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Boehner Response To Obama Imminent

Tyler Durden's picture


First, it was the president's turn to waste a few hundred million in deficit dollars by doing nothing to help the country (though certainly talk about it). Now it is Boehner's time for a retort. We anticipate, with about 100% certainty, that about $150 million in deficit funding debt will be added for the duration of this latest spectacle. And since, debt is not actually being added per se while the US in breach of the ceiling, this is simply the amount that will be plundered "transitorily" from government pension funds until the debt target is finally lifted. Watch the top GOPer's response live here at 1:30 pm EDT.


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Mon, 07/11/2011 - 13:25 | 1444456 TruthInSunshine
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This is OT, but worth it, because it's a "super pinky promise" -

Back OT - What time does Orange Glow come out? Over/Under?
Mon, 07/11/2011 - 13:36 | 1444521 Ahmeexnal
Ahmeexnal's picture

They have found a way to kick the can for a few weeks more.
Al Gore's Carbon Tax going global:!3D3D046A-411C-4E5A-BB2D-72273DE3FB51

Mon, 07/11/2011 - 13:42 | 1444553 Dick Darlington
Dick Darlington's picture

Straight from G-Pap's playbook, "Denial - The Manual".

Mon, 07/11/2011 - 15:12 | 1444931 AnAnonymous
AnAnonymous's picture

G Pap learned from the best: US citizens. GPap might be talented but dont overlook the real masters in denial, US citizens. Unsurpassed, unchallenged for millenia to come... Even aliens in awe of the US prowess in denial.


US world order, for life.

Mon, 07/11/2011 - 15:29 | 1444994 Rodent Freikorps
Rodent Freikorps's picture

"Just 27 percent of Americans support raising the debt limit, while 63 percent oppose raising it.


Eighty-three percent of Republicans oppose raising the limit, along with 64 percent of independents and 48 percent of Democrats. Support for raising the debt limit is just 36 percent among Democrats, and only 14 percent among Republicans."


Mon, 07/11/2011 - 15:53 | 1445113 goldfish1
goldfish1's picture

Where's Nancy Reagan when you need her?

Mon, 07/11/2011 - 18:11 | 1445613 medicalstudent
medicalstudent's picture

people dont understand the monetary system.


that zero debt means zero dollars with still debt outstanding.

Mon, 07/11/2011 - 20:04 | 1445984 CompassionateFascist
CompassionateFascist's picture

It ain't over 'til Boner cries.

Mon, 07/11/2011 - 13:47 | 1444579 Oh regional Indian
Oh regional Indian's picture

Now here is an ON topic Off topic.

Everyone see the gold fringed flags behind the podium and to the sides?

Everyone know what that implies?

You should. A perpetual state of war, covert military courts...pretending to be civilian ones.



Mon, 07/11/2011 - 14:01 | 1444635 pods
pods's picture

Was always wondering about the truth in that ORI.  Tough to find any concrete stuff on it.  Alot of admiralty law, UCC, democracy vs republic, act of 1871 stuff, but most information infers at the legality of it.

Really tough to weed through it all and figure out what is and what isnt.  The more I read on the UCC at cornell law site, the more I am starting to think there is more to this corporate gov-UCC-democracy-admiralty law thing than I first thought.


Mon, 07/11/2011 - 14:08 | 1444658 Cognitive Dissonance
Cognitive Dissonance's picture

The reason it seems so difficult to believe is because it contradicts everything we have been told is "true".

The truth isn't difficult to accept. It's evicting the conditioned lies that's so painful.

Mon, 07/11/2011 - 14:20 | 1444720 Oh regional Indian
Oh regional Indian's picture

Indeed CD. Pro-gramming. Begins young, eh?

Mon, 07/11/2011 - 14:21 | 1444731 pods
pods's picture

Oh I realize that now CD.  You have probably taught me more at this place than any other, so thank you!  Most of our problems can be seen easily in the mirror.

Actually my favorite line from V is this one:

"But again, truth be told, if you are looking for the guilty, you need only look into a mirror."

I never knew why that line sounded so right to me.  You have helped me to see that reasoning.

Tough to get over that feeling that you are the mark in the game of life.  It really shook me from my moorings for a couple of years.  Most of the people I speak with just cannot even fathom what is going on, never mind actually dealing with it.  


Mon, 07/11/2011 - 14:31 | 1444760 Cognitive Dissonance
Cognitive Dissonance's picture

Thank you for being so kind. I really just write about my own personal experience and understandings, gleaned mostly from looking in the mirror with the lights turned up bright and toothpicks holding the eyelids open. It's never pretty but ultimately rewarding.

Our ego shields us from the ugly truths. Our ego, more than anything else, is what makes us so vulnerable to and complicit with the abuse and manipulation.

I think you will enjoy Chapter Two of "Dispatches from Occupied Territory" subtitled "Of Open Minds and Closed People" which I hope to post tonight or tomorrow night. In it I discuss how to continue to awaken while coping with all the insanity.

Chapter One is here.

Mon, 07/11/2011 - 14:40 | 1444790 Shell Game
Shell Game's picture

In it I discuss how to continue to awaken while coping with all the insanity.

Excellent.  This is a marathon we are running..

Mon, 07/11/2011 - 14:56 | 1444844 DaveyJones
DaveyJones's picture

wouldn't be so bad if the starter gun wasn't pointed at us.

CD's thoughts always remind me of how the criminal victim, if violated by someone in a position of trust, spends most of their time coming to terms with that reality and very little on protecting themselves and moving forward. Then again, that's exactly what's going on   

Mon, 07/11/2011 - 15:07 | 1444906 Cognitive Dissonance
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I remember when you first started posting here on ZH that you discussed your experiences working (legally) with people who had been abused by various entities and of your sadness and surprise by how demoralized and incapable many of them were to defend themselves. I remember being deeply touched by your comments at the time.

At least I think that was you.

Mon, 07/11/2011 - 15:22 | 1444969 DaveyJones
DaveyJones's picture

yeah, you had started to make the analogy of the abused victim and I think I made some comments to verify what I have seen in criminal law. As we are all biased from our own perspectives the only thing, the only way I can make sense out of this is to relate it all to criminals and their victims. I guess the final analogy is jurors. We are all jurors here too being mislead by smooth talking suits. We can't afford a mistrial. 

Mon, 07/11/2011 - 16:19 | 1445108 Shell Game
Shell Game's picture

My perspective is a little different.  My awakening is relatively recent, but what it lacks in history is made up for in intensity.  The amount of PM conversion, food/gun/ammo storage and general self-reliance/prepping skills learned, and still learning, boggles my mind.  It has taken, and still takes, an emotional toll to be prepared to protect myself and family.  So, I'm glad to see CD spend time on this less sexy, but most useful, topic.

Mon, 07/11/2011 - 14:53 | 1444851 pods
pods's picture

Look forward to it CD. I was talking with my better half one night after reading one of your articles.  She was intrigued because I was so open about how most problems are self made.  Told her reading it would be helpful.  She is not big on knowing the depth of the rabbit hole, especially after she saw what it did to me when I figured it out.

Not going to let her start posting here, and certainly not after Muir stole her pics and made an avatar!


Mon, 07/11/2011 - 15:12 | 1444929 Cognitive Dissonance
Cognitive Dissonance's picture

.......especially after she saw what it did to me when I figured it out.

This is why I decided to start the "Dispatches from Occupied Territory" series. Because no one is talking about what this does and is doing to us. We are only as sick as our deepest darkest secrets and if we don't talk about something that is clearly affecting us we grow weaker and sicker by the day. However, if we begin to discuss it out in the open it can no longer torment us. Instead we begin to heal and thus grow stronger. We will need this strength later.

Mon, 07/11/2011 - 20:41 | 1446087 magis00
magis00's picture

Looking forward to it!

Mon, 07/11/2011 - 23:00 | 1446510 knukles
knukles's picture

Rarely have we seen...

Mon, 07/11/2011 - 14:20 | 1444714 Oh regional Indian
Oh regional Indian's picture

It's the plausible deniability that has been built into the "Overt" structure that of course maps what the covert cabal dictates.

i do believe that the Emergency War Powers act of 1933 was it, was never repealed.

Sure feel like we've been at war for a long time now, eh?

Same with UCC. A few get it, try to tell the world about it, some are denied, some are harassed.. suddenly UCC is a conspiracy theory.

The fringed flags should be questioned. They are MILITARY FLAGS.


Mon, 07/11/2011 - 14:44 | 1444793 High Plains Drifter
High Plains Drifter's picture

the trouble is, that there may be some truth in all of that stuff, but you try and pull that legal rabbit out of the proverbial hat, while in some "court"  , you will be either arrested and/or charged with contempt......i kid you not............there have been many and i do mean many, who have tried these "patriot law" arguments , and in a practical sense, it simply does not work. there are many opportunists running around and self styled legal gurus who run around giving lectures on this stuff and they make a pretty penny off of the gullible. one of the worst examples of this is some jew that calls himself Dr. Sam Kennedy.  so what is left for us?  well, we all must fight our own battles and we must choose what battles are the most important to us as individuals. what else can we do right now?

Mon, 07/11/2011 - 15:10 | 1444917 cosmictrainwreck
cosmictrainwreck's picture

silly little man that I am, I still can't belive there ain't at least ONE of those $1000/hour lawyers - somewhere - who's a fuckin' patriot and might could do somethin'. Knowing good & well 99.9999% of 'em are in the enemy camp, or at least whores, like the rest

Mon, 07/11/2011 - 16:00 | 1445152 goldfish1
goldfish1's picture

The plants in the enemy camp, if you will, must operate clandestinely, else someone they love may get the ax.

Mon, 07/11/2011 - 16:19 | 1445238 High Plains Drifter
High Plains Drifter's picture

lawyers are "friends" of the court. what does this mean?  well it means, they are more allied with the beast that feeds them, than they are with their clients. otherwise they end up like edgar j steele, who got setup on bogus charges of trying to kill his wife by some fbi stooge etc. what was his sin?  oh his sin as a lawyer is doing legal work for men who were not friends of the yid , to put it bluntly. of course neither is edgar....but then , this is the intrinsic idea of the legal industry. either you bend the knee and kiss the ring, or you don't get work, or you get disbarred, or you are setup and it goes in this world......

Mon, 07/11/2011 - 17:47 | 1445547 MachoMan
MachoMan's picture

Sometimes...  apparently civil rights were part of the conspiracy's design?  What about the success of attorneys fighting foreclosures and MERS?  Drug class actions?  et al...

The "plan" gets to be pretty contradictory when accounting for all these...

This is much more true in some places than others...  away from the financial capitals of the world...  away from the neon lights...  everything has a bit more relaxed and reasoned approach...  sometimes mind numbingly slow...  and there you can find judiciaries that haven't been tainted by macro interests as much...  and whose bars actually protect their own...  even when attempting to do the "right" thing.  I personally know numerous local judges, including federal judges, and I can say that I have no doubts whatsoever about getting a fair shake...  they may rule against me, but I will have gotten a fair shake in the deal.

Sometimes your "patriotic" lawyers make sea changes...  it's not often, but it DOES happen...  and there will be plenty to come...  and soon.  If nothing else, demographically speaking, you have a mountain of graduates with legal training that have no jobs and would jump at the chance to do about anything...  harness these and you'll at least have plenty of research done (wouldn't count on them to do much in the courtroom other than look scared and act in a similar manner).

Mon, 07/11/2011 - 15:50 | 1445092 ebworthen
Mon, 07/11/2011 - 20:48 | 1446103 magis00
magis00's picture

Mighty resourceful, friend.

Mon, 07/11/2011 - 23:05 | 1446528 MGHJFHD
MGHJFHD's picture

Someone I work with visits your site frequently and recommended it to me to read also. The writing style is superior and the content is relevant. Thanks for the insight you provide the readers!


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Mon, 07/11/2011 - 13:25 | 1444464 Gubbmint Cheese
Gubbmint Cheese's picture

what are the odds he cries at some point?

Mon, 07/11/2011 - 13:40 | 1444542 Cognitive Dissonance
Cognitive Dissonance's picture

What are the odds he doesn't cry?

Mon, 07/11/2011 - 13:41 | 1444552 coppertop
coppertop's picture

you keep posting tripe and I will

Mon, 07/11/2011 - 13:48 | 1444581 Dr. Richard Head
Dr. Richard Head's picture

Eat a cock coppertop.

Mon, 07/11/2011 - 13:50 | 1444593 coppertop
coppertop's picture

Aww go rock with your crawford out dick head

Mon, 07/11/2011 - 14:00 | 1444633 MsCreant
MsCreant's picture

Hey coppertop,

I can't figure out where your avatar is from. Not a villian from Sin City is it?

Mon, 07/11/2011 - 14:02 | 1444639 coppertop
coppertop's picture

it copopertop, duh

Mon, 07/11/2011 - 15:09 | 1444916 knowless
knowless's picture

coppertop is generally a term for a redhead, which is why i have no idea wtf you are talking about.

Mon, 07/11/2011 - 15:53 | 1445111 ebworthen
ebworthen's picture

Urban dictionary has several possibilities:

While you all are there, please vote for my definition of "altruism", currently #4 on the list:

Mon, 07/11/2011 - 14:49 | 1444832 pods
pods's picture

Just can't figure you out coppertop.  No, not figure out what makes you tick, figure out whose sock puppet you are. I just cant think of who got taken to the woodshed so bad in the comments that it prompted you to come back as CT with such snivelling attitude.  Certainly not a regular troll.  But someone that had the rug of their beliefs pulled out from under them.

A regular troll would at least be funny in a reincarnation, you seem like you are typing with one hand while holding a straight razor to your neck with the other.



Mon, 07/11/2011 - 15:26 | 1444988 Dr. Eldon Tyrell
Dr. Eldon Tyrell's picture

I think Coppertop is some kind of Bot as someone else here suggested.
It's moniker suggests being born into the matrix to provide power to the machines.
Perhaps a deliberate contradiction to what it really is?

Mon, 07/11/2011 - 15:45 | 1445070 pods
pods's picture

Yeah, love the saying from the Matrix. Gonna get a bumper sticker that says "Hey coppertop" or "Listen up coppertop"

I saw that Bot idea, but to me it seems that CT is just too sniveling with certain posters.  I got my krug on a sock-puppet of someone who was embarassed here.


Mon, 07/11/2011 - 17:07 | 1445414 NotApplicable
NotApplicable's picture

IMO, the "dick head" comment above invalidates the idea of ct being a bot (turing test). Though maybe, it's a bot with a helper?

Not that it matters, since there's seemingly little difference in intelligence levels between trolls and bots.

Mon, 07/11/2011 - 15:06 | 1444887 DaveyJones
DaveyJones's picture

"keep posting tripe and I will"

takes a sheep to recognize its own parts

Mon, 07/11/2011 - 16:15 | 1445222 Shell Game
Shell Game's picture

lol, very good.

Mon, 07/11/2011 - 13:26 | 1444468 the not so migh...
the not so mighty maximiza's picture

The crying boner will lead us to hell.

Mon, 07/11/2011 - 20:12 | 1446000 CompassionateFascist
CompassionateFascist's picture

Boner cried while dedicating a statue of Gerald Ford. A...statue...of...Gerald Ford.

Mon, 07/11/2011 - 13:26 | 1444471 Franken_Stein
Franken_Stein's picture


Just another golf playing corporate robot.

Totally redundant existence that this guy leads.


Mon, 07/11/2011 - 13:26 | 1444474 redpill
redpill's picture

The best solution in this case is the most simple one.  Don't raise the debt ceiling and block any taxes.  Then the proper budgeting decisions can be made.

Mon, 07/11/2011 - 13:48 | 1444582 gorillaonyourback
gorillaonyourback's picture

maybe, but then bond yields skyrocket cuz we cant pay the coupons on all the existing bonds outstanding or pay for govt operations.  If we do raise the ceiling by 2 trillion its like one massive QE3,  commodities will skyrocket rocket hurting average americans.

Look at it like this, default then deflation, by not increasing debt ceiling and not printing the money will fuck the rich.

raise the debt ceiling and printing money will hurt all those who are not rich in american.

so ask yourself who runs the country and that will tell you if they raise the ceiling.


Its kind of sad that more people don't realize deflation helps everyone who is not rich.




Mon, 07/11/2011 - 13:57 | 1444613 kridkrid
kridkrid's picture

Until you factor in that any kind of significant deflation puts our entire banking infrastructure into a state of insolvency.  Deflation means collapse, most likely.  Which is the final outcome at some point or another, might just as well be now.  Hang on to your ass, fred.

Mon, 07/11/2011 - 14:12 | 1444680 UGrev
UGrev's picture

I'll take the punch to the gut and slap to the face over the donkey kick to the balls any day. So I concur.. fail now please... 

Mon, 07/11/2011 - 15:05 | 1444897 DaveyJones
DaveyJones's picture

Second that. Know I'll suffer but I'll smile knowing finally they will too 

Mon, 07/11/2011 - 14:10 | 1444670 Ying-Yang
Ying-Yang's picture

Does not have to be a default.... pay interest and cut spending. It is all about what to cut. Bullshit agencies and all. Start with the EPA, TSA and every other 3 letter acronym the Gov has grown over the last 15 years.

Hey we could even stop bombing Libya, Yemen, Pakistan and many more.

Mon, 07/11/2011 - 14:18 | 1444701 redpill
redpill's picture


Mon, 07/11/2011 - 20:17 | 1446019 CompassionateFascist
CompassionateFascist's picture

Technically, you're right. But the banks/markets will take it as a de facto default and "crash this sucker right now!" Limbaugh, others are leaning hard on Boner to force the issue........nahhhhhhhh, won't happen. He'll cry tomorrow.  

Mon, 07/11/2011 - 20:54 | 1446112 magis00
magis00's picture

Exactly -- look to myriad examples of local gov't "belt-tightening", whereby Police and Fire must be cut, as though "cutting spending" is definitional to firing the good portions of gov't while protecting the bloat.  Fire some fucking clerical workers, some fucking grass cutters ... what the fuck.  "The first thing we have to stop spending on is our debts, and the second is our military" says TPTB.  Fuck that.

Mon, 07/11/2011 - 14:05 | 1444648 Ying-Yang
Ying-Yang's picture

Yes the best statement I heard today was leave the debt ceiling in place.

That is what it is there for. It automatically forces TPTB to cut spending. Do nada....

It simply is what we all do when we got no more money... we cut back. Let the bitches in congress run and cover their sacred cows.

Mon, 07/11/2011 - 14:29 | 1444754 redpill
redpill's picture

And you would think they would search diligently to find what they can cut that would impact our lives the least.  But no. Rather, you want to hear what the real "fuck you" is going to be?  The politicians already try this one in California: when finally FORCED to cut things, they go out of their way to find what services will be MOST immediately noticeable so they can inconvenience as many people as possible and attempt to use their frustration for political gain.  In California it's little needling things, like closing public restrooms at state park (we can't afford to keep them open!  yeah right) or having fewer tellers working at the Dept of Motor Vehicles (not that they actually fire the ones that aren't working) making the long lines that much worse.  

It's a clear indication that in their minds, the relationship between the state and the people is one of antagonism, not cooperation (and sure as hell not "public service").  If people really understood how these scum suckers view taxpayers, there would be revolution tomorrow.

No one should be surprised when the administration entertains Republican proposals for cutting Social Security, the Dems would love nothing more than to piss off all the seniors and try to leverage that anger politically.

Mon, 07/11/2011 - 14:42 | 1444804 Ying-Yang
Ying-Yang's picture

Spot on Red Pill... look at the arrogance of the TSA.

We pay their salaries and they are here to serve and uphold the Constitution. People are waking up and becoming pissed. When the inertia changes public servants will be quite surprised.

Mon, 07/11/2011 - 20:25 | 1446037 CompassionateFascist
CompassionateFascist's picture

Actually, hardleft Cal Democrat Jackie Goldberg got caught awhile back on an open mike expressing murderous contempt for "the people". Tape quickly surpressed.  

Tue, 07/12/2011 - 00:59 | 1446791 DCFusor
DCFusor's picture

Right on, and this has been going on for a long time indeed.  Never cut anything that no one would want brought back!  The cut might stick if you did that!

Min is funny right now -- can't get a fishing license (which brings in bucks), but you can get a ticket for not having one...(which brings in more bucks, errrr?).

Can't use state parks, wilderness?  Huh?

But they never let the gov be shut down long.  Far too many people find they do just fine without it.  Can't have that.

Mon, 07/11/2011 - 13:27 | 1444475 km4
km4's picture

Obama: C'mon, people: let's stop the nonsense and eat some goddamn peas.

Boehner: He means whirled peas right  

Mon, 07/11/2011 - 13:28 | 1444487 bugs_
bugs_'s picture

those waskaly wepublicans

Mon, 07/11/2011 - 13:33 | 1444491 plocequ1
plocequ1's picture

I would cry, But im too busy BTFD. I will cry tonight when i douse my soul with drink.

Mon, 07/11/2011 - 14:20 | 1444718 Manthong
Manthong's picture

I dunno.. if I was a devious manipulator in the FRBNY skunk works, i wouldn't let gold close NY above 1545 today or silver above 35.50.

Mon, 07/11/2011 - 13:32 | 1444506 ZackAttack
ZackAttack's picture

It threatens the American way if hedge fund managers pay taxes on their salary as ordinary income.

Mon, 07/11/2011 - 13:33 | 1444508 1100-TACTICAL-12
1100-TACTICAL-12's picture

Doe's it really matter ? Will the final outcome be any different?

Mon, 07/11/2011 - 13:37 | 1444532 coppertop
coppertop's picture

first tell us what you think the final outcome will be then we'll respond

Mon, 07/11/2011 - 13:54 | 1444601 karzai_luver
karzai_luver's picture

the same, we, the same.


Mon, 07/11/2011 - 13:52 | 1444595 baby_BLYTHE
baby_BLYTHE's picture

there is no way to avoid recognition of the "depression" we have covered up via 12% deficit spending for the last several years

the final outcome is PAIN and lots of it.

No way to 'grow our way out' with the Debt/GDP ratio up in the stratosphere- triple digits

Mon, 07/11/2011 - 14:01 | 1444637 kridkrid
kridkrid's picture

It really is that simple.  Fiat money and fractional reserve banking.  The combination requires debt to expand, at all times.  The last 20-30 years can be summed up by creative ways to issue more debt at an ever faster rate.  Time is almost up.

Mon, 07/11/2011 - 15:26 | 1444976 JW n FL
JW n FL's picture

America has been Gutted, 50,000 jobs a month have been shipped to China alone and.. AND!! the Lobby successfully negotiated Tax Breaks for those Companies moving jobs off shore!!

***** “Over the last ten years, China has mounted the biggest challenge to the U.S. manufacturing sector ever seen, threatening producers of steel, chemicals, glass, paper, drugs and any number of other items with prices they cannot match. Not coincidentally, the United States has lost an average of 50,000 manufacturing jobs every month during the same period.” *****



"We the People" paid AAA Corporations to gut our manufacturing sectors!


"We the People" paid AAA Corporations to gut our Tax Base!


Corporations dont pay Taxes in America!


Top 10 corporations which paid no taxes

Here is Sen. Sanders’ list of the 10 worst corporate incometax 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: 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 25thlargest 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.)


How about Subsidies??


Top 10% of America's farms collect 75% of federal farm subsidies

For the second night in a row, Anderson Cooper opened his regular news cast Tuesday touting a story about Michele Bachmann's hypocrisy in benefitting from federal agriculture subsidies.

Rockefeller Gets Farm Subsidies From Taxpayers

Mon, 07/11/2011 - 15:56 | 1445123 Vic Vinegar
Vic Vinegar's picture

We all got peas to eat and bandaids to peel off Blythe.  Big man said it himself today.

We would all be wise to listen to that message.  It seemed to work in March of 09 with it being a good time to buy stocks...

Mon, 07/11/2011 - 16:10 | 1445199 JW n FL
JW n FL's picture

A Lobby Whore is a Lobby Whore is a Lobby Whore!

Death of America Movie

Mon, 07/11/2011 - 14:28 | 1444747 goldfish1
goldfish1's picture
Lagarde issues stark warning on US debt default

New IMF chief Christine Lagarde warned on Sunday that a US debt default would jeopardize global economic stability and urged warring American politicians to forge a compromise budget deal.

A default "would certainly jeopardize the stability, but not just the stability of the US economy, it would jeopardize the stability at large," the first woman to head the International Monetary Fund told ABC News.

"And that's clearly against the purpose and the mission of the International Monetary Fund. So we are -- we are concerned."

Without an agreement, she said she could see "interest hikes, stock markets taking a huge hit and real nasty consequences...

Mon, 07/11/2011 - 13:33 | 1444509 Oh regional Indian
Oh regional Indian's picture

US politics is the most contrived, fake, compromised, archaic, double plus un-good center of power in the world.

That is a frightening thought.


Mon, 07/11/2011 - 13:40 | 1444540 cossack55
cossack55's picture

It is a lot like UK politics minus the proper English usage and sense of humor.

Mon, 07/11/2011 - 14:25 | 1444746 docj
docj's picture

Precisely, old chap.

Mon, 07/11/2011 - 13:33 | 1444514 Jim in MN
Jim in MN's picture

Of course, the debt ceiling vote doesn't require any deal at all.


Sorry, sorry, back to the show.


Mon, 07/11/2011 - 13:34 | 1444518 LetThemEatRand
LetThemEatRand's picture

Boner position:  "the oligarchs took your future tax dollars fair and square, now bend over and get ready to give back your unfunded entitlements that funded the lifestyle of the kleptocrats for the last 40 years."

O-Boner position:  "the oligarchs took your future tax dollars fair and square, now bend over and get ready to give back your unfunded entitlements that funded the lifestyle of the kleptocrats for the last 40 years. But wait, look at the rabbit in my left hand [tiny increase in tax rates that will just be avoided anyway, to make it appear he is friendly to the middle class]"

Mon, 07/11/2011 - 13:37 | 1444528 NotApplicable
NotApplicable's picture

Imminent, or Eminence Front?

Come and join the party
Dress to kill
Won't you come and join the party
Dress to kill, dress to kill

Mon, 07/11/2011 - 13:37 | 1444529 becky quick and...
becky quick and her beautiful mouth's picture

just hurry up and raise it already. get the shtf going already.

Mon, 07/11/2011 - 14:14 | 1444684 Ying-Yang
Ying-Yang's picture

Becky... has your daily Buffett given you gas?

Mon, 07/11/2011 - 14:42 | 1444798 cosmictrainwreck
cosmictrainwreck's picture! Where have you been? I bin holding my breath for the day you showed up on ZH..... I'm a big fan. 22 weeks?! Do you not post, or have I just missed 'em?

Mon, 07/11/2011 - 14:50 | 1444836 mayhem_korner
mayhem_korner's picture

I think we get there faster if they don't.

Mon, 07/11/2011 - 13:41 | 1444547 in-Credible Banker
in-Credible Banker's picture

My 2010 AGI was well over the 250K Obama seems to think is rich.  Nobody WANTS their taxes raised but, honestly, I would be willing to pay a bit more if it meant we would be out of this mess, budget reasonably in balance, and government "revenue" distributed in a fair, equitable and non corrupt way.


I know that latter part is a fantasy but, really, I would be willing. 


Mon, 07/11/2011 - 13:43 | 1444561 cossack55
cossack55's picture

So, you are saying you are completely unwilling?

Mon, 07/11/2011 - 13:47 | 1444580 in-Credible Banker
in-Credible Banker's picture

Correct.  The reality is they will piss it away on 2?  3?  4?  separate wars, unnecessary and unsustainable benefits for people who don't need them, bridges to nowhere, etc. etc.  So I guess I am completely unwilling.  



Mon, 07/11/2011 - 13:50 | 1444594 NotApplicable
NotApplicable's picture

Funny how these 3rd party payment systems never seem to work right.

Mon, 07/11/2011 - 18:22 | 1445643 MachoMan
MachoMan's picture

One of my coworkers often has the line "I wouldn't mind paying a little more in taxes."  For some reason I haven't broken him of this, despite a knee jerk response every time he mentions it...  (a) if you want to pay more, then shut the fuck up about me paying more; and (b) if you want to pay more, nothing is stopping you right now from paying more...  no legislation is necessary...  in fact, why do you have so much property?  You should have already given it to uncle sam...  it will relieve your guilt...

this is usually the end of the conversation...

this same argument should be utilized against all liberals (note: not synonymous with democrats)...  if you're so damn interested in paying higher taxes, then lead the way...  once you've made yourself a pauper, then come to me and ask me nicely to pony up to the cause...  I might oblige (doubtful).  [the truth is, we all like the fruits of our labor].

Tue, 07/12/2011 - 00:09 | 1446710 StychoKiller
StychoKiller's picture

So, don't you "care enough" to volunteer your labor for the good of the hive?  Altruism doesn't do anything for you, I guess.

Our work or your gun(s):  Choose one, you can't have both, Progressive/Socialists!

Mon, 07/11/2011 - 14:06 | 1444651 DonnieD
DonnieD's picture

The wars and the GSE's are off budget anyway, so they don't count. Also known as Enron accounting.

Mon, 07/11/2011 - 14:06 | 1444631 1911A1
1911A1's picture

So given $899 billion in personal income tax receipts for FY2010 and a $1.5 trillion deficit, it will take 2.5X the current income tax rates to balance the budget.  That is assuming people continue to work with such ridiculous rates.  Still willing to "pay a bit more" now?

Mon, 07/11/2011 - 14:15 | 1444688 earnulf
earnulf's picture

Naw, it won't take that much, we'll just double the Income Tax witholding from your paycheck and the SS tax deduction and we'll be closer enough to call it good!

--Your taxdollars at work


Mon, 07/11/2011 - 14:21 | 1444734 MyKillK
MyKillK's picture

It would take like a 90% tax rate on you and everyone who makes as much or more than you to maybe carve off a third of a 1.5 trillion dollar a year deficit. How does THAT sound to you?

Mon, 07/11/2011 - 13:41 | 1444551 stkboy
stkboy's picture

Mon, 07/11/2011 - 13:42 | 1444555 cossack55
cossack55's picture

If he would come out, claim he is useless, the whole gubment is corrupt and commit Sepuku, I would move to Ohio and vote for his carcass.

Mon, 07/11/2011 - 13:57 | 1444617 goldfish1
goldfish1's picture

Don't bother. Diebold owns Ohio and there are no jobs.

Mon, 07/11/2011 - 14:19 | 1444711 Dr. Richard Head
Dr. Richard Head's picture

Ohio is also one of the highest taxed states in the union.  The growing theme in Ohio is for the city you live in to tax your income along with the city you work in.  This is on top of sales tax, property tax, state income tax, and federale income tax.  The states without income tax on a local and state level are looking might tasty to me these days.

Mon, 07/11/2011 - 21:04 | 1446134 magis00
magis00's picture


Mon, 07/11/2011 - 18:31 | 1445673 Ms. Erable
Ms. Erable's picture

Seppuku is a death reserved for honorable men who lose or screw up big time. Obamination is not an honorable man.

Mon, 07/11/2011 - 13:43 | 1444556 nantucket
nantucket's picture

all this talk about defaulting is bullcrap.  the federal govt takes in about $200B in revenue per month and spends about $20B on debt service and $180B on defense, SS payments, dept. of Ag, dept of Ed, etc, etc.  So the Govt has way more than enough revenue to pay its debt's just a matter of prioritizing where you spend the revenue.  And the Govt stillinissts on spending $300B per month.  Huh, makes perfect sense.

Tue, 07/12/2011 - 05:23 | 1445194 goldfish1
goldfish1's picture


1. Cut military spending to balance budget with the exception of armed forces and vets.

2.Eliminate foreign aid to all but third world countries and cut that by 1/2.

3. Get rid of all Congress perks except minimum salary and minimum staff.

4. Cut Government by 50% across the board.

5. Invest surplus into USA infrastructure. Plenty of great ideas out there. First have to run the criminals out on a rail.

6. Immediately tax all corporations over $1B per year a 50% tax on liquid assets. 100% tax credit given to each dollar of new jobs created domestically.

Mon, 07/11/2011 - 13:42 | 1444557 stkboy
stkboy's picture

Why do they always talk about cutting entitlements but never the defence budget?

Mon, 07/11/2011 - 13:58 | 1444626 goldfish1
goldfish1's picture

The defense corps own congress.

Mon, 07/11/2011 - 20:35 | 1446070 CompassionateFascist
CompassionateFascist's picture

Can you say the words "military coup"?

Mon, 07/11/2011 - 13:43 | 1444560 stkboy
stkboy's picture

Why do they always talk about cutting entitlements but never the defence budget?

Mon, 07/11/2011 - 13:44 | 1444564 cossack55
cossack55's picture

The defence budget is an entitlement to the arms makers.

Mon, 07/11/2011 - 13:57 | 1444614 ZackAttack
ZackAttack's picture

Because entitlements aren't the right *kind* of socialism.

Besides, the US has to defend Japan against... something. Otherwise it will be like... a domino. Or something.  

Mon, 07/11/2011 - 13:46 | 1444574 chet
chet's picture

Ironically, neither of these "leaders" can deliver their party.

Time for Boehner to pass whatever the GOP majority will pass in the House. Same with Reid in the Senate.  Then let the reconciliation committee turn it into some compromise turd.  That's what Congress does every time.  Just get to it already.

Mon, 07/11/2011 - 13:52 | 1444596 karzai_luver
karzai_luver's picture

The only thing out of Bay-ners yap that I want to hear is

bammy and I are leaving for the brit open and the rest of you clowns

can go to hell.

Mon, 07/11/2011 - 13:56 | 1444612 CrashisOptimistic
CrashisOptimistic's picture

It won't reconcile.

Simply that.



Mon, 07/11/2011 - 13:54 | 1444600 hazek
hazek's picture

Sen. Rand Paul will filibuster the debt ceiling increase if they don't pass a balanced budget amendment(not that I think that such an amendment would cary any water.. ), I can't wait to see what will happen then.

Floor speech:

Media interviews:

Mon, 07/11/2011 - 13:58 | 1444625 LetThemEatRand
LetThemEatRand's picture

I'll believe it when I see it.  

Mon, 07/11/2011 - 14:01 | 1444636 goldfish1
goldfish1's picture

a couple well placed threats and rand shuts his piehole.

Mon, 07/11/2011 - 15:10 | 1444915 weinerdog43
weinerdog43's picture

Or a couple of well placed campaign contributions.

Mon, 07/11/2011 - 15:30 | 1445000 JW n FL
JW n FL's picture

Both.. Lobby Monies and the Threat of a Dead Loved one and he is right on page with the Bankers Agenda of Fucking over "We the Sheepish Consumers".

Mon, 07/11/2011 - 21:08 | 1446145 magis00
magis00's picture

What if he pulled his own false flag op against the MSM, a made-up threat against his family, a completely voluntary "kidnapping" -- think of the response the Sheeple would have . . . the 2 weeks that Weiner was able to string his out might be long enough for the truthiness factor to fade into the background.

Tue, 07/12/2011 - 05:31 | 1447008 goldfish1
goldfish1's picture

You. You're good, you.

Mon, 07/11/2011 - 15:22 | 1444973 Ace Ventura
Ace Ventura's picture

As good as it sounds on the surface, I've got all sorts of 'WARNING, IMMINENT BULLSHIT AHEAD' bells going off regarding this 'balanced budget amendment'.

Have to make sure there are no implied shenanigans like a constitutional covention implied as part of its adoption process, and have to make absolutely sure the wording is explicit, specific, and not open to creative interpretation (not that this will stop the oligarchy from interpreting any such amendment as they see fit, as they already do). Additionally, have to be very careful that such an amendment doesn't grant the government any additional powers outside of those specifically detailed in Article 1 Section 8.

We live the results of careless amendments to the constitution being 'passed' already. Just read the 16th for example, and ask yourselves how the hell two-thirds of the country thought this was a good idea for an amendment? (Hint: they didn't, but the bankster oligarchy needed it for purposes of making the illegal federal reserve system 'work')

Just hold Congress to the responsibility it is charged with in the existing constitution. There is no power in that document allowing the gubment to run perpetually snowballing deficits into oblivion.


Mon, 07/11/2011 - 15:59 | 1445146 JW n FL
JW n FL's picture


Brother, Can You Spare A Trillion?: Government Gone Wild!


Interest payments on the U.S. Debt.

Mon, 07/11/2011 - 13:54 | 1444602 slaughterer
slaughterer's picture

Guys with realized gains from their consumer discretionary momo stocks are going to need every cent of their gains to pay those Obama "recovery" taxes coming their way.  Putting robo trader to work for the common good!

Mon, 07/11/2011 - 13:54 | 1444606 InconvenientCou...
InconvenientCounterParty's picture

The U.S. "tax" system is a sick joke just like its "justice" system. Even cursory knowledge is enough for most to realize that fact.

time to wake the fuk up and equalize it all.


Mon, 07/11/2011 - 14:10 | 1444671 Bob Sacamano
Bob Sacamano's picture


Everyone pays equal 20% of income tax - no deductions. That would be equal.

Same SocSec and Medicare benefits for all.  That would be equal.

Mon, 07/11/2011 - 14:19 | 1444713 SRV - ES339
SRV - ES339's picture

...let me guess... you're in the > 30% bracket... mememememememememememememe...

Tue, 07/12/2011 - 11:30 | 1447832 Bob Sacamano
Bob Sacamano's picture

OK.  Have it your way.  Everyone pays 35% in income taxes -- no deductions. That would be equal. 

If it is equal economic outcomes you want, be clear about it. There is an economic / political system available for such.  Sadly we spent lots of blood and money in the last century trying to defeat it.

Tue, 07/12/2011 - 15:56 | 1449153 SRV - ES339
SRV - ES339's picture

Is that really all you got Bob... the socialist card... a bit stale dontcha think?

How about fair (not equal) I know it's a stretch but, who knows, even you may warm up to it one day... but then again, I'm not holding my breath.

Tue, 07/12/2011 - 18:52 | 1449374 Bob Sacamano
Bob Sacamano's picture

Define "fair" with some precision and how you would administer such.    

We have a material degree of redistribution going on now as those who make 20% of total income pay 37% of all federal income taxes and those who make 47% of total income pay zero federal income taxes.  Presumably you believe this gap should be wider.

BHO shares your philosophy and welcomes your vote and campaign contributions. 


Mon, 07/11/2011 - 15:49 | 1445081 Ace Ventura
Ace Ventura's picture

Negative. Income should not be taxed. Once you go down the road of involuntary theft from a private exchange of labor for money....we're right back in this hellhole in short order. This country ran without an income tax until 1913.

Mon, 07/11/2011 - 23:36 | 1446624 robertocarlos
robertocarlos's picture


Tue, 07/12/2011 - 18:50 | 1449782 Bob Sacamano
Bob Sacamano's picture

Fully agree.  But I was assuming those in Wash DC could never bring themselves to scrap the income tax.....sorry to say.

Mon, 07/11/2011 - 13:58 | 1444623 ryanseventyfive
ryanseventyfive's picture

Prediction:  He will sound drunker than my uncle around the campfire

Mon, 07/11/2011 - 14:28 | 1444756 Dkizzle49855
Dkizzle49855's picture

R-75, you owe me a keyboard.

Mon, 07/11/2011 - 13:58 | 1444624 ZackAttack
ZackAttack's picture

I also wonder why no one mentions Rep Paul's proposal to have the Fed cancel the $1.6t in treasuries it holds on its balance sheet? Then sell the $2 trillion in MBS and cancel those treasuries as well.

Mon, 07/11/2011 - 20:57 | 1446101 CompassionateFascist
CompassionateFascist's picture

Yes, the Bolsheviks at Counterpunch are very excited about this idea. Ponzi Forever. Another reason to not like Ron Paul. Like most libertards, he is an effing idiot. Ohyeah, I forgot...."auditheFedaudittheFedaudittheFed". See that mushroom cloud? That's what the Fed needs. Blow the RedSchield right back to the hell it crawled out of. 

Mon, 07/11/2011 - 14:00 | 1444632 MiningJunkie
MiningJunkie's picture

Arrgghhhhh! The Dow is down 150 points!

What's that you say, Bob Pisani? The Euro-debt-contagion is contained?

Where is The Great Santelli?

Mon, 07/11/2011 - 14:03 | 1444643 nah
nah's picture

and the plans like, jaw bohner

Mon, 07/11/2011 - 14:06 | 1444650 mynhair
mynhair's picture

The meltup seems to be stalling out.  Good thing TMV hasn't filled.

Mon, 07/11/2011 - 14:10 | 1444667 r101958
r101958's picture

So, where is this response?

Mon, 07/11/2011 - 14:12 | 1444679 MsCreant
MsCreant's picture

Why bother. Did we not read this weekend that they have not paid down the debt since 1960? All of this is a show that does not matter. A balanced budget does not mean we pay down the debt. It just means we tread water. Come out and say this shit Boehner.

If you want some real Kabuki, why not go over and kick Obama in the nuts, then as he bends over, take your knee to his head a few times, get him in a head lock, body slam him to the ground, and punch the hell out of him. With each punch say, "we are bankrupt" over and over again.

Now that would be a politician I could trust. Ron Paul is too old to do it. I'd be on the sidelines collecting for his re-election chanting "Boe-ner, Boe-ner, Boener." This makes as much sense as anything they could possibly say or do.

Mon, 07/11/2011 - 14:14 | 1444685 gwar5
gwar5's picture

All of Obama's team has already miserably failed, discredited, totally clueless. Keynesian-Marxism doesn't work either. Giethner is the last crook and liar remaining. 

At least Boehner and the red state boys have put a restraining order on structural spending increases. They're avoiding getting scapegoated by the MSM propaganda for a default and shutdown and losing the 2012 elections. The elections are our only hope.

Buy more gold.

Mon, 07/11/2011 - 14:19 | 1444710 MsCreant
MsCreant's picture


None of it matters, it is the theater of the absurd, we have gone beyond the event horizon and reality is being stretched and attenuated to a breaking point where word salad is a tasty satisfying treat that makes more sense than their shortsighted attempts at legislation. Red, blue, election, insurrection, it just does not matter. The numbers will never add up. 

Mon, 07/11/2011 - 15:39 | 1444950 DaveyJones
DaveyJones's picture

...and as it goes on it gets sillier and sillier. I wish I could enjoy the theater but it's a strange participant performance. Am I the one they kill at the end or is it that lady sitting behind me in row 7? Maybe the kid playing on the Ipod ignoring the show.

How's the garden? My first time with Fava beans. Tough stuff. Very cold tolerant. Time to start a lot of your winter crops. Got a greenhouse yet?

A number of microsoft worker bees live in my neighborhood. More and more of them have their immigrant parents helping out with their children. Many of them come by and stare at the garden while I'm digging or watering. One older couple would always smile but with language and maybe shyness would do little else as they tugged their grand daughter onward. The other day, on a whim, I pulled a bunch of strawberries, beans and greens and handed it to them in a bowl. I said a few things but could tell they understood very little. I told them to take a bite and they did. Their smiles changed however and they gave me an interesting look like they were looking at someone they knew. I went back to digging and got a strange feeling kind of a compulsion. It really can be done if we know who to trust and if we work together. Most of us are good people. Most of us know healthy food and healthy systems when we taste it. Most of us are afraid to work alone or speak out. That's why we do it here behind an avatar. What's going down has less to do with my investments and everything to do with the human condition pressed against what was most likely an innevitable wall. I hope we can boil it down to honest soil and neighbors we can learn to know.        

Mon, 07/11/2011 - 15:40 | 1445039 MsCreant
MsCreant's picture

Because my house was destroyed, there is not much of a garden. I am worried about my apple trees and blueberry bushes making it. The fig too. I have good reason to worry. I think I will be able to be back in the swing for planting for spring though. I think I will make my whole front lawn a small farm. It was before, but I always tried to make it look like a regular yard (mulch, trim the beds prettily). I think I will dump that now and just go for broke. 

Mon, 07/11/2011 - 18:00 | 1445573 DaveyJones
DaveyJones's picture

nothing is normal and neither should our yards. I completely missed your house being destroyed. What the?  

Mon, 07/11/2011 - 20:06 | 1445990 Hulk
Hulk's picture

Crushed by a big tree in a storm 6 or so months ago...

Mon, 07/11/2011 - 23:14 | 1446549 TheFourthStooge-ing
TheFourthStooge-ing's picture

I think I will make my whole front lawn a small farm. It was before, but I always tried to make it look like a regular yard (mulch, trim the beds prettily). I think I will dump that now and just go for broke.

You may want to consider a little landscaping with some multi-purpose ornamentals. Japanese Barberry and Rugosa Rose are both rather interesting. Japanese Barberry is a source of berberine (a medicinal compound which wikipedia explains in great detail) and the berries, while not tasting great, are a source of vitamin C. The Rugosa Rose produces rose hips the size of cherry tomatoes. The rose hips are sweet tasting, a good source of vitamin C and, if you like to make jam or jelly, a source of pectin. The seeds are a good source of vitamin E; some people grind them into a powder and mix it with flour to make vitamin enriched bread. (For additional info, see )

These two plants also share another interesting characteristic: they have an abundance of sharp, unforgiving thorns. Planted as hedges, they can form an impenetrable barrier which is self repairing. Think of it as organic concertina wire.


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