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Debt Ceiling Talks Collapse

Tyler Durden's picture


5 weeks ahead of the day when the debt ceiling "extend and pretend" plan ends, talks have broken down, and in order to hike Congressional Nielsen ratings, this time seemingly terminally. From Reuters: "U.S. Deficit-reduction talks led by Vice President Joe Biden have reached an "impasse," House of Representatives Majority Leader Eric Cantor said on Thursday, adding that he will not participate in the meeting of the bipartisan group that had been scheduled for later in the day. Cantor, a Republican, said the group has identified trillions of dollars in spending cuts, but had been unable to resolve a disagreement over tax increases Democrats sought. A Senate Democratic aide said the two sides "need to continue talking", and were continuing to talk. But an aide to Senator Jon Kyl, a Republican member of the Biden group, declined to comment on whether the senator would attend Thursday's scheduled meeting."


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Thu, 06/23/2011 - 10:28 | 1394627 baby_BLYTHE
baby_BLYTHE's picture

anyone in the stock market now is asking for trouble

Thu, 06/23/2011 - 10:28 | 1394652 bonddude
bonddude's picture


Thu, 06/23/2011 - 11:15 | 1394932 Herd Redirectio...
Herd Redirection Committee's picture

This is the Bernanke headfake.  Do you really think they are raising interest rates any time soon?  Not saying there are good valuations on the Dow but certainly there are sales  on the TSX on some really promising mining/exploration companies right now. 

Stay away from the darlings, NFLX and AMZN,the financial firms...

The Stock market is priced in USD, after all,so some of the gains are illusory, and just the result of devaluing currency.


Thu, 06/23/2011 - 10:30 | 1394668 HelluvaEngineer
HelluvaEngineer's picture

Unless they're in TZOO.

Thu, 06/23/2011 - 10:36 | 1394709 Dreadker
Dreadker's picture

There are people in the stock market?  I thought the only volume left was from SkyNet...

Thu, 06/23/2011 - 10:41 | 1394716 fuu
fuu's picture

Wow thanks for the penetrating insight!

Thu, 06/23/2011 - 10:41 | 1394717 I think I need ...
I think I need to buy a gun's picture

what if the global monetary system is breaking down

China debt jubilee

obama "nation building"

no more oil from middle east

pulling troops out of afgh

pulling oil from strategic reserve


gold revaluation and the end of the current system is close

Thu, 06/23/2011 - 10:43 | 1394751 Hearst
Hearst's picture

Gold / Silver revaluation is a given.  Still it seems like all we've seen lately are sharp downward plunges in both metals whatever the news is.  The question I'm wondering about is if the debt ceiling gets raised does the US Dollar rise or fall?  Same question if the debt ceiling doesn't get passed?

Thu, 06/23/2011 - 11:28 | 1394974 I think I need ...
I think I need to buy a gun's picture

gld has traded 10 million  shares already....capitulation.....i don't own gld but that means its a bottom today...

Thu, 06/23/2011 - 12:21 | 1395260 mayhem_korner
mayhem_korner's picture

I think I need....  If yer don't own nun, yer better git sum.

Thu, 06/23/2011 - 12:24 | 1395251 mayhem_korner
mayhem_korner's picture

1) Gold at all time nominal high ~2 days ago.  But for today's orchestrated raid and Greece spillover, it's holding its own fine.

2) Raise debt ceiling = signal to world that we will never get serious about debt = gradual march of DXY to below freezing.

3) Don't raise debt ceiling = "structural" default, dollar falls rapidly for lack of confidence...BUT, the rate of plummet would be pre-orchestrated (test balloon to see if China calls our hand), then, in a panic, debt ceiling raised, all is restored and QExxxx is cemented.

my two cents 

Thu, 06/23/2011 - 10:58 | 1394817 SilverRhino
SilverRhino's picture

What the FUCK just happened to the silver market?   That was one huge goddamned RAID.


Thu, 06/23/2011 - 11:08 | 1394901 BanksterSlayer
BanksterSlayer's picture

It is because the EUR/CHF has been dropping like a rock all morning. For some dumb reason, people swap one brand of toilet paper for another (USD going up). But hold on a few more weeks until those morons realize that ALL brands of toilet paper falls apart in your hands and the only real currency left is, well, real currency. (gold and silver.)

Thu, 06/23/2011 - 11:24 | 1394938 Hearst
Hearst's picture

What do you think the catalyst of global fiat repuditation will be?  The inability of the congress circus show to raise the debt ceiling?  The raising of the debt ceiling?  A Euro zone prefecture showing their ass to the EuroZoned?  


Is it worth wondering if these globalcrats are capable of keeping the fiat system together?  Is there any historical reference we can compare todays monetary system to for guidance?  So many questions..

Thu, 06/23/2011 - 11:32 | 1395015 Herd Redirectio...
Herd Redirection Committee's picture

Silver Rhino, if you own silver (which I doubt) then just don't sell.  Wall St is not the physical market, and thats all they accomplish in the end with their market manipulations, is make themselves illegitimate market makers, meaning, the vacuum for a legitimate market will be filled, sooner or later.

If you bought silver call options.... Well... Think of Wall St. as swimming with sharks.  How does that thought make you feel?  It means you tip your toes into the water, and you get out as soon as you have reached (or come close to) your target.

Options aren't investing, they are gambling.  They certainly have their place, but calling it what it is can't hurt.

Thu, 06/23/2011 - 11:43 | 1395057 Herd Redirectio...
Herd Redirection Committee's picture

"if these globalcrats are capable of keeping the fiat system together"

They know it is doomed to failure, hence the death spiral of the USD (And EUR, Yen).  They want to kill it off on their watch so as to do a controlled transition, which will increase their odds of remaining in control of the monetary levers at all times, in their estimation.

It is like the death of a King.  Sure, everyone is still paying lip service to the old King, but really, you are scheming and plotting to figure out who the new King will be, and how you can show your loyalty to him, and get the people to accept him.  The dollar is the old king, the lip service is the 'strong dollar policy',  that no one in the MSM mentions the coming death of the USD is the 'loyalty to the old king', then when King Dollar dies they will proclaim "We didn't even know he was sick!  The King is dead, Long live the King (King SDR)".

Thu, 06/23/2011 - 11:47 | 1395091 Andy_Jackson_Jihad
Andy_Jackson_Jihad's picture

Been watching Game of Thrones?  Bernake and Greenspan are like the incest twins.....

Gold is the chick with the nice titties and baby dragons.


Thu, 06/23/2011 - 13:52 | 1395626 Herd Redirectio...
Herd Redirection Committee's picture

No, the idea came to me while reading 'The Baroque Cycle' by Neal Stephenson actually, Quicksilver done, System of the World about 1/3 of the way through! He mentions the death of a king in England, and beginnings of fiat currency are a undercurrent through the whole saga.  But thanks, I will check out 'Game of Thrones'.

Thu, 06/23/2011 - 12:03 | 1395140 SilverRhino
SilverRhino's picture

>> Silver Rhino, if you own silver (which I doubt)

Wrong on that one but ok.   I only buy physical, do not use paper, leverage, calls, puts or anything else.  

Silver is wealth preservation at this point.   It just irritates the shit out of me to see the price manipulated so blantantly at this point.



Thu, 06/23/2011 - 13:53 | 1395637 Herd Redirectio...
Herd Redirection Committee's picture

Sorry about that.  I was just reminded about a time I was upset about a soccer game at the dentists office, and he asked me 'You lost money?'  Which made me laugh at how trivial some things in life are.  If you don't sell at the current price, it doesn't matter very much, does it?

Thu, 06/23/2011 - 18:43 | 1396830 SilverRhino
SilverRhino's picture

I refuse to sell silver for green paper unless I am absolutely starving.   So far, I'm good :)

Thu, 06/23/2011 - 13:50 | 1394983 baby_BLYTHE
baby_BLYTHE's picture


Thu, 06/23/2011 - 10:51 | 1394802 baby_BLYTHE
baby_BLYTHE's picture

I junked myself since I realize many of your entire livelihoods are dependent on the stock market.

Thu, 06/23/2011 - 11:00 | 1394824 Charlie Bravo
Charlie Bravo's picture

I junked myself to prove to others I really don't give a shit about being "junked".

In fact, I just junked YOUR comment just to prove my point.

Have a sunny day!

Charlie Bravo

Thu, 06/23/2011 - 11:17 | 1394940 curbyourrisk
curbyourrisk's picture

I got your back baby_BLYTHE....


Let the Junk wars begin.

Thu, 06/23/2011 - 12:01 | 1395144 SilverRhino
SilverRhino's picture

Her front looks a lot better but fuck it ... you're all junked :)

Thu, 06/23/2011 - 11:24 | 1394972 Momauguin Joe
Momauguin Joe's picture

Try self-immolation and maybe then I'll give a shit. Maybe not..

Thu, 06/23/2011 - 11:39 | 1395037 Charlie Bravo
Charlie Bravo's picture

What the fuck? Self-immolation?

What's wrong with you?

Charlie Bravo

Thu, 06/23/2011 - 11:07 | 1394871 carbonmutant
carbonmutant's picture


Thu, 06/23/2011 - 11:10 | 1394892 curbyourrisk
curbyourrisk's picture

I <heart> baby_BLYTHE

Thu, 06/23/2011 - 11:16 | 1394934 ZakuKommander
ZakuKommander's picture

Pity is unbecoming on Zero Hedge.

Thu, 06/23/2011 - 15:42 | 1396203 PuppetRepubl1c
PuppetRepubl1c's picture

so Eric Cantor isn't going to the meeting because they cant agree....


Only in government can this pussy nonsense slide.  I can only imagine how fast i would get fired if i just decided not to show up to work and told my co-workers "we can't agree on how to tackle this project so I'm just going to pout instead of coming into work today!"





Thu, 06/23/2011 - 10:30 | 1394631 Cognitive Dissonance
Cognitive Dissonance's picture

Missed it by [ that ] much.

Thu, 06/23/2011 - 10:25 | 1394634 Charlie Bravo
Charlie Bravo's picture

Yup, that's how our "elected" officials get things "done" up in Washington.

By doing nothing.

Charlie Bravo

Thu, 06/23/2011 - 10:32 | 1394681 Dr. Richard Head
Dr. Richard Head's picture

Shit, I wish they would do nothing. It what they do end up doing that concerns me.

I would be willing to be 300 oz of silver that the debt ceiling will be passed. 

Thu, 06/23/2011 - 10:45 | 1394726 Charlie Bravo
Charlie Bravo's picture

If those fucking bozo's in Washington did nothing, then what's the point of paying them to "represent" We the People?

And albeit you have a point...if they DID something, then we're likely to get nauseum.

Shit...we're screwed either way....since no one has the balls to remove those worthless sacks of shit from Washington...and we are too stupid/clueless/lazy to pay any attention to the sort of shit they debate BEFORE they decide to pass a questionable piece of "legislation"!

Damn....and I was looking forward to having a great day today.....

Charlie Bravo



Thu, 06/23/2011 - 10:45 | 1394765 Dr. Richard Head
Dr. Richard Head's picture

You have a point.  It is hard to have a good day anymore when you see this shit for what it is. 

Thu, 06/23/2011 - 10:53 | 1394813 Charlie Bravo
Charlie Bravo's picture

Well I woke up 3 years ago. The anger has since subsided...but every now and then I get all fired up when I read that our "elected" officials have done Washington.

Charlie Bravo


Thu, 06/23/2011 - 11:51 | 1395109 Andy_Jackson_Jihad
Andy_Jackson_Jihad's picture

You need to invest in peace of mind.  Bullion, some MREs, a gun or two and those army field manuals that tell you how to make explosives out of common chemicals.

Sure that won't make you any richer but it will ease your mind and keep you from making stupid decisions in a panic (like trading).


Thu, 06/23/2011 - 13:33 | 1395551 Charlie Bravo
Charlie Bravo's picture


Charlie Bravo

Thu, 06/23/2011 - 12:39 | 1395330 Things that go bump
Things that go bump's picture

We sent a bunch of Republicans to Washington this last election to ensure that nothing gets done and look how well that has worked out.  Everytime the majority in congress has a member of their own party in the White House they go mad with power and we end up with abominations like that Health Care act or the War on Terror.  This way, there is so much infighting very little can actually get accomplished.  They are all so busy sabotaging each other that they forget all about us.  It is so much better that way.  

Thu, 06/23/2011 - 21:18 | 1397197 StychoKiller
StychoKiller's picture

When Congress spends time doing stupid things it shouldn't be doing, it is not doing even stupider things it shouldn't be doing.

Thu, 06/23/2011 - 22:50 | 1397382 Things that go bump
Things that go bump's picture


Thu, 06/23/2011 - 11:00 | 1394839 Stuart
Stuart's picture

bozos in Washington, yes.  Absolutely, but we get what we elect.   If a single politician ran on a platform saying they ok, they will throw behind bars all those convicted of fraud but we're also going to raise taxes 50%, cut defence spending 50%, cut medicare 50%, cut old age security 75%, raise the retirement age to 75 and institute means testing..... you and I both know not a chance in hell they're getting elected.   We get what we elect.  We're every bit as much responsible.  We too are bozos.   

Thu, 06/23/2011 - 11:03 | 1394867 Charlie Bravo
Charlie Bravo's picture


We the People elected those wily bastards. But that's what we get for putting "American Idol" ahead of important issues.

Greed + entertainment value + good looks + empty promises = a serious problem facing our once great nation

Charlie Bravo

Thu, 06/23/2011 - 11:20 | 1394935 ElvisDog
ElvisDog's picture

Agreed. Would Sarah Palin have a following if she weighed 300 lbs and looked like a gorilla? I think not. And when was the last time a short man or a bald man was elected President.

Thu, 06/23/2011 - 11:37 | 1395041 Charlie Bravo
Charlie Bravo's picture

I believe the last time a short man was elected President it was back in the 1950's.

Ditto for the bald man.

Charlie Bravo

Thu, 06/23/2011 - 12:17 | 1395210 Clark Bent
Clark Bent's picture

Obama and followers are just absolutely convinced that the rich and productive have seized the "means of production," which, in their minds, appears to be some machines found in the forest that produce wealth. They believe that we are a rich country, and that there are hidden caches of value out there that they will ultimately find and redistribute to everyone. Surrounded as they are by academics and bankers, they cannot fathom that we are really in deep shit. They think producing is just another form of swindling, and even they can do that. This imbecility is becoming a national security issue. 

Thu, 06/23/2011 - 12:17 | 1395231 stirners_ghost
stirners_ghost's picture

"We the People" -- WTF are you talking about? There's no "we".

You "awoke" three years ago?


When you've realized there is no Society, hence no problems common to its members, and no solutions to the imagined problems of fairy-tale entities--that the entire charade serves the singular purpose of enslaving you to an ideology for the benefit of your rulers--then you'll have awakened.

Until then, your spooks will keep you in line; running from shadows, shouting at the wind--praying to The Founding Fathers of your second-class status.

Thu, 06/23/2011 - 13:42 | 1395565 Charlie Bravo
Charlie Bravo's picture

"Until then, your spooks will keep you in line..."

...said the spook who wants to keep me "in line".

Charlie Bravo

Thu, 06/23/2011 - 18:22 | 1396791 fxrxexexdxoxmx
fxrxexexdxoxmx's picture

When you've realized there is no Society, hence no problems common to its members, and no solutions to the imagined problems of fairy-tale entities--that the entire charade serves the singular purpose of enslaving you to an ideology for the benefit of your rulers--then you'll have awakened.


Your comment is the best refutation of crony capitalism and socialism I have read.

I have tried to get away from pointing out the failures because that only leads to a supporter of the system telling how their (R) or (D) would fix what the other (R) or (D)messed up.

It really comes down principles.

Do I have the right to demand from others that which I could do but choose not to do? Those with a genuine need become pawns. What charity and love should give has been hijacked.

The framers have it right.


Thu, 06/23/2011 - 11:05 | 1394853 Silver Dreamer
Silver Dreamer's picture

They are getting paid all right, but it isn't by We the People.  Who's paying them explains the lack of representation we are getting too.

Thu, 06/23/2011 - 11:04 | 1394878 Charlie Bravo
Charlie Bravo's picture

Actually they double dip from two sources.

The taxpayers and the powerful elite (via their lobbyist cronies).

Charlie Bravo

Thu, 06/23/2011 - 10:44 | 1394735 savagegoose
savagegoose's picture

im willing to take that bet? will you take this bit of paper that says im good for it?

Thu, 06/23/2011 - 10:49 | 1394794 Dr. Richard Head
Dr. Richard Head's picture

HAHA.  Only if Uncle Ben puts his stamp of approval on that piece of paper.  I loves me paper.

Thu, 06/23/2011 - 14:20 | 1395716 savagegoose
savagegoose's picture

aww for fucks sake, this is quality whit , and you junk me?

Thu, 06/23/2011 - 15:42 | 1396205 Dr. Richard Head
Dr. Richard Head's picture

Tit was not i.  i giggled and no junked.

Thu, 06/23/2011 - 10:31 | 1394639 goldencross10
goldencross10's picture

Cut unnecessities before we spend, I really don't understand how hard that is for the dems to figure out. 

Thu, 06/23/2011 - 10:28 | 1394651 Boilermaker
Boilermaker's picture

Yea, where are the Republicans to save us <barf>?

Thu, 06/23/2011 - 10:37 | 1394691 RockyRacoon
RockyRacoon's picture


You mean like a few wars, and some tax deductions that allow international companies to escape the tax man?

Thu, 06/23/2011 - 10:47 | 1394747 Cognitive Dissonance
Cognitive Dissonance's picture


Wait a minute, did you say a 'few' wars? How many is a few because I always thought a couple was two and a few was three. Don't we have like 5 or 6 wars going at this time?

I lost count after they started the UAV missle attacks in Pakistan.

Thu, 06/23/2011 - 10:52 | 1394783 Jack Burton
Jack Burton's picture

Iraq, Afghanistan, Yemen, Libya, Pakistan for sure. Lots of covert ops in Africa as well. But never mind, we can print the money to keep the missiles flying.

Thu, 06/23/2011 - 10:54 | 1394801 DaveyJones
Thu, 06/23/2011 - 11:16 | 1394859 Dapper Dan
Dapper Dan's picture

What about the war on drugs (I am 4f)

the war on poverty (I am AWOL)

the war on obesity ((I plan to join after my dbl cheeseburger)

 the war on crime (Someone stole my BDU's and rifle)

Thu, 06/23/2011 - 10:54 | 1394818 Dr. Richard Head
Dr. Richard Head's picture

No, no, no!  Not attacks.  These are freedom suppositories. Luckily we moron taxpayers sent over pallets full of one-ply bennies for clean up after our freedom suppositories started working.


Thu, 06/23/2011 - 11:04 | 1394845 DaveyJones
DaveyJones's picture

and these suppositories are amazing. With just a few efforts, everyone is on the receiving end

Thu, 06/23/2011 - 11:03 | 1394870 Cognitive Dissonance
Cognitive Dissonance's picture

Brings new meaning to the term 'inn-u-end-o(h)'.

Thu, 06/23/2011 - 11:11 | 1394898 Dr. Richard Head
Dr. Richard Head's picture

Suppository orgies.  I wonder if Redtube has that as a catagory?  Wait, they do, it's called CSPAN.

Thu, 06/23/2011 - 11:26 | 1394944 ZakuKommander
ZakuKommander's picture

See "Declaration of Thingamajig"

Thu, 06/23/2011 - 11:27 | 1394986 Cognitive Dissonance
Cognitive Dissonance's picture

Too funny.

Not hostilities, but instead just 'tender explosive kisses of democracy'.

Thu, 06/23/2011 - 10:29 | 1394642 Boilermaker
Boilermaker's picture


Rally Time?  REITs actually reversed on the news.  You know...just to make it extra fucking retarded.

Thu, 06/23/2011 - 10:34 | 1394672 RobotTrader
RobotTrader's picture

Hey boilermaker, your favored REIT stocks are still pinned at 3-year highs.

Check out LULU and CMG while you are at it.


Thu, 06/23/2011 - 10:44 | 1394733 Cdad
Cdad's picture

Weakness in real estate will be a necessary part of QE3 rationalization.  Deflation is required to cue up the money printing machines.

Look for this group to be one of today's worst performing groups.  

Thu, 06/23/2011 - 10:45 | 1394764 Cognitive Dissonance
Cognitive Dissonance's picture

It's all about manufacturing plausible deniability in order to do what they want to do anyway.

Thu, 06/23/2011 - 11:14 | 1394789 Cdad
Cdad's picture

That's part of my thesis here.

As well, and those calling for a snap back rally...setting aside the fact that anything can happen...a sustainable counter trend rally also needs to see the "shooting of the generals," or those stocks that Robo likes to chart for everyone.  The REITs have been the general of this liquidity rally for three straight years.  

It won't be different this time.

Thu, 06/23/2011 - 10:55 | 1394803 HelluvaEngineer
HelluvaEngineer's picture

Everything is rolling over now.

Thu, 06/23/2011 - 10:28 | 1394648 doomandbloom
doomandbloom's picture

naaah...this is just a ploy...

everything will fall into place in the last second...just to keep people excited..


This is reality TV at its best



Thu, 06/23/2011 - 10:30 | 1394669 Boilermaker
Boilermaker's picture

When does Cantor run up to Obama and hit him in the back with a folding chair?

Thu, 06/23/2011 - 12:18 | 1395240 John Rotten
John Rotten's picture

Spot on Boilermaker.  The WWE (nee WWF) shenanigans never end.  Quite the soap opera these clowns produce daily.  Suprised that the drama comes from Cantor, dual citizen?  Nah, not me.  The failure of this nation is in the interest of Israel.  Damn Zionists!

Thu, 06/23/2011 - 10:37 | 1394688 John Law Lives
John Law Lives's picture

Expect both parties to announce a "last-minute compromise" to raise the debt ceiling.  It may be raised incrementally (i.e. a sequence of $300 Billion increases) rather than a single $2 Trillion increase, but you can be certain it will happen.

Thu, 06/23/2011 - 10:33 | 1394689 John McCloy
John McCloy's picture

Yup. No chance the debt ceiling is not raised. With 3 days to deadline it will be passed with pretend concessions on both sides.

Thu, 06/23/2011 - 10:40 | 1394708 DaveyJones
DaveyJones's picture

and pretending neither want to do it. When exactly do we get rid of these parties?

Thu, 06/23/2011 - 10:58 | 1394835 Dr. Richard Head
Dr. Richard Head's picture

The day when all of those fucking fantasy football and baseball leagues start moving over to putting that effort into fantasy congress leagues. 

Come to think of it, there might be a way to do that.  Just have to figure out the point system. 

Thu, 06/23/2011 - 11:10 | 1394896 OldPhart
OldPhart's picture

Make it match reality.  Use monopoly money and score based on payola.  Somehow, though, the banker always seems to win.

Thu, 06/23/2011 - 11:19 | 1394933 Dr. Richard Head
Dr. Richard Head's picture

Lobbying dollars spent on a particular congressman would give points then.  Any subsidy a congressman is able to earmark would get you more points.  Benefit cuts and tax raising will get you more points as well.

In the end, the congressman who fucks over their people the most will be the most successful in this league - just like life.

Thu, 06/23/2011 - 12:22 | 1395267 Clark Bent
Clark Bent's picture

On the Republican side, when the Tea Party kills the establishment. On the Democrat side, when Soros is finally repatriated with his infernal father. 

Thu, 06/23/2011 - 10:38 | 1394719 bigkahuna
bigkahuna's picture

Not even a chance it is not raised?

Thu, 06/23/2011 - 10:40 | 1394734 doomandbloom
doomandbloom's picture

trying to trap us in this grand illusion of choice...

Thu, 06/23/2011 - 10:28 | 1394650 spartan117
spartan117's picture

Dog and pony show.

Thu, 06/23/2011 - 10:32 | 1394653 oogs66
oogs66's picture

they have to heighten the drama so even when they do nothing but kick the can they can spin it as some amazing example of government at its finest - ugh

Thu, 06/23/2011 - 10:32 | 1394654 Tense INDIAN
Tense INDIAN's picture

...whats the effect of this DEBT-ceing on the dollar

Thu, 06/23/2011 - 10:32 | 1394656 Michael Victory
Michael Victory's picture


Chart of the day:

World’s Financial Wealth: Debt v. Equities v. Gold



Thu, 06/23/2011 - 10:39 | 1394703 cat2
cat2's picture

Chart is years out of date.

Thu, 06/23/2011 - 10:37 | 1394707 RockyRacoon
RockyRacoon's picture

Cut to the chase and avoid a slow-loading page:

Just what the hell are "bank deposits" anyway?  I'd like to see the same type of chart breaking down that one category.

Thu, 06/23/2011 - 10:47 | 1394770 Cognitive Dissonance
Cognitive Dissonance's picture

That really does need to be posted. Too bad it doesn't show 2010 as well as a projected 2011.

Thu, 06/23/2011 - 10:58 | 1394820 GeneMarchbanks
GeneMarchbanks's picture

+1. But if you look at that chart closely you'll see that the thin red line is really a bubble, how do I know? Well, that really purrddy lady on (insert your favorite financial channel here) told me so.

Thu, 06/23/2011 - 11:01 | 1394848 Dr. Richard Head
Dr. Richard Head's picture

Beat me to it. 



Thu, 06/23/2011 - 11:05 | 1394886 SilverRhino
SilverRhino's picture

Combine that picture with Exeter's Pyramid and you have a set of very interesting and scary  possible scenarios.


Thu, 06/23/2011 - 11:24 | 1394964 Cognitive Dissonance
Cognitive Dissonance's picture

You mean this?

Exter's Pyramid.

Thu, 06/23/2011 - 12:02 | 1395150 SilverRhino
SilverRhino's picture



Thu, 06/23/2011 - 12:22 | 1395242 Michael Victory
Michael Victory's picture


Thu, 06/23/2011 - 10:32 | 1394657 RobotTrader
RobotTrader's picture

Does anyone really think the debt ceiling matters?

Gimme a break, the 10-yr. yield is at 2.92%!

Thu, 06/23/2011 - 10:31 | 1394677 LoneStarHog
LoneStarHog's picture

Does anyone really think we have FREE MARKETS?

Thu, 06/23/2011 - 10:38 | 1394697 GeneMarchbanks
GeneMarchbanks's picture

That's a quality yield I don't understand what you're insinuating here...

Thu, 06/23/2011 - 10:37 | 1394715 augie
augie's picture

I'd buy that for a dollar.

Thu, 06/23/2011 - 10:40 | 1394728 hedgeless_horseman
hedgeless_horseman's picture

...and an accurate measure of (nominal) risk.

Thu, 06/23/2011 - 10:41 | 1394732 hedgeless_horseman
hedgeless_horseman's picture

double tap

Thu, 06/23/2011 - 10:48 | 1394753 DaveyJones
DaveyJones's picture

yeah, finity is just another conspiracy theory

Are you for real?

Thu, 06/23/2011 - 10:56 | 1394808 Dr. No
Dr. No's picture

Did polishing the brass on the titanic matter?  I am sure at the time they thought it looked good.

Thu, 06/23/2011 - 10:59 | 1394822 lieutenantjohnchard
lieutenantjohnchard's picture

i know, i know. it's painful being long in a dropping market. care to change your directional bet for a fourth time this week?

better hold onto that contract 1099 processing gig for the time being given your horrendous trading track record.

Thu, 06/23/2011 - 11:08 | 1394857 Mercury
Mercury's picture

The debt ceiling doesn't matter in that: when their backs are up against the wall with a "debt limit" the feds will just generate more discretionary funds by effectively taking out a HELOC against public pensions. That HELOC is a permanent and un-restructurable obligation unwittingly co-signed by current and future US taxpayers.   Devious but clever.

Thu, 06/23/2011 - 11:59 | 1395137 earnyermoney
earnyermoney's picture

Ask a federal employee that question when their check bounces. LOL

Thu, 06/23/2011 - 10:30 | 1394673 Cone of Uncertainty
Cone of Uncertainty's picture

We need massive spending cuts, but it will never happen.

But really, the debt ceiling canard is the last of our worries right now, as the house of cards is going to come down hard and fast, like a junky hitting up the last of his stash.

The mutually assured destruction of America continues as planned.

Thu, 06/23/2011 - 10:40 | 1394706 Jack Burton
Jack Burton's picture

 "Mutually assured destruction" has been the plan all along. Once collapse is reached TPTB can restructure America as another Banana Republic. Did people really believe that representitive democracy, equal opportunity and a large middle class was going to sit well with the elites? Never in history that I can think. The American experiment was an exception and the world took notice, now they have turned away as they can see where we are headed. Back to the same old dark ages mentality that our founding fathers sought to bury.

Thu, 06/23/2011 - 10:34 | 1394674 lenovot60
lenovot60's picture and pony show.  Everything will be fine, last minute.  Move along, nothing to see here people.  /sarc

Thu, 06/23/2011 - 10:34 | 1394675 rubearish10
rubearish10's picture

Congress and all politicians belong to S.A.G. (Screen Actors Guild) and we've seen this movie before. It's insane to gravitate to this constant "drone" from the power elite that tinkers with our livelihood. 

Thu, 06/23/2011 - 10:33 | 1394687 rubearish10
rubearish10's picture

...further and what's much more interesting is if whether or not we'll see 200 DMA broken and become upper resistance!

Thu, 06/23/2011 - 10:34 | 1394696 rubearish10
rubearish10's picture

....further and more interesting is watching ES break 200 DMA and become upper resistance.

Thu, 06/23/2011 - 10:31 | 1394680 Silverhog
Silverhog's picture

Argument over closing hatches on the Titanic.

Thu, 06/23/2011 - 10:36 | 1394683 He_Who Carried ...
He_Who Carried The Sun's picture

*Yawn*  They will resume the talks next week, believe it or not...

Thu, 06/23/2011 - 10:47 | 1394774 tarsubil
tarsubil's picture

Does anyone still think that this isn't all just theatre? The Republicans are making a show of being against taxes and big government to cover for their ultimate "compromise" with the Democrats. Don't worry, this gigantic turd will not be shat now. That might hurt! The Republicans will act as one cheek and the Democrats the other as they squeeze this turtle-heading turd back from whence it came!

Thu, 06/23/2011 - 10:36 | 1394684 A Man without Q...
A Man without Qualities's picture

If you wanted to bring together a group of wise men to solve a really serious problem, the last place you would look is in Washington...


Thu, 06/23/2011 - 10:36 | 1394685 PaperBear
PaperBear's picture

"tax increase" ?

The mega-corporations pay about 1%-2% tax, raise tax here !!

Oh wait, these are the politicians biggest bribers ... I mean sponsors.

Thu, 06/23/2011 - 11:57 | 1395129 earnyermoney
earnyermoney's picture

All personal and corporate loop holes need to be closed before we talk about higher tax rates.

Thu, 06/23/2011 - 10:35 | 1394700 Long-John-Silver
Long-John-Silver's picture

Biden got mad and took the ball home.

Thu, 06/23/2011 - 10:35 | 1394701 sschu
sschu's picture

Dog and pony show.


But the Repubs cannot cave (easily that is) and the Demos must be forced to "own" some of the political pain of budget cuts.  Repubs base will abandon them without some spending sanity and the Demos already have the ads created for the 2012 elections about starving Grandma.

These are the political realities irrespective of your persuasion and will determine if this process goes anywhere.



Thu, 06/23/2011 - 10:41 | 1394712 cat2
cat2's picture

Excuse to grab 401ks?

Thu, 06/23/2011 - 10:41 | 1394713 the not so migh...
the not so mighty maximiza's picture

Interesting, goverment checks might be bouncing soon.

Thu, 06/23/2011 - 10:38 | 1394720 TexDenim
TexDenim's picture

This is all part of the Goldman-Satan plan to tank

ES and other markets in order to usher in the plan

they REALLY want: QE3+

Thu, 06/23/2011 - 10:38 | 1394721 Atomizer
Atomizer's picture

Congress critters are waiting to see the outcome of tuesdays vote.

BTW, cannot get into

Anyone have any details?

Thu, 06/23/2011 - 10:42 | 1394723 Note to self
Note to self's picture

Happy freakin' 4th of July . . . woo hoo . . raise the flag and blow some stuff up . . we are just freakin' awesome . . . . exceptional, in fact . . . have a hot dog, all is well

Thu, 06/23/2011 - 10:40 | 1394729 PaperBear
PaperBear's picture

Paper silver getting cheaper, today is good day to buy some more physical silver.

What am I taking about, every day is a good day to buy some more physical silver.

Leave the timing to the so called experts.

Thu, 06/23/2011 - 10:43 | 1394730 Dr. No
Dr. No's picture

Talks breaking down is media spin for "The tea party seems to be successfully holding the line on continued spending by the government".

Thu, 06/23/2011 - 10:41 | 1394740 Fix It Again Timmy
Fix It Again Timmy's picture

Im-passe?  What the hell is that, some kinda french cheese?

Thu, 06/23/2011 - 10:53 | 1394788 Version 7
Version 7's picture

"a stand still"

Thu, 06/23/2011 - 11:02 | 1394864 OldPhart
OldPhart's picture

A stale stand still

Thu, 06/23/2011 - 10:46 | 1394745 carbonmutant
carbonmutant's picture

The Socialists had plan. It didn't work.

Time to start blaming people....

Thu, 06/23/2011 - 10:44 | 1394761 AldoHux_IV
AldoHux_IV's picture

An attempt at to 'raise Nielsen ratings'-- brilliant.

Thu, 06/23/2011 - 10:55 | 1394804 bigkahuna
bigkahuna's picture

Here comes US style austerity. Get ready! -- Cuz' this aint funny! My name is uncle sam and i'm about to get money!

Thu, 06/23/2011 - 11:24 | 1394954 Stax Edwards
Stax Edwards's picture

+1 EZE Cassette

Thu, 06/23/2011 - 10:54 | 1394819 John McCloy
John McCloy's picture

Thank God I caught Cramer on CNBC yesterday afternoon telling me with a chuckle that " TBills are yielding nothing and for God sake just buy high quality equities"
That was before the 80 dive yesterday and 230 today. Man if this guy owned a funeral home...

Thu, 06/23/2011 - 10:55 | 1394821 RobotTrader
RobotTrader's picture

Gold getting obliterated from CIGA margin selling.

Treasuries are skying since Bill Gross is also getting margin calls.

Tough market.

Thu, 06/23/2011 - 10:58 | 1394836 lizzy36
lizzy36's picture

Rumor has a "large hedge fund liquidating a gold position". Of course we have all heard that before.

But perhaps when said hedge fund is down 20% YTD, the rumor has a touch of reality to it?

Thu, 06/23/2011 - 11:03 | 1394842 lieutenantjohnchard
lieutenantjohnchard's picture

robottrader getting obliterated from changing his trading directional bets every time the wind changes direction. 3 changes in directional trading this week, and it's only thursday.

better hold onto that contract 1099 processing gig.

Thu, 06/23/2011 - 11:06 | 1394855 qussl3
qussl3's picture


Thu, 06/23/2011 - 14:22 | 1395724 Bay of Pigs
Bay of Pigs's picture

"CIGA margin selling"?

Now that's pretty funny Robo...sometimes your shit is so over the top it actually makes me chuckle.

Maybe you should change you name to Chuckles the Clown? Good fit.

Thu, 06/23/2011 - 11:00 | 1394826 PaperBear
PaperBear's picture

I trust people are buying physical silver as the paper silver selling makes the price cheaper.

I have to wait until early each month to load up on more physical silver.

The silver rocket will be leaving earth very soon as the CRIMEX drains of registered silver.

I expect another all time low of registered silver inventories momentarily.

Thu, 06/23/2011 - 11:01 | 1394827 lizzy36
lizzy36's picture

But last week Biden said the talks were going so well ;"very constructive..... solution coming soon"

I guess Biden working the same timeline as those +250k-500K monthly job gains promised in April of 2010 as "coming soon".

Thu, 06/23/2011 - 10:59 | 1394837 paddy0761
paddy0761's picture

So is "Gentle Ben" about to stick-save those that bet on the 200 day MVA / 1250 support sure thing...or are they toast?

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