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Obama Tax Bill Hits "Snag" In Congress; Preliminary Vote Delayed
Just Reuters headlines for now, which indicate that the presumed smooth sailing of the tax bill in Congress may be a little more complicated than initially presumed: "Obama tax cut bill hits snag in US house as democratic leaders delay preliminary vote." It appears that Democratic representative McGovern calls house delay on tax cut bill a little bump, not fatal, and that a vote is expected later today.
More as we get it.
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It's not a f'ing tax "cut"
Double great. F'n sweet, in fact. Now I am going to have to buy more micro cap energy stocks to ride when the "surprising good news" hits that the US has taken yet another gigantic leap forward towards Bananaville.
As for whether or not it is actually a "tax cut," I could swear I heard Obama say that IF we passed this "tax cut" it would save or create millions of jobs. At the time he said that, I was confused by it because I thought we had this tax cut for the last ten years.
But I apparently know very little. Maybe CNBC will better inform me during the back half of today's entirely engineered trading session?
Looks like Congress is gaming the markets, at the request of their corporate masters... only to come riding in and save the day at the last minute?
That happens when the teleprompter isn't on.
we're gonna need a lot more drama. now they are saying "dont worry, everything will be alright" i.e. vote today.. but they will most likely milk it out over a few days... gotta raise some uncertainly, save face and all.
the markets will only plummet a few thousand points if they dont get this vote done lol.. i think we all know its a done deal.
Mule,
Well, if that is what this whole engineered up trading session is about, then some staffer at the White House should get a department budget increase so that a person can be hired to make sure that the TELEPROMTER DOES NOT GET UNPLUGGED AGAIN!
Don't people in high places know that, apparently, the fate of the whole free world depends upon this thing staying plugged in?
Now...who has the damn Prozac?
The TOTUS is solar powered.
Repeal of a tax hike.
Revenge of the "Progressives." An awful lot of these guys aren't too worried about losing the next election. Lame ducks have a certain liberty in that respect.
Prepare for market collapse, oh noes! then, at the last min congress approves it... only after the insiders have bought up for the next rally and january leg down. same bullshit, different day.
Yep. They've got the big, tacky drudge siren up now! Save me Capt. America!!
Tax package heads toward high stakes vote in House
WASHINGTON – The White House is pushing hard for the House to pass a tax package Thursday that would save millions of Americans thousands of dollars * in higher taxes beginning Jan. 1.
... House Democratic leaders plan to pass the bill Thursday evening. But first, they will hold a vote on imposing the higher estate tax, backed by rebellious Democrats who say the package is too generous to the wealthy. (So not taking even more by double taxing the same group that already pays the vast majority off taxes is too generous? Are not the citizens that are funding our government with the fruits of our labor the ones be generous?)
... (*)The bill's cost, $858 billion, would be added to the deficit (How does a revenue bill add to the deficit?).
... At the insistence of Republicans, the plan includes an estate tax that would allow the first $10 million of a couple's estate to pass to heirs without (additional**) taxation. The balance would be subject to a 35 percent tax rate.
**Estates, such as family farms, are built with AFTER tax funds.
http://news.yahoo.com/s/ap/us_tax_cuts
Someone didn't get their "earmark".
you mean brown enveloppe?
LOL!
I needed the good laugh, merci beaucoup!
gold is far better for bribes... it stays off the books!
WASHINGTON (Reuters) - The following are highlights from a U.S. Commodity Futures Trading Commission hearing on Thursday that introduced rules for swap execution facilities, and limits for speculative positions held by commodity traders.
It was the eighth meeting the CFTC has held as part of a broader push by the agency to implement rules to overhaul the $600 trillion over-the-counter swaps market under the Dodd-Frank financial law enacted in July.
Speakers at the hearing include Chairman Gary Gensler and commissioners Michael Dunn, Jill Sommers, Bart Chilton and Scott O'Malia.
GENSLER ON SEFS PROPOSAL:
"I think it fulfills Congress' mandate to have rules with regard to SEFs that promote transparency through the trading of swaps on these things called swap execution facilities. The meaning that Congress gave to it is that there be transparency and also that there would be flexibility. I think this proposal does that.
It will afford market participants the ability make firm bids or offers, if they choose to."
O'MALIA ON POSITION LIMITS:
"I am supporting today's release of the proposed rulemaking regarding position limits."
"Delay is preferable to error."
"Without specific swaps data, we have no ability to claim we are applying enforceable limits without understanding the full size of the market. And this is something the Commission ought not be held accountable for."
"While the proposal meets the mandates of the Dodd Frank Act, this proposal still suffers from significant flaws in its complexity, and the likelihood of achieving an end state of controlling excessive speculation remains in question."
GENSLER ON POSITION LIMITS:
"I support the proposed rulemaking to establish position limits for physical commodity derivatives."
"The CFTC does not set or regulate prices. Rather, the Commission is directed to ensure that commodity markets are fair and orderly to protect the American public."
This plan "would ensure sufficient market liquidity for hedgers as well as efficient price discovery."
SOMMERS ON POSITION LIMITS PROPOSAL:
"Today we do not have the data we need to effectively set position limits. Moreover, in the absence of any data, the limits that we set will be completely unenforceable.
I think it's bad policy to promulgate regulations that are not enforceable."
SOMMERS ON SEFS PROPOSAL:
"It also requires that to be registered as a SEF, an applicant at a minimum must provide market participants with the ability to post both firm and indicative quotes on a centralized electronic screen accessible to all market participants who have access to the swap execution facility.
In my view this provision is not mandated by Dodd-Frank and may limit competition by shutting out applicants who wish to offer (Request For Quote) systems without this type of functionality."
CHILTON ON POSITION LIMITS TO REUTERS TELEVISION:
"This is going to help us ensure these markets are efficient and effective and devoid of fraud abuse and manipulation."
anyone that votes for this is a traitor and should be put out.
Related Topics
Thu Dec 16, 2010 10:46am EST
Dec 16 (Reuters) - The U.S. Commodity Futures Trading Commission set out its plans for applying hard position limits to commodity markets, saying that the formula for setting the limits on spot-month contracts was essentially the same as that used by exchanges for less rigid 'accountability' limits. Excessive speculation has been blamed by some quarters for sending food and oil prices to record highs in 2008. The new, revised position limits plan will apply to all physical commodities, including metals and agricultural goods, in addition to energy, and to both futures and swaps markets. The CFTC already sets position limits for corn, oats, wheat, soybeans, soybean oil, soybean meal and cotton. (link.reuters.com/wym52h) For other markets, such as energy, the limits are determined by the exchanges. The following is a list of current limits imposed by exchanges in the top world commodities and energy contracts: ************************************************************* NYMEX WTI Crude Oil <0#CL:> Any one month - 10,000 net futures; all months - 20,000 net futures; but not to exceed 3,000 contracts in the last three days of trading in the spot month. www.nymex.com/CL_spec.aspx NYMEX Natural Gas <0#NG:> All months limit is 12,000, any one month limit is 6,000, expiration month limit is 1,000. ICE Brent Crude Oil <0#LCO:> The exchange's daily position management regime requires that any position greater than 100 lots in all contract months must be reported to the exchange on a daily basis. here ICE WTI Crude Oil <0#WTCL:> Current position limits: 3,000 contracts in the last three trading days in the spot month inclusive of futures-equivalent position in WTI Options. link.reuters.com/pum52h Current position accountability levels: In any one month: 10,000 net futures, all months: 20,000 net futures ICE Henry Hub swaps Front month, last three days of trading: 4,000 Accountability levels that may prompt questions from the exchange are single month: 24,000; all months: 48,000 ************** COMEX GOLD <0#GC:> Any one month/all months: 6,000 net futures equivalent, but not to exceed 3,000 in the spot month. COMEX SILVER <0#GC:> Any one month/all months: 6,000 net futures equivalent, but not to exceed 1,500 in the spot month. COMEX COPPER <0#HG:> Any one month/all months: 5,000 net futures equivalent, but not to exceed 1,200 in the spot month. NYMEX PLATINUM <0#PL:> Any one month/all months: 1,500 net futures, but not to exceed 150 contracts from the beginning of the business day prior to the first notice day for any delivery month. NYMEX PALLADIUM <0#PA:> 1,000 contracts for all months combined or in any one month, but not to exceed 650 contracts from the beginning of the business day prior to the first notice day for any delivery month. ************** ICE COCOA <0#CC:> Position limit for delivery month on or after first notice day: 1,000. Position accountability limit at which traders automatically consent to stop increasing position, when ordered by the exchange: 6,000 single month and all months. ICE COFFEE "C" <0#KC:> Position limit for delivery month on or after first notice day: 500. Position accountability limit at which traders automatically consent to stop increasing position, when ordered by the exchange: 5,000 single month and all months. ICE SUGAR NO. 11 <0#SB:> Position limit for spot month on and after the second business day following the expiration of the regular option contract traded on the expiring futures contract: 5,000. Position accountability limit at which traders automatically consent to stop increasing position, when ordered by the exchange: 10,000 single month and all months. ICE COTTON <0#CT:> CFTC-imposed position limit in any one month of 3,500 net futures equivalent, all months 5,000. Not to exceed 300 in the spot month. ************** CBOT CORN <0#C:> CFTC-imposed position limit in any one month of 13,500 net futures equivalent, all months 22,000. Not to exceed 600 in the spot month. CBOT SOYBEANS <0#S:> CFTC-imposed position limit in any one month of 6,500 net futures equivalent, all months 10,000. Not to exceed 600 in the spot month. CBOT WHEAT <0#W:> CFTC-imposed position limit in any one month of 5,000 net futures equivalent, all months 6,500. Not to exceed 600 in the spot month. KCBT WHEAT <0#KW:> CFTC-imposed position limit in any one month of 5,000 net futures equivalent, all months 6,500. Not to exceed 600 in the spot month. Sources: CME, ICE, CFTCThe CFTC already sets position limits for corn, oats,wheat, soybeans, soybean oil, soybean meal and cotton.
Looking at the long term charts for these soft commodities shows that previous position limits didn't stop massive price increases from occurring. When will they announce the new position limits?
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HOW APT
I wish we had a idiot president that would cut taxes...
Belgian Sudden Debt is on fire today! Great humor!
Oh..., or is it that Belgium itself is on fire...?
Belgium burned down 4 years ago. We don't care anymore.
and as big as we are, with our 3 governments, Yes 3! nothing has worked since the 60's.
We are as corrupt as it gets.
pentagon, fed, shadow - is that what you meant or is there another?
Larry, Moe and Curly Joe?
I'm not in favor of higher taxes, but without huge cuts in spending, I'd rather see this tax deal defeated!
Last Friday, thanks to only ZH and WSJ, we learned that so far in this fiscal year, 49.65% of federal spending is BORROWED! We're going inot DEBT for HALF the budget! We must be insane! America has become a nut house, with 300 million institutionalized patients!
+infinity
sb, I respectfully disagree.
Maintain taxes where they are AND cut spending big time. It is really the only solution to a .gov and criminal banksters gone wild.
+1, emailed my congressman the other day with essentially the same remark. He's been good about voting against all this crap so far but we'll see. This bill is really a porkulus 2.
On the twelfth day of demXmas,
my true love sent to me,
Twelve health care waivers,
Eleven cells in gitmo,
Ten eavesdropped calls,
Nine bags of stimulus,
Eight lobbyist paychecks,
Seven stacks of earmarks,
Six waterboardings,
Five Predator strikes,
Four Brigades for Karzai,
Three Bankster bonuses,
Two secret prisons,
and tax cuts for the wealthy!
sweet
3.5 million was just not enough money to tackle the Formosan Subterranean Termites.
I'm in favor of anything that:
1)collapses the stock market.
2)collapses the bond market.
3)collapses the metals market.
Re-set all markets to 1994, and let's start over. It won't be as bad as CNBC would like you to think.
All of the above, except 3.
Just buy the dip
+1
You got'em where you want them, democrats. El presidente ain't got Team Rahm Rod to bark at you in a meeting saying "we're watching you". Fuck this jerk. He's weak. He's a corporate bend over and will destroy you. Plus it fucks you in the next election cycle because it comes due again by the end of 2012. Give'em the finger and vote nay
(d)
Like to see this government take a three day work furlough. We would able to calculate a taxpayer annualized savings program.
IT'S NOT A TAX CUT BILL !
No fooling.
Here's the Mother of all Earmarks in the bill.
$48 Billion
http://www.semissourian.com/story/1687936.html
Guess which party he belongs to? You won't find out in the article.
There's more to this than meets the eye. If this bill could be defeated, the Republicans could hold hostage the debt ceiling increase. If they fritter this chance away, they will be ceased to be regarded as an alternative to Obama.
Think they're going to shoot themselves in the foot this time, like they did after 1994??
They totally will just play along. All the "imma not supporting this beotch!!1!" is for the records only. Posturing, plausible deniability. Puke like that.
As for the ceiling, Christ I cannot even think what would make them not vote to raise that. Again they'll threaten to commit mass ritual seppuku on the Whitehouse lawn, but then they'll vote to raise it. Probably on a voice vote or something shitty like that.
But you know what, it's all theater anyway. Make some popcorn. Have a laugh.
A parting gift from the old-guard Rinos.
obammy is on the floor with teabaggers at the ready.
my my my.
this place is so far in the tank as a one party fascism it's sad.
What was oppostion to pugs/cons collapsed 15-20 years ago.
HINT: there never was a triangle involved.
the democrat House is effectively powerless. if the bill isn't passed in the lame duck session, the GOPpers will do it in the next Congress
Perhaps not. Because if this doesn't pass, then the Republicans hold the debt ceiling hostage in January. That means they can insist on huge spending cuts. The introduction of the Tea Party into the equation is the introduction of anti-democracy elements into the political system. Really READ Tea Party literature. They want an enabling act--they will settle for nothing less. watch out!
a ONE PARTY MILITARY EMPIRE WILL NEVER STOP SPENDING UNLESS IT IS KILLED IN A WAR!
Take it to the Bernanke. baby.
if they don't pass it the bernanke will have a hell of a time proping up the markets due to everyone cashing out before the first due to the capitol gains tax rise.
They are just trying to get the right count. Gotta see how many guys they'll allow to go on record as voting against it, before they go ahead and pass it.
The position limits are completely bs. If you are a hedge fund you call up goldman and say i'd like to own 100,000 beans. They write you a swap that has a p&l just like the future with some slight changes in legalese. Then they go out and hedge the swap in the futures markets. Because they are 'hedgers' they are exempt from the position limit.
So no virginia, there are no position limits.
yep pure junk and sideshow.
Wholly 5hit !
anybody look at all this pork spending they want to throw into this bill ? 6400 earmarks ?
Spreadsheet right here.
http://coburn.senate.gov/public//index.cfm?a=Files.Serve&File_id=4866e250-f1e6-476a-bbc0-b7029f627fbf
Listen to the fucking liar right here !
http://www.youtube.com/watch?v=D9E5BvaA9KU
INSANE !
The question is, will we see a Papen-Reichstag no confidence vote. It's when unexpected "snags" like these occur that you see we are starting to have a breakdown in the mechanisms of the democratic system. Stay tuned. The issue is a separate vote on increasing the estate tax. If that vote takes place and if Tea Party types are smart, they will vote FOR the increase in estate taxes, because this will scuttle the bill.
Remember that Mellonesque liquidation is anti-democratic. It is FOR enabling acts which remove power from the political system. The Papen-Reichstag no confidence vote was the first step on the path to Hitler's enabling act, although no one regarded it as such at the time.
The whole world is watching.
Junk.