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The Petulant Teleprompter: Obama "Abruptly" Walks Out Of Debt Negotiations

Tyler Durden's picture




 

Update: OBAMA: "THIS MAY BRING MY PRESIDENCY DOWN BUT I WILL NOT YIELD ON THIS" -- REPUBLICAN AIDE; Perhaps Obama may want to put the country ahead of his own interests this one time...

Here is the relevant section in the 14th Amendment that the Constitutional scholar is likely about to invoke. The bolded section is what is largely being ignored.

The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned.

Odd how the debt inccured for payment of pensions is being nicely trampled to make way for debt incurred for payment of Federal worker bonuses...

Orignal:

So far the Moody's threat is having precisely zero impact on the debt ceiling farce, with just 8 days left until July 22. But the latest development is certain to jar both S&P and Fitch, not to mention Dagong, out of hibernation. Reuters reports that President Barack Obama abruptly ended a tense budget meeting on Wednesday with Republican leaders by walking out of the room, a Republican aide familiar with the talks said. The aide said the session, the fourth in a row,
was the most tense of the week as House of Representatives Speaker John
Boehner, the top Republican in Congress, dismissed spending cuts offered
by the White House as "gimmicks and accounting tricks." Either Congress has become the best orchestrated reality TV show in history or, and this is a big or, the market should really consider panicking soon.

Some additional color:

  • Cantor relayed this quote: "Eric, don't call my bluff," Obama said. "I'm going to take this to the American people."
  • More Cantor: Obama said that the group has until Friday to figure out "which way we're going." They'll meet tomorrow.

Odd. Last time we checked far more Americans didn't want a debt ceiling hike than did:

Overall, voters oppose raising the debt ceiling by a strong 45 percent to 32 percent margin, with the remainder undecided.

But the real eye-opener in the poll is the stiff Republican and swing-voter opposition to a deal. Sixty-seven percent of GOP voters and 51 percent of independents think raising the debt ceiling is a bad idea.

Democratic voters, by comparison favored raising the debt ceiling by a 44 to 21 percent margin. Interestingly, 35 percent of Democrats say they are either undecided on the question, or don’t know enough to have an opinion.

Perhaps Obama believes GM union members are a representative segment of the broad US population...

 

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Wed, 07/13/2011 - 20:48 | 1454422 jdh2358
jdh2358's picture

ZH: "THIS MAY BRING MY PRESIDENCY DOWN BUT I WILL NOT YIELD ON THIS" -- REPUBLICAN AIDE; Perhaps Obama may want to put the country ahead of his own interests this one time...

 

Isn't this statement the definition of putting the country's interests ahead of his own?  Obama is saying (if the quote is legit) that he's willing to sacrifice his presidency for this.  Since the cynical view of politicians is that they only act to get re-elected in their own self-interest, I presume he is willing to give that up for a higher interest.  That of the country, perhaps.

 

Wed, 07/13/2011 - 20:54 | 1454438 Conchy Joe
Conchy Joe's picture

Meh - he's playing the "I'm robbing America blind for the Children" card again.

Nothing more

Wed, 07/13/2011 - 20:55 | 1454444 A Lunatic
A Lunatic's picture

You mean for that of the banksters.

Wed, 07/13/2011 - 20:57 | 1454450 Conchy Joe
Conchy Joe's picture

Children will play better on the networks over the coming weeks.

Cue Crying Indian scene....

Wed, 07/13/2011 - 21:03 | 1454470 Translational Lift
Translational Lift's picture

"THIS MAY BRING MY PRESIDENCY DOWN BUT I WILL NOT YIELD ON THIS"

That's the way of an ideologue.....It's my way or nothing.....They can't or won't see any other way....

Wed, 07/13/2011 - 21:30 | 1454567 karzai_luver
karzai_luver's picture

obamao is a dolt , but your post is horsecrap piled sky high.

When Bitch Mconnell runs to the floor of the senate and says there is no

chance of a deal worth having until this prez is out , well that don't sound

very kumbayyahyah to me.

 

Wed, 07/13/2011 - 21:49 | 1454639 knukles
knukles's picture

Betcha McConnel thinks it sounds pretty kumbayyahyah to him....
There's two ends to every turd, ya' know.

Wed, 07/13/2011 - 22:19 | 1454738 nmewn
nmewn's picture

Fuckin McConnel, what an asswipe...he had to be dragged kicking and screaming to the last financial sanity event.

Thu, 07/14/2011 - 09:59 | 1455781 Translational Lift
Translational Lift's picture

One of the best examples of why we need term limits.........

Wed, 07/13/2011 - 21:04 | 1454478 oldmanagain
oldmanagain's picture

According to TV, Obama was trying to get the Pubs to get off talking points and put some meat on the table.  Pubs think Obama has to cave in or lose.

The Odonnell thought it be the closing of the trap for the Pubs.

When the SS checks don't arrive, a few bucks more from the rich may look a lot different to the Pubs.  Many of  the rich have already told the Pubs to back off the insanity.

Wed, 07/13/2011 - 20:53 | 1454433 MikeyKid
MikeyKid's picture

This site will be even more fun to read after Obama starts his second term... The GOP "race" for the losing spot will be a nice opening act as people try to convince themselves that Romney isn't everything that people are hating about Obama - without the color of course.

Then again, the majority of posts here have us pegged for complete anarchy - any day now...

 

Thu, 07/14/2011 - 04:07 | 1455232 darkstar7646
darkstar7646's picture

Do the checks continue or do they not?

I don't see how they can, much longer, and that's why I am not sure that we get to elect a second term for the POTUS. That's why I have to wonder if we are pegged for complete anarchy - any day now.

Wed, 07/13/2011 - 20:58 | 1454451 JLee2027
JLee2027's picture

Obama is like a woman I know. Everyone else has to solve the problems he creates, because he won't. The "walking out" tactic is something I've seen before. He cannot deal with the problem when pressured so he runs away. It's extreme narcissism.

The Republicans are going to have to solve it and convince him (or 100% capitulate, which isn't going to happen - but that's what "O" expects). Otherwise, we are looking at default.

 

Wed, 07/13/2011 - 21:06 | 1454485 zen0
zen0's picture

Narcissistic personality disorder (NPD) is a personality disorder.[1]

The narcissist is described as being excessively preoccupied with issues of personal adequacy, power, prestige and vanity.[2] Narcissistic personality disorder is closely linked to self-centeredness.

 

This came up during the campaign. He is a classic example.

Plus, he is pussy-whipped.

 

Its all bad.....not good bad like before, but bad bad..... and America will pay the price.

Thu, 07/14/2011 - 07:44 | 1455400 Bob
Bob's picture

Name a national politician who isn't a narcissist.  Your insight ranks right up there with "fish are wet."

Wed, 07/13/2011 - 21:10 | 1454500 A Lunatic
A Lunatic's picture

He did not run away. He hastily departed in order to find his executive order pen so he can draft a few retaliatory laws which reaffirm both his capacity and authority to lead this country on a straight and undeviating path toward Civil War II. Through the sheer genius of this seemingly childish tantrum you shall wake up tomorrow without second amendment rights, extremely limited internet access, martial law, a bank holiday, and a fourteenth police action in another obscure and irrelevant third world country. "We will be raising the debt ceiling Bitchez"- Obama

Wed, 07/13/2011 - 21:13 | 1454508 jdh2358
jdh2358's picture

JLee: The "walking out" tactic is something I've seen before

 

Sure, we all saw it on June 23rd when Cantor walked out o the Biden talks.  http://www.theatlanticwire.com/politics/2011/06/debt-ceiling-talks-hit-i...

Wed, 07/13/2011 - 21:21 | 1454539 JLee2027
JLee2027's picture

Wrong...you should read the article, not just the biased headline.

House Majority Leader Eric Cantor has withdrawn from the closed-door budget deal talks,

Wed, 07/13/2011 - 21:31 | 1454569 jdh2358
jdh2358's picture

I see -- Cantor withdrew.  So did Obama walk out, withdraw, or did he just "sum up with an impassioned case for action before bringing the meeting to a close and leave"?

Inquiring minds want to know.

Wed, 07/13/2011 - 22:18 | 1454716 RockyRacoon
RockyRacoon's picture

Give it up.  You'll find that reasoned argument gets junked here.   When the atmosphere of Obama-hating is disturbed the spores are released.  You can only slide in under the guise of subtle irony or gutter humor, preferably that which employs body parts, noxious emissions, or obesity references.   Articles like this one are for the purpose of generating hits and it works.  Those who complain the most about the political division being diversionary are the ones you need to look out for the most.  Kinda like when someone tells you they are a god-fearing christian -- watch your wallet.

Thu, 07/14/2011 - 07:47 | 1455405 Bob
Bob's picture

You've noticed?  Abhorance of the blue-red pony show is a matter of collective principle around here . . . when it puts the blue boyz in a negative light.  Otherwise, not so much at all. 

Wed, 07/13/2011 - 21:30 | 1454572 jomama
jomama's picture

it's less about being a tactic and more about theater.

Wed, 07/13/2011 - 21:33 | 1454584 karzai_luver
karzai_luver's picture

big ladedaaaaaaaaaaa.in this day and age sane well balanced don't get

elected.

You have to be a whore to get in the race , only a supreme narc could

stand to look in the mirror everyday.

Put down the 2bit msm narc meme, it hints at a shallow clown behind the charge.

 

Wed, 07/13/2011 - 21:08 | 1454457 Peter_Griffin
Peter_Griffin's picture

I was watching CBS evening news and they had a report on this meeting showing everyone smiling and laughing.  Now they are reporting the same as this.

 

I wonder if everyone in that room has gone crazy and were laughing at the upcoming default.  Some times I laugh uncontrollably from when I'm feeling insane.

 

**EDIT

The GF was watching CBS, I walked by.  I just looked at it on CBS website, and in the news report they did say he stormed out, but showed pictures of them all smiling...  Nothing to see here.

Wed, 07/13/2011 - 20:59 | 1454459 brokenspoke
brokenspoke's picture

Where is the carrot lobby?

Wed, 07/13/2011 - 21:00 | 1454461 zen0
zen0's picture

I was in meetings with gubmint officials, advisor at my side.

 

After, at the debriefing, ( though it didn't go that bad), I said, " we should have just walked out."

 

He said, " No, that means you have lost."

Wed, 07/13/2011 - 21:03 | 1454472 Homey Da Clown
Homey Da Clown's picture

This man is beyond an embarrassment. He is SUPPOSED to be the President of the UNITED STATES. He's acting like petulant child that isn't getting his way. It's all about HIM.

He is so disingenous. You either surrender to his whims or are labeled as unpatriotic, monsters, or mean spirited. Thank GOD he is gone next year.

 

RON PAUL 2012

 

 

Wed, 07/13/2011 - 21:13 | 1454511 blunderdog
blunderdog's picture

Dude...he IS the President of the UNITED STATES. 

Acting like a petulant child in that position is de rigeur--at LEAST the previous 3 preznits have all done so at one point or another.

Dubya "it's just a goddamn piece of paper" and Clinton "depends on the definition" and GHW Bush "you cannot defy the will of the world" are three particularly amusing moments that I personally recall.

I'd have do a bit of research to find similar moments going back farther, but I'm pretty sure they're there for any preznit you check.  Even Nixon, who I personally kinda like, blubbered like a little bitch on teevee talking about his daughter's dog.

There is at least one thing about Obama that's really different, though.  I grant that.

Wed, 07/13/2011 - 22:11 | 1454707 JLee2027
JLee2027's picture

Dubya "it's just a goddamn piece of paper"

That's a nonsense rumor started by liberals...sometimes created to Cheney...come on! 

 

No one compares to the behaviour shown by Obama - bowing to foreign leaders is just one example of the disgusting downgrading he's done of America.

Wed, 07/13/2011 - 22:24 | 1454755 blunderdog
blunderdog's picture

Republicans good, Democrats bad.

(Derp derp.)

Thu, 07/14/2011 - 00:15 | 1455021 JLee2027
JLee2027's picture

Political parties are a failed experiment, as President Washington warned us.

However, given the lack of choice, I would hold my nose and choose Republican.

Thu, 07/14/2011 - 01:27 | 1455111 blunderdog
blunderdog's picture

Choose anyone other than a major party and the Dems/Reps will be forced to make an adjustment.  If any third party candidate ever pulled 5% of the vote, you'd see his party platform divvied up amongst the two majors overnight, and something positive could happen.

I personally encourage everyone to get out of the Dem/Rep game, even if I vehemently oppose their politics.  Vote libertarian or green or white-people or black panther.

Just stop voting for the folks that put us here.

Wed, 07/13/2011 - 23:55 | 1454983 Calmyourself
Calmyourself's picture

Substantiate the quotes above or shut the f*^% up..

Wed, 07/13/2011 - 21:37 | 1454598 BernankeHasHemo...
BernankeHasHemorrhoids's picture

Gotta love Ron Paul but your country men are cretinous morons who don't deserve him and will never elect him. They DESERVE the Muslim criminal fascist that they elected.

Wed, 07/13/2011 - 21:03 | 1454474 optionswriter
optionswriter's picture

The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned.

 

I'm not a constitutional scholar.  But I am a thinker.  Isn't the operative phrase here "authorized by law"?  If the debt limit isn't raised, by what law is there authority to incur additional debt?  Can someone explain?

Wed, 07/13/2011 - 22:32 | 1454780 RockyRacoon
RockyRacoon's picture

The debt that is in question has already been incurred.  It is a pile of bills due -- now.

It has been due for some time.   It has no relevance to future debt.   Does that answer your question?

Wed, 07/13/2011 - 21:04 | 1454477 jomama
jomama's picture

this kabuki is boring.

Wed, 07/13/2011 - 21:06 | 1454482 sabra1
sabra1's picture

maybe he had to go pea pea?

Wed, 07/13/2011 - 21:07 | 1454490 Heroic Couplet
Heroic Couplet's picture

Eric Cantor is full of crap. He holds shorts and profits if the US defaults. What a moron. And Obama didn't take his toys and go home. He is home.

The Commander in Chief who nailed bin Laden is supposed to be afraid of Republicans? Why? Republicans can't say tax cuts create jobs. They've shot themselves in the foot politically. I still say Obama should summons George W Bush to a microphone to speak. The deficit is the Bush Administration's mess.

Wed, 07/13/2011 - 21:14 | 1454512 djsmps
djsmps's picture

Don't you mean Assassin-In-Chief?

Wed, 07/13/2011 - 21:33 | 1454581 BernankeHasHemo...
BernankeHasHemorrhoids's picture

He had NOTHING to do with nailing Osama bin laden. In fact the same crew ought to take Obama bin laden out too. One Muslim criminal down, one to go!

Wed, 07/13/2011 - 21:10 | 1454502 optionswriter
optionswriter's picture

The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned.

 

I'm not a constitutional scholar.  But I am a thinker.  Isn't the operative phrase here "authorized by law"?  If the debt limit isn't raised, by what law is there authority to incur additional debt?  Can someone explain?

Wed, 07/13/2011 - 21:12 | 1454505 oldmanagain
oldmanagain's picture

Basically the Pubs are getting a little too much Koch.

Wed, 07/13/2011 - 21:13 | 1454509 High Plains Drifter
High Plains Drifter's picture

we are all zombies for putting up with this shit. its all in your heads......

cranberries 1999 live paris.......

http://www.youtube.com/watch?v=2ZJHZLFCwjE&feature=related

she says, well maybe we shall see peace soon. oh yeh, this was 1999 before 911.......

Wed, 07/13/2011 - 21:19 | 1454532 A Lunatic
A Lunatic's picture

Have you noticed that Dolores looks uncannily like Viggo Mortensen?

Wed, 07/13/2011 - 23:09 | 1454877 High Plains Drifter
High Plains Drifter's picture

yes...:) 

Wed, 07/13/2011 - 21:16 | 1454523 Yen Cross
Yen Cross's picture

  Too bad the Parasitic Neuroficis, Didn't walk off into the first level of  {DANTES'S INFERNO}...

Wed, 07/13/2011 - 21:21 | 1454540 toady
toady's picture

He should have walked BEFORE the election.

Thats what I would have done when I found out the country was bankrupt and they wanted to stick me with the bill.

Still, I guess it would have been hard to pass on all those beni's...

Wed, 07/13/2011 - 21:23 | 1454543 Uncle Remus
Uncle Remus's picture

Petulant. Frenzy.

Baby don't ya wanna a man sometimes?

http://www.youtube.com/watch?v=59SnyGpd-6I

Wed, 07/13/2011 - 21:23 | 1454544 BernankeHasHemo...
BernankeHasHemorrhoids's picture

Here is a beautiful thought. The chiefs of the US armed forces announce on television that they have executed the president, the vice-president, the entire cabinet and all 535 members of Congress for treason. They declare a national holiday of liberation and a jubilant nation rejoices that they have been freed from tyranny. If only.........

Wed, 07/13/2011 - 21:29 | 1454561 Yen Cross
Yen Cross's picture

  Just as long as it doesn't end up like some Egyptian status quo...

Wed, 07/13/2011 - 22:36 | 1454786 RockyRacoon
RockyRacoon's picture

Lemme be sure I get what you're saying.   We should be grateful if there is a military coup?

 

Wed, 07/13/2011 - 23:16 | 1454888 Yen Cross
Yen Cross's picture

  Since when were raccoons (Rocky( Diplomatic? They divide and conquer. (: sarc

Thu, 07/14/2011 - 10:02 | 1455129 thedrickster
thedrickster's picture

Eric Holder has already quite literally committed treason, selling guns to the Mexican cartels in a flse flag attack on the 2nd amendment. Recall the rhetoric from earlier this year, the Mexican President advocating the repeal of the 2nd and then viola...the ATF scam is exposed.

And what are the consequences of this open and high treason? Not a fucking thing. This the same Holder that covered up the Trentadue murder and the SPLC's involvement at Elhoim City/OKC.

Fascism, police state, call it what you will but the Amerika of legend is DOA. Unless the joint chiefs march in and start stringing up the BATFE, I wouldn't pine for such an outcome.

Wed, 07/13/2011 - 21:23 | 1454545 johngaltfla
johngaltfla's picture

I've gots to get more popcorn for this. If we get an August 1st "no" vote it will bring back memories. Just like the TARP fiasco....

Will there be room for all the short action on Monday August 1st right before the market opens is the big question.

Wed, 07/13/2011 - 21:23 | 1454546 Won_Over
Won_Over's picture

Today Ron Paul asked Mr. Bernanke if Gold was Money, and the answer after an awkward, birds chirping, deer in the headlights full 4 seconds delay was – NO. Ron followed with why do central banks hold it (and accumulating more) and been holding/transacted for 6000 years and why don’t they hold say diamonds…. the answer was “Tradition”. And this is from the main guy in charge of the monetary policy of the largest global economy. Good luck people. 

http://www.youtube.com/watch?v=OghDOApA-1k  

Wed, 07/13/2011 - 21:26 | 1454553 Tunga
Tunga's picture

TRADITION!!! - BEN

 

FUCK THE POOR! - THE SENATE 

 

Wed, 07/13/2011 - 21:56 | 1454614 Ident 7777 economy
Ident 7777 economy's picture

. the answer was “Tradition”.

- - -  - - -  - - -  - - -  - - -  - - -  - - -  - - -

  Coulda/woulda/shoulda "... b/c international banking (and a long line of Kings) has for the longest time recognized the intrinsic value of that noble metal we call 'Gold' for its luster and ability to withstand the corroding effects of the atmosphere in which we are all immersed ... but were it not for the fact that I've got a position as Chairsatan in this the most powerful (at the moment) banking institution in the free, hell, free and enslaved world - make that galaxy - I will have to simply say 'tradition' ... as in it is valued for the inscription inside the watch-cover of a pocket watch heirloom would be ..."

 

.

 

 

Wed, 07/13/2011 - 21:25 | 1454549 ElTerco
ElTerco's picture

What the Republicans haven't fully thought out is that there are two choices -- and only two choices -- (1) Raise the debt ceiling or (2) raise taxes.  By not raising the debt ceiling, they are virtually guaranteeing that we raise taxes (or that the economy collapse, but no one is that crazy, I hope).

If the debt ceiling is not raised, our credit rating goes down, and interest rates go up.  In fact, interest rates will go up so much, that virtually the entire budget will have to go towards interest payments.  If that happens, the US will be *forced* to raise taxes to generate the revenue, since no amount of spending cuts will allow us to avoid those interest payments.  In fact, the government jobs lost by speding cuts will generate even less revenue and exacerbate the problem.

We are at an economic tipping point, and the Republicans haven't thought this out.  Whoosh!

Wed, 07/13/2011 - 21:31 | 1454573 BernankeHasHemo...
BernankeHasHemorrhoids's picture

Keep right on sucking Barney Frank's dick.

Wed, 07/13/2011 - 21:38 | 1454602 Yen Cross
Yen Cross's picture

  Is it just me, or does Barney sound likes he has a couple of " STEELYS " out of a Superman pin ball machine in his mouth?  That pole smoker.

Wed, 07/13/2011 - 21:46 | 1454626 Ident 7777 economy
Ident 7777 economy's picture

A degenerative neural-muscular effect brought on by year over year continuous wanking, fudge-packing and one-night stands encompassing the transmittal of a variety of contagion and viri the likes of which the mere thought of should repel a normal person ...

 

.

Wed, 07/13/2011 - 23:34 | 1454923 SheHunter
SheHunter's picture

What a succinct thoughtful repy.  Now I remember why ZH in the last 4 mos has stopped being my first read in the pre-sunrise hours.

Wed, 07/13/2011 - 21:31 | 1454574 oldmanagain
oldmanagain's picture

Exactly.  Of course not thinking is a Pub validation.

The game plan is to defeat Obama by wrecking the nation.  Forgetting they are in same boat they are trying to sink.

Wed, 07/13/2011 - 21:34 | 1454590 BernankeHasHemo...
BernankeHasHemorrhoids's picture

Wrecking the nation. That Muslim fascist criminal is way ahead of you, dude, on nation wrecking. He's a treasonous bastard who should be impeached, tried, convicted and executed.

Wed, 07/13/2011 - 22:54 | 1454843 RockyRacoon
RockyRacoon's picture

And you'll give us Biden.   Where is your sense of compassion?!

Thu, 07/14/2011 - 00:25 | 1455039 Bastiat
Bastiat's picture

He'd have to be an American to be considered treasonous -- not likely with his fake SS number and forged birth certificate.

Wed, 07/13/2011 - 21:54 | 1454579 Uncle Remus
Uncle Remus's picture

Haircuts. You're talking about haircuts.

#1 all over, blocked in the back and check the eyebrows please. Best barber I ever had was a Russian Jew immigrant who came to the US via Tashkent. I miss Tashkent - helluva town.

Thu, 07/14/2011 - 03:08 | 1455205 ElTerco
ElTerco's picture

I'm still waiting for an explanation of why the logic of my argument is incorrect.  You might argue that interest rates will not go up enough for our interest payments to match receipts, but rates will go up significantly if we default -- enough so that we will have to raise taxes to cover it, even if we significantly cut spending.

Wed, 07/13/2011 - 21:26 | 1454554 Marley
Marley's picture

It's easy.  Tax imports, return to the pre-Reagan tax format, freeze all expatriated monies then tax the shit out of it as it returns, place a 4% VAT on the GDP, and end the wars.  What's the problem?

Wed, 07/13/2011 - 21:26 | 1454556 Vendetta
Vendetta's picture

the repubes will act like they have fiscally 'conservative' principles (sadly lacking when they had their guy in the WH) and capitulate at the 11th hour.  The corruptocrats will huff and puff till then.  In the end, they all going golfing together and laugh at the people they say they represent and some actually believe they try to represent the best interests of the 'people'. They only represent the 0.1% people ... the haves and have mores  ... hahahahah

Wed, 07/13/2011 - 21:35 | 1454578 Yen Cross
Yen Cross's picture

  You are that worthless Huff Post retard I saw over @ Fox... Beat it you effin retard...

    The only financial skills you have, are when to change your light switch from  "DIM" to "OFF". You clown!!!!

Wed, 07/13/2011 - 21:33 | 1454583 John_Coltrane
John_Coltrane's picture

I really don't get whole "debt ceiling" problem-seems high enough as is.  Can't they live on free cash flow from taxes/revenues like I and millions of other producers/taxpayers do?  Let them try that for at least a few months-I've been doing it for over 30 years and it works quite well though you need real skills.  Its strangely liberating being debt free.  Perhaps, why Hayak considered debt "the road to serfdom".  Hard to get parasitic ex-lawyers like Obama to recognize the whole work concept though.  It can't all be golf and teleprompters.

Wed, 07/13/2011 - 21:39 | 1454606 lizzy36
lizzy36's picture

42-43 cents of every dollar spent by Washington is debt financed.

And yes the big 4, Soc Sec, Medicare, Interest and Wars, can be paid for out of Cash Flow. But that is it. Will cost the economy $150b-200b in August alone. Will guarantee a double dip. Which will guarantee a further reduction in tax receipts. See how the circle works.

Thu, 07/14/2011 - 00:27 | 1455042 JLee2027
JLee2027's picture

No more food stamps, unemployment, aid to states, etc. 14 million state workers will be reduced to 3-4 million would be my guess.

Disaster...but necessary. We have to fix the problem. It's not going away.

Thu, 07/14/2011 - 00:52 | 1455071 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

So, is the fiat ponzi about to end, Lizzy?

Wed, 07/13/2011 - 21:34 | 1454586 Rockfish
Rockfish's picture

This debt limit debate reminds of of my boys when they were 8 and 10. Young boys (males) have a fascination with all things fire -matches, lighters and so on. Its psychological and primal I'm told. At any rate I told my boys over and over don't play with fire or you'll get burned. That consequence in the abstract fell on deaf ears until of course they burned them selves and the play house in the back yard. Luckily the injuries were not lasting but the experience was....   

Wed, 07/13/2011 - 21:35 | 1454593 bigwavedave
bigwavedave's picture

seems to me that Obama can end this stalemate with a very simple offer.... "Raise the debt target by 2.5T and I will not seek a 2nd term"

Thu, 07/14/2011 - 00:27 | 1455041 Bastiat
Bastiat's picture

Please add: "douse myself with gasoline and light a smoke."

Wed, 07/13/2011 - 21:36 | 1454595 billwilson
billwilson's picture

F^ck the GOP. Stupid selfish bastards.

Wed, 07/13/2011 - 21:39 | 1454609 Yen Cross
Yen Cross's picture

  Fuck you , you stupid moronic LibTard!!!

Wed, 07/13/2011 - 21:41 | 1454612 BernankeHasHemo...
BernankeHasHemorrhoids's picture

They are the only ones looking out for the country! Can't you read the polls - a huge majority of the US people are NOT in favor of raising the debt limit. Enough is enough - the bitch is as bankrupt as Barney Frank's morals and Nancy Pelosi's beauty.

Wed, 07/13/2011 - 22:06 | 1454686 Agent 440
Agent 440's picture

 

F#ck you buddy. Pay any taxes? Lately? At all?

Thu, 07/14/2011 - 05:16 | 1455254 Incubus
Incubus's picture

Yes, they take their supposed "right" to what I earn every paycheck.

And everytime I buy something. And on what the fuck I supposedly "own" --yet it's due to taxation ...why? The definition of ownership in this country is warped.

 

By the time everyone gets thier "cut" through taxes, you end up being taxed as much as socialist countries: atleast those damn dirty moral-less socialists get healthcare and better education than we do.  But this iz ur freedom, and eet ain't free.

Bunch of dumbasses in some quasi run-down backwater country that fellates corporate big wigs. This place can't burn fast enough.

 

 

Wed, 07/13/2011 - 21:37 | 1454601 Buck Johnson
Buck Johnson's picture

"Either Congress has become the best orchestrated reality TV show in history or, and this is a big or, the market should really consider panicking soon.", this is telling.  Because I have talked to friends of mine about this situation and even I said that they where just playing theater and would close to the last minute make a deal that will make everybody look good.  But over the course of 2 weeks, I've noticed more and more line in the sand drawing on the republican side and almost internal fighting.  The reason this is important is because as professional politicians, they want the game to go on but make themselve's look good and to win in re-election.  So they could give a damn about raising the debt limit as long as they got theirs.  Cantor is vying for Boehners position and he has a strong group of idealogical politicians that want the debt limit stopped. 

Some are doing for pure hate purposes to make Obama look bad and blame the fiasco on him.  Others are wanting this done in order to get Obama to destroy SS, Medicare and many other entitlements that they have wanted for years and have seen as a hinderance to their core beliefs.  This type of nasty biting and flagarant back stabbing is not dance or kabuki theater, there is something to worry about.  This time we may have cried wolf to many times and now everybody things that they will solve it when in reality they won't and the wolf of consequences come for us all.

Wed, 07/13/2011 - 21:44 | 1454622 BernankeHasHemo...
BernankeHasHemorrhoids's picture

Go back to licking Nancy Pelosi's smelly puss. Eric Cantor represents the will of the American people fighting that godless Muslim criminal fascist Obama bin laden.

Wed, 07/13/2011 - 21:51 | 1454641 BernankeHasHemo...
BernankeHasHemorrhoids's picture

Sorry I had that wrong. I should have said Nancy Pelosi's hairy balls. She doesn't have a pussy smelly or otherwise.

Wed, 07/13/2011 - 22:03 | 1454685 gall batter
gall batter's picture

 Eric Canker's pussy must smell as bad as Pelosi's.

Wed, 07/13/2011 - 21:42 | 1454615 rsnoble
rsnoble's picture

Anyone bother noticing the possible M/a formation on the 20 year monthly SPY chart?  Perhaps this will be the start of the leg down on a.

Wed, 07/13/2011 - 21:45 | 1454625 rsnoble
rsnoble's picture

I still say the reason for the premature ejaculatory announcement of QE#3 are the bank charts.

Wed, 07/13/2011 - 21:49 | 1454638 BernankeHasHemo...
BernankeHasHemorrhoids's picture

The Chairsatan is coming through for silver, baby! $50 an ounce here we come courtesy of QE3! Sweet!

Wed, 07/13/2011 - 21:59 | 1454666 Yen Cross
Yen Cross's picture

   I think you may be right on that call... I made remark earlier (earlier this week) and made a small purchase around 35. In retrospect,I should have purchased more...

Wed, 07/13/2011 - 22:14 | 1454669 Yen Cross
Yen Cross's picture

Apologize for the double post.  So that it isn't wasted. spot eur/usd 1.42259. bouncing off the 200hr moving average. Enter at your own risk...

Wed, 07/13/2011 - 21:53 | 1454649 High Plains Drifter
High Plains Drifter's picture

http://theeconomiccollapseblog.com/archives/outcasts-tonight-tens-of-tho...

people living under bridges and in cars.........and numbnutts is talking about cutting off SS.......oh boy.............hunger coming........

Wed, 07/13/2011 - 22:26 | 1454742 Yen Cross
Yen Cross's picture

  He is such a child HPD... POTUS will be smoking fatties under the capital Building and White House if he pulls a "Mulligan" like that.  His Wookie will be tossing water mellons to protect him.

Wed, 07/13/2011 - 23:18 | 1454896 High Plains Drifter
High Plains Drifter's picture

i was listening to alternative media yesterday and people were calling in and talking to bob chapman and asking him questions about this. imagine that. people who on the one hand hate the government and everything it stand for, worrying about whether or not they are going to get their government checks late or not????  strange dichotemy , no?  .....strange world we live in now.......so many are dependent on the government yet they hate the government. illogical if you ask me?  just who will they go with when the shtf?  so we see now , how far the stupid americans have been bought off by the very thing they hate the most.......one day the Pharisees came to argue with Jesus. They told Him , that You do the miracles because you have the power of satan.  He replied to them. How can I work for Satan by doing good things for people?  Satan will not go against satan. A house divided cannot stand.  So we see, now, that a house divided cannot stand. It is true of course. Our house is very divided and it will not stand...........

Wed, 07/13/2011 - 23:30 | 1454915 Yen Cross
Yen Cross's picture

 Classic... Thanks. I'm half expatriated.   You know STFU, just instigates them more. Right?   Threaten to shut down the local (Trauma Unit).

Wed, 07/13/2011 - 23:39 | 1454932 High Plains Drifter
High Plains Drifter's picture

a guy named robby noel who comes on the radio everyday, for two hours lives in Baja. He says he loves it.  A cop stopped him the other day for not wearing a seatbelt. The cop told him, that he would make this go away for 500 pesos. He talked him down to 200 pesos. He says he loves a country where he knows where he stands.........I can dig that. If I wasn't so heavily burdened I might do that myself...........

Wed, 07/13/2011 - 21:55 | 1454651 Mr_Potatohead
Mr_Potatohead's picture

This is encouraging.  Really!  As somebody who voted for BO (because the alternative was a train wreck - and because I was hopeful that BO might actually try to live up to his rhetoric), I have been disappointed by BO's behavior since he was elected.  To a good first approximation, BO is no different than the previous Bozo.  Big surprise, huh?   Nevertheless, BO's response on this issue is very encouraging.  Let's not kid ourselves.  The US is painted in a corner.  Regardless of who was elected POTUS, the end result was going to be the same.  My suspicion is that BO finally sees this.  I don't think he's kidding when he tells Cantor that he's willing to risk his presidency to break out of the BS.   He clearly understands what happens if the US defaults.   That's precisely why I voted him.  (Would McCain or Palin do this?)   I have to admit that I don't want to re-elect BO unless I'm truly desperate for choices.  (I'll be truly desperate if my only choices are idiots like Bachmann, Palin, and Romney.)  In the meantime, I'm genuinely encouraged by what BO is doing.  He's not doing what the clowns in Europe are doing.  I think he actually sees the big picture and knows what should be done for the greater good regardless of the political consequences.  This, of course, is completely consistent with Churchill's observations:   "The Americans will always do the right thing... after they've exhausted all the alternatives". 

Wed, 07/13/2011 - 22:11 | 1454708 CrashisOptimistic
CrashisOptimistic's picture

Politics aside, how is his desire to borrow another 1.5T before the election different in any way from what is being done in Europe handing out loans to Greece, Ireland and Portugal?

He's advocating EXACTLY what Europe is doing.

Wed, 07/13/2011 - 23:01 | 1454859 RockyRacoon
RockyRacoon's picture

You are basically correct.   It is the system, not the person in office.  Blaming the unavoidable outcome of a faulty fiat money regime on whoever is holding office is useless.

Wed, 07/13/2011 - 23:20 | 1454898 High Plains Drifter
High Plains Drifter's picture

look its easy. just don't vote..........stay home..........everyone just stay home. watch and see what happens when everyone sees the game as it is and the emperor has no clothes.....

Wed, 07/13/2011 - 23:35 | 1454925 Yen Cross
Yen Cross's picture

  He ain't the the Pope ! Hint Hint....

Wed, 07/13/2011 - 21:55 | 1454654 web bot
web bot's picture

Was there ever a time in history that things we so broken and dysfunctional?

Wed, 07/13/2011 - 21:59 | 1454668 BernankeHasHemo...
BernankeHasHemorrhoids's picture

Time for a military coup, baby! Kill everyone in Washington, NOW!

Wed, 07/13/2011 - 23:12 | 1454879 Hapte
Hapte's picture

Seriously though, think of the lives it would save....

Wed, 07/13/2011 - 22:27 | 1454763 blunderdog
blunderdog's picture

There was a period awhile back when the government was completely destroyed.  Dueling factions actually went to war for awhile. 

You might want to look at a history book, or have someone read it to you--there's been stuff written about it.

Wed, 07/13/2011 - 22:57 | 1454851 BernankeHasHemo...
BernankeHasHemorrhoids's picture

Yeah you Yankee turd. Johnny Reb has got a lot more guns now and unlike you pussy Yankees we're willing to use them. My trigger finger is just itching to kill some Yanks.

Wed, 07/13/2011 - 23:22 | 1454901 High Plains Drifter
High Plains Drifter's picture

now ,now , now. lets me nice and smiley to our bluebelly friends....:)

Wed, 07/13/2011 - 23:43 | 1454948 blunderdog
blunderdog's picture

This is the level of contribution you and your kind have to offer.

If you're truly a man, and believe one half of what you have to say, PLEASE go out tomorrow and murder a few politicians.

As for me: I'm not really an advocate for violence.  I think your best bet is to live well and completely ignore the people you hate. 

But since hate is what greases your pole, I truly encourage you to stop being a complete hypocrite and actually *do* something to "save" the country you cherish so dearly.  If you don't have the balls to shoot your senator, maybe burn yourself alive on the capital steps or something.

Thank you in advance for displaying the depth of your commitment, and for not being just another Internet trash-talking pussy.

Wed, 07/13/2011 - 21:59 | 1454670 High Plains Drifter
High Plains Drifter's picture

http://www.dailymail.co.uk/news/article-2012971/From-Motown-Ghost-town-H...

motown dying..........wow.......

the advance stage of what will be all over one day soon........you all had better prepare for what is coming..

Wed, 07/13/2011 - 23:09 | 1454874 Yen Cross
Yen Cross's picture

  We all end up in "SHIT'S Ville" because every worthless piece of Trolling unlearned crap bumps us back 3 pages... What a Joke! I just got back from a time change, and every skippy know it all is out...

Wed, 07/13/2011 - 21:59 | 1454674 Uncle Remus
Uncle Remus's picture

bounties for services in suppressing insurrection or rebellion

 

Is that a clarion call?


Wed, 07/13/2011 - 22:00 | 1454677 myshadow
myshadow's picture

There is no way he said, 'Don't call my bluff'.

  cantor is an obsequious little weasel

Wed, 07/13/2011 - 22:05 | 1454693 bugs_
bugs_'s picture

those waskaly wepublicans

Wed, 07/13/2011 - 22:23 | 1454752 Yen Cross
Yen Cross's picture

 Those Halloweeny handout Libtards (1 in7)

Wed, 07/13/2011 - 22:05 | 1454697 Lady Heather...UNCLE
Lady Heather...UNCLE's picture

Some fucktard junked me for calling Barry a fucktard...obviously they dont like to hear Mr Sotero being called by his first name

Wed, 07/13/2011 - 22:07 | 1454702 Agent 440
Agent 440's picture

LOL. Carry on, Mister.

Wed, 07/13/2011 - 22:21 | 1454747 Yen Cross
Yen Cross's picture

 +1 Barry is a F...Tard.

Wed, 07/13/2011 - 22:40 | 1454800 MagicHandPuppet
MagicHandPuppet's picture

+2... they are ALL fucktards!

Wed, 07/13/2011 - 22:31 | 1454775 ub40onlyonce
ub40onlyonce's picture

I guess applications, licenses to carry a firearm, and gun purchases will increase tomorrow and through the remaining week leading up to August 2nd.

Wed, 07/13/2011 - 22:32 | 1454777 Newsboy
Newsboy's picture

The Treasury need only mint a few $trillion coins, pay them to the Fed for old debt, and the game can proceed. I nominate depleted uranium for these coins, though the article suggests platinum. ZH consensus would lean toward gold-plated tungsten.

http://www.nakedcapitalism.com/2011/07/scott-fullwiller-qe3-treasury-style%E2%80%94go-around-not-over-the-debt-ceiling-limit.html

Wed, 07/13/2011 - 22:39 | 1454798 MagicHandPuppet
MagicHandPuppet's picture

"Aaaaaaaaaaaaand Cut!  Great acting Teleprompter-In-Chief!"

Wed, 07/13/2011 - 22:41 | 1454802 onlooker
onlooker's picture

OMG America! Maybe there are really TWO parties with real disputes.

Bravo. This is the America that needs to come forth.

 

 

Wed, 07/13/2011 - 23:04 | 1454864 goldfish1
goldfish1's picture

it's theatre for the masses like yourself.

Thu, 07/14/2011 - 02:53 | 1455193 paint it red ca...
paint it red call it hell's picture

+1

Thu, 07/14/2011 - 05:21 | 1455263 Incubus
Incubus's picture

oh man.  I pity you, I truly do.

Wed, 07/13/2011 - 22:42 | 1454806 mt paul
mt paul's picture

maybe obama 

should pull a forest gump.....

 

and just keep walking

 

Wed, 07/13/2011 - 22:42 | 1454807 SheHunter
SheHunter's picture

Wake up.  I'll echo what was said earlier:  SAME COIN.  Different sides.  Stop the bickering and name calling you guys.  GOP's, Dems, white, black, gay, straight, liberal, conservative, ....divisions created so we take sides and divert our attention from the rape and pillage of our freedoms.  Beat 'em at their own game and stop taking sides against your neighbor who is in as deep s--- as are you.  cheers.  SheHunter

 

Wed, 07/13/2011 - 23:37 | 1454930 Crumbles
Crumbles's picture

+1T
Thanks for clearing the repubcrat fog!

Wed, 07/13/2011 - 22:47 | 1454820 Sizzurp
Sizzurp's picture

I don't see a deal getting done in time.  Both Obama and the Repubs have dug in their heals.  Obama's little tantrum tonight just makes it that much harder for the repubs to cave in now. The next step is to figure out what will happen in a default. My guess, bonds sell off, fed intervenes to provide liquidity, USD tanks, metals / oil go higher.  Civil unrest ensues and cripples the economy, markets tank.......... Pretty much the Armagedon scenario, Obama declares emergency dictatorial power and does whatever he wants. Hmmm, well come to think of it maybe that deal gets done afterall.

Wed, 07/13/2011 - 22:49 | 1454821 topcallingtroll
topcallingtroll's picture

the troll is not against gold.   I realized now that Obama could not cave.  Republicans cannot cave.  We are going to go at least several days past the debt limit.  I documented on zero hedge two days ago selling everything and putting it into gold, diversified cash, and diversified short term sovereign issues.

Now the world is truly going to end, or this is a major gold top, because the troll is now back in.

Wed, 07/13/2011 - 23:06 | 1454868 Yen Cross
Yen Cross's picture

  Doing all right/ ? Yen.  Hope you are enjoying the summer...

Wed, 07/13/2011 - 22:51 | 1454829 Hacksaw
Hacksaw's picture

This is getting interesting, I just love the smell of Koch brother's propaganda in the evening. Looks like the stooges for the uber-rich are getting desperate.

Wed, 07/13/2011 - 23:44 | 1454944 Yen Cross
Yen Cross's picture

.

Wed, 07/13/2011 - 23:43 | 1454947 Yen Cross
Yen Cross's picture

 Just throw me a chart, or a parabolic... you are a clueless punk, in a MANS world...

 

   Give me something?

Wed, 07/13/2011 - 22:51 | 1454835 Henry Hub
Henry Hub's picture

Come on people. Wall Street and the banksters want the debt ceiling raised. They own Congress, both Republicans and Democrats And they own Barry. The debt ceiling will be raised! You can take that to the bank (any one on Wall Street)

Wed, 07/13/2011 - 22:51 | 1454837 skunzie
skunzie's picture

If his histrionics from above don't bring down his regime, maybe this will:

http://www.investors.com/NewsAndAnalysis/Article/578184/201107131823/Fast-And-Furious-Scandal-A-Watergate-For-Obama-.htm

A little diversion called "gunrunner" or "fast and furious".

Let the fun begin my friends!!!

Wed, 07/13/2011 - 22:52 | 1454840 Ned Zeppelin
Ned Zeppelin's picture

Tweet your CONgress Critter and demand that he/she refuse to yield! 

Taxing the top 1% is ridiculous - all cuts should come from those who suckle at the government teat, like your mother who gets a social security check.  Giving her money is a job killer.  Wise up.  Time to allow the oligarchs to be paid in full on their Eurobonds.  Why should they take a hit when there are employed taxpayers standing around withnothing better to do than to fund the casino activities of the Job Creators.  All hail the top 1% and bow before them, serfs! 

Wed, 07/13/2011 - 23:21 | 1454899 A Lunatic
A Lunatic's picture

How about cutting the fucking defense budget to those things which pertain to the defense of our own country? How about cutting foreign aid to shit-hole cesspools full of people who hate our guts and can't wait for us to implode? How about trimming the pork from these bloated budgetary "necessities" hidden in every damned piece of legislation that comes across the table? How about running our country like a family business rather than a cheap fucking whorehouse???

Thu, 07/14/2011 - 01:14 | 1455099 ThoughtCriminal
ThoughtCriminal's picture

+ 4 trillion

Wed, 07/13/2011 - 23:04 | 1454865 Birddog
Birddog's picture

Both were good reads, better understanding of Obama

Wed, 07/13/2011 - 23:09 | 1454873 Atomizer
Atomizer's picture

Seconds

Takes a second to say goodbye
Say goodbye, oh, oh, oh
It takes a second to say goodbye
Say goodbye, oh, oh, oh, say bye bye
Where you going to now
Lightning flashes across the sky
East to west, do or die
Like a thief in the night
See the world by candlelight
http://www.youtube.com/watch?v=28z5aTiN4UI&feature=related

 

Wed, 07/13/2011 - 23:06 | 1454866 SAME AS IT EVER WAS
SAME AS IT EVER WAS's picture

Real housewives of who gives a fuck county?,HMMM?-How about bullshit drama politicians of D.C. Yeah, thats a winner! Anydody know if 3x option futures are available at intrade for a debt ceiling extention with only ten minutes till the deadline, maybe pick your over/under even?

Wed, 07/13/2011 - 23:12 | 1454880 Pinworm
Wed, 07/13/2011 - 23:16 | 1454889 JW n FL
JW n FL's picture

http://www.msnbc.msn.com/id/21134540/vp=43743063&#43743063

Grow a Garden in the City! Go to Jail!!

Corporate Processed, Pre-Made Food Only!!! BITCHEZ!!!

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