Preview Of This Week's Washington Soap Opera

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Tue, 07/05/2011 - 09:05 | 1426234 SheepDog-One
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I dont think Obama and Boehner have played enough golf games yet to decide on the debt ceiling miracle. What a clown show.

Tue, 07/05/2011 - 09:13 | 1426237 snowball777
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The longer they take and more desperate they become, the more frightened and worried I become at what they'll attempt to ram through.

MegaPork(tm) candidates:

- MERS Gasoline Fire (destroy the evidence, make all new)

- Super tax break for mort principal writedowns (quid pro quo with the quo being the write-downs today)

- That whole Muni timebomb (legitimize fed backstops)

Tue, 07/05/2011 - 09:09 | 1426238 Azannoth
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I read to the end in the vain expectation to see

"All Members of Congress/Senate commit ritual sepuku for being the corrupt assholes they are"

oh well maybe next week

Tue, 07/05/2011 - 09:10 | 1426243 snowball777
snowball777's picture

Exactly, Congress has authorized the President to launch an airstrike on K-Street and add a wing onto Guantanamo for 535 lucky new guests.

Tue, 07/05/2011 - 09:09 | 1426239 High Plains Drifter
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Barry Knapp sounded like Leo Kolivakis this morning on Squawk Box. Its all good. Everything is wine and roses. Don't worry about it. We are going to the moon later on this year......

Tue, 07/05/2011 - 09:16 | 1426251 SheepDog-One
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With long term bearish outlooks of course, all anal-cysts and other Wall St den of theives members tell us its all great for now and Wonderland is still solidly in effect and to confidently buy what theyre selling for a guaranteed double.

Tue, 07/05/2011 - 09:12 | 1426248 Muddy1
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Here is a preview of things to come:  even when the Republicans have a majority in the House of Representatives they cower is fear of the press and Democrats, and look for an easy way out.  Here is the link:

Tue, 07/05/2011 - 09:45 | 1426259 SheepDog-One
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One of the funniest things Ive ever seen, a black pimp in congress calling all of them nothing but a bunch of bitchez.

Tue, 07/05/2011 - 09:24 | 1426261 Widowmaker
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That sound you hear in DC is plundering the unincorporated for record bonuses for lawz-makin.

Weird, that didn't make it in to a guldfag-shlepps forecast...

Congress lives in mark-to-fantasy.

Tue, 07/05/2011 - 09:28 | 1426275 SheepDog-One
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Clowngress does what their world bankster puppet masters tell them to do.

Tue, 07/05/2011 - 09:28 | 1426273 earnulf
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Whatever trick pony they trot out it will be a hollowed shell of ficticious numbers taken from optimistic revenues and pessimistic outlays that offer to "save" money that hasn't even been allocated or spent in years that remain in the future. 

By the time the future arrives, the revenues will be significantly less and the spending, more.    We have already passed the event horizon, all the rowing in the world is not going to turn this ship around.

"here, there be monsters"

Tue, 07/05/2011 - 09:31 | 1426278 White.Star.Line
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This is by far the most boring and predictable soap opera ever performed.
I anticipate the script to be the following -

There will be an impasse.

Demos will defend social programs, demand raising taxes on top earners.
Repubs will defend tax breaks, demand reduction of social programs.

it will appear that no compromise will be made, debt ceiling not raised, the shutdown of government, the end of civilization, then.........


With NO increased taxes, and all cuts impacting the poor and middle class.
Of course some "assets" will also have to be sold at firesale prices to the usury clan as a showing of good faith that the US will NOT default on our debt.

Tue, 07/05/2011 - 10:47 | 1426456 RockyRacoon
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So, you're saying business as usual.   I suspect that you'll be right.

The net result will be further political bifurcation of the populace -- as planned.

More diversion and obfuscation.

Tue, 07/05/2011 - 11:41 | 1426600 Herbert_guthrie
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More diversion and obfuscation.

I've always loved the term "bamboozlement"

Tue, 07/05/2011 - 09:34 | 1426281 IMA5U
IMA5U's picture

obama goosed the market higher for the 3 day weekend so people could feel good


the market is his fear gauge to manipulate the people much like code red, yellow and orange terrorist alerts were for bush

Tue, 07/05/2011 - 09:43 | 1426299 SheepDog-One
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Obama 60% disapproval rating for his handling of the economy. Everyones bored with the lame tricks.

Tue, 07/05/2011 - 10:48 | 1426463 RockyRacoon
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Excuse me, but you can't call them sheeple and then quote them on their opinions.

Pick a side and stick with it.

Tue, 07/05/2011 - 09:40 | 1426290 Contra_Man
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"What will they come up with at the 11th hour?"

   - how about spending without a budget/unaccounted for $trillions next year of even more of YOUR leveraged, future-earned tax what will "they" come up with ???...ha, ha, ha... stop it, no please stop, he he he ... I have to go and mail in my quarterly check and (VAT) tax remittance forms ... it's almost midnight ya'know. 


Tue, 07/05/2011 - 09:40 | 1426291 SmoothCoolSmoke
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Debit Ceiling deal is the next "pump the market event".  If the jack job of last week starts to fade and earnings do not provide a boost....we'll see a deal pronto.  Unless of course Gaddaffi steps up as a bonus "pump boy".

So tired of rigged markets.


Tue, 07/05/2011 - 09:41 | 1426292 SheepDog-One
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On the Sunday shows yesterday, everyone was mentioning 'everyones going to have to feel the pain'.

Tue, 07/05/2011 - 09:42 | 1426295 lizzy36
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Operation Overlord, seems particularly applicable to the count down to D-Day in Washington.

Once the beaches are stormed looking forward too the commencement of the Rainbow and Unicorn H2 rally. Here is hoping they don't got bogged down in the hedgerows this time.


Tue, 07/05/2011 - 10:16 | 1426355 cdevidal
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No mention of this week's bond auction? The first since QE2 ceased?? That's where my interest will be.

Update: My mistake, the bond auction doesn't happen this week. But we have at least a bill auction...

Tue, 07/05/2011 - 11:03 | 1426505 Cpl Hicks
Cpl Hicks's picture

Why not sell some of that Ft. Knox gold stash? Make the transaction in Euros and get some real value out of the deal.

Why not, we've sold oil from the SPR.

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