Presenting Obama's Plan To Bail Out The (Otherwise Perfectly Solvent) States

Tyler Durden's picture

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mcguire's picture

kick the can down the road until world war 3 starts, then everyone takes a haircut.. austerity in peace is a hard sell, but austerity in war.. that is patriotism.  and if that fails, just use the old "they left the children to die on the cold floor" ploy..

http://www.youtube.com/watch?v=fVE8rV3-Zos

mcguire's picture

off topic: hilarious max keiser quotes from today on blythe masters:

blythe masters as the modern marie antoinette, says "let them eat plastic rice, let them eat derivatives of representations of virtual food... on farmville..."

"she's sick.. she is trying to mate with a credit derivative, and she gave birth to a swap"

http://www.youtube.com/watch?v=i-B2V2l_6QE

Thomas's picture

By bailing out the states we can preclude the necessary changes until its too late. I can taste vomit in my mouth.

SpeakerFTD's picture

Give the Tea Partiers some credit.   Their guys shot down the Patriot Act today.  Baby steps.

hack3434's picture

Yet the body scanners are still up.

A Nanny Moose's picture

Again....baby steps. Rome was neither built, nor burned in a day. The bureaucrats run the show.

 

blindfaith's picture

baby steps...optimism indeed.  Look at the nonsense these bozos are debating now...not a damn thing that is going to cure any current physical problem this nation has.   Spin wheels, look busy, do nothing.

I have two very good friends on the hill, one Democrat and one Republican that work for committees and or Senators over the last 25 years.  They both tell me the same thing, tearfully,...NOTHING IS CHANGING!  The new crop is just like the old crop.  30 seconds in town and the powers in DC had them. ANY OF YOU who expect that any of these new politicians are going to do YOU bidding will be fooled once again.  They both tell me that the corruption, greed, and dishonesty on the hill is so bad that both are thinking of quiting, they can't stand it anymore.  AND these are two fine, fine people that we don't need to loose.  And, we have the balls to point a finger at other nations.

My God, who knows...maybe 2012 really is not a joke and the government knows it and just wants to keep the lid on things until then.

AS for Rome, they intended to leave a legacy, they planned that...are we?  Or will we just be a flash in the night?

Cardinal Fang's picture

Oh, shut up! There is no such thing as a bureaucrat we cannot afford to lose. I am always amazed at people who are somehow disappointed that the government can't fix anything. This level of naivete is astounding.

holmes's picture

Two gov't beaurocrats who can't take it anymore after 25 years of aiding and abetting the great Ponzi. How noble, how courageous. Or maybe, the Gov't pension is kicking in?

Zon's picture

Except the majority of democrats voted no, while 100 plus republicans voted yes. Also, so called Queen of Tea party Michelle Bachmann voted yes to extend the patriot act

nmewn's picture

The Tea Party doesn't have "a leader"...and refuses to accept one...and in so dong, scares the hell out of both sides.

Which is what we want...isn't it?

nmewn's picture

"puhleeze stop drinking tea party koolaid."

This coming from a guy with an Adolph Hitler avatar who never passes on a chance to screech joo!!!...LOL.

By the way...I never click on links by people I don't trust...you fall into this category...but I see "koch-industries" in the link.

So apparently your premise is, if one is wealthy they should not fund causes with which they hold a common view with those who are less wealthy. So you would feel the same way about your brother nazi Soros?

Koolaid indeed.

midtowng's picture

No. The Democrats shot down the Patriot Act today.

Bob's picture

Credit where credit is due.  Props to the Tea Party.

Likewise to Kucinich and other so-called liberals who provided the bulk of the votes. 

lizzy36's picture

Stunned that the morally inclined Bill Gross (certainly NOT part of the money and greed culture) frontran another government bailout. Stunned.

sunny's picture

Kittens??  Really?  No one saw that coming, how were we to know?

sunny

 

StychoKiller's picture

She turned me into a newt!  (But I got better!) :>D

pleseus's picture

Here comes the Federal Bailout of States.  QE3 will consist of muni bonds, mortgage and other shit junk purchases.  Bill Gross is jacking off in his Newport Beach mansion right now.

Founders Keeper's picture

[Here comes the Federal Bailout of States.]---pleseus

"More" Federal Bailouts of States, I think you intended.

He who pays the piper, calls the tune. The states should be flatly rejecting any and all Federal money. The first state to do this will be the winner.

 

blindfaith's picture

your are joking right?  Even the mighty righteous South Carolina, Tennessee, and Texas will step up to the plate and cry loud and long that they won't take a penny in public, but grab it like a hungry raccoon and run when you look away.

sun tzu's picture

You mean they are grabbing back their own money that was taken by the federal government in the first place. It's the Obama welfare states like Maryland and Virginia that are pigs at the federal trough

New_Meat's picture

"Here comes the Federal Bailout of States."

Federal bailout should come with consequences--like, 'ok, but you are grounded and can't be a state for a while.'

http://www.congress.org/congressorg/bio/userletter/?letter_id=6393966166

- Ned

Kali's picture

Another nail in the coffin for small bizzes.  Higher unemployment taxes, probably MUCH higher in the near future.  There is no way to plan for the future of a business in this climate.  And people wonder why there are no jobs?  The Feds aren't bailing anyone out, the taxpayers are bailing everyone out. 

sun tzu's picture

It's not the taxpayers money. It belongs to 0bama

Hulk's picture

Glad to hear Meredith told them to fuck off...

Kali's picture

+ 1 fat middle finger

I am a Man I am Forty's picture

why, let her get her ass up to congress and give her dog and pony show so she can talk her book, the woman doesn't mind slobbering all over the mic on cnbullshit every chance she gets plus it will help her business, truth is she doesn't have her shit together on the muni bond stuff, u can take that to the bank

even though ca and illinois should implode she still doesn't know what she is talking about

so far, she is wrong, $6M in defaults this year in a $2T market

 

traderjoe's picture

Long some muni's I take it?

Yes, the defaults are coming. You take one major muni BK/default, and the market will go bidless. Just like auction rate securities...

I am a Man I am Forty's picture

yes!  but not ca il or nj, sold those near the peak of the bond market, i only care about defaults, i don't care if interest rates go up, i will invest in more munis when the price is right, but that ain't now

 

thanks for asking!

sun tzu's picture

I'm sure you did. Everyone sells at the top on the internet

Hephasteus's picture

While bench pressing 350 lbs.

sun tzu's picture

I suppose you have your shit together. You're just jealous that nobody wants to see your ugly ass slobbering over the mic

I am a Man I am Forty's picture

you don't know what i look like so fuck off

sun tzu's picture

Did I piss off your ugly ass face? boohoohoo asswipe

Chump's picture

You are not very Sun Tzu-ish.  More Jersey Shore-ish, really.

Misean's picture

It's not a loan, just a deferment of borrowed UE benifits. Once everyone blows through their benefits and is on food stamps, then the State governments can charge sales tax on food, and these taxes and their steady increases can be added directly to the COLA on the food stamp cards. And Benny can install new warp cores on the printer matrix to pay for it all. Perhaps he can power those warp cores with solar cells...

Cursive's picture

Is this like a mortgage payment holiday for the states?  Once again, our leaders have one set of rules while the common folk are held to a higher standard.  WTF all of this shit.  Let's just skip to the Red Money proposal.  I only ask that the Red Money proposal include the abolition of the FRB and the IRS.  Reboot this pathetic clusterfuck.

Founders Keeper's picture

[I only ask that the Red Money proposal include the abolition of the FRB and the IRS.  Reboot this pathetic clusterfuck.]---Cursive

Thanks for your post, Cursive.

I expect things will get a lot more clusterfucky before the reboot.

For instance, I expect a lot more "holidays": bank holidays, foreclosure holidays, unemployment holidays, stock market holidays, election day holidays, etc.

 

StychoKiller's picture

Throw in some state funerals for VIPs of every persuasion, AND IT'S PARTY TIME! :(

Mercury's picture

Any state that accepts this federal largess will be that much closer to suicide.  After this they will have that much less control over their own affairs...

One government to rule them all

One government to find them

One government to bring them all

And in central planning bind them

nmewn's picture

"Any state that accepts this federal largess will be that much closer to suicide."

Our new governor here (Fla.) just proposed the largest budget cut in our states history. Our last governor (Crist) accepted the "shovel ready jobs stimulus" from Barry...which of course only delayed the inevitable adjustments that must be made.

Now, the gnashing of teeth and rending of clothes begins in earnest ;-)

weinerdog43's picture

And yet, his proposal has an increase of about 100 extra staff for his office.  Nice. 

Austerity for thee, but not for me.

nmewn's picture

Sometimes it takes a bigger crook than the ones that are there now weinie...he's cutting 8600, a good start...maybe his 100 is for security ;-)

Watch and learn.

jmc8888's picture

I guess I never really realized that now (well not now...technically soon...but not yet....maybe) our Federal Gov't is in the usury business bleeding our states.  The Federal Gov't would then turn around and pay the banksters off for its loans. The situation the banks created through capturing federal employees to open their playgrounds, and the havoc it ultimately wrecks(ed), then turns what Hamilton did on his head.  Instead of federal gov't clearing the way for states to survive by taking buzz cut loans onto the federal books, instead they would be on the hook so the federal gov't would survive. (who then in turn is on the hook so the banksters survive).  Instead of the federal gov't as a force for enabling the American spirit, it would instead crush it.  Again, for the banks.  I'm picturing Spaceballs and the giant Vacuum.

Of course that's only if the federal gov't throws the states to wolves.  They haven't yet, but it's all set up to happen at some point....just maybe not now.

Glass-Steagall

 

Shameful's picture

Mhhh, waiting for that budget.  Expecting it to be big and beefy...bigger, longer, and uncut.  No crony capitalist left behind, no crook left in the cold.  I can only hope that it's introduction starts with "Excuse me while I whip this out".

As to the increase in 2014, whatever.  I have all of 0 concern for 2014.  If Zimbabwe Ben and the Bailout Boys haven't slagged the dollar and plunged us into a nightmare economic hellstorm by then, I will be to busy dancing a jig dancing a jig to care about it.  If my wages still buy food and fuel in 2014 I'll be a happy camper.

Misean's picture

"Expecting it to be big and beefy"

They make pig out of beef now? Is that one of those hedonic adjustment substitution things?

Sheepneck's picture

"Zimbabwe Ben and the Bailout Boys"

Sounds like a really bad garage band.