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Here It Comes: Obama Considering Another Fiscal Stimulus

Tyler Durden's picture




 

It just never changes:

  • OBAMA AIDES SAID TO DISCUSS EMPLOYER PAYROLL TAX BREAK
  • PAYROLL TAX BREAK FOR EMPLOYERS AMONG IDEAS TO BOOST HIRING
  • ADMINISTRATION CONSIDERING MEASURES AS RECOVERY SLOWS

Bolded bullets aside, good luck passing another fiscal stimulus Dear President when you can't even issue debt without stealing money from government retirees.

From Bloomberg:

President Barack Obama’s advisers have discussed seeking a temporary cut in the payroll taxes businesses pay on wages amid economic reports suggesting the recovery is slowing, according to people familiar with the matter.

The idea, in preliminary stage of discussion, is among several being debated in the administration with the aim of boosting hiring, the people said on condition of anonymity to discuss internal deliberations. The unemployment rate in April rose to 9.1 percent, the highest level this year, and the economy is a main focus of the political debate in Washington.

The discussion reflects the political constraints the White House is operating under with the Republican majority in the U.S. House pushing to cut federal spending. A hiring stimulus based on a tax break for employers may have an appeal to Republican lawmakers, many of whom have called for measures to help businesses.

A temporary break in payroll taxes also would echo a centerpiece of the deal Obama and congressional Republicans reached in December 2010 to extend tax cuts enacted during the presidency of George W. Bush. That package included a 2- percentage-point reduction in employee contributions to the payroll tax during 2011. The tax finances Social Security and Medicare and is divided between portions paid by employers and employees.

Obama said at the White House yesterday that he’s interested in “exploring” with lawmakers from both parties extending some of the stimulus measures that were part of the tax cut package “to make sure that we get this recovery up and running in a robust way.”

The people familiar with the discussions would not characterize how seriously the idea is being considered or whether it’s moved beyond initial discussions. Other ideas that have been discussed -- and rejected, according to some administration officials -- include a temporary holiday on corporate taxes on repatriated foreign earnings.

And what permawrong Wall Street aparathick lemmings gets quoted? Why the man who had the NFP number off by 300%+ Joe Lavorgna of course:

In an analysis released shortly after the December 2010 tax-cut deal, Deutsche Bank Securities economists Joseph LaVorgna, Carl Riccadonna and Brett Ryan estimated that the employee payroll tax cut would boost gross domestic product this year by an additional 0.7 percentage points.

Enter another speechless moment, especially since it was yesterday that we discussed just how worthless the first $787 billion fiscal stimulus really was:

QE 2 Was A Disaster: Here Is Why US Fiscal "Stimulus" Was A Complete Failure As Well

Two
and a half years ago, Christina Romer, then still employed by the Obama
administration in the position of Chair of the Council of Economic
Advisers penned "The Job Impact of the American Recovery and
Reinvestment Plan" - a report predicting the impact of a fiscal
"stimulus" that took out $787 billion from the pocket of American
Taxpayers (subsequently discovered to cost even more)
and put that money...somewhere. We are not sure where, because
according to a chart now made legendary for its complete failure to
predict the future, it sure did not go into creating jobs. Below we
present the original chart that made the January 10, 2009 presentation,
and superimpose upon it the reality of the past two and a half years. It
is simply stunning. And while we are here, and discussing the abysmal
failure of QE2 (the impending arrival of QE3 notwithstanding), it is
amusing to hear the whimpering of the likes of one Richard Koo, who is
now claiming that all along the money from the Fed's monetary stimulus
should have been invested in the form of a fiscal one. Well, Dick, below is the impact of your fiscal stimulus....AND it also includes the impact of $2 trillion in incremental monetary stimulus. Combined, both
fiscal and monetary stimulus has now missed the worst case projection
for US unemployment for 30 months running. Here is the simple truth:
both monetary and fiscal stimuli are abysmal failures, when the economy
is mean reverting to a state where it was hijacked from courtesy of 30
years of "great moderation" - and there is nothing that can be done to
stop it. Correction: there is one thing - the Fed can destroy the dollar
in its attempt to disprove simple physics. And, ultimately, it will.

From the original ARRA proposal:

And the outcome:

Nuff said.

 

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Wed, 06/08/2011 - 18:08 | 1352671 alexdg
alexdg's picture

So they can't even pass the debt ceiling raise and they're going to add even more fiscal stimulus?

Wed, 06/08/2011 - 18:25 | 1352728 Fukushima Sam
Fukushima Sam's picture

Lol, Obama must be an EHM.

Wed, 06/08/2011 - 18:37 | 1352774 I think I need ...
I think I need to buy a gun's picture

gold revaluation.....if they raise the price high enough all the jobs will be coming back we will be on our own oil and there will be chaos for a few years thats all.....the dollar is the new peso.......

Wed, 06/08/2011 - 18:54 | 1352847 Weisbrot
Weisbrot's picture

a guaranteed way for a lasting stimulus

1> BHO along with the cabinate & senor staff resigns

2> the bernanke & timmah resign

3> pelosi, reid, & frank resign

business & economic sentiment will soar like never before

this must be done as soon as possible

please inform all of the above that it is their duty to step aside and let those that are able and uncorrupted take charge

 

Wed, 06/08/2011 - 19:51 | 1352980 Pure Evil
Pure Evil's picture

The Bilderbergers would shvt bricks and piss blood.

 

Of course we would still have Boner and Wienerschnitzel, (the new Bevis and Butthead),

 

(Boehner & yes Weiner)

Wed, 06/08/2011 - 20:07 | 1353022 Spastica Rex
Spastica Rex's picture

That's pronounced B-AYYYYYY-NUHR, citizen.

Wed, 06/08/2011 - 21:20 | 1353222 Pure Evil
Pure Evil's picture

My bad, I thought it is was boner, as in woody, better known as Rep. Weiner.

 

Stickin' it to the peasants since 1913.

Wed, 06/08/2011 - 22:48 | 1353437 TruthInSunshine
TruthInSunshine's picture

I hereby nominate this song for Obama's 2012 Official Re-Election Anthem, so enjoy:

Curtis Mayfield - Pusherman

It's just the perfect tribute, and works for The Bernankstain, too! LULZ.

Wed, 06/08/2011 - 22:54 | 1353470 cossack55
cossack55's picture

I always liked Brother Have You Got a Dime.

Thu, 06/09/2011 - 02:04 | 1353794 TruthInSunshine
TruthInSunshine's picture

That's good, too.

I also like an Irishman Abroad Telling It Like It Is, though it's prose, and not music, but fantastic nonetheless.

An Irishman abroad tells it like it is
Thu, 06/09/2011 - 02:57 | 1353827 Michael
Michael's picture

I approve of every spending program the federal government can pull out of its ass.

It will make the explosive complete and total economic collapse that much more a spectacular explosion as the entire world collapses in a black hole of debt. 

Wed, 06/08/2011 - 21:41 | 1353228 Pure Evil
Pure Evil's picture

Double nut.

Thu, 06/09/2011 - 02:11 | 1353801 TruthInSunshine
TruthInSunshine's picture

Man, I see in fight club the strongest and smartest men who’ve ever lived. I see all this potential, and I see squandering. God damn it, an entire generation pumping gas, waiting tables; slaves with white collars. Advertising has us chasing cars and clothes, working jobs we hate so we can buy shit we don’t need. We’re the middle children of history, man. No purpose or place. We have no Great War. No Great Depression. Our Great War’s a spiritual war… our Great Depression is our lives. We’ve all been raised on television to believe that one day we’d all be millionaires, and movie gods, and rock stars. But we won’t. And we’re slowly learning that fact. And we’re very, very pissed off.

Wed, 06/08/2011 - 20:06 | 1353020 Things that go bump
Things that go bump's picture

Excuse me.  Who are those paragons of whom you speak?

Wed, 06/08/2011 - 20:07 | 1353021 oncefired
oncefired's picture

We need to hasten the bankruptsy of the nation - the problem can't be solved. We will have some overdue pain, we can perform a French revoltion on all the big banks and politicains, then pick ourselves up, dust ourselves off and start over

Wed, 06/08/2011 - 20:15 | 1353041 LongBalls
LongBalls's picture

It is that time. Time for the "R"! We need to abolish the Fed. and end fractional banking. Game ON!

Thu, 06/09/2011 - 00:58 | 1353706 Widowmaker
Widowmaker's picture

Give me a break.  The way to help small business is trust busting - start with all those taxpayer subsidies and zero taxes.  How the fuck can small biz compete with corps that treat tax as revenue?! End too big to fail/jail.

Thu, 06/09/2011 - 01:00 | 1353722 Yen Cross
Yen Cross's picture

 YA GOTTA BE (straight up and honest)

     I don't like spiders, BUT I respect the  BITE!

 

                                                                                                   oUCH ' YEN

Wed, 06/08/2011 - 22:31 | 1353425 FEDbuster
FEDbuster's picture

Why couldn't they all just take a trip to Russia on a Polish jet?

Thu, 06/09/2011 - 05:06 | 1353891 Weisbrot
Weisbrot's picture

 

or even a token event like aboloshing the thing known 0bamacare would go miles in creating jobs as the uncertainty of employee expenses would be gone.

 

Wed, 06/08/2011 - 18:52 | 1352840 Cleanclog
Cleanclog's picture

What is EHM?  Even Huger Moron?

Wed, 06/08/2011 - 18:58 | 1352858 pslater
pslater's picture

"What is EHM? Even Huger Moron?"

Economic Hit Man from the Charles Perkins book "Confessions of an Economic Hit Man."

Wed, 06/08/2011 - 19:06 | 1352868 Fukushima Sam
Fukushima Sam's picture

Economic Hit Man.  The guys who work hard to get developing countries to accept huge social and infrastructure projects with the goal of getting them in so much debt that they default and you can get them to do whatever you want.

See the book "Confessions of an Economic Hit Man".

The developing nations don't bring in enough money to keep this Ponzi boat afloat plus they have a new world order to implement so the financials turned their sites on the American people.  Subjugation through debt.

Wed, 06/08/2011 - 20:10 | 1353032 jesse livermoore
jesse livermoore's picture

i have read the book and you summed it up nicely.  the book really opened my eyes

Wed, 06/08/2011 - 19:05 | 1352872 nmewn
nmewn's picture

I'm still trying to figger out this;

"President Barack Obama’s advisers have discussed seeking a temporary cut in the payroll taxes businesses pay on wages..."

I have no earthly idea what that winds up meaning...unless they are going to allow businesses to cut back on their "contribution" to Social Security.

Wed, 06/08/2011 - 19:32 | 1352948 hedgeless_horseman
hedgeless_horseman's picture

LOL...or maybe reducing our contributions to unemployment, because the states' UE accounts are so flush with cash.

Wed, 06/08/2011 - 19:50 | 1352976 nmewn
nmewn's picture

Thought about that after I posted, what the business pays into unemployment insurance...they're still pushing from the wrong direction IMO.

All taxes need to be cut on wage earners right down to the local level...it taking both parents having a job to afford a middle class existence is complete bullshit...I know, I am.

No wonder we got 12yr olds killing people...its fucking ridiculous.

We both know how unbacked fiat ends, so all this is pointless anyways, but we could be a whole lot less stressed as we wait for it ;-)

Thu, 06/09/2011 - 10:07 | 1354250 Thisson
Thisson's picture

Sorry friend, but cutting your income taxes won't actually improve your standard of living because you are still competing with other employees.  Accordingly, once tax rates changes, wages will adjust to a lower nominal level (but same real income level) as competition among job-seekers drives down wages to the new equilibrium level.

On the flip side, companies would create more jobs because it would be cheaper for them to hire employees.   

Wed, 06/08/2011 - 21:15 | 1353231 smlbizman
smlbizman's picture

so they are going to give me a tax break on the employees i don't have any more...now i dont have me one of them phd things but if my phone started ringing than i would hire regardless of the taxes...but wtf do i know, no phd , no  fancy beard and... no demand

Wed, 06/08/2011 - 19:38 | 1352958 knukles
knukles's picture

Every fucking thing else already done has been a failure so in desparation let's try employer tax cuts.
Tax cuts!
Not for the working man, for employers.

It was business tax cuts in Paul Krugman's cubicle by the Obama Administration.
Clueless.

Wed, 06/08/2011 - 19:53 | 1352985 nmewn
nmewn's picture

They were all trained at the same academy, I really suspect they are not genuinely evil personally...just fucking clueless.

Wed, 06/08/2011 - 20:16 | 1353045 Manthong
Manthong's picture

I believe he said employer payroll tax - that means their portion of social security.

Like Social Security isn't operating at a deficit now either.

WTF, it's all smoke and mirrors anyway.

Thu, 06/09/2011 - 00:08 | 1353636 Sam Clemons
Sam Clemons's picture

I didn't think businesses paid taxes anyways. See GE.

Can't they just take clients to some worthless sports game (to artifically inflate prices so much that the proles can only enjoy the bread and circuses from home or once in a blue moon) so they can deduct as a business expense?  Or Wall St style, order hookers, blow, and lots of alcohol and call it a business expense.

Thu, 06/09/2011 - 08:11 | 1354015 Absinthe Minded
Absinthe Minded's picture

TBTPT Too big to pay taxes.

Wed, 06/08/2011 - 23:52 | 1353617 Oh regional Indian
Oh regional Indian's picture

Try this little EHM story if called.
Hitmen indeed.

http://aadivaahan.wordpress.com/2011/06/07/bend-your-mind-around-this/

ORI

Wed, 06/08/2011 - 21:36 | 1353295 Sam Clemons
Sam Clemons's picture

It is legislation like this that made America great.

Wed, 06/08/2011 - 23:55 | 1353618 G-R-U-N-T
G-R-U-N-T's picture

He's Brilliant!!!!! God help us! Ugh!

Thu, 06/09/2011 - 05:24 | 1353898 laomei
laomei's picture

Why is this so fucking impossible for them to grasp? If you want to increase jobs, you must increase demand without cutting supply.  How do you do that? By dumping cash into people's hands.  No not the rich people, not the upper class or upper middle class.  Unemployment payments have been proven again and again to be the biggest boost to the economy so far.  Why is that? Because people getting them, spend it! Tax the rich more, kill taxes entirely for everything under 20k a year, remove the cap on FICO taxes, set capital gains tax equal to or higher than income tax levels.  Take all that extra money and dump it into the economy in the form of infrastructure improvements and repairs.

 

As long as you direct the flow of cash driving the economy, you can ensure it primarily goes towards GOOD THINGS.  Contrary to GOP idiocy... rich people do not create jobs.  Demands of the proletariat are what create jobs, rich people only part with money when forced either by market demand or government regulation.

 

It's really as simple as that... It's time for all the banks to take a haircut and deal with it, if they don't want to play ball they can be nationalized.

Thu, 06/09/2011 - 10:43 | 1354356 ChartreuseDog
ChartreuseDog's picture

So, you dump cash into the lower lower to lower middle classes, who then go out and buy cheap junk from China. China then improves their infrastructure, builds factories, etc.

The people with the money who would be investing in new plants, new technologies, then invest their money in places with lower tax rates. Eventually, they just leave.

Net job creation here: negative.

Thu, 06/09/2011 - 10:44 | 1354359 ChartreuseDog
ChartreuseDog's picture

Sorry, double post.

Thu, 06/09/2011 - 11:40 | 1354565 Thisson
Thisson's picture

You, sir, apparantly are unfamiliar with the concept of Moral Hazard.  Unemployment Insurance and Supplemental UI already cover 99 weeks.  That is MORE than enough.

Further, central planning is the road to serfdom.

The answer is to cut the burden the parasites impose on the productive.  That means cutting spending, reducing government, and cutting taxes.  Let the MARKET figure out where to deploy those extra funds, not the central planners.

Wed, 06/08/2011 - 18:33 | 1352743 zaknick
zaknick's picture

Central Planning at its finest from the same ppl who brought you Hitler and
Communism! The zionist money laundry bankstr cartel!

Thomas Jefferson argued that the United States needed a publicly-owned central bank so that European monarchs and aristocrats could not use the printing of money to control the affairs of the new nation.  Jefferson extolled, “A country which expects to remain ignorant and free…expects that which has never been and that which will never be.  There is scarcely a King in a hundred who would not, if he could, follow the example of Pharaoh – get first all the people’s money, then all their lands and then make them and their children servants forever…banking establishments are more dangerous than standing armies.  Already they have raised up a money aristocracy.” Jefferson watched as the Euro-banking conspiracy to control the United States unfolded, weighing in, “Single acts of tyranny may be ascribed to the accidental opinion of the day, but a series of oppressions begun at a distinguished period, unalterable through every change of ministers, too plainly prove a deliberate, systematic plan of reducing us to slavery”. [7[

Wed, 06/08/2011 - 18:34 | 1352757 Orly
Orly's picture

So even Jefferson saw these plans as plain as day even way back then.

I just don't understand what people don't understand.  Theory aside, there is a definite conspiracy afoot and has ben for three hundred years.

Wed, 06/08/2011 - 18:43 | 1352802 Nathan Muir
Nathan Muir's picture

Apathy is a bitch.  Although I heard a rumor that Ron Paul can cure it...

Thu, 06/09/2011 - 00:05 | 1353628 Oh regional Indian
Oh regional Indian's picture

Why Orly, that is what Cognitive dissonance is for. It's easier to be comfortably numb than to be wide awake.

ORI

Thu, 06/09/2011 - 01:04 | 1353734 Orly
Orly's picture

Of course but it is harder to be comfortably numb when your entire lifestyle has been stolen from you.  That is where all of this is headed.  I can see that many, many more people than I ever thought possible are waking up to what is really going on.

For the first time in a long time, I have hope for all people who yearn to live free.

Wed, 06/08/2011 - 18:44 | 1352805 topcallingtroll
topcallingtroll's picture

You talk like such a socialist sometimes that I am surprised to see you against central planning.  Maybe you only support "good" central planning.

Wed, 06/08/2011 - 19:06 | 1352859 zaknick
zaknick's picture

Public, truly democratic central planning is nothing more than a society coherently facing its challenges on the way to providing a decent standard of living fir EVERY CITIZEN.
Fraternity, equality, and liberty (and a good dose of grassroots Austrian economics supported by the state intelligently) is the formula.

Each country develops its own resources and trades for what they don't have. Widespread knowledge of physics and chemistry open up Nature's bounty for all. No monopolies and especially no private monopolies controlling the money or the other commanding heights of the economy are private wealth but public goods.

That is how you support and grow a truly widespread middle class.

Direct democracy through a secure forum online is how it is supposed to be. One citizen one vote, no politicians stealing our ppl's and our countries potential or giving away its wealth to foreigners.

Wed, 06/08/2011 - 19:14 | 1352900 nmewn
nmewn's picture

"Direct democracy..." is the quickest path to the tyranny of the majority on the minority.

Wed, 06/08/2011 - 19:15 | 1352903 Orly
Orly's picture

Hear here!

Wed, 06/08/2011 - 19:23 | 1352924 Teddy Turner
Teddy Turner's picture

There is always going to be hierarchy and I can accept that, but in order to keep it under control the lower class must always resist.

Wed, 06/08/2011 - 21:34 | 1353275 Cheesy Bastard
Cheesy Bastard's picture

Central planning can never allocate resources better than markets.  Millions of people each acting in thier own self interest act as a filter.  Central planners, no matter how "intelligent", can never know what the people need or want better than the people themselves.

Thu, 06/09/2011 - 06:37 | 1353943 zuuuueri
zuuuueri's picture

But that has never been what central planning was about. That was just an oxymoronic smoekscreen to put most of the masses back to sleep. The purpose of central planning is not to allocate resources to meet the needs or wants of the people, but to meet the needs and wants of the rulers. duh. 

Of course, it is also known to simply not work very well even for its true purpose.. but there will always be a supply of shortsighted greedy aspiring despots who are willing to give it a try. 

 

 

Wed, 06/08/2011 - 19:28 | 1352925 Teddy Turner
Teddy Turner's picture

By the way... Go Dallas Mavericks!  I hate that punk Labron.

Wed, 06/08/2011 - 20:14 | 1353049 Spastica Rex
Spastica Rex's picture

Plato approves this comment.

Wed, 06/08/2011 - 19:22 | 1352920 Husk-Erzulie
Husk-Erzulie's picture

Lose The State and you're sniffing around in the right direction :-p

Wed, 06/08/2011 - 23:00 | 1353476 Beatscape
Beatscape's picture

The problem stems from a broader perspective and the administration's lack of an explicit plan to deal with future budget deficits and with the exploding national debt. This creates uncertainty about future tax increases and interest rates that impedes spending by households and investment by businesses. The national debt has jumped to 69% of GDP this year, from 40% in 2008. It is projected by the Congressional Budget Office to reach more than 85% by the end of the decade, and to keep rising after that. The reality is even worse since ObamaCare alone will cost more than $1 trillion in its first 10 years. The president's boast that his health legislation would not "add a dime" to the national debt was possible only by combining that increased spending with proposed new taxes and with projected cuts in Medicare spending that will never occur. A short term hit of payroll tax stimulus heroin may juice equities for a day or two and give Oblahma a micro bump in the polls, but doesn't change the big picture one bit.

Thu, 06/09/2011 - 02:37 | 1353814 StychoKiller
StychoKiller's picture

It's like watching a bunch of chimps randomly pushing the buttons on the Bridge, and going "ape" every time the lights blink!   Sooner or later, they'll launch a photon torpedo, or engage the self-destruct of the starship!

Thu, 06/09/2011 - 04:15 | 1353870 KlausK
KlausK's picture

+ 1

Wed, 06/08/2011 - 23:55 | 1353605 Founders Keeper
Founders Keeper's picture

[Thomas Jefferson argued that the United States needed a publicly-owned central bank so that European monarchs and aristocrats could not use the printing of money to control the affairs of the new nation.]---zaknick

Hi zaknick. I gather the spirit of your post, but some clarification might be helpful.

Jefferson did NOT argue the US needed a "publicly-owned central bank."

I consider the foundation of the Constitution as laid on this ground: "all powers not delegated to the U.S. by the Constitution, nor prohibited by it to the states, are reserved to the states or to the people."... ---Thomas Jefferson Opinion against the constitutionality of a national bank, 02-15-1791.  (Addressed to G. Washington)

Therefore, no central bank. Not privately owned, nor publicly owned.

Furthermore, consider juxtaposing Jefferson's life and writings to your socialist posts regarding democracy, central planning, distribution of wealth, social "equality," etc. I think you'll find your position quite opposite that of Jefferson's.

 

Thu, 06/09/2011 - 00:01 | 1353623 Orly
Orly's picture

It was America's original globalist, Al Hamilton, who was in favour of a central bank.  I remember reading somewhere that Jefferson was adamantly opposed to a central bank in any form.

Thu, 06/09/2011 - 00:21 | 1353650 Founders Keeper
Founders Keeper's picture

Hi Orly.

You're right.

It was Hamilton who single-handedly convinced G. Washington to sign the bill authorizing the creation of the First Bank of the U.S., chartered 1791-1811. (Hamilton was Washington's Sec of Treasury. Jefferson was Washington's Sec of State.)

Hamilton's "central bank" mentor was NY Gov Robert Morris. Another misguided central bank champion.

I have a very low opinion of Hamilton.

 

Thu, 06/09/2011 - 01:11 | 1353748 Orly
Orly's picture

Whatever your opinion of Hamilton's policies, you must admit that he was a pretty sharp cookie.  He was overseeing the financial affairs of a plantation in Bermuda (or somewhere in the Caribbean...) at a very young age (13...?) and had pulled himself up from humble beginnings.

This must have been where he got his ideas of globalism, serfdom and debt.  As long as he was the one pulling the strings, he was down with it.  Had he been agrarian, as was Jefferson and Washington, I doubt that he would have embraced the idea of a central bank so closely.

It's good to be the King, he figured, but it's even better to be the King's banker.

:D

Thu, 06/09/2011 - 02:05 | 1353791 John_Coltrane
John_Coltrane's picture

And let's not forget Hamilton very much admired the European model of a large standing army which required large debts to finance.  He made sure the debts of the individual states became that of the federal government thus insuring their subordination to the central federalist planners.  Jefferson opposed all these positions.

Thu, 06/09/2011 - 05:09 | 1353894 Husk-Erzulie
Husk-Erzulie's picture

Dude was alive today he'd be "A-ham" God bless im.

Wed, 06/08/2011 - 18:44 | 1352782 wanklord
wanklord's picture

Barry would be better off running for the seat of the UN Secretary General. He knows very well that the brute and ignorant American populace is already upset with the changes he brought to the "Land of the Free, Home of the Brave" (in fact, he will have more power and influence than any head of state in this planet). Time for Mitt to take the post in 2013, so he can teach the herd how to store food during times of tribulation.

Wed, 06/08/2011 - 21:42 | 1353313 Cathartes Aura
Cathartes Aura's picture

. . . as endorsed by Ann Coulter & Rush Limbaugh.

well, at least his religion has masonic roots, he just may "fit in".

Wed, 06/08/2011 - 19:18 | 1352902 Cdad
Cdad's picture


Here It Comes: Obama Considering Another Fiscal Stimulus

You know...we are so fucking far out over the fiscal skis at this moment that I am, indeed, having a speechless moment............................

Now that my speechless moment has passed, I want to thank every dip shit, Apple fucking zombie, every self-esteem chasing non parent, every empathy seeking transsexual, or misunderstood and self absorbed modern American power vanity queen [who is not yet quite satisfied by her career], and whatever other fucking dip shit, emotive freak show that I have failed to mention that helped bring Barack Obama into the White House.  

In the end, this whole nightmare chapter in American history may well be solved by the establishment of this man as our President...if only we can cling to God and our God given liberty when this guy absolutely crashes this entire nation.

As I have been saying for quite a long time now, better to live in the post zombie apocalyptic world than to continue to live in this bullshit, corporatized, kleptocracy, banker infested shit hole, pretending somehow that your wife's career is soooooooooooper important, and I am taking a fucking Feng shui class in the evenings, all of us are a twitter over the upcoming release of the green fucking iPhone 9.  Fuck me.

I shall now attempt to return to some level of speechlessness, and I apologize to my brethren for my curse infested rant.

 

 

Wed, 06/08/2011 - 19:27 | 1352933 nmewn
nmewn's picture

I enjoyed it ;-)

By all appearances this (insider discussion) has all the hallmarks of fascism...just trying to "push" demand...but what else is new.

Here's a novel idea...cut the wage earners tax rates!...at the federal, state & local levels...its the cumulative rate of taxation not just the feds...I know, I know...that's some crazy shit right there, but it is something that's never been tried, yet...its not like they can ever go broke, they have a printing press...LOL!

Wed, 06/08/2011 - 19:55 | 1352987 ColonelCooper
ColonelCooper's picture

Help for the little people is irrelevant, because little people are irrelevant.

Wed, 06/08/2011 - 20:06 | 1353019 nmewn
nmewn's picture

Seems so, at least now we know where they stand.

This whole thing sounds like something his new "advisor" would come up with (Daley)...as if Immelt wasn't bad enough.

Thu, 06/09/2011 - 00:19 | 1353645 forexskin
forexskin's picture

c'mon colonel, Jeff isn't it, didn't the little people roll some heads about 200 years ago when the enemy inside the gates pushed it too hard?

'fraid that's what we got here, but at least we got a 2nd helping, save on building those big, messy knife slidin' things...

Thu, 06/09/2011 - 01:08 | 1353746 TruthInSunshine
TruthInSunshine's picture

It's just money, and it's not like we're not in debt to the tune of anywhere from 60 trillion (David M. Walker's figure) to 202 trillion (Laurence Kotlikoff) if one incorporates obligatory demands through 2025, so what's the big deal?

 

/sarc

Wed, 06/08/2011 - 20:00 | 1353006 Quinvarius
Quinvarius's picture

Or they could reset all the existing real estate loans to principal only with no interest.  That pretty much fixes the banks as far as solvency, the home market, and puts money in people's pockets.  It has the added attraction of actually having been done successfully in the past.

Wed, 06/08/2011 - 20:13 | 1353046 nmewn
nmewn's picture

Word up!

Its almost like we own them free and clear now if, as socialists say, "we" are supporting FRE & FNM ;-)

Hmmm...this line of thought needs exploration.

Wed, 06/08/2011 - 19:37 | 1352955 Trillax
Trillax's picture

Don't apologize Cdad, it's similar to things I've said myself multiple times while polishing off a bottle of wine or two.  Sometimes the insanity gets to me so bad the wife has to encourage me not to go play Tiddlywinks on the Interstate while singing songs from my teenage angsty period from the early 80s.

Sometimes I try to rationalize it -- and the only thing I've come up with is that it can't be rationalized. You couldn't make this shit up if you tried.  My current problem is trying to see myself through another four years after he gets re-elected; the consolation is that I don't think I'll have to torture myself as much as I did during GWB two terms since I'm a little more prepared this time around.

Take it easy. ;)

Wed, 06/08/2011 - 20:11 | 1353038 Sheriff Douchen...
Sheriff Douchenik from AZ's picture

Cdad - that may have been the best post I've ever read on here. Let's just enjoy the precious time left where we can post such opinions before it is outlawed in it's entirety.

Wed, 06/08/2011 - 20:37 | 1353100 boiltherich
boiltherich's picture

Sorry, had to junk you for the way you selected certain scapegoats to vent upon, but I will say that I feel your pain.  You see I was a life long dyed in the wool FDR democrat who disapproved of some of Bill Clinton's antics but to this day think the economy of the USA not only recovered under him it peaked forever.  And given the congress he had to work with that was a bloody miracle.

It did not take all those millions of freaks you spew at, it took exactly four people to install Obama, Donna Brazille, Ralph Dawson, Rham Emanuel, and their ringleader Howard "I have a scream" Dean.  Those are the four on the democratic rules committee that decided to disenfranchise the voters of Florida and Michigan thus bringing Hillary Clinton's delegate count below what was needed to win, in spite of the fact that more democrats voted for her in the primaries than for BHO.

That was when I stopped being a democrat, and before anyone jumps to any conclusions I have to say I would never ever under any circumstances no matter how emergent they were cast a vote for a republican, it is just that now I would also never vote for a dem.  Keep in mind that FL and MI were taken from the convention because they moved their primary dates forward to the point where the new date made them relevant in the voting.  But, four state actually moved their primaries forward, FL, MI, SC, and NV, but SC has only one democratic constituency, the blacks that live there and guess who they favored?  So we can't take away their votes.  And NV also was in the OBH camp at least outside of union strongholds of Reno and LV, so they got to keep their delegates, but the delegates from rural areas counted for more delegate weight than those in Clinton heavy cities. 

Now I do not want to accuse these four people of reverse racism or anything, but do a google image search on them and figure it out for yourself.  Two are black, Emanuel is from Chicago and knew Obama personally so would personally benefit from his win, and he has greatly, and Dean has had an axe to grind with the Clinton's since his voice cracked ruining his presidential aspirations in the nineties.  Hates their guts in fact. 

Lastly, as a Clinton supporter in the last election I can tell you that Obama has NOTHING at all to do with politics, what he amounts to among his supporters is a religion, that is why by any normal standards his presidency would be deemed a total and complete failure by now and the party would be ready to accept his status as Jimmy Carter II, my own brother so believed in him and was so incensed when I tried to ask what the man's qualifications were that we have not spoken since, and I am fine with leaving it at that.  At least the Clinton's already had a Washington dynasty and connections they could tap and knew how to get shit done, by now unemployment would be 5% and the budget would be headed in the right direction again, there would have been some hope, but after the first two years of Barry O I have no hope left for America as we knew it.  Our best bet at a decent life now would actually be union with Canada and Mexico. 

Oh, and for those of you still thinking it should have been McCain get a fucking clue, he did not have from day one ANY chance of winning, anyone run against him would have beat him even worse than Obama did.  And lets not leave out the total assholes that consistantly voted for Nadir time after time, way to gut the progressive left dude.

Wed, 06/08/2011 - 21:29 | 1353263 Blano
Blano's picture

I junked you just 'cause you blamed one side.  McCain wouldn't have been any better, for sure.

Wed, 06/08/2011 - 21:54 | 1353344 boiltherich
boiltherich's picture

OK, to each his own.  Viva la free speech right?

Wed, 06/08/2011 - 22:52 | 1353462 TruthInSunshine
TruthInSunshine's picture

Some people truly believe in either a) Republicans, or b) Democrats.

They actually believe there's a difference (core, not asinine, theatrical 'wedge issue' drama for show) between them, or more importantly, that they actually represent different interests or seek different goals.

Deep Capture. They don't understand Deep Capture. They think the notion of a complete and total corpocracy is "conspiracy talk."

Thu, 06/09/2011 - 00:55 | 1353716 Manthong
Manthong's picture

Clinton was a lucky schmuck.

The Congress from '94 to '06 was halfway decent.

Carter and Obama represent the nadir of US presidential service.

Thu, 06/09/2011 - 01:10 | 1353747 TruthInSunshine
TruthInSunshine's picture

Clinton signed the China MFN Trading Status into law, which papa Bush had teed up and waiting.

Treasonous bastard. Ross Perot nailed that one.

Wed, 06/08/2011 - 21:46 | 1353316 equity_momo
equity_momo's picture

Ah , new to the Matrix sir? Take a seat.. What you vote on every 4 years is FUCKING IRRELEVANT. got it? Good. Now swallow that fucking red pill.

Thu, 06/09/2011 - 00:21 | 1353651 forexskin
forexskin's picture

i junked you cause you still take the puppets seriously - once that red pill goes to work, you'll see the strings...

Thu, 06/09/2011 - 00:54 | 1353715 Sunshine n Lollipops
Sunshine n Lollipops's picture

If voting changed anything, they'd make it illegal.

Wed, 06/08/2011 - 20:46 | 1353130 firefighter302
firefighter302's picture

+1

On entitlements?, you forfeit your right to vote. (for more freebies.)

That will solve many problems.

 

Thu, 06/09/2011 - 02:46 | 1353820 StychoKiller
StychoKiller's picture

As long as that covers Corporate lackeys receiving corporate welfare, you got a reform plan going!

Wed, 06/08/2011 - 20:49 | 1353138 Hulk
Hulk's picture

Nice Rant. Let us know if there exists an arrangement of furniture such that negative energy is funneled somewhere else...

Wed, 06/08/2011 - 21:41 | 1353309 Orly
Orly's picture

There is.  It's the colour violet (purple...).  To redirect energy from one doorway and to another room, use purple flowers above the doorway.  To keep energy in a room, use a painting with purple in it, etc.

 

Wed, 06/08/2011 - 21:58 | 1353353 Hulk
Hulk's picture

This is allowed in Texas?

Wed, 06/08/2011 - 23:09 | 1353505 Orly
Orly's picture

Feng Shui?  Absolutely.  It is an interesting concept that developed aeons ago in ancient China.  The words literally translate to "wind water," basically meaning the power of nature.

Originally, it was designed to pick a place to bury the dead so that their spirits could watch over you with the most power from nature.  The hills in China were thought to represent sleeping dragons and the most powerful dragons slept facing a certain direction, or along rivers or lakes, for example.

Since then, it has evolved to include how we can arrange our lives to capture the most powerful good energies, while deflecting the most harmful ones.  For instance, if your front door faces a certain direction, it should be painted in a certain colour to attract the best energy.

It is really interesting.  Does it work literally?  Who knows?  But using feng shui is most pleasing to the eye and to the sensibility, so there must be at least that going for it.

Wed, 06/08/2011 - 20:51 | 1353145 comfortablynumb
comfortablynumb's picture

And that's why they want to keep the masses dumb downed and uneducated.  Keep recycling shitty, bought and paid for congressmen, shitty presidents who have never held a real job, and shitty politicos at even the local levels.  We have to get our brethren educated or at least knowledgable of what is happening to this country.  The Obama Experiment has been an utter failure and it's time to move on. Join the Campaign for Liberty and spread the word about Congressman Paul, be proactive even if it's just your family/friends!

Wed, 06/08/2011 - 22:05 | 1353369 boiltherich
boiltherich's picture

Paul is likable, but now too old (76 in August), and he is a social troglodyte anyway.  What the right just has to get past before anything can be accomplished economically or financially is that this is a secular nation with a pluralistic society, what more can be said.  Obama is not president because he is the best man for the job (DUH!) but because a majority of Americans just will not subject themselves to the GOP Taliban, every time they get in they alienate a whole new generation of people who do not need to be told how to live their lives or what they can do with their bodies.  He has done some wonderful things, but they are all negated by his intrusive stance on religion and "morals" law. 

Wed, 06/08/2011 - 23:13 | 1353515 Waffen
Waffen's picture

Ron Paul's intrusive stance on religion and "morals" law?  You sir don't know what the fuck you're talking about.

Wed, 06/08/2011 - 23:22 | 1353528 morty_schatzberg
morty_schatzberg's picture

pluralistic society? Only in the last 50 years. Before 1960 America was 90% homogeneous. Pluralism was rammed down the throats of the American people by charlatans like Ted Kennedy who promised otherwise. I am calling for secession rather than union, and neither You, Nor starry-eyed masons, nor greedy globalists, and Jew/Zionist NWO power mongers will achieve otherwise without meeting the resistance of millions. Unity through coercion is not a solution, it is the status quo. I demand separation, stability, and social integrity.

You genocidal one-world motherfuckers will transform the whole world into a blood bath.

 

Union with Canada and Mexico over MY DEAD BODY.

 

Thu, 06/09/2011 - 00:27 | 1353654 forexskin
forexskin's picture

word

Wed, 06/08/2011 - 23:52 | 1353608 Miss anthrope
Miss anthrope's picture

I pray for the wisdom of this 76 year old person to lead our poor tired nation.

Wed, 06/08/2011 - 23:26 | 1353268 Mad Marv
Mad Marv's picture

Think I'm gonna help the empty suit get re-elected.  Will speed along the implosion.  In the meantime, every penny I earn going into guns & ammo (bought from gun shows or individuals with cash), beans, and portable wealth.  Maybe PMs or things that will help us survive the coming apocalypse.  We have land that we have owned since before civil war with solid water source.  We'll wait these fuckers out until the zombies eat each other and things reset.

Wed, 06/08/2011 - 21:49 | 1353308 SamuelMaverick
SamuelMaverick's picture

Cdad, that was fucking beautiful. You sound like me and my brother when we talk out of earshot of the sheeple dipshits. PYPF ( piss your pants funny )... 

Wed, 06/08/2011 - 21:57 | 1353352 SamThomas
SamThomas's picture

That was pretty good!

Thu, 06/09/2011 - 00:26 | 1353658 Mentaliusanything
Mentaliusanything's picture

Cdad- You are not alone. Let her rip sometimes lest you take it out on the ones you love.

What I do when I feel the bile in my throat rising and the eyes seeing red is take a walk in a forest away from the virus that is infecting this World, take my shoes off, close my eyes and listen to the stream echo in silence of the valley. Then I know I am not alone and truly rich to be alive and free.

If only the f#@king Ranger would stop arresting me for "vagrancy" and "loitering without just cause" I think I could heal.

Thu, 06/09/2011 - 01:01 | 1353729 TheProphet
TheProphet's picture

That was all good. I liked it. I am normally far more verbose. But I just liked it.

 

Wed, 06/08/2011 - 19:47 | 1352973 LongBalls
LongBalls's picture

OBAMA is a f*****g idiot ass***e! Temporary measures to a problem seeking permanent solutions will never work. Why would a company hire in the face of weak demand when they know the stimulus will expire? This is nothing but another welfare check to corporations at the expense of all in real terms via the budget deficit and national debt.

He is purposefully seeking the destruction of the American economy for the master money changers at the central banks and their world domination desires.

This is quite a show and would be amusing if it did not have real world consequences.

 

Wed, 06/08/2011 - 20:05 | 1353015 solgundy
solgundy's picture

Hey...this is important...payments to State & Local gov't unions from the last "stimulus scam",runs out on June 30....it's all about the dues payments which get directly funnel into the democrat party coffers....remember...it's for the children

Wed, 06/08/2011 - 20:44 | 1353123 boiltherich
boiltherich's picture

No Child's Behind Left!

Wed, 06/08/2011 - 20:14 | 1353035 WALLSTREETPRO
WALLSTREETPRO's picture

Take money and put it in the hands of employers ... who can invest in what?  Hiring more people to NOT SELL their crap?  Even Walmart needs shoppers, not more employees.  Employers, mark my words, will just keep the money.  That's what banks did with the stimulus / bailout / free roll and carry curve ... kept it because they know how much crap they still have on their books ... and why loan money? 

 

Never go full retard.

Wed, 06/08/2011 - 21:15 | 1353229 Don Quixotic
Don Quixotic's picture

Is it just me or did the Dems just propose covert social welfare?

Wed, 06/08/2011 - 21:19 | 1353230 Don Quixotic
Don Quixotic's picture

Is it just me or did the Dems just propose covert social welfare?

Wed, 06/08/2011 - 22:14 | 1353396 Don Quixotic
Don Quixotic's picture

Is it just me or did the Dems just propose covert social welfare?

Thu, 06/09/2011 - 02:48 | 1353823 StychoKiller
StychoKiller's picture

Covert?  To the Ignorati, perhaps; but not to someone paying attention!

Thu, 06/09/2011 - 06:31 | 1353935 writingsonthewall
writingsonthewall's picture

I don't see that there is a choice - it's a politicians gambit.

Do nothing - get blamed for inaction

Do something - get blamed for making a bad decision

Who would want to be president eh? A billion people who are adamant they know the answers - and yet not one of them has to take responsiblity for those suggestions.

If I were him I'd impeach myself and hand the reigns back to Bush - it's his mess, let him sort it out.

Wed, 06/08/2011 - 18:08 | 1352672 Cow
Cow's picture

if it has the word "temporary" in any proposal, it's worthless

Wed, 06/08/2011 - 18:22 | 1352702 Manthong
Manthong's picture

And not valid like "transitory", "soft patch", slow patch".

Wed, 06/08/2011 - 19:48 | 1352974 knukles
knukles's picture

Weather.

Don't forget weather.
All fucking weather.
Thank Al Gore for inventing global warming.  Shoulda stayed with the Internet when he had a chance.

Weather.

Wed, 06/08/2011 - 20:34 | 1353089 Husk-Erzulie
Husk-Erzulie's picture

Is Alberts second chakra still all impacted and rotting?  Maybe he needs to invent something practical like a chakra douche.

Wed, 06/08/2011 - 18:29 | 1352739 A Nanny Moose
A Nanny Moose's picture

There is nothing more permanent, than a temporary government program.

Wed, 06/08/2011 - 18:42 | 1352780 goldfreak
goldfreak's picture

+1

Wed, 06/08/2011 - 18:08 | 1352673 Cheeky Bastard
Cheeky Bastard's picture

Buy ETFs!!

Wed, 06/08/2011 - 18:15 | 1352698 MichaelFitz
MichaelFitz's picture

What does that mean for Christ's sakes???

Wed, 06/08/2011 - 18:27 | 1352721 Cheeky Bastard
Cheeky Bastard's picture

FED (if QE3) = BoJ (Frontrun the cocksuckers)

Do your own research.

Wed, 06/08/2011 - 18:38 | 1352763 silvertrain
silvertrain's picture

good to see ya brother...

Wed, 06/08/2011 - 18:42 | 1352798 Orly
Orly's picture

Tryin' to sneak in under the radar...

I seent ya!

What is the avatar, though?  Looks like a bear eating his tail.

Wed, 06/08/2011 - 18:55 | 1352838 Rainman
Rainman's picture

..looks like a spitoon or a horn of plenty with no fruit. Best to the Cheeky one anyway !

Wed, 06/08/2011 - 19:32 | 1352940 Husk-Erzulie
Husk-Erzulie's picture

Bowls eye view of O'Bummer takin a big freaky dump?  Phht, who knows...kinda creepy tho.

Thu, 06/09/2011 - 00:07 | 1353626 G-R-U-N-T
G-R-U-N-T's picture

Looks more like a bowel movement of sorts.

Nice to see you back Cheeky even though it's your usual "drive by"!

 

Wed, 06/08/2011 - 19:39 | 1352962 MichaelFitz
MichaelFitz's picture

C/B,

The market (ETFs) will know way better than to bite on QE3-a/k/a/ disaster for equities, but for a week or so.  What is your logic?

Wed, 06/08/2011 - 22:21 | 1353403 Cheeky Bastard
Cheeky Bastard's picture

Nothing else to left to monetize. They can either up the debt buying, or diverse and include new asset classes. And since stocks are a big no-no, and SPs are/were mostly eradicated from bank's BSs, the only thing left is ETFs and/or muni bonds. CMBS could also be monetized (but via intervention into indexes a la GS in late 06/early 07 with ABX series). Also, BoJ started ETF monetization when nothing else was left to buy. So, I presume the FED would do the same. Maybe pick financials first. Just thinking out loud, nothing definitive in my semi-serious comment.

Thu, 06/09/2011 - 06:41 | 1353944 equity_momo
equity_momo's picture

Yes they will probably try this but it didnt work for the BoJ and it wont work for the Fed. Some things you just cant alter - the true trend of the market will reveal itself regardless what the money printers do (i dont believe blowing up their reserve currency status is top of the agenda or sinking the economy into Mad Max with 200 dollar oil ...yet....so get set for lower asset prices regardless what ETFs the Fed buys)      

Munis are what they'll monetize next. Almost certainly. 

Wed, 06/08/2011 - 20:48 | 1353144 boiltherich
boiltherich's picture

Sorry to have junked you, it was an accident, a misclick, just thought you would like to know.

Wed, 06/08/2011 - 22:21 | 1353405 Cheeky Bastard
Cheeky Bastard's picture

No problem. 

Wed, 06/08/2011 - 19:40 | 1352965 krispkritter
krispkritter's picture

"Extra Title(III) Firearms"...yeah, that's the ticket...

Wed, 06/08/2011 - 18:08 | 1352674 ZakuKommander
ZakuKommander's picture

Hoover Redux

Wed, 06/08/2011 - 18:12 | 1352675 JR
JR's picture

Ron Paul: “I’m running against John Maynard Keynes.”

http://www.lewrockwell.com/

 

Wed, 06/08/2011 - 22:06 | 1353380 Yen Cross
Yen Cross's picture

 Damn I respect you!

   Yen Cross.

Wed, 06/08/2011 - 18:27 | 1352676 asdasmos
asdasmos's picture

**Disclaimer** One must convert all their cash into Treasuries to be eligible.

Wed, 06/08/2011 - 18:12 | 1352690 Ruffcut
Ruffcut's picture

You got to be kidding me.

But I know you are not and that really pisses me off, too.

Wed, 06/08/2011 - 18:13 | 1352692 swissinv
swissinv's picture

good - some extra money for Ipad 3

Wed, 06/08/2011 - 18:14 | 1352695 alien-IQ
alien-IQ's picture

Interesting how this is a tax cut "for employers" but I see no tax cut for the employees. Needless to say that this will do nothing to increase hiring since the people that buy the useless shit that drives this economy will be, once again, taking it right in the ass and seeing no benefit from this (and not even so much as a courtesy reach-around)...but it will certainly help offset the margin compression corporations are experiencing thanks to policies JUST LIKE THIS.

Wed, 06/08/2011 - 18:14 | 1352696 bob_dabolina
bob_dabolina's picture

Oh....my.....god

Wed, 06/08/2011 - 18:20 | 1352700 buzzsaw99
buzzsaw99's picture

Obama really likes being president. He'd spend $20T (of not his money) for another 4y term of golf.

Wed, 06/08/2011 - 18:45 | 1352807 owensdrillin
owensdrillin's picture

 

Yeah he probably doesn't get in 40 rounds a year as a professor.

Why does no one ever talk about where the deficit spending comes from? The pension thing is all smoke and mirrors as it does not exist. The only thing I find disappointing about this whole situation is the price of gold. It really should be well north of 2K as of now.

Wed, 06/08/2011 - 19:55 | 1352989 knukles
knukles's picture

He's not a professor.
Hell, we don't even know what courses he took or his grades whilst in some college here or there or otherwhere. 
Professor, my ass.
He's a community organizer.  For which there wasn't even a fucking job description before he showed up from the middle of nowhere.
Go figure.

The non-professor did it to the middle class up the ass in the early 2000's.
Clueless.... New and Revised Edition

Wed, 06/08/2011 - 21:39 | 1353205 Pure Evil
Pure Evil's picture

Plus Obama loves taking vacations using Air Force One!

Fly the taxpayer subsidized friendly skies.

Wed, 06/08/2011 - 23:33 | 1353564 Yen Cross
Yen Cross's picture

 Buzz, minus 5.  

 

  That should hook ya up!     

                                             YEN

Wed, 06/08/2011 - 18:20 | 1352703 cgbspender
cgbspender's picture

I'm at peace with whats happening. There is no point in letting this false reality poison me any further.

Prepare for what is coming and in the meantime get fucked up.

Wed, 06/08/2011 - 18:47 | 1352819 Arnolds Love Child
Arnolds Love Child's picture

Are you God?

Wed, 06/08/2011 - 19:03 | 1352878 cgbspender
cgbspender's picture

Just an individual who is sick of letting this shit depress me.

Do NOT follow this link or you will be banned from the site!