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The Latest News On The United States Of Welfare And Hand Outs
The latest from Reuters, on the late news that Obama will both extend Unemployment Insurance for 13 months, and extend the Bush tax cuts for 2 years:
- Obama: has reached a framework for compromise with Republicans to extend all Bush tax cuts for two years
- Obama: compromise also calls for extending jobless benefits for 13 months, and calls for 2% payroll tax cuts next year, and for extension of estate tax
- Obama: says compromise is an essential step on the road to economic recovery
- Obama: he is confident that Congress will ultimately ‘do the right thing’
We just hope that the prostituting administration will finally float the one proposal we have all been waiting for: free blow jobs for everyone in
perpetuity, funded by the Federal Reserve's monetization of the Sinking
Hooker fund.
In the meantime, we present that one metric which is now completely and totally irrelevant: the US debt, which is at $14,833,512,000,000. It is also just $513 billion away from the debt ceiling. We expect with the new spending spree, Fed monetization or not, that the debt ceiling will be breached in February. And, just as both Republicans and Democrats forgot that the angry US public does not want any more irresponsible spending, and will get rid of all incumbents, so the debate over the debt ceiling will pass in under a day's debate. Next debt ceiling: infinite.
In the meantime, the futures indicate that this news has been largely priced in, and in fact the AUDJPY may soon drag the ES lower.
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Better admit them in the nearest mental hospital.
Americans, your future is sooooooooo bright"
The American leadership, regardless of political parties, is totally intellectually bankrupt.
These fking idiots seriously think that, by manipulating a tax structure and printing more and more fiat money, they will be capable of miraculously reviving America's might and prosperity. WOW!
The Rubicon has been crossed. The American Empire supported by its British bulldog are in a fking retreat. The only savor America can hope for is another Pinochet or Franco but it is not a very high probability event.
Yes, the Rubicon was waaaaaay back there.
IMHO, there's no "saving" it. We merely hope-and-pray for a good result from the restructuring that is imminent, post-sovereign US default. Of course, that depends a *lot* on the dynamics and premise surrounding the re-establishment of a Federal Government after previous Federal collapse.
True. It is only frustrating if you thought those would be consistent (what is said, and what is done).
In contrast, literally, Ben's job (and most politician's job), is to lie: To say things (convincingly) that they know to not be true.
In this case, Ben is the illusionist performing operations with one hand while distracting with the other. Ben will be less effective if people actually understand what he is intending to do. Literally, his job is to lie-and-distract (easily demonstrable even from the mere Ben Congressional Testimony).
And, for the politician, it's simpler: Say one thing (to make some happy), and do the other (to make a different group happy), so the politician can rationalize to all voters that he's "for them". Since most politicians don't know which group will shout the loudest, it is best to have "backup plans" for all groups.
Prosperity is limited by the environment so you have a point there. But definitively, it is a statement of might.
It is tough times around the world and the US citizens are voting themselves tax relief, with the known debt issue they are in.
In a nutshell, US citizens are sacrifying people all over the world to maintain their standard of life. How is it not a statement of might?
Even better, they will keep affording the luxury of denying that they succeed through extortion of the weak and farming of the poor. Notice the difference between nobles of past times who assumed their actions as they acted the same, fleecing people under them in times of dureness to keep their standard of life. But nobles in old times admitted they were in this kind of business. The US, no. The US is saving the world.
Check for the new math in here: an economic recession /depression, tax holidays, tax cuts will mean more US hard earned tax money sent all around the world to bail out people everywhere. A mantra in here.
I suggest that you research (or experience) the concepts of pot-committed or all-in in poker. Do you really believe that it ended before today, or that it will end after? If you've committed more than $3TT, why note more? Then why note more after?
The only way it ends is through a true limiting factor, some real constraint - no chips, currency crisis, hyperinflation...
Simple...eventually the owners of the money that you are pissing away show up and rectify the sitaution.
You don't read much ZH, do you?
Both Ben and Barry are confident that there is only good times ahead and that congress will do the right thing. Seppuku?
Food stamps EUI and blow job stamps bitcheeeez
Dudes, like that is soooooo offensive, that comment about blow jobs. Like, what is this a socialist nanny state, like I can't choose anymore? Like Everett Dickson once said; " A blow job here and a blow job there and pretty soon you'll think you're a fucking Senator."
Kick in some Peruvian marching powder and some quality smoke -- we got a deal! </sarc>
So if this is a socialist nanny state, I suppose the Dem's will be in charge of this program, which means our BJ suppliers must be regulated, tested, trained and certified as safe for the public. But suppose the GOP get this program, then surely it will be privatized (don't call me Shirley!), and then turned over to the GOP's family value department! So we will have two choices socialized or privatized BJ's, and choice is what it is all about!
speaking of food and blow jobs, I kinda had the same expieriance today when Apmex delivered a big tin on Holiday popcorn on the same day Mr. Silver slipped JPM some dick.
Thanks Apmex
Me, too. The caramel is really good.
Thanks Apmex.
Blow job stamps...hmmm a way to help energize a failing Nevada?
Reed going to work for his state "Come to Henderson NV! Get some head!"
Hmm seem to remember a bit about this http://www.youtube.com/watch?v=HYJCHoEDNgs
.....actually, you want to go to Parumph, 50 mile sw of Vegas, where it's all legal. Not that I know, I just heard about it from a friend of a friend.....
Right, Rainman. Bambi says hello.
Well, politicians are known for paying lip service.
Oh yay...how does one get laid off?
As they will probably default on the Debt anyway they may as well take some more money off the rubes before the biggest Ponzi Scheme of all time finally collapses.
Food stamps EUI and blow job stamps bitcheeeez
So much for GOP austerity. Guess we'll spend our way back to prosperity :) That's a plan! Gold to da moon!
111th. Congress...still.
Ya but deals were cut with Boehner
Never...ever...use the words "cut" & "Boehner" in the same sentence.
It causes significant shrinkage ;-)
Lol. Lorena Bobbitt! Ouch!
And in lieu of BJs . . .
. . . what do the women get?
Screwed.
Whatever you want darlin...it's on the house.
And some of us still have moustaches ;-)
Quote stolen from a comedian who I cannot remember the name:
I'm Italian. When go down to eat, I plan to be there long enough I bring a bottle of wine, a loaf of bread and a big napkin.
Speaking of gorging oneself ;-)
Silver is doing a moonshot...they can't cover fast enough...ROTFLMAO!!!
Whoo baby..... this man is offering free moustache rides!!!!
You get a nice discussion with a cunning linguist.
New Fridges.
Or possibly new ranges.
You boys are seriously lacking in imagination!!
insane isnt it...now watch what happens to Gold & Silver n London and heading into NY...
if they arent attacked on news of more debt coupons created out of nothingess n order to fund this bullshit i will b shocked......
The Captain of the Titanic orders the band to play louder as his ship sinks.
Well said.
13 more months? So that's what around 3 years unemployment. Yeah that austerity is really going to crack down on us. They are just going to run the printing/ponzi engine till it hits critical mass and goes nuclear.
Wander if the Chinese response was to throw whatever was handy at their tvs on the announcement.
Oh yeah.
That game; Chopstick, toxic sludge ball, TV.
Hoo-laa! Chopstlik blake TeeBee. Hee he.
Chicoms are happy to see this, they need something to buy and someone to sell to.
Once the time comes they call in a few trillion and own it all.
They have got to luv this,I would.
A few trillion in notes and bills in devalued dollars???
Even the Tips should be crap since they don't account for energy or food prices.
They can call those all day, they'll be stuck with paper. But then again, the chinese should know a thing or two about paper money since they had about 20 paper inflations through their 2000 years of history of paper money.
Blackie- you forget the banksters- they will enforce their paper - how can you think otherwise.
When the time comes the U.S. via the IMF or some other
world organ will pay up in SDR or some other oily-bucks.
word.
Yea and with all the money the FED is "digitalizing" those on EU are going to get hammered with 100+ oil and $10 happy meals.
Whatever. Slaves be slaves bitchez.
Lovin' this brand of austerity. Guess the idea is to have the fewest people possible working in the US for maximum 'productivity'. Make capital pay way more than labor, feed animal spirits, and hope the last bagholder will be some poor schmuck from overseas invested in US paper.
No, they are extending the existing benefits for 13 months. Nothing new as far as I know.
They are picking up those who have or are about to fall off the teat. That's NEW spending in my world.
It's still 99 weeks. I have not read anything beyond 99 weeks.
Have you taken your hopium?
No. My thought was people were upset by 99 weeks.
Eh heh, and now you think they'll break out the pitchforks for 112 weeks? Are we in the same USA here?
They should have modified the Bush tax cuts with modest increases and let the EU benefits expire.
These politicians have shit so ass backwords it makes my head spin. We can't afford this. They did the exact opposite of what they should have done.
It's about time Americans take some responsibility for ourselves and be treated like adults. This is shameful.
The rich and the poor are getting treated too good at the expense of the middle class and future generations. Disgusting.
You can afford anything if you never have to pay for it. The debt is too much to ever be repaid. The only question is when default will be forced upon us- that date is the day no one will sell us anything in exchange for dollars. As scarcity becomes more prevalent- look to save your own and hopefully you have good neighbors.
No. America can not afford this.
There is nothing wrong with remodeling your kitchen unless you are bankrupt. Seeing as the FED is monetizing debt at the federal level, America is bankrupt and unable to borrow minus a morally bankrupt money printer.
This is so fucked.
You can afford anything if you never have to pay for it.
This debt can NEVER be repaid and it is not intended to be repaid. It was mathematically impossible two years ago and it is less possible now.
This is "monopoly money", and yet is still accepted as currency. I can't blame the government for allowing the Fed to produce as much as possible to keep the gravy train rolling. If I had access to a printing press, I'd be doing the same thing albeit on a smaller scale.
Unfortunately for you, the US has installed over the world the reign of the group over the individual. Now, what you can afford doing when belonging to the proper group is incredibly bigger than what you can do as an individual. In the US philosophy, the group is all. The individual does not exist, only as a potential member of a group.
Could you imagine a person deep in debt? So deep that the repayment of the debt is in doubt? Solution to the issue: allowing the person in more debt. Now even with that, the person struggles to repay the debt. Solution to that: easing the repayment installments? Would be so cool.
Time for the producers to move quietly to the exits.
I hear Atlas shrugging...
Atlas Shrugged.
I'm thinking Atlas is about ready to drop-kick the planet at this stage!
The crowd isn't enjoying Springtime for Hitler?
Production is consumption.
People who are enabling all the stuff, people at the very bottom of the consumption pyramid, those who provide the resources to get all the scheme to work, are under heavy guard of the US military network worldwide. Dont expect them to move. They will be labelled immediately as terrorists.
Good riddance to the bankers, lawyers, consultants, outsourcers, and lobbyists I say.
Careful, you are not going to be middle class much longer.
now we move into the great grand kids paying back territory
Beyond that now...now it's just the interest.
One necessary to prevent a revolution, the other to shut Larry Kudlow the fuck up.
I guess I'd call that even.
That is the MAIN reason they are doing it.. Any other reason given is a only compliments it..
This isn't going to end well regardless..
Just more deficits. But this time, they'll be even BIGGER! This is why I'm convinced that total economic collapse is inevitable. No one of either major party will reduce spending until the day of collapse occurs! Only then will the wake-up call come! The reset button won't be pressed until Mother Nature does it for us. "It's not NICE to fool Mother Nature!" We can't defy the laws of sound economics forever. Today's events only forestall that day once again!
Correct. They're waiting for someone whose money they control to invent something stunningly profitable (radio, TV, Internet, ??), which will save their asses.
Rearden steel. Or like the guy in idiocracy that tells people to stop using HFC to irrigate crops.
Ironically it will probably be somebody on the unemployment insurance who has the time and clarity to come up with something like this. Cause most people I know who still have a job are getting pretty nasty to each other and/or dumbed down (self inflicted or set up to fail)
When they bail out CA, then maybe people will wake up.
They know a lot of states are busted.
Next year is one for the history books boys.
They are now winding up to toss the hail mary the clock is at zero......................
Praying for a flag and/or booth review.
I think Coach Bernank scared the shit of them.
Yeah, I've been half-dreading 2011 for some time. :(
Surprise, surprise. Jerry Ford was the last great American President. He stopped the Vietnam war hemorrhage, removed Nixon from public eyes, told to New York "drop dead". Unfortunately, he failed to allow the FED to kill stagflation.
Holy shit 99'ers just turned into 155'ers! Wow 3 years on unemployment, then what? That means California only has to borrow another 15,800,000,000.00 to keep their sheeple from revolting. So much for the spend as you go theory!
http://www.zerohedge.com/article/california-borrows-40-million-day-pay-unemployment-insurance
Uncle $ugar to the re$cue.
Mo money, job$ $aved, con$umption $aved.
Dollar$ down, export$ up, eat $hit euro.
Inflation, real-e$tate up, equitie$ up, commoditie$ up, gold bitche$.
What, our bonds are being downgraded?
Who Cares, Fed to the Re$cue.
Bernank: "Who's your daddy, bitch."
They're consistent. Got a give 'em that
and even better, the US dollar is stronger on the news so far.
as always, this bubble can go further than anyone thinks. Amazon doubled in 7 days before the bubble in tech finally topped. we haven't seen that yet. only doubles in 3-5 months (NFLX, PCLN). it can get even more acute, and at this point it apparently will.
however, we're playing with a ticking time bomb and no one knows how much time is left.
erik, I was in your camp until recently. I thought we'd see slow, slow growth and nothing very exciting. I've changed that view after this last Q and our event last week.
I now think we're going to move a lot faster with much stronger growth in 2011 than I imagined. People are excited, they feel confident now with their jobs and are spending money. This is exactly what will create and is creating the "wealth effect" you keep hearing about.
Yes things well get really rollin' soon. In nominal terms that is.
Assuming you're serious, you're wrong.
The majority of wealth in the US is ***STILL*** the home. Home prices remain in freefall.
There can be no wealth effect without house price spikes. Go find some.
At least 50% of the purchases at the grocery store today was foodstamps.
Just curious....what general area of the country do you live in??
I'm guessing lalaland.
Harry (or should I say James): From the recent renewal of your ridiculous and antagonizing "blue skies and lollipops" trolling, it would appear that you have decided to start collecting more data on the "utopian permabear psychology" once again, as you did so heavily in this forum earlier this year. Good luck in your sociopathic quest.
I thought I was rich once, until the local store refused to take my Monopoly money for a Pepsi! Can you imagine their nerve?! :>D
Confident? Are you on drugs? Nobody I know is, from programmers to steelworkers to retail clerks is confident about where the economy's going.
OK that was weird.
OK that was weird.
OK that was weird.
OK that was weird.
You kiss my cheek only to finger my a$$ !!!!
http://www.youtube.com/watch?v=3xL-Z3FT1Jw
so the average earned wage of those of us who were bent over backwards for the bankers is said to be around 32k...which means that we get to keep an extra $1360 based on the ssi tax reduction...now what the fuck kind of impact is that gonna have on ur existence when the debt coupon dollar has been completely destroyed and gas is $15 per gallon???
this shit is so fucking stupid.....
Did Denninger write that?
OK, loyal, longer term [than me ZH brothers]...how could a person possibly trade ANY of this? Seriously?
We are somewhere between End Times and Perfect Banana Republic Bliss...anyone...anyone Bueller....Bueller....
For simplicity sake, and accounting for planned bank runs, money printing machines, TAX NON INCREASES, T-bill prices [future]...and a crime wave like the world has ever seen...my question is simple:
1. Long?
2. Short?
WTF? I am officially delirious.....
you have to wonder about a gvt that designs hundred dollar bills that they can't print.
ya gotta wonder.
The least they could is take that 110BILLION and do a Bennie drop for xmas.
Ug...you did not answer! Com'mon man...committ~
LONG baby. until it all blow chunks and then it won't matter if you were long or short.
When the ship goes down you go with it.
No lifeboats.
The $100 bill snafu is an easy fix. Hire unemployed workers with neat handwriting to scratch out the 100 and write in a suitably discounted figure, say $80, with a Sharpie. Geithner could initial it, so everyone would know it was legit. Unemployment is reduced, the Treasury Secretary has something useful to do, and the Bureau of Engraving's factory seconds won't have to be incinerated. The workers doing the markdowns could even be paid with the discounted bills. And, since it's thought that identifying all of the blems could take 20 or 30 years if done by hand, it would be a jobs program with very long legs. The ultimate Broken Window Parable.
buy qqqq/sell tlt or gold.
Buy and HOLD for the Hyper-gains, if you have the stomach for the GAME ....
Consistent idiots! The extension of tax breaks only will continue to make the rich much richer. The middle class is making less money, working longer hours and their tax rate won't matter in the least. As long as the hedge fund traders continue their "carried interest" tax rate, the Rebubs will continue to recieve their bribes and keep the status quo alive.
And let's not forget the welfare checks for the unemployed enjoying the fruits of their free money while not looking for work. The self employed are getting boned again. We continue paying while a simple W2 affords you free money.
May the underground economy grow and prosper, while the Feds quickly starve to death!
Man, they just take a giant dump on you self employed slaves every year. It just gets uglier.
Glad I made mine already.
I would be on the sugar teat now. why work. they are blowing it out from under you.
Dude, if it's all that simple, why don't you just incorporate in Delaware and hire yourself?
What's the problem?
And let's not forget the welfare checks for the unemployed enjoying the fruits of their free money while not looking for work.
Sounds good to me. How does one get laid off?
Shameful, just keep adding to the debt by reducing revenue. Way to go. http://michael-hudson.com/2010/12/adam-smith-critiques-the-deficit-reduc...
I guess they finally figured out how to flip the governor on the printing press.
Bang Dae Tax Ho !
Give them BANANAS!!
National Debt-KABOOM... RIP USA.
as cracker Slick Willy would say --- it depends on what "gizz is"
as Jimmy Carter would say --- I cunt' have been a worst President than this guy even if I was a negro......
as Julian gets trotted off...to jail .....for premature cable leaks..........................
god bless tiny tim and helen thomas.........................
barry X looked ENRAGED that people will be "entitled" to keep THEIR earnings.
Grind the black liberation communist into the dirt for the world to see.
Enlist the military if need be.
http://www.youtube.com/watch?v=zttMj_pV1Tw
I think the plan is like this :-
Let FED take all debt, say $ 100 trillion
When every thing goes beyond limit, abolish FED (BANKRUPTED)
All debt wipes out, start again with new identity
When you get your free blowjobs make sure you are wearing 2 condoms in case one breaks, in which case the second is a safety net - otherwise you may get charged with rape by Sweden.
Completely expected but I don't think it's at "priced in". Market is going to love this news.
I'm back on the West Coast after the best show in the history of our company - 9 years. Not only was it the best but we tripled last years revenue at the exact same event. And, we battle a snow storm that virtually lost us a day.
No way anyone can tell me after this, that the economy isn't improving. I'm seeing it come back very strong into the holidays. We turned a major corner in early Fall and it's been a consumer driven run.
Were you wearing a condom at the show?
Harry,
Since your into trading I'm sure you "made the rounds" what did you see/hear ?
You too SS, Go blow Harry somewhere else
We produce much of our product but we also have a supply chain, retail outlets and licensing revenue.
All along the supply chain we heard how materials for production were selling at about 30% more quantity than last year.
At the retail level, we heard the same story - very happy and encouraged store owners who were amazed at the turnaround.
And, as far as licensing, we signed an international deal with a company that said they are licensing more product than they were during the housing boom.
Across the spectrum, it wasn't just good news, it was pretty great news.
glad to hear it's all puppy dogs and rainbows in your neighborhood. but if I were you, I would consider myself the exception.
could you please explain to us how the US (global) economy is somehow linked to your 'amazing turnaround'?
Just the MERS onion of fraud at every level... just that in itself... peel back every single stage of that process and it's rotten to the core, stating fraudulent income to snag commissions to counterfeiting the promissory notes to repackaging these into other investment vehicles, all under-capitalized... the fraud just goes on and on and on.
the potential exposure is liberally estimated at up to 10 trillion dollars. what's worse is this practice has been exported all over the modern world and is now an unsustainable, global contagion.
Unemployment is a disaster and will continue to be for at least a generation in the US. with so many regulations and bureaucratic red tape to deal with, the US is not a friendly place to run an industry. believe me, biotech is an industry arguably born in the SF bay area, and now a lot of those jobs are being moved to asia and india. i see it happening right before my eyes every year.
you seriously need to come to grips with the reality of the depth of this country's economic problems.
And the product is.....DRUM ROLL ######? Go ahead Wanger, I dare you
i believe harry mentioned somewhere previously that his firm prints all of the unemployment and welfare checks.
yes, business is probably booming.
Harry
If you are in home decor you do realize that a ton of the former home gizzers are not in the bidness no more.
So, one could expect that as many die on the vine the ones that are left pick up a bit.
If you are one of them then great.
But it's possible to have less consumers and your biz to increase.
o why bother.
get a life. or not.
HarryWanger - let us in on what this miracle product is that you are selling and how/why it is typical of the business enviroment in general!
OK Harry,
What kind of show are you talking about? Puppets? Do you sell ink? anti-depressants? EBT cards? What? enlighten us so we can get in on the great action. Otherwise STFU and move on shill!
Harry's talking about show business. He's the piano player for the National Rotary Club Men's Choir. They travel coast to coast (Newark, Youngstown, Ohio.... East St. Louis, Watts) putting on inspirational and patriotic community sings for the chronically under and unemployed. They have been racking up new concert dates like crazy.
i've almost tripled my money just sitting on PMs in the same time frame.
My biggest holdings in my portfolio, as I've posted here since I've been here, are PMs. Started buying big in 2003 and the run has been amazing.
More amazing are the moves in some of the equities I've been holding as well, like PCLN and AAPL. As I would buy and sell stocks, I kept thinking my PMs would always be a great "hedge". I had no idea that everything pretty much turned into a great "hedge" with PMs and equities running this year.
Amazing how everything you touch turns to gold - all winners and no losers. I'm sure you've banged more chicks than Wilt in your lifetime as well.
It has been priced in. But so was a great jobs number last week.
Reality is it will rise, then it's fucked. So lube up
Maybe for scum that floats to the top - the rest of the USA will have to hope for increasing handouts to keep food on the table.
PMs tell us there is no recovery.
Harry. YOU. Are clearly a financial parasite.
The economy is not improving from my vantage point. I go into like 200 apts a month and I can tell you folks are hurting. If things were getting better, I'd tell you.... Except for one guy I know who consults on construction of gov't high-tech communications rooms, NO ONE that I know has any pricing pwoer. With labor particpation rates at the lows, inflation-adjusted wages static-to-declining over the past decade and energy and food costs rising, what to think is going to cause an expansion? The debt needs to be addressed - at all levels.
Good to hear you did well at the show.
Believe it not Harry, I am one of the few that believe your optimism. I am a small business owner myself. Things will pick up. In the short term.
But short term may only distract (kick the proverbial can) from the larger picture.
All you other nitwits: STOP junking Harry for his opposing opinion(s).
My first official junk .....
ahh, I'll remember this moment ;-)
So when are you going to take your great booming business public so some of the rest of us can get a piece?
Oh yeah, business is booming if you take food stamps. Ooops, I mean EBT.
Sense of desperation... big time. Mkts don't like that. Add a quivering, 'double cross' Bernank and we are done.!
One thing is clear ... neither party has a clue how to stop this madness and turn the economy around.
We are truely FUCKED! First of all they think we are losing 500 million jobs a month in a country of 342 million...
http://www.youtube.com/watch?v=x8hMJVXt09E
Now they want to extend UE benefits because they believe it is the best way to create jobs?
http://www.youtube.com/watch?v=xdAj8zui6ss
You can't make this shit up
So there is a bank run tomorrow un Europe.
I see a non-event.
Sorry for o/t
what happens when we breach the debt ceiling?
make.ceiling.higher
Ceilings all the way up, my friend! :>D
I HAVE A QUESTION!!!
Do any of you think this will "pop" the Stock market and if so, how long?
If you are in triple leveraged ETFs, then is this the time to get out until it all blows up?
Christian at PSA just went short term bullish. I don't know who to trust for information anymore!
BB be 100% sure......what's to think about ??
Buy low ....
X, MT, DRYS, I also think REIT's with exposure with rental property(if any not sure ...), Maybe a few banks JPM, DB. Or small cap miners ....
JMO
I think we have a 6 month, 1 year window before China gets into trouble.