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Just The Tip: Republicans Considering Transitory Debt Ceiling Hike

Tyler Durden's picture




 

So much for the engrossing "Debts of our lives" soap opera. In the most expected outcome possible, the "best hypocritical actor" Oscar winners known as Republicans have caved and according to chief Senate republican sock puppet Mitch McConnell "Congress and the White House could raise the debt limit for a few months while they seek a comprehensive, long-term budget deal." Of course, when the $300 billion or so "temporary" hike which will last the US government for just under two months, we will get another temporary extension, and then another, and so forth, until the current batch of Oscar winners is voted out en masse yet again, only to be replaced with another set of sock puppets, and the posturing and the drama, not to mention the comedy, can begin anew. Luckily the G-Fund will at least get a temporary reprieve until its is plundered again, some time in late August, early September, when the debt ceiling is breached again, and an unmanageable debt load has been resolved through... the issuance of more debt. Don't be surprised to see the net notional US CDS outstanding to continue its torrid pace of sequential increase.

From Reuters:

Congressional Republicans, particularly in the House of Representatives, have balked at raising the debt ceiling unless it is accompanied by significant spending cuts.

McConnell said on Sunday the ceiling could be raised enough to last a few months so that negotiations can continue on a larger deal that would include changes to so-called entitlement programs like Medicare.

"The president and the vice president, everybody knows you have to tackle entitlement reform," McConnell said on CBS's "Face the Nation."

"If we can't do that, then we'll probably end up with a very short-term proposal over, you know, a few months. And we'll be back having the same discussion again in the fall," McConnell said.

Elsewhere, Biden continued to baffle everyone with recordsetting stupidity, as he aims to "reduce the country's stubborn budget deficits by $4 trillion over the next 10 years in order to give lawmakers the political cover to raise the debt ceiling." So let's get this straight: these morons can't cut $1 today, but they can cut about 30% of US GDP in deficit spending over the next decade?

Of course, topping it all off will be the quid pro quo, which we predicted when we discussed the imminent extension of the payroll tax cut, namely that Democrats will get their infinitely extendable debt ceiling, republicans get more tax cuts, and Wall Street gets QE3, because with China, Japan, Russia and American households selling US paper, and the ECB insolvent courtesy of a freshly redefaulted Greece, there will be nobody else left to monetize the upcoming barrage of new issuance, absent a 300+ bps rise in prevailing rates, which will send home prices lower by about 25% and guarantee that the next US civil/class war begins in under 3 years.

 

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Sun, 06/19/2011 - 19:28 | 1383206 djsmps
djsmps's picture

Well, that was unexpected.

Sun, 06/19/2011 - 19:44 | 1383255 Founders Keeper
Founders Keeper's picture

...on the heals of uncertainty coming out of Greece today no less.

 

 

Sun, 06/19/2011 - 20:06 | 1383309 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Ordo ab chao

Sun, 06/19/2011 - 21:09 | 1383443 Hulk
Hulk's picture

Oahc ba odro

Sun, 06/19/2011 - 21:47 | 1383525 Votewithabullet
Votewithabullet's picture

Out of my ass comes two squirts of piss. I am not long for this earth. The Christian freaks will get their "knashing of teeth" in spades.

Sun, 06/19/2011 - 21:59 | 1383564 Hulk
Hulk's picture

Kind of an internal Bidet?

Sun, 06/19/2011 - 22:09 | 1383581 Founders Keeper
Founders Keeper's picture

I think it's a Note to Self.

?

 

Sun, 06/19/2011 - 20:12 | 1383319 Ahmeexnal
Ahmeexnal's picture

Silver trading opened and price movement is reminiscent of the "fractal" dance observed in some stocks. Is this reaction to the coming july 15 clampdown on PM trading? Or is it just the unstable equilibrium brownian movement before a major price swing?

Sun, 06/19/2011 - 20:38 | 1383384 Manthong
Manthong's picture

Maybe the Skunk Works traders in the basement of the FRBNY lost the handle on their algos.

Sun, 06/19/2011 - 21:05 | 1383435 johansen
johansen's picture

Palladium is doing the same thing.

Sun, 06/19/2011 - 21:47 | 1383529 Manthong
Manthong's picture

What chart are you looking at?

Sun, 06/19/2011 - 19:47 | 1383268 max2205
max2205's picture

Tyler, don't sugar coat it.

Sun, 06/19/2011 - 19:53 | 1383274 MarketTruth
MarketTruth's picture

Tyler is excellent, yet perhaps he may want to remind us what Turbo Timmy needs to pay back the 'borrowed' money to the retirement fund he is now stealing from. In other words, are the Republicans simply raising the debt ceiling to pay themselves back from the funds Timmy is stealing to keep the charade going.

Sun, 06/19/2011 - 20:23 | 1383350 DoChenRollingBearing
DoChenRollingBearing's picture

Republican cowards.  How far they are from their talk is their WALK?

The Rs are not listening to what put them into the majority in the House.

Ron Paul 2012.

 

EDIT: Now would be a good time to buy gold if you do not own any or enough.

Sun, 06/19/2011 - 20:31 | 1383375 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

buy silver

;)

Sun, 06/19/2011 - 20:48 | 1383405 Stuck on Zero
Stuck on Zero's picture

Q: What's a Republican?

A: 95% of a Democrat.

 

Mon, 06/20/2011 - 00:19 | 1383897 Problem Is
Problem Is's picture

Answer: A politician (born liar) that faces you from his right side...

Sun, 06/19/2011 - 20:49 | 1383407 Stuck on Zero
Stuck on Zero's picture

Q: What's a Democrat?

 

Sun, 06/19/2011 - 20:58 | 1383423 Boop
Boop's picture

A: 105.3% of a Republican?

Sun, 06/19/2011 - 21:00 | 1383424 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

A: A Socialist!

Sun, 06/19/2011 - 21:09 | 1383441 Clay Hill
Clay Hill's picture

a lying turncoat

Sun, 06/19/2011 - 21:13 | 1383444 Talcott
Talcott's picture

The other wing of the War party?

Sun, 06/19/2011 - 21:26 | 1383475 nmewn
nmewn's picture

Confused.

Mon, 06/20/2011 - 00:18 | 1383900 Problem Is
Problem Is's picture

Answer: The same politician (born liar) that faces you from his left side...

Sun, 06/19/2011 - 23:51 | 1383802 HungrySeagull
HungrySeagull's picture

Actually I will hover like vulture and watch. It sank 24 cents down below spot price a half hour ago.

Sun, 06/19/2011 - 21:03 | 1383427 cossack55
cossack55's picture

I am still long guillotines.

Mon, 06/20/2011 - 00:52 | 1383999 JW n FL
JW n FL's picture

++++++++++++++++++++++++++++++++++++++++++++++

Sun, 06/19/2011 - 21:49 | 1383539 Richardk888
Richardk888's picture

R E V O L U T I O N 2 0 1 2 !

Mon, 06/20/2011 - 00:52 | 1384000 JW n FL
JW n FL's picture

+++++++++++++++++++++++++++++++++++++++++++++++

Sun, 06/19/2011 - 21:26 | 1383468 Deacon Frost
Deacon Frost's picture


"The
last official act of any Government is to loot the Treasury."<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />


George
Washington

Sun, 06/19/2011 - 21:41 | 1383505 Landrew
Landrew's picture

I loved the subtle yet not so subtle "Just the tip" reference!

Tyler, there could be no other title ha!

Just the tip honey, I promise ha!

 

Sun, 06/19/2011 - 19:48 | 1383271 euclidean
euclidean's picture

hahahaha .. engrossing. gross. bill. pimco. elerian hammed up a storm in a new normal teacup

A new piece by Mohamed El-Erian, "America’s Dangerous Debt Ceiling Debate," is now available on PIMCO.com. - followed soon after by -

El-Erian: A debt ceiling compromise, like many last-minute agreements, would likely have little durable impact.

Everyone new it was going to rise. Like everything else spewing froth out of the US, it first has to be milked for maximum impact.

Sun, 06/19/2011 - 20:03 | 1383302 Lionhead
Lionhead's picture

The die is cast to the biggest failure of all, the USA. With the failure will come the death of socialism/marxism globally. Expect a long campaign to the bitter end.

Sun, 06/19/2011 - 20:26 | 1383358 DoChenRollingBearing
DoChenRollingBearing's picture

1)  Biggest failure ever the USA.  I agree.

2)  Death of Socialism/Marxism.  No, they will always be trying to take from the productive and give to the parasites.  It's the nature of the beast.

Sun, 06/19/2011 - 20:29 | 1383372 Orly
Orly's picture

Let's not confuse the real ideal of America with the globalist kleptocrats that have ruined the world for everybody, shall we?

Once we get a do-over, the true American light will shine once again.

:D

Sun, 06/19/2011 - 20:49 | 1383408 DoChenRollingBearing
DoChenRollingBearing's picture

I hope you are right Orly, I really do.

Maybe after the wreckage, we will go back to Liberty and once again be the best place to live in the world.

Sun, 06/19/2011 - 21:02 | 1383426 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

Orly, I wonder what happened to our society of hard working individuals who would save and prepare for the future not the trash that spends way beyond their means bitching and complaining all the way.

Sun, 06/19/2011 - 21:18 | 1383456 Orly
Orly's picture

I am afraid that it is those very people you mention, with their nose to the grindstone every day, who are called uninformed or disinformed, "stupid Americans" by others on this board, mostly the "sophisticated" Europeans, I would presume.

It is ironic that the banksters have utilised the very essence of this great country to prey on it.  It was in their interest to keep the masses misinformed, for obvious reasons, while we all worked so hard for so long.  Now, I think They will be surprised to find that people are starting to look up from their toil; starting to listen to something besides the machines; beginning to understand that they have been fleeced and not just a little bit.

As Americans, we can apologise to the world for having worked so hard and paid attention to our own families- at the expense of "worldly" matters.  We tried all our best to "hold what we got," as my good friend used to say.  Sorry we were hood-winked for so long.  Sorry that our privacy spawned weapons that were unimaginable 50 years ago.  Sorry that it is Americans, mostly, who have ushered in debt-slavery to a great part of the world.

Believe when I say, however, that once this sleeping giant has been awakened, you will find no more diligent and enduring beast than the honesty and righteousness of average Americans.

I can't wait for the day when those sumbitches is hanging from light poles.  Far from taking pride in the fact that Americans have ripped off the world, the vast, vast majority of Americans would find it shameful...and shame is something we don't deal with too pleasantly.

It's coming.  It's coming.  Keep telling everyone you know and soon we will rid the planet of this diseased cabal of sick, greedy little men.

Sun, 06/19/2011 - 21:35 | 1383498 Lionhead
Lionhead's picture

Well said Orly!  Amen!

Sun, 06/19/2011 - 21:39 | 1383509 Orly
Orly's picture

Thanks.

If Amen means, "let it be so," it is definitely in the top three of my prayers.  Let's stick together, not get discouraged and get the word out as best we can.  Together, they don't stand a chance against the truth!

Sun, 06/19/2011 - 22:01 | 1383559 Lionhead
Lionhead's picture

Amen to me means "I believe."  And I believe in the truth. Then, let it be so for all to see & understand. I stand with you.

Sun, 06/19/2011 - 22:16 | 1383593 Orly
Orly's picture

And I with you, Lionhead.

In your posts, you mention that the only real way to save the world (my opinion, not necessarily yours...) is for the US of A to return to the Founding principles upon which she was built so that she may shine the true light of freedom for all the world to see.

I know you didn't and I know I didn't sign up for this.  This is nothing short of the most criminal conspiracy the world will ever know.

Return to the Constitution of the United States!  Hold all the criminals accountable.  It's the only way.

Thanks for being a true patriot.  If you're like me, then it feels better to know you're not alone.

:D

Sun, 06/19/2011 - 23:00 | 1383690 Quixotic_Not
Quixotic_Not's picture

As a patriot with families listed on the Sons of the Revolution charter, I truly wish it was so...

Unfortunately, as a bi-coastal business owner that has traveled this once mighty nation extensively, I don't see enough Americans to even vote a Son of Liberty into a governorship of one of the fifty hoods.

All I see is (D) & (R) Free Shit Empire™ from sea to house flipping' sea, and huddled mongrels itching for their chance to loot the system.

Donk-Fraud Act indeed!

http://thecarloos.files.wordpress.com/2009/08/donkmania.jpg

http://thecarloos.files.wordpress.com/2009/08/mcdonk.jpg

http://thecarloos.files.wordpress.com/2009/08/bigdonk.jpg

Sun, 06/19/2011 - 23:33 | 1383769 dark pools of soros
dark pools of soros's picture

yes - dems and repubs are bitching at the kiddie table eating hotdogs and mac&cheese while the banksters calmly share the filet and wine

if the slaves learn to barter amongst themselves, they may still be poor but will be free for their chains are only made from debt

Sun, 06/19/2011 - 23:55 | 1383815 Bolweevil
Bolweevil's picture

John Conner VA Militia says so on my membership card. The looters just need a little focus. One man's ceiling...

Sun, 06/19/2011 - 23:02 | 1383703 Founders Keeper
Founders Keeper's picture

[I am afraid that it is those very people you mention, with their nose to the grindstone every day...]---Orly

That is a fine post, Orly. Thanks.

Guess we won't be seeing you at Camp FEMA.

 

Sun, 06/19/2011 - 23:19 | 1383747 Orly
Orly's picture

I'm on the blue list already.

:D

Sun, 06/19/2011 - 23:54 | 1383812 CompassionateFascist
CompassionateFascist's picture

Your Fema camp will be baited with blu cheese.

Sun, 06/19/2011 - 23:49 | 1383806 HungrySeagull
HungrySeagull's picture

I weep in joy of such words that show exactly what I think and feel.

There are those like you who can use words as a means to a end and rally the Sleeping Giant.

Alas, what will it take? A few Insomniacs on a net blog does not make a giant.

Mon, 06/20/2011 - 09:09 | 1384282 euclidean
euclidean's picture

Umm, you make it sound like this is a modern phenomenon? The abuse of privelidge and the wanton greed of finance has pervaded the upper echelons of USA society since it's inception. It first started when money first started. I would dare to suggest you idolise the JPM and Rockefellors of the world? Patriotism of any nationality is not measured by how long you can suck on ideals - for that is simply stupidity and serfdom in the presence of a lack of collective action.

The USA has a distinct lack of collective action, and capacity for action. With those two characteristics, any society is subject to ongoing ridicule. Try experiencing being the subject of the scorn and ridicule from a hypocritical USA for a while - this little sojourn for you poor little critters is poetry to watch. You are being fucked over by your own kind - no-one else.

edit: Exhibit1: The fact that just 20% of you lazy slobs bothers to represent yourself at an election. Abstaining is not representation, nor is it making any other statement except apathy! What a pathetic excuse - you say you have popularly elected representation? I say you have pigs flying out your lazy arses. By design, you have been set up to fail. Happy dining on your own pathetic misery.

Sun, 06/19/2011 - 20:30 | 1383368 sschu
sschu's picture

the death of socialism/marxism globally

We can of course hope this is true, but more likely we will see government control of the population like never before.  The government will use a crisis to seize power and property and everyone will be dependent on them for water, food and a job.

Hope I am wrong.

sschu

Sun, 06/19/2011 - 20:39 | 1383394 Long-John-Silver
Long-John-Silver's picture

They will become the honored guests of a newly formed Guillotine Party.

Party like it's 1789 bitchez!

Sun, 06/19/2011 - 20:53 | 1383418 sschu
sschu's picture

Party like it's 1789 bitchez!

I have often thought that the Frenchies were the model for the USA.  Napoleon and death in Russia would not seem to be something we would like in our future.

It could go either way, we really need some statesmen right now.

sschu

Sun, 06/19/2011 - 21:19 | 1383459 nmewn
nmewn's picture

"we really need some statesmen right now."

Yes we do. Those not interested in a career, just a small sacrifice of their time for the greater good of the country.

The "machine", of course, would attempt to take them down as they are not the cookie cutter cut-outs of what they interpret a statesman should be...soft, compliant and malleable.

To any real statesman stepping forward I say welcome to the machine and we gotcha your back.

http://www.youtube.com/watch?v=cJR2kz573cc

Mon, 06/20/2011 - 01:00 | 1384027 JW n FL
JW n FL's picture

I am real and I am willing to wing the statesman part!

 

for instance!

 

Kill! Kill!! Kill!!! The! Bankers!

 

That is my opening line of my first speech.. what do you think? how am I doing? am I getting warmer?

Sun, 06/19/2011 - 21:25 | 1383464 knowless
knowless's picture

i just wanted to leave this somewhere:

http://www.youtube.com/watch?v=1XGAxc4EGi4

you don't know where i've been lou..

Sun, 06/19/2011 - 21:33 | 1383480 Lionhead
Lionhead's picture

Yes, the bitter end will come slowly & the politicos will not relinquish their power without a considerable fight. This may take decades to accomplish. They're no easy fixes as we all know. The extend & pretend will go on until the market enforces discipline by removing capital from the insolvent countries & enabling entities.

What has been missed here is the protesters & the police forces in Greece are actually being paid by the same entity, the Greek regime. When both groups understand they're in the same boat, they may decide to join together against the regime. Once the money is gone, the rubber meets the road. Now, extend the same thing to the USA. Both the entitlement class & the law enforcement groups are being paid by the gov't.

The unknown, unknown is the gap between the death of socialism/marxism to the new/old government. Tyrants & dictators are an ever present threat. The US Republic has lived out its life span. Even the founding Fathers realized the weaknesses at the beginning. If the Constitution can be revived, it is our best, last hope. If the entitlement classes do not support the revival, the quick fix tyrants & dictators will spring up.

I support the Constitution & the original concepts of the Republic.

Sun, 06/19/2011 - 23:27 | 1383730 i-dog
i-dog's picture

"With the failure will come the death of socialism/marxism globally."

Au contraire, Lionhead ... the failure was planned. You haven't been paying attention!

Marxists follow a 3-step strategy to gain absolute control:

  1. Build up capitalist industry and associated trade unions (thereby creating a working class, an intelligentsia, a class divide, and a launching pad in both camps).
  2. Build up 'social democracy' (thereby gaining political power over whomever had it prior to Step 1).
  3. Pull out the rug and impose a totalitarian dictatorship.

The US is currently undergoing Step 3 and this will be completed within the coming 18 months.

IMO, TPTB will attempt to keep the EU (currently in Step 2) together -- through "whatever it takes" -- until Step 3 has been completed in the US ... at which time Europe will begin Step 3.

They can be stopped if we ... END THE FEDS!! (FRB & Fed.gov)

Mon, 06/20/2011 - 00:54 | 1384006 Ben Dover
Ben Dover's picture

Sorry to disagree, but I must. 

Neither the patriots or the socialists are due to win in this. The bankers and globalists, if you will, are neither. They may play at being one or the other... they may fund one or the other... but they are neither. The have the money and they have the ways to help influence or control the flow of money.

Mon, 06/20/2011 - 08:40 | 1384468 i-dog
i-dog's picture

You are correct. I was just trying to keep it simple in this thread. I posted a longer essay a few days ago that indicated that the Marxist strategy was only to be used by the elites as a kind of Trojan Horse -- to gain popular acceptance of the "benevolent dictator" with "the people's interests" at heart.

Behind the scenes (the elites will never show their face or hand), the oligarchs will be controlling the dictator, the politburo and all industry (including the prison camps, which is where the working class will end up right next to their formerly despised bourgeois neighbours: as slave labourers together working off their debts).

Marx published the strategy back in the mid-1800's and it didn't take long before the ruling elite saw how they could work it to their advantage to bring America back under European control. Indeed, I strongly suspect they had a hand in financing Marx and steering him in this direction ... since they were already familiar with Hegel's philosophy (Marx was a student of Hegel and merely turned his philosophy into a battle plan) and the first signs of the American elite following this strategy are evident a few years before Marx even published 'Das Kapital'.

Don't misunderstand me: The New World Order is neither Marxist nor communist -- it is pure feudalism under the heel of an ancient aristocracy and their banking buddies.

Sun, 06/19/2011 - 20:42 | 1383393 masterinchancery
masterinchancery's picture

I doubt it, since any republican or blue dog democrat who votes for this is looking at unemployment, and congressional fringe benefits are unbeatable.

Sun, 06/19/2011 - 20:49 | 1383409 Arrowflinger
Arrowflinger's picture

Unexpected? Ha. Bush 43 nationalized the GSE's and their $6 trillion of debt, and like the wars, left that sum off the debt ledger.

What about the half-$trillion Bush 43 doled out via the Federal Home Loan Banks? That isn't counted either.

All government stats are right out of Fantasyland.

Mark-to-Ponzi accounting is the coin of the realm.

 

 

 

Sun, 06/19/2011 - 21:37 | 1383504 lolmao500
lolmao500's picture

Indeed. Bush was scum. Obama is scum too. So is congress, both democrats and republicans.

Me thinks they need at least 600 billion in debt ceiling hike to stay alive till October 1.

Mon, 06/20/2011 - 00:13 | 1383878 baby_BLYTHE
baby_BLYTHE's picture

The FED just got done printing up that exact amount over the course of the last six months. No you are not asleep, you are alive and well in 3rd world America

Sun, 06/19/2011 - 20:46 | 1383411 Arrowflinger
Arrowflinger's picture

Unexpected? Ha. Bush 43 nationalized the GSE's and their $6 trillion of debt, and like the wars, left that sum off the debt ledger.

What about the half-$trillion Bush 43 doled out via the Federal Home Loan Banks? That isn't counted either.

All government stats are right out of Fantasyland.

Mark-to-Ponzi accounting is the coin of the realm.

 

 

 

Sun, 06/19/2011 - 21:23 | 1383473 Agent 440
Agent 440's picture

Wh0000t!!! And I was about to sell my AU.

Thank you GOP. For a second I thought maybe they'd grown a pair. Or got a good deal on a pair... You can get Greek ones 2nd hand cheap. And they've never been used.

Mon, 06/20/2011 - 07:08 | 1384367 Urban Redneck
Urban Redneck's picture

Grown a pair - the republicans are now talking about only exteding the debt ceiling to cover the budget THEY ALREADY AGREED TO.

Sun, 06/19/2011 - 19:28 | 1383208 Superslam
Superslam's picture

Can-kicking, bitchez.

Sun, 06/19/2011 - 19:55 | 1383284 francis_sawyer
francis_sawyer's picture

Transitory can kicking bitchez

Sun, 06/19/2011 - 19:31 | 1383210 4shzl
4shzl's picture

Even the illusion of the rule of law in the U.S. is untenable.  Which means the advent of vigilantes is inevitable.

Sun, 06/19/2011 - 19:28 | 1383211 SWRichmond
SWRichmond's picture

Once the repubs cave, it's over.  USD death watch.

Sun, 06/19/2011 - 19:53 | 1383281 IdioTsincracY
IdioTsincracY's picture

According to Stockman, they caved a long time ago:

“This debt explosion,” Stockman writes, “has resulted not from big spending by the Democrats, but instead the Republican Party’s embrace, about three decades ago, of the insidious doctrine that deficits don’t matter if they result from tax cuts.”

Sun, 06/19/2011 - 22:36 | 1383422 Bay of Pigs
Bay of Pigs's picture

Speaking of Republicans, check out Mitch McConnell's voting record. It couldn't be much worse. He is out of his mind on most issues.

http://en.wikipedia.org/wiki/Mitch_McConnell

Sun, 06/19/2011 - 21:08 | 1383433 masterinchancery
masterinchancery's picture

Stockman is utterly wrong, of course, since high taxes have never brought in more revenue, but he doesn't seem interested in learning that would contradict his long time biases.

Sun, 06/19/2011 - 19:53 | 1383282 SRV - ES339
SRV - ES339's picture

Yes, such a shame they couldn't find the guts to hold out for more tax cuts for the ruling class, and more rape and pillaging of the peasants by cutting medicare, social security, education...

Sun, 06/19/2011 - 20:06 | 1383311 LasVegasDave
LasVegasDave's picture

Too bad the "peasants"  have their hands out relying on the govt. to take care of them instead of leading self sustaining productive lives.

Sun, 06/19/2011 - 20:13 | 1383325 IdioTsincracY
IdioTsincracY's picture

"Peasants should shove their hands up the Oligarchy's asses and rape them with a vengeance."
Anonymous

Sun, 06/19/2011 - 21:09 | 1383440 LasVegasDave
LasVegasDave's picture

Lead a productive life, then you can join the discussion.

Until then, Im paying $1.00 per hour in specie to clean my toilets.

Need a job?

Sun, 06/19/2011 - 21:26 | 1383467 Clay Hill
Clay Hill's picture

You may want to re-think that.

Sun, 06/19/2011 - 20:46 | 1383401 Long-John-Silver
Long-John-Silver's picture

Bears are nice until you run out of food, then they eat you.

Mon, 06/20/2011 - 01:01 | 1384018 Ben Dover
Ben Dover's picture

This is America - everyone has their hand out. We don't discriminate between eco, socio or racial lines. Everybody gets their pork.

Sun, 06/19/2011 - 19:33 | 1383213 Calmyourself
Calmyourself's picture

I suppose the golf outing with Boehner did the trick. Our political class is irretrievably broken and corrupt beyond any hope of fixing.

Sun, 06/19/2011 - 19:32 | 1383218 tgatliff
tgatliff's picture

This is simply a plant.. The problem has always been the 85 tea party members which say they have no plans at all to ever vote to raise the ceiling.   Members like Mitch McConnell has always been a bought and paid for politician.

Sun, 06/19/2011 - 19:44 | 1383247 lizzy36
lizzy36's picture

They are ALL bot an paid.

An election is just a fancy name for an auction.

Every time one of these douchebags appears in public they should have to have their sponsors names on their shirts. Every time they appear on TV their top 5 sponsors should be listed, so their conflicts of interest are apparent.

The corollary of this is the American public, really needs to start giving a damn. And instead of put the day of reckoning off for another week, month or year, start demanding change now, understand that is comes with pain, and quite believing that hope is a strategy.

Sun, 06/19/2011 - 19:56 | 1383280 holdbuysell
holdbuysell's picture

+1

Sun, 06/19/2011 - 20:03 | 1383294 Libertarians fo...
Libertarians for Prosperity's picture

An election is just a fancy name for an auction..

Now that is a damn good comment.

Sun, 06/19/2011 - 20:13 | 1383322 RebelYell
RebelYell's picture

+1

Sun, 06/19/2011 - 21:40 | 1383501 Tedster
Tedster's picture

An advance auction of stolen goods. H.L. Mencken, iirc.

Sun, 06/19/2011 - 20:11 | 1383316 tom a taxpayer
tom a taxpayer's picture

"An election is just a fancy name for an auction." Quote of the week, with a good chance to be quote of the month, and even quote of the year.   Great, lizzy36!

Sun, 06/19/2011 - 20:14 | 1383334 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

An election was just a fancy name for an auction. Now we have Diebold, and the puppet that only has one bidder is chosen long before it is elected, at dubious meetings called Groves and Bildebergs.

Sun, 06/19/2011 - 20:25 | 1383363 DoChenRollingBearing
DoChenRollingBearing's picture

+ 1

Sun, 06/19/2011 - 21:23 | 1383462 oldmanofthesee
oldmanofthesee's picture

Not only are the thieving sons-of-bitches, in D.C, all alike, the link to MSM is repugnant. David Gregory is host the NBC Sunday news show.His wife, Beth Wilkinson was Exec VP, Corp Sec'y, General Counsel of FannieMae, and took millions out. Rita Braver is a feature reporter for CBS, Sixty Minutes, etc., her husband has his hands in everything on both sides, while she does soft features on his clients. The right's "heros" are no better. Sean Hannity and his brethren just keep us riled, and take away $25-30 million a year. His allegiance to the cause is no deeper than the Government Motors Escalades that he drives. F#ck them all!

Sun, 06/19/2011 - 19:31 | 1383220 GeorgeHayduke
GeorgeHayduke's picture

They gotta raise that debt limit so the government contractors can give them in campaign contributions before November 2012. They have their real priorities, and then those priorities they boast about on TeeVee.

I completely agree that Rethugs are the bigger hypocrites, but neither party cares about middle class working folks anymore. We don't contribute enough to their campaigns.

Sun, 06/19/2011 - 19:41 | 1383246 Johnbrown
Johnbrown's picture

"Hey, I care about people as much as the next guy, but I'm going to do NO ONE any good, if I don't get re-elected."

Sun, 06/19/2011 - 19:48 | 1383258 thepsilocircus
thepsilocircus's picture

The amount that pubs/dems might be "bigger hypocrites" than each other is a useless interjection that dilutes conversations! It is true neither party cares about you, at least as far as your success in life (whatever that might be) is concerned. 

Sun, 06/19/2011 - 21:07 | 1383432 GeorgeHayduke
GeorgeHayduke's picture

I don't know that it dilutes conversations.That's like saying a shoplifter and an armed robber are both criminals so why bother distinguishing between them?

When dealing with such people in real life, the larger hypocrites show me which ones or more readily to rationalize or justify their more extreme moral contradictions. Those people go on the higher level watch list in my book. But hey, everyone can pick and choose their own way of doing things if they want.

Sun, 06/19/2011 - 21:23 | 1383471 GeorgeHayduke
GeorgeHayduke's picture

To thepsilocircus: after reflecting on what you said and my reply above, I believe you are correct, ALL politicans are in the Armed Robber category and all are hypocrites anymore.

Obama and his change amounted to more of the same Bush crap, only worse. The Dems have claimed to be the party of the working folks for decades, yet they have become more of a corporate owned, Republican light party since Reagan. Which means they have been huge hypocrites.

Meanwhile, as the Dems moved more right it allowed the former fringe nutcases to become more "mainstream" Repubs. These dudes talk the cut spending and lower taxes talk, but they only mean cutting spending on those programs they perceive as Democrat, or "liberal" or wasteful, then funneling those funds to the military or their buddies while not actually cutting anything.

So, you are right, both parties get full marks in the hypocrisy Dept.

The part that puzzles me is how everyone complains about the "Liberals" causing all of the problems when there truly are so few real liberals of any power or significance in office anywhere. It is true that there are few true conservatives in office anywhere either, but the talking heads rarely blame them for anything. They just ignore them.

Sun, 06/19/2011 - 23:13 | 1383728 thepsilocircus
thepsilocircus's picture

Something else to think about, if you must use labels, I like to apply either statist or non-statist. This seems easier when thinking about the bigger picture- how does this person want to justify centralized mandates on populations (e.g., citizens)? Do they believe in voluntary interaction between individuals or forced? 

I think you are headed towards clarity on the situation when you make comments showing you have realized the difference is only how they (politicans) will spend a small percentage of the currency- your currency- they debase and abuse. The other giant chunk goes mostly to the same people, regardless of who is in office.

 

Thanks for you replies.

Sun, 06/19/2011 - 19:32 | 1383221 poydras
poydras's picture

Stockman referred to it as the Rolling Gong Show.

Sun, 06/19/2011 - 19:42 | 1383236 IdioTsincracY
IdioTsincracY's picture

At the very start of the “Reagan revolution,” David Stockman exposed the myth that Ronald Reagan and the modern Republican Party are dedicated to small government. In 1981, the 35-year-old Stockman gave up his Michigan seat in Congress to become Reagan’s budget director. A vocal critic of what he continues to call the “welfare-warfare state,” Stockman had signed on because he believed in the limited government rhetoric that Reagan espoused. Once inside the White House, Stockman quickly became disenchanted, and gave an interview to journalist William Greider that became the basis for an explosive Atlantic Monthly article in which Stockman admitted that Reagan’s spending cuts had been a “Trojan horse” used to justify tax cuts. In his 1985 memoir, The Triumph of Politics, Stockman chronicled Reagan’s reluctance to fulfill his campaign promise of shrinking the size and scope of government and balancing the budget. The result? The gross federal debt tripled while Reagan was in office. Last fall, Stockman was the GOP-defector du jour once more, arguing against extending George W. Bush’s tax rates in the New York Times, on 60 Minutes, the Colbert Report, Parker-Spitzer, ABC, NPR, and MSNBC. Stockman’s argument - that it’s irresponsible to cut taxes when cumulative US debt is steadily mounting as a percentage of GDP - is based on the simple principle that balanced budgets come only when revenues actually meet expenditures. If we’re not willing to actually shrink government

Sun, 06/19/2011 - 19:41 | 1383248 IdioTsincracY
IdioTsincracY's picture

Recently Stockman said:

A quasi-bankrupt nation saddled with rampant casino capitalism on Wall Street and a disemboweled, offshored economy on Main Street requires practical and equitable ways to pay its bills.

Sun, 06/19/2011 - 19:46 | 1383250 IdioTsincracY
IdioTsincracY's picture

And he also said:

Ingratiating himself with the neo-cons, Mr. Ryan has put the $700 billion defense and security budget off limits; and caving to pusillanimous Republican politicians, he also exempts $17 trillion of Social Security and Medicare spending over the next decade. What is left, then, is $7 trillion in baseline spending for Medicaid and the social safety net — to which Mr. Ryan applies a meat cleaver, reducing outlays by $1.5 trillion, or 20 percent.

Trapped between the religion of low taxes and the reality of huge deficits, the Ryan plan appears to be an attack on the poor in order to coddle the rich. To the Democrats’ invitation to class war, the Republicans have seemingly sent an R.S.V.P.

Sun, 06/19/2011 - 19:39 | 1383228 poydras
poydras's picture

I suspect characters such as Biden have long since departed macroeconomic reality if they ever had any sense to begin with.

Sun, 06/19/2011 - 19:50 | 1383276 Long-John-Silver
Long-John-Silver's picture

Biden is a prime example of why people go into politics. His only other choice is living under a bridge and panhandling.

Sun, 06/19/2011 - 19:36 | 1383230 jean paul marat
jean paul marat's picture

mt gox just got hacked, everyones pissed over there.

Sun, 06/19/2011 - 19:50 | 1383259 Threeggg
Threeggg's picture

Electronic money is the same as paper money.

Worthless !

People have spent 100's of thousands on equipment to mine these Bitcoins and now ???????????????

I mean look at this ........It's Insane !

http://www.youtube.com/watch?v=eLt8Se3vVNg

 

Sun, 06/19/2011 - 20:08 | 1383291 dwdollar
dwdollar's picture

All money is worth something.  That's why it's called money.  Why would 'hackers' bother selling stolen Bitcoins if they didn't have any value?

Sun, 06/19/2011 - 20:07 | 1383306 Threeggg
Threeggg's picture

Sorry I should have said currency !

and who would be the hacker's

Might suprise you ? No ?

Sun, 06/19/2011 - 20:12 | 1383317 dwdollar
dwdollar's picture

No it wouldn't surprise me.  If I wanted to discredit a new currency I wouldn't attack it legally.  That would legitimize it.  I would find other methods...

Sun, 06/19/2011 - 20:11 | 1383326 Threeggg
Threeggg's picture

attack it legally ?????????????????????????

Got it !

Sun, 06/19/2011 - 20:16 | 1383331 dwdollar
dwdollar's picture

Make it illegal.  Bring it into the mainstream spotlight.  Demonstrate you fear it enough to take overt action.

You wouldn't do those things if you were smart...

Sun, 06/19/2011 - 20:16 | 1383335 Threeggg
Threeggg's picture

Should be interesting to say the least !

Sun, 06/19/2011 - 19:40 | 1383231 Josh Randall
Josh Randall's picture

At least Ron Paul does't play golf en Miami con Hyman Obama...

Sun, 06/19/2011 - 19:41 | 1383233 FunkyMonkeyBoy
FunkyMonkeyBoy's picture

We can but hope that the USAs existence on this planet is transitory. A terrible failed experiment, which has cost the rest of the world dearly. The biggest cancerous growth the world has ever seen?

Sun, 06/19/2011 - 20:01 | 1383293 Founders Keeper
Founders Keeper's picture

[We can but hope that the USAs existence on this planet is transitory. A terrible failed experiment...]---FunkyMonkeyBoy

Hi Funky. (Happy Father's Day, if that applies.)

Consider maybe the parameters of the "experiment" got changed along the way.

Additionally, I might say the integrity of the Control Group became corrupted.

 

Sun, 06/19/2011 - 20:08 | 1383312 FunkyMonkeyBoy
FunkyMonkeyBoy's picture

... it sure did... and the US citizenry, complicity, sit idle by to this very day as their tax $dollars are used to pay for the US military industrial complex to murder and maim brown people the world over to steal resources so the US citizenry can carry on sitting idly by with a Big Mac in one hand and a TV remote in the other.

Sun, 06/19/2011 - 20:33 | 1383379 Orly
Orly's picture

Your vision of the US is a little warped.

Understandable, given the current situation...but warped, nonetheless.

Sun, 06/19/2011 - 19:41 | 1383234 poydras
poydras's picture

I suspect characters such as Biden have long since departed macroeconomic reality if they ever had any sense to begin with.

Sun, 06/19/2011 - 19:42 | 1383235 TheVoiceOfPureReason
TheVoiceOfPureReason's picture

Oh,  Come on.  They're much more like marionettes.

Sun, 06/19/2011 - 19:49 | 1383238 slewie the pi-rat
slewie the pi-rat's picture

totally OT:  libya  :Nalut Map | Libya Google Satellite Maps

this map shows nalut, the scene of recent action.  dahibah is in tunisia (there has been fighting, there), the white line = border.  the Med is north, off the map; tripoli is NW; a town named zintan, possibly in berber control, is east. 

my take is that the moQ controls the northern road, with the two strongpoints noted, on the N side of the ridge from nalut.  and the rebels are probably operating out of the towns along the southern road.   here is the report of the recent action in nalut.  this is from the Tripoli Post:

Summary of the American and International Press on the Libyan Revolution - Morgan Strong
19/06/2011 09:57:00     Battle for Nalut intensifies

(Aljazeera.net) - Gun battles between forces loyal to Libyan leader Muammar Al Qathafi and rebel fighters in the northwest city of Nalut have left at least eight rebel fighters dead 13 more wounded, according to a fighter.

The fighting in Nalut comes a day after rebels captured a 2km stretch west of Misurata in central Libya.

"The battles started yesterday and are continuing today," Abou Saa told the Reuters news agency on Saturday.

"The revolutionaries destroyed six armoured vehicles and killed more than 45 enemy soldiers. The rebels surrounded Al Qathafi's forces, who are holed up in a compound."

Al Jazeera's James Bays, reporting from Nalut, described heavy explosions and plumes of smoke rising from the city.

"We can hear small arms and machine guns as well," he said. "Mortars and missiles are also being used.

"The opposition holds ground from the Tunisian border to a position where some fighters are (barely) 80km away from Tripoli."

 

meanwhile, NATO has bombed a residential home in tripoli, probably taking out 7 civilians,  and continues to report many more targets destroyed, but is the voice for sitiing down and talking getting stronger? 

Sun, 06/19/2011 - 21:52 | 1383544 topcallingtroll
topcallingtroll's picture

Sitting down and talking is the same as khadafy winning, not that i really care.

Sun, 06/19/2011 - 19:39 | 1383239 docj
docj's picture

We were terminally boned once The Party of Stupid was all that stood between us and total insolvency.

Predictable as high tide, this is.

Sun, 06/19/2011 - 19:48 | 1383272 IdioTsincracY
IdioTsincracY's picture

That is exactly what Stockman said:

“IF there were such a thing as Chapter 11 for politicians,” Stockman begins, “the Republican push to extend the unaffordable Bush tax cuts would amount to a bankruptcy filing. The nation’s public debt — if honestly reckoned to include municipal bonds and the $7 trillion of new deficits baked into the cake through 2015 — will soon reach $18 trillion. That’s a Greece-scale 120 percent of gross domestic product, and fairly screams out for austerity and sacrifice. It is therefore unseemly for the Senate minority leader, Mitch McConnell, to insist that the nation’s wealthiest taxpayers be spared even a three-percentage-point rate increase. More fundamentally, Mr. McConnell’s stand puts the lie to the Republican pretense that its new monetarist and supply-side doctrines are rooted in its traditional financial philosophy.”

Sun, 06/19/2011 - 19:59 | 1383288 Greenhead
Greenhead's picture

This is so tiring but I will try once more.  The truly rich don't pay income taxes, they pay capital gains taxes.  Raising rates on income taxes penalizes working people like pilots, architects, doctors, engineers, and some entrepreneurs.  All income should be taxed at the same rate, labor and capital are both important to the nation.  To say "tax the rich by raising the Bush taxes" is truly an attack on the upper middle class, not on the truly rich. 

Sun, 06/19/2011 - 19:58 | 1383296 Greenhead
Greenhead's picture

This is so tiring but I will try once more.  The truly rich don't pay income taxes, they pay capital gains taxes.  Raising rates on income taxes penalizes working people like pilots, architects, doctors, engineers, and some entrepreneurs.  All income should be taxed at the same rate, labor and capital are both important to the nation.  To say "tax the rich by raising the Bush taxes" is truly an attack on the upper middle class, not on the truly rich. 

Sun, 06/19/2011 - 20:08 | 1383305 IdioTsincracY
IdioTsincracY's picture

That is exactly the reason why Stockman, even today, says to raise Capital Gains taxes:

"...the nearly untaxed windfall gains accrued to pure financial speculators, not the backyard inventors envisioned by the Republican-inspired capital-gains tax revolution of 1978. And they happened in an environment of essentially zero inflation, the opposite of the double-digit inflation that justified a lower tax rate on capital gains back then — but which is now simply an obsolete tax subsidy to the rich.”

Sun, 06/19/2011 - 20:07 | 1383314 IdioTsincracY
IdioTsincracY's picture

Also, 90%+ makes less than $300,000 .... raising rates on $500,000+ incomes, would not touch the middle class ...

Sun, 06/19/2011 - 20:17 | 1383344 Greenhead
Greenhead's picture

Why is it so hard for you to understand that not everyone wants more big gov?  Why give in to the idea that this redistributionism is the way to go?  Do you really envy the wealthy that much or is it that you feel that anyone doing better than you should be punished?  Why is it wrong that every free man/woman pays the same rate regardless of income?  Why do you want to use the coercive power of gov to take someone's wealth from them?  We have billions and billions we could cut from the gov but no, we need to keep the flow coming in your scheme.  Sorry, not buying. 

 

 

 

 

Sun, 06/19/2011 - 20:23 | 1383352 IdioTsincracY
IdioTsincracY's picture

Dude ... don't tell me that... tell it to Stockman, Reagan's wunderkid.

Sun, 06/19/2011 - 20:36 | 1383378 DoChenRollingBearing
DoChenRollingBearing's picture

+ mucho Greenhead

Sun, 06/19/2011 - 21:26 | 1383476 oldmanofthesee
oldmanofthesee's picture

Actually, a billionaire should pay no greater percentage of her income, then does a teacher. If their wealth is in investments, etc., then they pay capital gains tax. If their were no progressive income tax, then the scumbags couldn't divide the classes, and buy their votes. An alternative, of course, is to have a weighted vote, based on the amount of tax that one paid. F#ck them all!

Sun, 06/19/2011 - 21:35 | 1383485 BoNeSxxx
BoNeSxxx's picture

Very true.  You should add that they don't pay Social Security and Medicare taxes either -- N/A on dividend and capital gains... only working stiffs pay taxes.

Sun, 06/19/2011 - 21:46 | 1383521 topcallingtroll
topcallingtroll's picture

Those working stiffs still get much more from the government on average than they pay in taxes. The top five percent? Exactly the opposite.

But tax all income equally. Make no distinction between earned and unearned income if you want to make the oligarchs pay. The bottom end of the top five percent have mostly earned income. We pay huge taxes already.

Mon, 06/20/2011 - 07:00 | 1384359 TheFourthStooge-ing
TheFourthStooge-ing's picture

Those working stiffs still get much more from the government on average than they pay in taxes. The top five percent? Exactly the opposite.

Those top five percent still get much more from the government on average than they pay in campaign contributions. The working stiffs? Exactly the opposite.

If you want to make the oligarchs pay, tax campaign contributions made by corporations and PACs, as well as donations to PACs by anyone, at 50 percent. (Yeah, I know, it's about as likely to happen as a two-cent tax on every HFT transaction.)

 

Sun, 06/19/2011 - 19:59 | 1383287 HellFish
HellFish's picture

So sad.  So true.

Sun, 06/19/2011 - 19:43 | 1383241 Clycntct
Clycntct's picture

Branding. It's what's being served.

If you put your seal of approval on it, You are branded.

Herd em on up and vote em on out.

Sun, 06/19/2011 - 20:01 | 1383252 Al Gorerhythm
Al Gorerhythm's picture

Max Kieser and Jay Taylor do an excellent expose`of this incremental printing to oblivion game play. Their study of the French fiat experiments have preceded this current iteration and show that those in charge of the money creation mechanisms are fully cognisant of the psychology that drives people to accept debt instruments as settlement of debt.

They are fully aware of the social implications of adopting paper currencies as money. They are fully aware of the advantages that it gives them over the borrower the gullible and ignorant. It is truly an entrapment scheme, a con, a means to avoid honest work and debt settlement. 

They are willfully deceitful, evil, bullies and terminally criminal. 

http://www.youtube.com/watch?v=OVQge-Bb7UM

Sun, 06/19/2011 - 19:46 | 1383253 nmewn
nmewn's picture

They can't seem to stand the strain of their own creation ;-)

http://www.youtube.com/watch?v=JZRB12zrNgM

Sun, 06/19/2011 - 19:47 | 1383256 buzzsaw99
buzzsaw99's picture

If there is no debt ceiling raise then how can the bernank monetize via QE3? The suspense is nonexistent.

Sun, 06/19/2011 - 19:52 | 1383279 baby_BLYTHE
baby_BLYTHE's picture

The same way they justify everything else, scream about 'National Security'.

Sun, 06/19/2011 - 21:54 | 1383549 topcallingtroll
topcallingtroll's picture

Fuck you for killing my hope with your rational thoughts.

Sun, 06/19/2011 - 19:45 | 1383262 blinky
blinky's picture

nothing better than jtt..

Sun, 06/19/2011 - 19:50 | 1383267 rontheman
rontheman's picture

Tyler you hit the nail on the head. 

Sun, 06/19/2011 - 19:47 | 1383269 Long-John-Silver
Long-John-Silver's picture

I'll gladly pay you Tuesday for a hamburger today......

Sun, 06/19/2011 - 20:54 | 1383414 Ricky Bobby
Ricky Bobby's picture

+1 LOL

Sun, 06/19/2011 - 19:48 | 1383273 holdbuysell
holdbuysell's picture

Can kicking to say the least; however, the can-kicking seems to be speeding up...can kicks used to be large enough to last a year or so, but now the can kicks are for a few months at best.

Greece is a great example, as they're talking about getting them only through July now.

Who's expression was it that bankruptcy happens slowly and then all at once?

Sure feels that way.

Sun, 06/19/2011 - 19:51 | 1383277 Heroic Couplet
Heroic Couplet's picture

Yep, and when it comes to term limits, Mitch McConnell is the chief blockade for term limits leaving the Senate. Mitch should be told to sit down and shut up.

Sun, 06/19/2011 - 19:57 | 1383283 max2205
max2205's picture

When do the govt pension plans get paid back.... Never

Sun, 06/19/2011 - 20:26 | 1383364 Seasmoke
Seasmoke's picture

well atleast there is a silver lining !

Sun, 06/19/2011 - 19:55 | 1383286 Alea Iacta Est
Alea Iacta Est's picture

MARKETS WILL SOAR TOMMOROW....

Translating the days events courtesy of the SHEEPLE TRANSLATOR:

Debt Ceiling Raised! Crisis Averted!

Greece Gets Loan! No Default Next Month!

Shorts gonna get roasted.....which means me....

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