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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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.

 

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.

Charlie Bravo's picture

Actually they double dip from two sources.

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

Charlie Bravo

savagegoose's picture

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

Dr. Richard Head's picture

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

savagegoose's picture

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

Dr. Richard Head's picture

Tit was not i.  i giggled and no junked.

goldencross10's picture

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

Boilermaker's picture

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

RockyRacoon's picture

...unnecessities...

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

Cognitive Dissonance's picture

Ouch.

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.

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.

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)

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. http://www.guardian.co.uk/world/2007/feb/08/usa.iraq1

USA! USA! USA!

DaveyJones's picture

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

Cognitive Dissonance's picture

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

Dr. Richard Head's picture

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

Cognitive Dissonance's picture

Too funny.

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

Boilermaker's picture

So? 

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

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.

LOL....

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.  

Cognitive Dissonance's picture

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

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.

HelluvaEngineer's picture

Everything is rolling over now.

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

 

 

Boilermaker's picture

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

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!

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.

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.

DaveyJones's picture

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

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. 

OldPhart's picture

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

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.

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. 

bigkahuna's picture

Not even a chance it is not raised?

doomandbloom's picture

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

spartan117's picture

Dog and pony show.

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

Tense INDIAN's picture

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

cat2's picture

Chart is years out of date.

RockyRacoon's picture

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

http://thevictoryreport.org/wp-content/uploads/2011/06/worlds-financial-...

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

Cognitive Dissonance's picture

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

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.

Dr. Richard Head's picture

Beat me to it. 

 

GOLD'S IN A BUBBLE BITCHEZ!

SilverRhino's picture

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