 billion in sales last year, received a $157 million tax refund check from the IRS and, over the past three years, received a $134 million tax break from the oil and gas manufacturing tax deduction. (Source: the company’s 2009 annual report, pg. 112, here.)

7) Goldman Sachs in 2008 only paid 1.1 percent of its income in taxes even though it earned a profit of $2.3 billion and received an almost $800 billion from the Federal Reserve and U.S. Treasury Department. (Source: Bloomberg News here, ProPublica here, Treasury Department here.)

8) Citigroup last year made more than $4 billion in profits but paid no federal income taxes. It received a $2.5 trillion bailout from the Federal Reserve and U.S. Treasury. (Source: Paul Buchheit, professor, DePaul University, here, ProPublica here, Treasury Department here.)

9) ConocoPhillips, the fifth largest oil company in the United States, made $16 billion in profits from 2006 through 2009, but received $451 million in tax breaks through the oil and gas manufacturing deduction. (Sources: Profits can be found here. The deduction can be found on the company’s 2010 SEC 10-K report to shareholders on 2009 finances, pg. 127, here.)

10) Carnival Cruise Lines made more than $11 billion in profits over the past five years, but its federal income tax rate during those years was just 1.1 percent. (Source: The New York Times here.)

http://www.greenpartywatch.org/2011/04/30/top-10-corporations-who-paid-no-taxes/

 

Sat, 07/23/2011 - 15:03 | 1485231 r101958
r101958's picture

No more taxes for the bottom 50% that don't pay any right now. No increase in bennies either though.

Sat, 07/23/2011 - 15:03 | 1485232 Ident 7777 economy
Ident 7777 economy's picture

by JW n FL  on Sat, 07/23/2011 - 14:58 #1485208 

Here is Sen. Sanders’ list of ..

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Thanks, but, I'll stop right there - It's Bernie Sanders after all, avowed socialist after all ...

 

.

Sat, 07/23/2011 - 15:09 | 1485247 Ident 7777 economy
Ident 7777 economy's picture

Bernie Sanders LYING (as usual for a socialist.)

A little web surfing and this turns up:

- -  - -  - -  - -  - -  - -  - -  - -  - -  - -  - -  - -  - -

Industry taxes

 
ExxonMobil's U.S. tax burden is already very large, and proposals to increase industry taxes even further would undermine the industry's ability to invest in the United States and contribute to job creation, economic recovery and increased energy security.

- Including all forms of taxation, from 2005 through 2009 our U.S. taxes ($63 billion) exceeded our U.S. earnings ($44 billion) by $19 billion.

- In 2009, ExxonMobil's worldwide tax expenses amounted to $81 billion, more than four times our earnings. About 25 percent of our revenue went to taxes around the world. Our earnings after taxes amounted to 6.2 percent of our revenues.

- ExxonMobil's worldwide effective income tax rate for 2009 was 47 percent.

- In a commodities business earnings rise and fall in cycles. Over 80 percent of ExxonMobil's earnings in 2009 came from outside the U.S.

 

 

.

Sat, 07/23/2011 - 15:14 | 1485255 Ident 7777 economy
Ident 7777 economy's picture

From:

http://www.politifact.com/truth-o-meter/statements/2010/dec/10/bernie-s/...

 

"Bernie Sanders says ExxonMobil paid no taxes in 2009, but that's inaccurate"

 

Which begins thusly:

 

On Nov. 30, 2010, Sen. Bernie Sanders, an independent from Vermont, made a Senate floor speech about the gap between rich and poor in America. It soon went viral on the Internet. After receiving a number of requests by readers to fact-check it, we're doing so. (This predated Sanders' filibuster on Dec. 10, but he made many of the same points in both speeches.)

We'll take a look at two of the claims Sanders made in the Nov. 30 speech. In this item, we'll look at whether Sanders is correct about the tax bill paid by oil giant ExxonMobil.

...

U.S. income taxes aren't the only taxes ExxonMobil paid

According to the 10-K, ExxonMobil remitted $6.3 billion in sales taxes, $110 million in state income taxes, and $1.5 billion in "other taxes and duties." All told, the company's tax liability according to its 10-K was $7.7 billion.

 

- - -  - - -  - - -  - - -  - - -  - - -  - - -  - - -  - - -

Sanders, another 'honest' congressman?

No.

 

.

 

 

 

Sat, 07/23/2011 - 16:03 | 1485396 JW n FL
JW n FL's picture

you are a true believer pig.. like I said before! fuck you and your girly lil 40 cal BITCH!

 

Corporate America Loves YOU ALL!! please disregard all the hard evidence sourced and sited for you..

 

just follow that feeling inside you to brighter places and all will be better!

 

you and your blind kind are what allow these idiots to rob the Country Blind Piggy. but you cant fix stupid so whatchya gonna due?

Sat, 07/23/2011 - 16:38 | 1485464 Ident 7777 economy
Ident 7777 economy's picture

you are a true believer pig.

- - - - - - - - - - - - - - - - - - - - - -

Thank you, uh, komrade JW.

 

I just hope you conduct your investment due diligence BETTER than you do the warped and spurious 'claims' of Bernie Sanders, noted socialist.

 

Let that be a lesson to EVERYBODY.

 

BTW, I didn't junk you; I left that pleasure to someone else with a more than a 'sieve' for a mind  (think: noodle or vegetable strainer) to make that judgement too ...

 

.

 

Sat, 07/23/2011 - 16:56 | 1485495 rwe2late
rwe2late's picture

 It is quite surprising, unbelievable to most, to hear that EXXON pays taxes equal to 4 times their earnings.

"In 2009, ExxonMobil's worldwide tax expenses amounted to $81 billion, more than four times our earnings"  Ident777economy

By the way, Sanders stated EXXON paid no federal income tax, which is true. As for other taxes EXXON claims to have paid, well, so did the human citizens pay other taxes.

Sat, 07/23/2011 - 20:59 | 1485932 Ident 7777 economy
Ident 7777 economy's picture

by rwe2late  on Sat, 07/23/2011 - 16:56 #1485495 

It is quite surprising, unbelievable to most, to hear that EXXON pays taxes equal to 4 times their earnings.

"In 2009, ExxonMobil's worldwide tax expenses amounted to $81 billion, more than four times our earnings" posted by Ident 777 economy

- - - - - - - - - - - - - - - - - - -

 

True; Four times 19 B works out to approximately 80 B ... they listed 19 billion in profit for 2009.

 

BTW, it looks like 2009 was kind of an anomalous year for ExxonMobile business-wise and this bled over tax-wise ... ostensibly for competition-sensitive reasons not disclosed to the public.

 

 

The Truth-O-Meter folks go into more detail on this here:

http://www.politifact.com/truth-o-meter/statements/2010/dec/10/bernie-s/...

 

.

Sun, 07/24/2011 - 08:46 | 1486852 rwe2late
rwe2late's picture

ident 7777 economy

Looks like you are trying to weasel out of your false claim.

"Earnings" does not mean the same as "listed profit".

"Listed profit" for a global enterprise like EXXON has about as much validity as does mark to model accounting for global banks.

At least Sanders, even if you disagree with him, correctly worded his statement.

Sat, 07/23/2011 - 21:25 | 1486000 Ident 7777 economy
Ident 7777 economy's picture

Reply to comment

by JW n FL on Sat, 07/23/2011 - 16:03 #1485396

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Addressing certain, um, financial ignorance on your behalf regarding taxes, income taxes, US income and world-wide income, a couple of more or less outstanding resources are available outside the relm of the usual leftist crackpot websites and scare mongers like SANDERS.

To wit, site like R Square Energy Blog:

http://www.consumerenergyreport.com/2011/05/11/getting-to-the-bottom-of-...

 

Robert Raper:  "On the question of paying zero income taxes in 2009:"

36:19 MR. SPELLINGS: I mean, I think the one – all the numbers that we’re talking about come from footnote 18 of our 10K. And you can – you know, we can supply a table – I mean, we’ve tabulated all these numbers from footnote 18. You know, in 2009, in the U.S., the reported tax expense was basically zero. And the reason why was that we saw – we resolved several open years with the IRS for old years going back to pre-2000, and we resolved those favorably. So the IRS adjustments were much lower than we thought they were going to be. So that reduction in our tax expense all showed up in 2009. It was not attributable to 2009 activities. The tax expense attributable to our 2009 activities was about $500 million. But when you took that 500 million (dollars) and you added in all of the favorable audit settlements from those 35 people who camp out in our office every day, that’s what brought it down to zero. And so you can look at that – those numbers in the 10K and come up with total income taxes in the U.S. of 6 billion (dollars) in 2005, 5 billion (dollars) in 2006, 5 billion (dollars) in 2007, 4 billion (dollars) in 2008, and then in 2009, in the depth of this – of the financial crisis, our earnings were down and our taxes were down.But that’s why we like to talk about these numbers on a five-year period or even a longer period. And you’re always going to be able to – you know, in a big table of numbers, you’re always going to be able to find one single number that’s – you know, to try to make a point on. But –

38:07 MR. COHEN: Yeah. And to finish that, Jaime, if we did not have the adjustment for those pre-2000 – year 2000 returns, on the tax exposure of 500 million (dollars), that would have been for that year, in that down period, an effective tax rate of 19 percent. Over 19 percent. So even in that year, that would have been the tax exposure.

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And:

Taking a look at our 10-K (ExxonMobile)

http://www.exxonmobilperspectives.com/2011/04/28/exxonmobil-earnings-the...

Unfortunately, from time to time, individuals from media or politics use the data out of context, which can lead to distortions. For example, last year, a reporter jumped to an incorrect conclusion from our 10-K – and the resulting article led to widespread misconceptions that ExxonMobil paid no income tax in 2009.

In reality, the numbers in the 10-K reflected more than ExxonMobil’s tax expense for 2009 activities. They included the effect of adjustments to our taxes for earlier years, which exceeded the amounts related to 2009. In fact, ExxonMobil’s income tax expense related to 2009 activities was approximately $500 million.

So this year, I thought I’d talk a little bit about the numbers you’ll find in our 2010 financial statements, particularly those related to taxes.

 

 

 

 

 

 

Sat, 07/23/2011 - 14:58 | 1485209 slaughterer
slaughterer's picture

Boner:  "Screw you, Obama."

Sat, 07/23/2011 - 17:58 | 1485589 anomalous
anomalous's picture

Sam with the showing scalp flat top particular about the point it made agrees, "I wish I had that name."

Sat, 07/23/2011 - 14:58 | 1485210 chet
chet's picture

"House and Senate leaders will be working to find a bipartisan solution"

Sounds good. If only the parties didn't have polar opposite definitions of what that looks like.

Sat, 07/23/2011 - 14:58 | 1485213 slow_roast
slow_roast's picture

House and Senate leaders will be working to find a bipartisan solution to significantly reduce Washington spending and preserve the full faith and credit of the United States."

 

Did he ask Democrats about the "significantly reduce" part?  I'm pretty sure none of them got that memo.  :)

Sat, 07/23/2011 - 15:07 | 1485242 jkruffin
jkruffin's picture

I thought they were taking the weekend off?  These people lie about simple things, so you know how bad they will lie to your face when it comes to a real issue.

Sat, 07/23/2011 - 14:59 | 1485216 lizzy36
lizzy36's picture

And from Boehner via Politico:

BREAKING: Boehner wants plan by Sunday afternoon – to avoid spooking Asian markets, he tells GOP colleagues. So as long as we are all in agreement that a deal before Asian markets open are what counts. PTSD to the summer of 2008. That ended well.
Sat, 07/23/2011 - 15:00 | 1485224 r101958
r101958's picture

If Boehner folds I predict this will be his last term. He will be voted out along with all the other pols that don't listen to the people. If that is the case then I can only surmise that they learned nothing from the election after the bank bail out and the 'stimulus' bill was passed.

Sat, 07/23/2011 - 15:05 | 1485236 jkruffin
jkruffin's picture

I agree.  If all these so called Tea Party Republicans, who were voted in based on them changing things in Washington, cave in to the tantrums of Obama and Wall Street crooks, then they will be out as fast as they got in.  They sure talked a tough game, so now we get to see what they are really made of.... I already know how Kay Hagan is going to vote, she votes yes for anything, it doesn't matter how ignorant it is...she is a Pelosi wanna be that never will be....Richard Burr, while a little tougher, eventually folds as well.  All they care about is their own pockets.

Sat, 07/23/2011 - 19:47 | 1485762 nmewn
nmewn's picture

"They sure talked a tough game, so now we get to see what they are really made of...."

Yes we will.

If I were Boehner, I'd strip out the Balanced Budget Amendment inside CC&B and send it over there as a stand alone bill. 

Vote on it Senate, up or down.

Eat your peas bitchez!

Sat, 07/23/2011 - 15:02 | 1485227 jkruffin
jkruffin's picture

This could all end once and for all, if the politicans would quit catering to Wall Street bankers and thugs everytime they are trying to do what is right.  They always cave in, because none of these politicans care for any American worker or resident.  All they care about is their own pockets, and their own agenda to get a vote.  Selling America out every chance they can get....remember if voting actually changed anything....it would have already been declared illegal..!!!!!!!!!!!!!!!!

Sat, 07/23/2011 - 15:06 | 1485238 r101958
r101958's picture

+1000 jk

Sat, 07/23/2011 - 15:06 | 1485240 jtaskinen
jtaskinen's picture

ZH has lost it...there is a fucking globalist (?) behind every tree, CIA, MOSSAD behind every tragedy, I am waiting the clever insight to the death of Amy Whitehouse. Number is ominous, right. For the sake of victims in Norway, stop your eternal false flag rubish, get a life, go outside, stop spending every minute on some conspiracy site. Get fresh air.

Sat, 07/23/2011 - 15:14 | 1485256 Pure Evil
Pure Evil's picture

Can't today comrade, temperature in Philly right now about 100 degrees with a heat index of about 110 degrees.

Sat, 07/23/2011 - 15:33 | 1485322 KennyG09
KennyG09's picture

LOL. You mad?

Sat, 07/23/2011 - 15:15 | 1485262 lolmao500
lolmao500's picture

They will raise the debt ceiling to 16.7 trillion.

Anyone knows what the actual debt is right about now? My calculations give me about 14.550 trillion + bare minimum. So it could last till early July 2013... at most.

Sat, 07/23/2011 - 15:15 | 1485264 Tejano
Tejano's picture

Fiat currencies are bullish for theatre.

Sat, 07/23/2011 - 15:17 | 1485268 km4
km4's picture

Obama's Wall Street donors are getting annoyed and putting heat on Pres false hopium  

They are accustomed to having a perpetual party

Sat, 07/23/2011 - 15:25 | 1485296 AustrianEconomist
AustrianEconomist's picture

Only a restructuring of the international monetary system and its underlying economic theories will help resolve the sovereign debt crisis in the US and Europe.

Check out the latest from the Capital Research Institute (CRI):

The Financial System - A House of Cards

Sat, 07/23/2011 - 15:34 | 1485325 Tejano
Tejano's picture

Gold is money. You can't restructure that.

Sat, 07/23/2011 - 15:31 | 1485310 Atomizer
Atomizer's picture

Our reckless spendthrift president is crying a river of tears.

Fuck you Barry Soetoro. Your endless spending has to stop! Show us a budget to outline where the monies will be spend until your termination in 2012.

Sat, 07/23/2011 - 16:48 | 1485488 Long-John-Silver
Long-John-Silver's picture

You don't need a budget when your operating with signed blank checks.

Sat, 07/23/2011 - 15:31 | 1485313 apberusdisvet
apberusdisvet's picture

Everyone's forgetting that next week is options expiry.  JPM needs a deal before Asian markets open so they can slam the PM prices down.  No deal = $100 moon shot for gold.  I'm sure Jamie has told Obama that he can kiss his 1/2 billion campaign contribution goodbye if there's no deal.

Sat, 07/23/2011 - 16:10 | 1485415 FidelityBoy
FidelityBoy's picture

You speak with such certainty regarding exactly what the Powers That Be want.  How do you KNOW they want the prices of PMs to go down next week?  Friday, gold closed at $1,600.30 and silver at $40.07 - both just razor thin amounts above very important technical levels.  (http://www.youtube.com/watch?feature=player_embedded&v=Y--jCrDOSjk) On Monday, July 18th, 250,000,000 ounces of silver was sold IN ONE MINUTE immediately following the market close (with not a hint of interest or response by the CFTC or SEC, etc.).  Don't you think that if they wanted prices down that they couldn't have even painted the tape just a bit on Friday to doctor those closes?  How do you KNOW that JPM doesn't ITSELF hold short-term long positions which they intend on profiting from before the next super-slam coming to you not-too-long-from now...

Sat, 07/23/2011 - 17:04 | 1485505 Long-John-Silver
Long-John-Silver's picture

On Monday, July 18th, 250,000,000 ounces of silver was sold IN ONE MINUTE immediately following the market close

 

This was a planned take down of Silver. You could see insiders selling just minutes just before that 250,000,000 ounces of (paper) Silver was dumped on the market. A year ago this would have caused the price of Silver (and Gold would have been dragged with it) into the $20's. Gold and Silver dipped a little but recovered nicely the next day. It's like that 250,000,000 ounces of Silver never existed (and it didn't). They have in fact lost most of it's control. They can manage a dip for a day or two but the prices come roaring back. You know whoever dumped that $10 billion dollars worth of Silver on a closed market only to have it recover must be changing his/her panties. The miners are selling all their Silver to China directly now so the Crimex can't beg, borrow, or steal physical Silver to replenish the vaults.  They are in a boat and are just now seeing the looming waterfall and are paddling madly for shore, but it's too late. The game is at it's end just like a Madoff Ponzi.

Sat, 07/23/2011 - 15:40 | 1485343 Madcow
Madcow's picture

It’s very important that the leadership understands that Wall Street will be opening on Monday, and we’d better have some answers during the course of the next several days,” Obama said.

Good boy, Barry - remind everyone who we all really work for - 

Sat, 07/23/2011 - 16:04 | 1485398 DosZap
DosZap's picture

Madcow,

You MEAN who HE works for..........right?

Sat, 07/23/2011 - 15:49 | 1485352 jkruffin
jkruffin's picture

Everyone in this country needs to watch carefully how these idiots in Congress vote for this crap, and it all stems from the whining and scare tactics of Wall Street criminals.  Many of them who should have already been put in jail from the last crisis they created, but were never even investigated and continue their leveraged risk on approach at the expense of the American people and their homes and jobs.  They better not pass a debt ceiling increase. It is all a sham to cater to Wall Street again, and Obama just admitted it.

Sat, 07/23/2011 - 16:37 | 1485473 karzai_luver
karzai_luver's picture

they don't want to find out if they can take the heat.

Some type of deal will get done and pugs will have an out to

not vote for it.

The children have had their choke collars tugged.

Obamao will in the end take a short term raise if that's all he can get.

 

 

 

Sat, 07/23/2011 - 16:42 | 1485453 slewie the pi-rat
slewie the pi-rat's picture

whatever

prez0 is v worried abt wall street next week.  could be the end of him, politically.  i don't think he's as worried about "wall street" as he is about selling orders that da boyz can't control, flight to perceived quality, downgrades, and now, an inflationary recession. 

 

Sat, 07/23/2011 - 16:38 | 1485475 Eireann go Brach
Eireann go Brach's picture

It’s very important that the leadership understands that Wall Street will be opening on Monday, and we’d better have some answers during the course of the next several days,” Obama said.


Well he sure bloody well let everyone know whose side he is on! Fucking disgraceful!

Sun, 07/24/2011 - 00:13 | 1486254 bk1037
bk1037's picture

I don't normally watch press conferences, but I would consider paying to see the show where a reporter would confront Obama with that quote and get at exactly what he meant by that and watch him squirm. If this is not any more telling proof as to who is in charge in this country, I have yet to see more compelling evidence. Obama would be hard pressed to square this comment with the hurting 'middle class' in the US, many of whom still hold Wall Street accountable for the onset of the global financial crisis in 2008 even if the legal system has given the crooks a pass.

Obama is a high profile puppet elected by the people to represent TPTB, Rothschild clan. If we can ditch the partisanship, many Americans would recognize that the other political party is not the true adversary here, it's the power brokers.

 

Sat, 07/23/2011 - 16:40 | 1485478 Sathington Willougby
Sathington Willougby's picture

The deal is done.  All that's rest is conditioning the slaves and property to accept.

Did you hear that?  Shut up and accept it, ye slaves and property.

Sat, 07/23/2011 - 17:40 | 1485540 slewie the pi-rat
slewie the pi-rat's picture

maybe the deal is done.  because they all seemed more positive today?  hahaha! 

because boehner's party want prez0 to win a second term next year?  hahaha!

beacuse the TparT tried to amend the constitution to "insure a balanced budget" with cameras rolling, flashbulbs everywhere?  hahaha!

because wall street is watching, and they might stop putting these clowns up for "election" and w/draw $$$?   hahaha!

because you could, theoretically, be right?  hahaha!   good luck!  hahaha!

and you mention amy winehouse, deceased today, not from old age, most likely.  so, i do not rejoice, personally.  do you know what happened?  i haven't learned, yet, myself. 

here's this big scandal in her country about r_murdoch's operation, scotland yard, prison sentences, and some very big possible lawsuits by...celebrities.  like amy winehouse.  do you have any idea how hot she was to the paparazzi?  how many times murdoch's publications featured her?   and we have another blogger, close by, declaring zH is overcome by conspiracy nuts.   hahaha!

this shithead:  by jtaskinen
on Sat, 07/23/2011 - 15:06  
#1485240

click on this troll's name to get more info, up at the original blog spot:  "access denied"!  hahaha!

Sat, 07/23/2011 - 16:54 | 1485494 Sathington Willougby
Sathington Willougby's picture

Amy Winehouse found her rock bottom.

Where will these addicts find theirs?  Tune in tomorrow for "Slaves of Our Lies".

Sat, 07/23/2011 - 17:09 | 1485508 Long-John-Silver
Long-John-Silver's picture

I hope that last hit was worth it.

Sat, 07/23/2011 - 17:14 | 1485514 bugs_
bugs_'s picture

I must say I'm impressed by bay-ner.  As a pink shirt wearing foot tapping rino he should have folded already.  What the hell is going on?  Has he had a Damascus road conversion?  Shouldn't he have sold us out by now?  McCain would have.  McConnell would have.  If he holds tough on this he could blow out the GOP Presidential field.

Sat, 07/23/2011 - 17:37 | 1485545 no life
no life's picture

HEY OBAMA... WHAT ARE YOU DOING? HURRY UP AND SPEND MORE TAXPAYER FUNDS TO PUMP UP THE WALL STREET PONZI BEFORE THE ASIAN MARKET OPENS!!!

THEN HIT THE LINKS AGAIN..

Sat, 07/23/2011 - 17:59 | 1485588 Doyle Hargraves
Doyle Hargraves's picture

As I said before, take her down boys! Let it be defaulted on and over with. Secessions will commence, regional governments established, and DC pillaged and burned. Meanwhile no troops to stop the breakaway states because they are all deployed defending empire. The south with history of unity would be best positioned to take the lead on this. Right to work laws exist and the recession as far as employment has been less severe there. Add in lower state gdp to budget spending, lower taxation rates, less regulation overall, and they could well weather anything thrown their way. Even if the feds or anyone else (foreigners) could get in there with their 'armies' it would surely be a turkey shoot for the locals, who just happen to be armed to the teeth. Just one scenario, maybe the break Southern state governors have been waiting for. On the upside, owebama could not get elected as president. Maybe they were right when it was said 'the south will rise again'. They are in perfect position to take advantage of a default. Hell, they even planted helicopter ben from South Carolina at the fed to help speed the demise of those DC yankee bitchez!

Sat, 07/23/2011 - 17:59 | 1485592 sasebo
sasebo's picture

The only fools keeping this crap afloat are the assholes buying ust. And what are they paying with? Paper fiat money. And what backs that paper fiat money? Think about that. STUFF. It's all about stuff. And who produces stuff? Entreprenuers & working people. And what does the guvmunt, banks & the Fed produce? Paper fiat money. And who are the panjandra taking care of?

Sat, 07/23/2011 - 18:38 | 1485647 Palladin
Palladin's picture

I've seen this quoted on many sites:

"On Monday, July 18th, 250,000,000 ounces of silver was sold IN ONE MINUTE"

It is always referenced that somehow this is bad. Lots of exclamation points, bold face type, and lots of CAPS. Several commentators have indicated that there was front running by "insiders". The market is rigged, etc.

Who, may I ask did this person sell the 250 Million ounces of silver to?  In order for 250 Million ounces of silver to be sold, someone had to buy the 250 Million ounces. Am I missing something?

So how come the headlines don't scream 250,000,000 ounces of silver were bought in one minute?

 

.

Sat, 07/23/2011 - 18:51 | 1485665 Forgiven
Forgiven's picture

They are all a bunch of frocking losers!  Liars!  Crooks!

Sat, 07/23/2011 - 19:05 | 1485686 gnomon
gnomon's picture

I think it is time for "52 card pickup" with Obama scrambling to get the deck shuffled before the Asian markets open.  It is time for Bennie and Timmy to really earn their money instead of just jawing and rolling the printing presses. 

Better a downgrade now than at any time in the future.  Let us acknowledge reality like a drunk that has hit bottom.  

JUST DO IT.  Make my day Moodys, S&P, etc.

Sat, 07/23/2011 - 20:53 | 1485919 darkstar7646
darkstar7646's picture

The downgrade will happen, and any such acknowledgment of reality like you suppose and support will make the streets run red.

If you truly believe it, the American era is over and you need to be prepared now for what comes next -- including people ready to kill you around every corner.

Sat, 07/23/2011 - 19:50 | 1485768 Fix It Again Timmy
Fix It Again Timmy's picture

How will Congress solve this problem?   Just like the architect at the Grand Academy of Lagado - "There was a most ingenious architect, who had contrived a new method for building houses, by beginning at the roof, and working downward to the foundation; which he justified to me, by the like practice of those two prudent insects, the bee and the spider."  Bunch of clowns, they are...

Sun, 07/24/2011 - 04:28 | 1486625 MaxFrost
MaxFrost's picture

Yup, between the debt crisis "solution" (who could have possibly seen a Sunday stick save coming?) and options expiration, gold may tank the next couple of days and present an excellent buying opportunity. 

But yeah, shorting a raging bull market, that's just stupid...

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