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An increase of at least $1 trillion is needed to keep the government running through the end of fiscal year on Sept. 30, according to a Reuters analysis.
Hence, the goal is survive to Sept 30. Ya think Timmah's in trouble?
Sound and fury signifying nothing...
They're just rearranging deckchairs on the Titanic, and arguing over what tune the band should play as we slip beneath the waves.
Meanwhile the banksters have rowed-away in all the 'millionaire special' lifeboats, leaving the rest of us to drown...
"And sure enough, we are confident that the spin of this outcome will be extremely bullish even if in reality it is the perpetuation of a baseline status quo, while the alternative would have been unthinkable."
Exactly, right! The Republicans will fail, not because they don't have the right instincts but because they don't have the correct beliefs/ideology. Their fatal flaw is that they do not ask government to stop doing ANYTHING! The beast is left intact but perhaps a little hungrier for the minor budget cuts. To fully and permanently cut the budget and bring the U.S. fiscal universe into balance you must eliminate whole agencies and their missions. You then have to freeze any increases in Soc. Sec and Medicare. In fact, Medicare and Caid should go to a per person allotment or spending account. That's it.
When the Republicans fail I wonder what comes next. I thing there's a good chance of some sort total overthrow of the Republican party. I think Dems survive because they are the party of the State and there's always a large constituency for that.
No the answer isn't that. (that's the answer to the people who want to cut services [why?] when the debt problem is a problem of legitimized fraud)
The answer is Glass-Steagall
Cancel the frauds, and you'll have TRILLIONS the gov't can utter for REAL projects that will enhance our lives AND the business climate (greater efficiency, more energy, more raw materials, and new stronger materials/superconducters, etc)
The answer isn't to cut social security, nor the EPA (although their whole Fascist Green crap has got to go....as the gas of life Carbon Dixoide, isn't the same as say Sulfur, TCE, etc). Thus the republicans are idiots. Thus Ron Paul is an idiot.
The answer isn't to print for fraud. Thus Obama, and the democrats are idiots.
The answer WILL NOT come from dems, repubs, or the corporate Tea party. As all of them are idiots about the issue. Cut....Print..WRONG!
Wipe out the debt that is causing the idiots to print or want to cut.
How? We used to do it, we had a standard in place. We just need to bring back that standard, and actually apply it to all of bankster realm.
Oh yes it will freeze the RMBS, CMBS, faulty derivatives, bogus bonds and bailouts, etc. It will take these things off the books of everywhere, put it into one wind-down institution, and forbid these things to be traded, within the U.S.
If foreigners want to continue this crap, they should know that if the U.S. does this, they'll be bankrupted immediately, even if it takes a few days, or weeks to filter through the dipshits what it actually means. But hey, they can implement these things to, and be saved like us.
Anything else, is pure idiocy.
BTW, this gives us the chance to like Hamilton, soak up the state debt, so state services no longer need to be cut. It gives us the chance to fund things like NAWAPA, fusion, space, mag-lev, machine tools, etc.
Also BTW, it gives us the opportunity to cut the bs, as I've said above, the bailouts, the corporate bankster wars, etc. So as you see, once we right the ship, with Glass-Stegall there's still plenty of cutting, and spending we need to do. But ONLY, and I repeat ONLY Glass-Steagall will give us this chance. (of course it can be called another name, it's the principles within Glass-Steagall that matter)
You don't want no gov't, you just want to get rid of corporate bankster gov't. Small gov't can be just as corrupt as big gov't. So what you really want is a gov't...of, by, and for the people...and nowhere is size in that definition. We the people decide. We decided already, we want social security, we want healthcare, we want a level playing field, we want the gov't to issue safety standards, etc.
We just don't want the corporate bankster syndicate to be issuing our decrees on the above.
Glass-Steagall will give us that chance, but we still have to then RUN IT correctly going forward. So the idiot Repubs, dems, and tea party...need to wisen up, because even the solution can be fucked up, if we go back to being idiots and focusing on the wrong issues.
Only the fools in their respective dem, repub, tea camps think THEIR way will solve it. Nope, NONE of their ways will fix anything, in fact, following ANY of their paths, will make things worse. Because with dems you get hyperinflationary death, with repubs/tea you get deflationary death ALONG with; big business killing you through reduced regulations, lower pay, very few gov't services, no heatlhcare, etc.
So either the dem path or the repub/tea path is idiotic, and will only make things worsethan they already are. Only getting the idea RIGHT, that we have been a victim, willingly or not, of fraud, and taking the steps necessary to rectify that fraud by cancelling it, will give us the room we need to right the ship. Then with our 'room' we need to address some very real problems as to do with water, energy, resources, and only big Manhattan style projects over decades, will we achieve true freedom.
NAWAPA = Water, energy, and beginning terraforming
Mag-lev = efficient transportation, lower business costs
Machine tools = better products, efficiency, less waste
Fusion = virtually unlimited energy
Fusion arc = virtually unlimited resources of elements 1-92
We don't need to pay off fraud, or cut needed services, we need the above to get beyond REAL problems, and only Glass-Steagall and a commitment to the projects above (or like ones that achieve the same goals) will give us that.
Anyone advocating a noticable different approach is pissing into the wind, and wasting their precious time on this Earth achieving NOTHING. Remember that key fact, in the end, repub, dem, tea...achieve NOTHING that we need. Because none of their ideologies actually get to the core of our problems, and since it's outgrowth of sophistry somewhere down the ideological line, it is just a 'waste of time'.
Fuck Obama, Fuck Boehner, Fuck Pelosi, Fuck Reid, Fuck Paul, Fuck Ryan, Fuck Christie, Fuck all the idiots that won't take the easy AND correct approach of grabbing the low hanging fruit that is Glass-Steagall and then not being afraid of using gov't to engage in these mankind saving projects. (no I didn't junk)
JMC8888 ..."The answer is Glass-Steagall"
Really? Tell me, how does any Law or Legislation change anything? Your starter for ten, you've got the whole of human history to work with, give me one fuking example of a single law or piece of legislation that has worked???
Does the law on murder stop murder? Does the law on drugs stop drugs? Did EU legislation saying bailouts were illegal stop illegal European bailouts? Do the warehouses full of financial regulations, including mis-selling, stop, arrest and convict the mass national mis-selling of sliced and diced mortgage fraud?
You find me a single f'n law or single piece of f'n legislation that works and i'll support your nonsense Glass-Steagall bollocks. Away you go...
Well, dumb-ass, it seemed we did pretty good for almost 80 years until regulation of the banksters was DEREGULATED by Gramm-Leach-Bliley. Commercial and investment banks were held at arms length. Christ you're a moron.
That is like saying that falling out of an airplane isn't bad. It is bad until it is.
Deregulation was done because we could not issue debt fast enough. It was needed. Sure, some banksters made off with some nice unearned income, but the system needed a new avenue of debt issuance.
Sorry, but wherever mako is right now, he is smiling.
The answer is so simple nobody will look at it.
The system is set up to crash. It has to. By issuing debt to cover p, but requiring p+I to pay it off needs constant debt expansion to survive.
Usually, there are cycles, and the banks just collect real property during the defaults. But, we also have a political system that will not allow the necessary corrections in that system. So the small defaults are put off until a big one comes. It is big enough to take down the banks. So the gov steps in to cover the deflation. Pretty soon we will see what happens when the gov and FED implode.
In short, it is nothing more than the system itself, working as designed that has caused us all our problems.
Issuing debt with interest is an exponential function. You cannot have that work as we (as non-banksters) would like in a finite world.
Sorry, but wherever mako is right now, he is smiling.
I was just thinking of him yesterday.
if you think we "did pretty good for 80 years" due to regulation then you need to chart that regulations and regulators increased, not decreased, over the time all the problems occured. We had a peak of 130 regulators no less looking at AIG, how did they do dumb-arse???
how did regulation contribute to the good 80 years? ...give me an example of a single regulation that aided the good times, how it helped any bwankers?
All regulation/regulators do is put a turd in the street for businesses to have to step around. It adds cost and time to the irrelevance of complying with red tape. And it's No.1 role of course is to allow vested interests to screw competitors
amazing how the staff between Govt, banks and regulators are so inter-changeable (inter-connected?). We're told regulators need 'experienced operatives'. Just the results of this 'experience' is not at all apparent. If by 'experience' they mean sitting their fat arses on files with global fraud in them and whistling Dixie then they sure are experienced at that.
Look how much Wank Paulsons 'experience' helped us when his former employer went bankrupt. He turned from (failed) policeman and (failed) oversight to criminal rewards for the success of bankruptcy. Another regulator 'confused' (conflicted) by their role ...where does the US Govt find these regulatory assholes???
So the huge additions of Govt regulation in the past 30 years has in fact been a big part of the insestuous in-bred WS problem and which patently has not worked and is very evident in the banking crisis, dumb-ass
Yes, exactly. Not only does regulation not work-- it creates the illusion of a level playing field. All investors MUST have a clear understanding that the game will ALWAYS be stacked in favor of the insiders, and that THE HOUSE ALWAYS WINS. The definitive case has been made, by both Hayek and Sowell.
When people fully realize this, they will of course abandon the stock markets, as they should. Publicly-traded corporations are a shitty place to put your money to work.
Buckaroo - your Gary North article is spot on. It says, "Corporate management is the Mob. It operates in terms of a system in which Congress serves as the enforcer, along with the SEC. Congress is not cleaning up the financial system, ethically speaking. The financial system is cleaning up by means of Congress."
My thoughts for a few years now. Regulation (in banking, media, healthcare/drugs to energy markets) is a protection racket for established fat cat monopolists. Regulation is fascism, nothing more, nothing less
Agreed ZG. Put another way I like to ask, "How many regulations do we need until all of life is perfected and there is no more evil?" Conversely, "How many regulations does it take to make all of life miserable, impossible and all of us become criminals?" No one has answers but instincts tell us we are far closer to the second situation.
The corollary is "At what tax rate are all social ills resolved forevermore?" The truth is that we can tax everyone 100% and there will still be social ills and the modern liberal-statist-collectivist will still be mad and claiming how unfair life is.
I vote for the other direction. Give me freedom with all its attendant problems. We will do better.
Too late for all of that. It was removed the Ponzi got out of control, and now nothing will stop it's collapse. Not even replacing the regulation's that you are advocating.
The game is over, grow up and get used to it, because none of your kicking and screaming that you are right will change that fact.
Going back to Glass-Steagal would be a good start. Taxing the hell out of the useless derivatives trade is another.
Abolishing the Taft-Hartley is another.
There are so many ways in which Uncle Sam can collect revenue. It's sad that going after the elderly and the poor are the only posited 'solutions'.
DownwiththeBanks - just a small point here but in order to tax an enterprise they need to be profitable. None of the banks you want to tax are profitable, they all went stone cold bankrupt in 2008 (hence a bailout)
If you think tax is a solution to problems, if not just your wish to use it as a tool of revenge, then come to Europe where suicide socialism now consumes up to 60% of national GDP. Tax has really 'solved' the economic problems here, another 2% out of GDP and i'm sure we'll all turn the corner from stagnant bankrupt zombie economies!
If they're broke, why can they buy/sell/trade $1 quadrillion (that's = 1,000 Trillion) 'worth' of 'assets' every day?
If you're not going to shut down the insolvent TBTF, the least we can do is tax them on their turnover.
I pay taxes when I buy staples to live - why should they be absolved of paying taxes for their turnover?
Are you twelve? I don't want to live in You're country! My country is educated with an environment that is healthy, a workforce that is building the high value added goods and services. Your country is a country of ignorant slaves to low wage jobs without a future, where people (that don't include you) are secluded behind fences with bodyguards. I laugh when I hear people from the bottom talk like they are different than the people that surround them. You wouldn't be here if you were one of the lucky sperm club trust fund babies. The country you describe is a failed country without of future competing to be the bottom fucked of the world. I will take my research/education and income to a better country than you describe. No thanks to your dark and dirty world of failure.
Does your country issue debt at interest?
Then you are merely at a different point on the same timeline.
My country issues bonds with negative yields called FRNs.
You have it exactly right. I wonder why some dip shit flagged it as "junk"
only in d.c, not spending as much is a cut....
Instead of an annual deficit of $1,600,000,000,000 it will be only $1,562,000,000,000
everything's fine. move along.
Deficit to whom?
Lots of people holding US debt are free to go fuck themselves.
The banker-gangsters, for example, are perfectly free to do so rather than holding out in expectation of ever getting paid.
let the govt fail. it's the best public service.
Apartheid Israel attacks Iran before that happens.
If the deck is going to be reshuffled, Uncle Sam would rather have a world war than any other option.
You don't understand how it all works on a personal level.
It was a soap opera - The Senators look at each other beating their breasts but in the end if it wasn't passed they would not get their housing paid, their expenses paid for and OH MY GOD I won't get a Pay Check.
BLah Blah Blah - Self interest is the only Horse you back in the race of life. WINNER.. Ding... Ding... Ding.
"We averted a shutdown. But why am I still crying ?"
Don't know much about him but I have a strong suspicion he loves his country and has stared into the abyss and seen enough to make him cry.
I wonder what crazy number they'll put the number up to next. I bet Bernie Madoff is fed up, his ponzi scheme is nothing compared with that of the global economy.
Bought another 6KG of silver last week. I wonder what silver will be at the end of this week! JPM must be getting hit hard right about now.
they just need to print some more silly....
I'm with you, dude. I am going to see about purchasing monthly. My first large purchase from last year has almost doubled. While I feel good about that I am actually sad for the reasons it is doubling. Let's all take physical or at least allocated deliveries and see if we can get the true price.
This is obama's greatest victory. Chalk up one for the people. Now he and his elite bosses can go on raping the rest of the country.
its about time the poor, elderly and sick paid. they have been living high on the hog for far too long. let them all join the armed forces or get jobs in washington.
Absolutely. And there's a lot of cleanup jobs available in Japan. Dimon is right: They should all stop their whining.
Well, the problem is, they ARE going to pay, sooner or later. The spending has outstripped the ability for even "the wealthy" to pay for it, even if you took every cent they made.
The "deficit" is ended by
1) halting the trillions dollar bankster ripoffs
2) drastically cutting military spending (including Homeland insecurity)
3) stopping the subsidies for the health insurance and pharmaceutical industries
4) ending drug Prohibition, and the mass incarcerations which only foster crime and unemployability (here and abroad).
5) adopting a sane immigration policy coupled with a sane trade policy that would not engender poverty and autocratic oligarchies in neighboring countries.
- It is myopic to look at what is "unaffordable" only within the context of continuing the present irrational policies and wealth disparities.
My friend! I will gladly live in the country you describe:) This we can achieve with time and effort.
Why people think education is a waste of money is beyond me. I don't see the rest of the world striving for more war, less education, and a greater failure of an energy policy ha!
Count me in, may I write you in for November elections?
$1,000,000,000,000,000/day in turnover, TOTALLY untaxed. Yet I pay tax on corn flakes and peanut butter.
A 1% banker-gangster turnover tax puts $1 trillion into government coffers in one day.
Bring on the welfare queen videos!
The whole thing was a fucking drama orchestrated by morons in DC of both parties. Any one here believe a shutdown would have happened with the current breed of crooks there ?
Pure and simple theatrics for the sheep on main street.
well, they do say (correctly) that "politics is show business for ugly people"
Well quoted Bananamerican. And to your point, note that the pivot point, the axis mundi, the locus of the focus was funding cancellation for Planned Parenthood.
Yee Haw, rust belt Ommer Rika (Last Reich in norse), feels Win-dick-ate-id!
Surely this drama looked well-planned (parenthood not!!!).
"In April, the annual report of Planned Parenthood Federation of America revealed that the abortion giant had a total income of $1.02 billion—with reported profits of nearly $115 million. Taxpayers kick in more than $336 million worth of government grants and contracts at both the state and federal levels. That’s a third of Planned Parenthood’s budget.
And what market-distorting results do we get for those government incentives? 289,650 abortions in 2006."
And they qualify as a non-profit in the US.
$115 million profit / 289,650 abortions = $397 profit for Planned Parenthood per abortion performed in the United States.
Take it out on planned parenthood perhaps but do not take it out on my many sisters who choose abortion over unwanted pregnancy. Back off men. You should have no, none, not any say whatsoever in this issue. Done.
It is known in USA Christian internet forums that the Great Nation has been sentenced to death by the Creator of the Universe. Revelations mention defeat by Russia and China. Abortions are a big part of the charges against USA.
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