Obama Confirms Leadership Failure, Pulls Out Mother Of All Mutual Assured Nukes: "Raise Debt Ceiling Or Risk Global Recession"

Tyler Durden's picture

And people made fun of Hank Paulson for threatening with eternal damnation if congress didn't stamp his multi-trillion blank check to bail out his former co-workers from Goldman. In a step that makes the Kashkari-Paulson threat seem like amateur hour, the teleprompter just received its latest high frequency directive from the Wall Street superiors, promptly delivering the latest MAD message to what continues to be perceived as an idiot audience: "Failure by Congress to raise the U.S. debt limit "could plunge the world economy back into recession," President Barack Obama declared Friday, and he acknowledged that he must compromise on spending with Republicans who control the House to avoid such a crisis. Obama urged swift action, saying he doesn't want the United States to get close to a deadline that would destabilize financial markets. He said he was confident Congress ultimately would raise the limit. "We always have. We will do it again," said Obama, who voted against raising the debt limit as a freshman senator from Illinois."

For those keeping score of the President's numerous accolades, this merely underscores that the president is now in contention for the Nobel Prize in hypocrisy: after all compare this statement to Obama's now supremely ironic remark from March 20, 2006: "The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. … Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘the buck stops here. Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better." They sure do. And in order to replace the current failed leadership, they will gladly start with a new president.

From AP:

"I'm the person who is best prepared for us to finish the job so that we're on track to succeed in the 21st century," Obama said. That's the heart of his argument for voters to give him a second term over more than a half dozen Republicans seeking the White House.

As the 2012 campaign gets under way, it's being shaped by a deep disagreement over federal spending in Washington between Republicans who control the House and Democrats in power in the Senate and White House. Obama and Republicans compromised a week ago on a spending bill to avert a government shutdown, a preview of the debate that's certain to dominate the coming months on deficits and the ceiling on money the nation can borrow.

The president said that he doesn't expect either side to get everything it wants in negotiations and that he's pushing for "a smart compromise that's serious."

He warned of dire consequences if the debt ceiling is not raised before it hits its limit of $14.3 trillion; the administration says the latest Congress could possibly act is by early July. But Obama said some longer-term questions about where the government trims its operations will have to be left until after the 2012 presidential election.

"I'm confident that the withdrawal will be significant," he said. "People will say this is a real process of transition, this is not just a token gesture."

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Vendetta's picture

the green shoots mainstream financial media were seeing after eating some kind of mushroom

alexanderstollznow's picture

one thing is for sure: the previous president couldnt possibly have used a  teleprompter, because noone could possibly have written speeches that stupid.

NOTW777's picture

teleprompter being loaded by soros

he said we could afford more debt

DeadFinks's picture

That's the sound of a hep cat drinking anti-freeze.

serotonindumptruck's picture

Ethylene glycol poisoning is a supposedly excruciating way to die. Your liver is unable to metabolize the compound, which results in renal and hepatic failure, followed by systemic failure, which results in coma and death of the unfortunate organism.

The Grip's picture

And the only antidote is a massive, continuous dose of ethanol!

Rodent Freikorps's picture

It should be treated like toxic waste if you love your dog. They think it tastes sweet, and you are right. It is not a good way to die.

sun tzu's picture

Compared to the current president's incredibly stupid speeches, Dubya seems like a genius. Only a brain damaged fool with the attention span of a fruitfly could still support the current TOTUS. Pointing back to Dubya won't make the TOTUS seem any better in 2012

NOTW777's picture

this time I say we all vote NO WAY

Spalding_Smailes's picture

But, but, but ..... He sold the people on change from the status quo, a new beginning per se ....

Racer's picture

Change alright... to an even HIGHER  level of debt

TIMMAYYY's picture

Should have read the small print...

 

ah, the wonders of advertising

Gubbmint Cheese's picture

reminds me of a scene in Blazing Saddles...

 

Sheriff Bart - "The next man that makes a move and the ****** get's it.."

"Hold it men.. he's not bluffing"..

 

magpie's picture

"Were it not for the obstinate resistance of the so-called Tea Party (thrice cursed be their name i neternity), Dear Leader President would have saved the USSA from the Greatest Depression in 2012. But alas, his great wisdom was not heard."

The History App on GovPad, 2051

Eireann go Brach's picture

All together now, Obama is a fucking .....?

SheepDog-One's picture

I doubt it, Michelle and those 2 kids are stage props for the Manchurian President and besides Obama is a straight up homo. What, no one else knew that?

RobD's picture

I'm with you Dog. I have yet to hear of One(1) Obama ex-girlfriend. You would think if he had any they would have been talking him up during the last election. But only crickets....

NotApplicable's picture

Oh, c'mon. He just likes to take baths...

with Rahm.

knukles's picture

One of my saner buddies suggested to look real hard at the family photos. That if they don't look photo-shopped, then there's only one kid.  If there're two, they look photo-shopped, wrong lighting angles, etc.  Says they ate one of 'em.  And this guy is reputable.

bob_dabolina's picture

Default

I'm sick of this shit.

I'm pretty sure the premise of this country wasn't to be reliant on borrowing from foreign countries and printing money.

What is this bull? Let's take the band-aid approach and get this put to bed for Christ sakes.

plocequ1's picture

Consequences schmaquences. As long as im dead in a few years, Who gives a fuck. In the mean time, " Im just happy to be here today" .... Thurman Munson

HedgeFundLIVE's picture

btw, this BAC earnings trade worked like a charm: http://www.hedgefundlive.com/blog/trading-bank-of-america-bac-earnings  Posted on zerohedge before.

SheepDog-One's picture

Im just surprised they didnt wait till after market close to release this news gem. Although I guess at this point no news matters anyway as equity markets are 100% controlled by super computers now.

JailBank's picture

Yes We Can! Shove it right up the average joes pooper

Citizen Kang's picture

So we're going to pin the eventual raise in the debt ceiling on the empty suit Obama and not instead on the hypocritical Congressional Republicans who raised the debt ceiling SIX FUCKING TIMES under Bush?

 

The only that has happened between Dems and Repubs is that the roles have reversed. They are two sides of the same coin. If you are upset about it now (as you can see by all the supposed "conservative" monaing and wailing) but were cool with it from 2001-2008 then you are just a flaming hypocrite.

drink or die's picture

I don't see anyone on ZH saying it was ok back then....

SheepDog-One's picture

Obama voted against it. Just goes to show you the whole govt is nothing but puppets getting their strings pulled by banksters. 

sun tzu's picture

As opposed to all the supposed liberals moaning and wailing about Bush's $400 billion deficits from 2001-2008 and who now think that a $1.6 trillion deficit is no big deal. Aren't they also flaming hypocrites? Nice attempt to cover for your Messiah though.

 

BTW - the democrats were in comntrol of congress the last two years of Bush's presidency

serotonindumptruck's picture

"As opposed to all the supposed liberals moaning and wailing..."

That's fine so long as there is no gnashing of teeth. That old testament shit just pisses me off.

Herman Strandschnecke's picture
'$7.4 Billion in 2004 to $12.1 Trillion five years later'

One shouldn't laugh.

andybev01's picture

It's less of a 'funny' laugh as it is 'if I don't laugh my brain will explode', kind of noise.

Duuude's picture

Paulson...

PAULSON...

PAULSON...

PAULSON...

Over...Niagara...Falls...

 

http://www.youtube.com/watch?v=nr6VBg1SiYI

Sweet Chicken's picture

Well I think this proves things are worse than some feared since he did this much sooner than expected.

This shit is ridiculous.

Rainman's picture

The Great Agitator is trying to quickdraw the Ryan crowd and put them on defense. That is all. Set them up as the patsies for causing the " new " recession by messing with the debt ceiling. Ophony is sitting on a Fed-manipulated economy held together with duct tape and he knows it. He's now setting up the Pugs to take the fall for scuttling the country's fanatastic gains....in the stock market. 

The scheme will never work, but he's just sayin what he's been told to say anyway.  

Dreadker's picture

I'll take the latter option please El Presidente... global recession... the first option of raising the debt ceiling is like placing the global economy into a medically induced coma.... lets just turn off the life support already ;-)

Dr. Acula's picture

"Increasing the debt ceiling" is Obama the Tyrant's euphemism for putting unwilling third parties and the unborn into slavery.