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Senate To Pass Latest Unemployment Stimulus Bill: Cost To Futures Generations: A Penny Or Three (NPV)

Tyler Durden's picture




 

In keeping with the tradition of digging America into a debt hole so ridiculously large any conversation over whether the US will be able to ever pay this debt off is immediately moot, the Senate has just ended debate over the latest micro fiscal stimulus, specifically the legislation extending unemployment insurance benefits. It appears the latest iteration of the "you never have to work again as long as you vote for Obama" bill is about to pass. Next up: free government jobs for everyone as the census becomes a monthly affair. And when that fails, free Bernanke Bux for all who still remember how to breathe after all the daily Desperate Housewives of Liberty 33 drama. As for the cost of this latest freebie: $25, $50 billion.. who cares - at the eventual hyperinflationary discount rate, the NPV is about a penny or three. As for current funding, two Fed Assured 2 Year glitchless auctions at record low rates will take care of it.

More on the latest chapter in the development of the USSA via iMarketNews:

The Senate voted Tuesday to end the debate on legislation extending unemployment insurance benefits, setting the stage for final passage of the bill in the Senate later in the day.

The Senate voted 60 to 40 to end the debate.

The vote occurred after the new interim senator from West Virginia, Carte Goodwin, was sworn in.

If a final Senate vote on the UI benefits occurs later Thursday, the measure would go to the House for its consideration.

House Majority Leader Steny Hoyer said he expected the House to approve the bill Wednesday.

The bill would retroactively give UI benefits to more than 2 million people who have lost them since the end of May. It extends funding through Nov. 30.

Senate Minority Leader Mitch McConnell said that Republicans believe the $34 billion UI package should be offset by tapping unused funds from last year's fiscal stimulus bill.

 

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Tue, 07/20/2010 - 15:49 | 479407 Testicular Cancer
Testicular Cancer's picture

Any tax friendly nations outside the US?

Tue, 07/20/2010 - 15:51 | 479413 Ragnarok
Ragnarok's picture

Plenty, but are you American? If so, you'll have to renounce your citizenship to reap the rewards.

Tue, 07/20/2010 - 15:54 | 479435 Testicular Cancer
Testicular Cancer's picture

Emm. Your point being?

Tue, 07/20/2010 - 16:04 | 479484 Ragnarok
Ragnarok's picture

Americans are taxed on their worldwide income based on citizenship, where a country like Canada is taxed on residency.  Becoming a resident of a low tax country is FAR easier and quicker than becoming a citizen of a low tax country.

Tue, 07/20/2010 - 16:12 | 479537 UncleFurker
UncleFurker's picture

 

Yes. And if you pick a country such as Panama, you only pay tax on income you earn within the borders.

 

If you want to stick with English (even better, the Queen's English) New Zealand gives migrants a 4 year tax holiday on overseas earned income.

 

 

Tue, 07/20/2010 - 16:22 | 479565 Ragnarok
Ragnarok's picture

Panama is great for Canadians, there are multiple ways to become a resident within 3 months.  It also has a tiny population and only one major urban center.

 

http://www.panama-offshore-services.com/immigration_visas.htm

 

As for income tax, you are correct, 27% on income produced inside of Panama, not including interest, CDs, foreign equities, foreign bonds etc.  So if you had a decent amount of passive cash-flow from outside of Panama you could basically live tax free.

Tue, 07/20/2010 - 16:08 | 479508 WaterWings
WaterWings's picture

They sure keep the hooks in:

The American Jobs Creation Act (AJCA) of 2004 amends Section 877 of the Internal Revenue Code (IRC), which provides for an alternative tax regime for certain, expatriated individuals. Amended IRC 877 eliminates the tax avoidance criteria for imposition of the expatriation tax on certain types of income for 10 years following expatriation, and creates objective criteria to impose the tax on individuals with an average income tax liability of $127,000 for tax year 2005 (or higher amount for later years) for the 5 prior years or a net worth of $2,000,000 on the date of expatriation. In addition, it requires individuals to certify to the IRS that they have satisfied all federal tax requirements for the 5 years prior to expatriation and requires annual information reporting for each taxable year during which an individual is subject to the rules of IRC 877. Further, expatriated individuals will be subject to U.S. tax on their worldwide income for any of the 10 years following expatriation in which they are present in the U.S. for more than 30 days, or 60 days in the case of individuals working in the U.S. for an unrelated employer.  Finally, even if they do not meet the monetary thresholds for imposition of the IRC 877 expatriation tax, the new law provides that individuals will continue to be treated as U.S. citizens or long-term residents for U.S. tax purposes until they have notified the Secretary of the Department of State or of Homeland Security of expatriation or termination of residency.  The implementation date of this provision is retroactive and applies to expatriations occurring after June 3, 2004.  The expatriation is not effective until the notification and tax satisfaction certifications are filed with the IRS and the Department of State or of Homeland Security.

 

http://www.irs.gov/businesses/small/international/article/0,,id=97245,00...

If you are long precious metals you should also buy good rifles while you still can:

http://www.youtube.com/watch?v=lztc048mYU8

Tue, 07/20/2010 - 15:56 | 479443 Mad Max
Mad Max's picture

Not to mention an exit tax when you do so...

And perhaps more importantly, huge hassles in having an ordinary life in another country while you're setting up there and trying to gain citizenship.  Not many places where you can move in and become a citizen the same day and therefore be able to renounce US citizenship right away.

The trap is fairly well set and getting tighter.

Tue, 07/20/2010 - 16:07 | 479507 ejmoosa
ejmoosa's picture

In a nation where non-citizens are treated better than citizens, citizenship ain't what it used to be.

Tue, 07/20/2010 - 16:09 | 479518 Testicular Cancer
Testicular Cancer's picture

+1

Tue, 07/20/2010 - 17:22 | 479739 LeBalance
LeBalance's picture

and it hasn't been since the Civil War when the 14th Amendment equated citizen and slave by removing the rights of the citizen.  This manuver and the language that performed it is explained here: http://www.redamendment.net/home/

Tue, 07/20/2010 - 17:09 | 479707 Iam_Silverman
Iam_Silverman's picture

"where non-citizens are treated better than citizens"

I wonder if I could declare myself to be an illegal alien?  Would I have to renounce my American citizenship first?  I guess so, dumb question.

Still, that is a great idea!  from now on I will be an illegal alien!

Tue, 07/20/2010 - 16:21 | 479563 Pladizow
Pladizow's picture

Its what many Billionairs have done.

Upon renouncing US Citizenship, a large portion of net worth is immediately lost to taxes.

Buy an island, become your own sovereign and set up your own constitution and tax laws.

Then apply for an E2 visa.

 

Tue, 07/20/2010 - 20:40 | 480073 puckles
puckles's picture

There are strict limits to the taxation, and if you are married, greater limits may apply.  For further information of a cutting-edge sort, look at the Sovereign Society http://www.sovereignsociety.com/, Internationalliving.com, and SovereignMan.com.  They have the up to date information on these issues.

Tue, 07/20/2010 - 15:52 | 479426 hedgeless_horseman
hedgeless_horseman's picture

Let's pick some place with a nice climate and make it so.  What is the story with Gibraltar?

Tue, 07/20/2010 - 20:42 | 480078 puckles
puckles's picture

Malta is equally nice, and nobody thinks of it aside from Brits...unfortunately, they do use the Euro...

Tue, 07/20/2010 - 15:50 | 479410 jkruffin
jkruffin's picture

See you all at DOW 13k,  no used in fighting the FED anymore if I were you guys,  its obvious the plan is the plan and it will be executed.  The worse news we have seen in a year, and market moves higher.  Wall Street will be taken care of, while Main Street falls into the abyss.

Tue, 07/20/2010 - 16:06 | 479501 Caviar Emptor
Caviar Emptor's picture

That is indeed the plan. Then Main Street will be at the whim of Wall Street. We've made our choices in this country.

Tue, 07/20/2010 - 15:51 | 479414 ZackAttack
ZackAttack's picture

If they can just print everything they need, why are we even paying taxes?

Tue, 07/20/2010 - 15:52 | 479422 Ragnarok
Ragnarok's picture

And let the serfs go free? I don't think so.

Tue, 07/20/2010 - 16:03 | 479477 oklaboy
oklaboy's picture

+1

Tue, 07/20/2010 - 16:08 | 479505 Divided States ...
Divided States of America's picture

How do I move from serfdom to the elite?

 

Looks to me that only the NO Income group and the Wealthy gets the bailouts.

Tue, 07/20/2010 - 16:28 | 479588 Ragnarok
Ragnarok's picture

1) Put yourself outside of the law

2) Make a shit-load of money

3) Suck the right dicks

4) Marry into old money or make ungodly more amounts of money

Tue, 07/20/2010 - 20:51 | 480089 puckles
puckles's picture

To ensure that those whom they wish to further enslave i.e., the few productive people left (and garner votes, of course, from the Federally employed, and their cognates) understand who's the boss...see this:http://spectator.org/archives/2010/07/16/americas-ruling-class-and-the/print

Tue, 07/20/2010 - 15:51 | 479420 uno
uno's picture

Does it matter anymore in USD.  How much is it in AMEROs.

Tue, 07/20/2010 - 15:52 | 479424 Gary Busey
Gary Busey's picture

"It extends funding through Nov. 30"

...convenient timing

Tue, 07/20/2010 - 16:03 | 479474 midtowng
midtowng's picture

Very convenient. After the election who needs the serfs anymore?

Tue, 07/20/2010 - 20:02 | 480025 TheGoodDoctor
TheGoodDoctor's picture

They'll need them in 2012.

Tue, 07/20/2010 - 15:53 | 479427 jkruffin
jkruffin's picture

The money to pay for it should come from the sale of Citigroup shares.  They have enough shares to dump right now to pay for the entire bill.  Obammy needs to put his foot in Geithners ass to sell all those shares now.  Who cares if Shittybank's stock drops to a dime,  get the people their UE.  They bragged all year long how much money they made from Citi shares and TARP interest right?  Then there is your money. 

Unless of course, the whole thing has been nothing but a lie.  Gee ya think?

Tue, 07/20/2010 - 16:08 | 479513 Caviar Emptor
Caviar Emptor's picture

Shhh. Can't piss off Saudi Royals, ya know

Wed, 07/21/2010 - 03:54 | 480455 Moneygrove
Moneygrove's picture

bush daddy will get a call from the king !!!

Tue, 07/20/2010 - 15:53 | 479428 Number 156
Number 156's picture

Thats it. Im selling my house, buying a Van and quitting my job so I can live down by the river.

Tue, 07/20/2010 - 15:58 | 479454 Village Idiot
Village Idiot's picture

Ah yes, down by the river.  How about an occasional motivational speaking gig to cover propane?

Tue, 07/20/2010 - 17:26 | 479751 Hansel
Hansel's picture

Rubber tramp sounds tons better than fiat slave right now.

Tue, 07/20/2010 - 15:53 | 479431 Gubbmint Cheese
Gubbmint Cheese's picture

F*ck these hft ramp jobs... the end game will be messy 

as the old saying goes..

you can make money in the market if you are a bull, and you can make money in the market if you are a bear.. but if you are a pig, you will always get slaughtered.

 

Tue, 07/20/2010 - 15:55 | 479437 firstdivision
firstdivision's picture

50DMA on SPX is only 5 points away.  God is it good to be living in these insane times.  I would be scared of reality if everything wasn't so fairy tale to keep me sedated.

Tue, 07/20/2010 - 15:55 | 479441 Testicular Cancer
Testicular Cancer's picture

I am Jack's trailer trash.

Tue, 07/20/2010 - 15:57 | 479448 virgilcaine
virgilcaine's picture

permanently unemployed.. next gov will move them to  a unemployed holding camp.

Tue, 07/20/2010 - 16:10 | 479524 DonnieD
DonnieD's picture

At this rate it won't be long until unemployment surpasses Medicare and Social Security as a gov't expense.

Wed, 07/21/2010 - 03:56 | 480456 Moneygrove
Moneygrove's picture

Does look like the bush tax cuts are making any jobs ! they have to go !!!

Tue, 07/20/2010 - 15:57 | 479449 tecno242
tecno242's picture

fuck it.

 

i'm quitting my job.. i'll just sit on my ass for 3 years.. that's what.. 36K free dollars...

f yeah.

Tue, 07/20/2010 - 15:59 | 479459 hedgeless_horseman
hedgeless_horseman's picture

3 years?  I will take the over.

Tue, 07/20/2010 - 16:03 | 479482 uno
uno's picture

add on 500/month approximately since you will be one of the 40,000,000+ getting foodstamps, and then there is mediaid and lower electricity and other programs you qualify for.

Wed, 07/21/2010 - 03:58 | 480457 Moneygrove
Moneygrove's picture

Doesn`t sound like the bush tax cuts made any jobs !! 

Tue, 07/20/2010 - 16:04 | 479487 midtowng
midtowng's picture

36K stretched out over 3 years isn't much.

Tue, 07/20/2010 - 16:07 | 479496 hedgeless_horseman
hedgeless_horseman's picture

Unless you are the one paying it in additional taxes.  But you probably don't pay income tax, do you?

Tue, 07/20/2010 - 16:14 | 479543 midtowng
midtowng's picture

Who doesn't pay income taxes?

Are you trying to say that anyone who doesn't oppose unemployment benefits when there is double-digit unemployment must have spent their lives on welfare? Is that what you learn from watching Fox News?

Tue, 07/20/2010 - 16:22 | 479553 hedgeless_horseman
hedgeless_horseman's picture

Who doesn't pay income taxes?

47% Of Americans Don't Pay Federal Income Tax.  45% think the tax system is just fine.  Clearly you are one of them. 

http://www.businessinsider.com/coincidence-47-of-americans-dont-pay-income-tax-45-think-tax-is-just-fine-2010-4

 

Tue, 07/20/2010 - 19:54 | 480015 midtowng
midtowng's picture

"Clearly you are one of them."

I see that you hate "them". Them seem to be everywhere these days. However, I'm sure you will be disappointed to know that I paid income taxes last year, and every other years since I entered the workforce in 1985. So you'll have to find a different reason to hate me...which I'm sure you will.

Wed, 07/21/2010 - 08:49 | 480584 RKDS
RKDS's picture

I just don't get that because I don't make anywhere near six figures and I still end up in the 25% federal bracket.  Hell, I even paid taxes when I had a summer job in highschool.  This has got to be a warped statistic, of at least the caliber of "core" inflation and "official" unemployment.

Tue, 07/20/2010 - 16:10 | 479522 tecno242
tecno242's picture

it is when daycare for my kid is 1000$ a month.

So won't need that anymore.. so it's really like 2200$ a month.

Tue, 07/20/2010 - 15:59 | 479455 Heroic Couplet
Heroic Couplet's picture

Since when is putting unemployed Americans first "too expensive"? The Bush tax cuts probably will expire in November, same time Obama is going to announce his next step toward providing for the unemployed, a great election play. No teleprompter required.

Tue, 07/20/2010 - 16:12 | 479535 DonnieD
DonnieD's picture

I bet he has a teleprompter in his bathroom telling him when to wipe.

Tue, 07/20/2010 - 18:51 | 479938 Miss Expectations
Miss Expectations's picture

He does!  They were able to retro-fit some truck side-view mirrors and fashion a portable teleprompter that he balances on his shoulders.  Once he figured out that he had to turn sideways to go through doorways, he was good to go...and wipe.

Tue, 07/20/2010 - 20:03 | 480023 Heroic Couplet
Heroic Couplet's picture

Every President since Ronald Reagan has used a teleprompter. A big nonissue. George W Bush and his dimwit US Labor Secretary Elaine Chao cut taxes AND presided over the biggest job loss in US history. Alan Greenspan and Chao both chirped "health sciences" as the ONLY jobs left in the US, BY DESIGN.

Retraining in health sciences is absolutely counter to Adam Smith's Wealth of Nations where people use their talents, which should tell you how fukkin' dumb the private bank cartel is. Alan was online earlier this week stating the Bush tax cuts were idiotic. There is a way to check if Americans are rushing to enroll in health sciences. The Chronicle of Higher Education is one source, because if people aren't enrolling, you can bet there will be 8 years plus of unemployment benefits.

Tue, 07/20/2010 - 15:59 | 479456 nevadan
nevadan's picture

The bill would retroactively give UI benefits to more than 2 million people who have lost them since the end of May. It extends funding through Nov. 30.

 

Retroactive?  Did they say retroactive?  Nice bonus there,  six weeks and counting. 

Tue, 07/20/2010 - 16:01 | 479465 tecno242
tecno242's picture

yup.. they said retroactive..

which means a bunch of unemployed shitboxes will get a check for like 3000$ in a month.

I like Obama and this set of politicans about as much as a child molester.

Tue, 07/20/2010 - 16:06 | 479498 midtowng
midtowng's picture

"a bunch of unemployed shitboxes"

  Nice. Do you kick dogs and knock down old people too?

Tue, 07/20/2010 - 16:08 | 479506 tecno242
tecno242's picture

You all don't get it.

These people getting extensions have been collecting for 99 weeks.

2 years... 28K dollars of free money.

2 years is a loooooonnngggg time.

at this point if you are still collecting.. tell me that person is not just a leech and would rather take 1200$ a month free than work at McDonalds.

Tue, 07/20/2010 - 16:10 | 479525 midtowng
midtowng's picture

You're wrong. I get it better than you will ever know.

Tue, 07/20/2010 - 16:25 | 479538 tecno242
tecno242's picture

so you can't get a job at Walmart or McDonalds or Wendys or the Post office..

or is all that "beneath you"

you'd beat out most other applicants simply because you speak english.

but that's beneath you, so you'll collect 1200$ a month until your old job comes back?

is that about right?

that makes you a f'ing leech.. you know. the ones you complained about back when you paid taxes from income you worked for.

Tue, 07/20/2010 - 19:58 | 480018 midtowng
midtowng's picture

I guess its easy to hate people when you know nothing about them and don't even know how unemployment works. I welcome the hate of all ignorant hatefilled people like yourself.

Wed, 07/21/2010 - 09:03 | 480599 RKDS
RKDS's picture

I agree.  It's easy for some day trader on this site to tell everyone else to just go get another job.  It's never that easy and they'd know it if they A) did productive work or B) were ever unemployed.

Here's a newsflash for tecno, retail (including McDonalds) will not hire the college-educated unless it has no other choice.  Forget "attitude," they know you'll be gone the second the economy picks back up.

But speaking of "attitude," why should I take my compsci degree and work at a burger place?  Who's going to pay my non-dischargable student loans?  Big entitlement-leech business has foisted mandatory college on every kid born since at least 1980.  Maybe all of us "spoiled brats" all could take a pay cut if we weren't saddled with this ever-escalating burden.

And if I'm going to end up homeless anyway (unemployment isn't all lobster and Escalades for us normal folk), why the hell shouldn't I just take a vacation while I wait?

Tue, 07/20/2010 - 16:22 | 479568 Chemba
Chemba's picture

lazy socialist

Tue, 07/20/2010 - 18:36 | 479912 Zina
Zina's picture

All the lazy people are socialists? Because if yes, then the United States is taken by socialists everywhere...

Tue, 07/20/2010 - 16:17 | 479550 DonnieD
DonnieD's picture

Exactly. I've posted before that there are way too many leeches who could have jobs but it's a hell of a lot easier to collect free money and hang out at home. I've interviewed them and offered them jobs. Problem is it's commission based and who why bust your ass if you can sit at home and collect money for nothing.

If they called it welfare, I'd be fine with it. Because at this point, that's what it is for many of them.

Tue, 07/20/2010 - 22:14 | 480174 sethstorm
sethstorm's picture

Perhaps if you made the 5:1 applicant:job ratio a 1:5(or a more realistic 1:1), you might have a point.

The jobs are simply not there, and expecting bootstrappery is only wishful thinking.

 

 

Wed, 07/21/2010 - 09:17 | 480610 RKDS
RKDS's picture

Go drive around using your car and your gas and your time and maybe if you manage to sell some overpriced* service or Chinese trinket in this lousy economy I'll throw you a minimum wage bone....how positively magnanimous of you.

*Afterall, that lazy slob's got to carry all of your overhead, like you and all the nepotist hires who never leave the office but "somehow" account for over half the cost of any contracting job.  Oh, right, I guess you're all "capital" and your mere existence is reason enough to take the lion's share of wealth produced by others.

Tue, 07/20/2010 - 16:01 | 479464 midtowng
midtowng's picture

Compared to other ways that Congress could spend money, this is probably the best.

Tue, 07/20/2010 - 17:54 | 479820 CrockettAlmanac.com
CrockettAlmanac.com's picture

Compared to other ways that Congress could spend money, this is probably the best.

 

If I pick your pocket for a good cause, you won't complain, will you?

Tue, 07/20/2010 - 19:56 | 480017 midtowng
midtowng's picture

You guys don't know how unemployment works, do you?

Tue, 07/20/2010 - 21:38 | 480143 CrockettAlmanac.com
CrockettAlmanac.com's picture

Of course I do.

Tue, 07/20/2010 - 16:02 | 479473 SRV - ES339
SRV - ES339's picture

Sorry Tyler, we part ways on this one.

With the Billions (Trillions?) given to the banks (Executives, Traders, and many others in the "elite" mob), I don't see how a rational person could deny the unemployed (those hit hardest by the fraud and corruption) these extensions. Every penny will be spent on basics and go right into the "real" economy... the "beer and flat screen TV" stories are pure "Beck-isms," and pure BS!

Tue, 07/20/2010 - 16:04 | 479488 tecno242
tecno242's picture

they've been paid for 99 weeks...

 

99 f'ing weeks...  almost 2 years!..

you tell me they can't get a job at McDonalds or Walmart or anything in 2 years????

they are giving free money to leeches.

Would you rather work at McDonalds or collect 1200$ a month free?

is that good or bad for the economy?

Tue, 07/20/2010 - 16:17 | 479552 cougar_w
cougar_w's picture

You haven't thought this through.

If not for extensions, they'd be on the streets. On the streets means shuffling around in the way of your Ford F150 turbo diesel. Then you have to start shooting, use up all your ammo just getting to the likker store for cigs. About that time someone is knocking down your door with an ax looking for food or clothing or water or something stupid like that. Good thing your gold is buried under the chicken house. You'll be dead but they won't have your gold.

So it's better just to pay the unemployed to stay in their own homes. It's not like it's real money anyway. BB just prints the shit up anytime he wants more of it. Until that becomes a problem (say in 800 years) it's all for the best.

Tue, 07/20/2010 - 16:23 | 479574 Internet Tough Guy
Internet Tough Guy's picture

You think the gov is worried about people in the streets? This is just vote-buying; create a permanent client class that pays no taxes, give them free health care and permanent unemployment, and once you are over 50% of the population you can't lose an election. Can't lose. 

Tue, 07/20/2010 - 16:23 | 479575 tecno242
tecno242's picture

BS..

every legal unemployed person could get a job at McDonalds or Walmart or any number of places.. SIMPLY CAUSE THEY SPEAK ENGLISH.

they would just rather collect free money than work at those places.

but they would if they were forced to.

Tue, 07/20/2010 - 16:59 | 479688 aheady
aheady's picture

I take it you don't type English.

Tue, 07/20/2010 - 17:04 | 479698 SRV - ES339
SRV - ES339's picture

ROTFLMAO... btw, great avatar!

Tue, 07/20/2010 - 18:52 | 479941 aheady
aheady's picture

: )

Tue, 07/20/2010 - 20:00 | 480021 midtowng
midtowng's picture

You obviously aren't aware that the number of unemployed people outnumber the number of open positions in this country by about 4-to-1. That includes jobs at McDonalds and Walmart.

   But then it's easier just to blame the victims and slander them than it is to learn the facts.

Wed, 07/21/2010 - 01:06 | 480342 TheGoodDoctor
TheGoodDoctor's picture

It's 6-to-1. But hey it doesn't matter.

Tue, 07/20/2010 - 16:32 | 479599 GoatETF
GoatETF's picture

Minor point, the F150 cannot be had with a diesel. It requires a F250, F350, et al.

Tue, 07/20/2010 - 16:41 | 479628 hedgeless_horseman
hedgeless_horseman's picture

...plus bed on F-150 won't hold all my ammo, which also requires F250, F350 Long Bed.  Get a still, avoid the likker store entirely.  Shooot.

Tue, 07/20/2010 - 17:13 | 479718 cougar_w
cougar_w's picture

Okay then F250 turbo diesel. Dang-it, now I gotta renew my redneck certifications. That's fine 'cept they make you chew ter-backer and lean on a fence. And while the fence-leaning is fine and I can lean all day with the best of 'em if it comes to it I cannot stand chew'n ter-backer. My wife neither. Won't let me in the house with the stuff, I had to give it up altogether. My buddy Enus his sister-in-law Patsy (named after the singer) once hit her husband over the head with a rolling pin for chew'n in the kitchen said it was contrary to the Bible. I don't recall reading anything 'bout it in the Bible myself, but she being a right Christian woman and never misses a day in church, and goes to the reading on Thursdays and takes her kids I think they are named Billy and Katie though I can't say as certain, well I suppose she would know if it's a'gin the Bible. But Enus wasn't as sure as that, only his wife won't let him even take terbacker to that woman's house on account of them not having good insurance. I mean Enus and his wife not having good insurance, I don't mean the sister-in-law who would be liable to hit a body for chew'n in her kitchen not having insurance. Because I know for a fact that family has really nice insurance because her husband works for the Department of Motor Vehicles, and that being county work well you know they have insurance and pension and days off and all that. He got that job because his brother who's in construction doing remodels and he built Clem's barn last summer and did a hell of a job knew someone at the D M V who was accepting applications, and one thing led to another as they say and he up and lands that job. Though he didn't have insurance that time Patsy whupped him with the rolling pin for chew'n in the kitchen, so he paid that out of his own pocket.

Tue, 07/20/2010 - 17:23 | 479742 GoatETF
GoatETF's picture

coug, we really have a lot of work to do with you. First of all it is cast iron that is usually used for handling marriage 'discussions'. Next it is a flag man with the Roads Department, not the DMV and finally the kitchen is somewhat difficult to ascertain because some mobile homes carpet that area so determining if you're in the kitchen or living room can be a real challenge so remedial Skoal Skool is required.

Tue, 07/20/2010 - 17:29 | 479758 cougar_w
cougar_w's picture

Rookiez iz punk'd! I admit it's been about 35 years since my last inoculation.

Tue, 07/20/2010 - 17:20 | 479733 Iam_Silverman
Iam_Silverman's picture

"Ford F150 turbo diesel"

Ford doesn't make an F150 turbodiesel.  They make F250/350 ones though.  I like both of our Ram2500 TD's better though (Straight piped Cummins - yeah!).

"Then you have to start shooting, use up all your ammo"

I get your point here - instead of wasting our tax dollars extending UE benefits to lazy socialists, they should be handing out free ammo instead.  I like the way you think!  I reload, so they can just give me powder, lead and primers - I have everything else.

 

Tue, 07/20/2010 - 17:58 | 479828 cougar_w
cougar_w's picture

Wait. You have two 2500 TDs and straight-piped? I bet one of them has duals and a fifth-wheel, right? Am I right? And 60 gallons of aux tanks? Tell me you can pull a 24 foot horse trailer with 6 quarter-horses at 75 miles an hour across Nevada and not have to refuel until Ely at the Silver Sage corner of 50 and 93 which is always 2 cents cheaper and where that nice waitress who looked to be 23 and hell is probably married by now gives coffee refiles without even asking. I need to know someone still does crazy shit like that. I grew up around on that kinda thing.

 

Tue, 07/20/2010 - 23:04 | 480217 Iam_Silverman
Iam_Silverman's picture

Boy howdy - you really are out of touch.  Only 3500's come with duals.  I sold my Chevy dually to buy my Dodge 2500 TD.

Nope, no fifth wheel hitch in either.  Both use B&W Turnover Ball gooseneck hitches.  Don't haul any horse trailers, we haul cattle and hay, usually one of the tractors has to take a trip to the shop because they're old and something always breaks.  Have a camper converted to gooseneck hitch, but it doesn't get used as much as it did in the past.

I do have a 46 gallon aux tank in the bed of my truck, but the wifes truck has just a stock 37 gallon tank.  We do have a rather large Hart aluminum stock trailer that we use when hauling cattle to the shows, but we never go above 65.  We have to much respect for the fact that we are usually grossing 22,000 pounds and just can't stop on a dime.  Some of our trained riding steers are worth tens of thousands of dollars.  When we haul hay, it is usually local (less than 100 miles) so we might bump up on the gross - just a little bit ;)

For everyday stuff, we just drive the Jeep Patriot (4cyl, 2.0)

Is that redneck enough for ya'?

Tue, 07/20/2010 - 16:39 | 479625 GoatETF
GoatETF's picture

Working at Walmart/McDonalds listening to a snot nosed 19 year old 'shift manager' telling me to get the lead out while he swaps spit with his high school freshman girlfriend

or

Collecting unemployment while doing internet work where my girlfriend is the '1099 contractor', having 'free' healthcare, 'free' foodstamps, reduced utilities, driving out getting my Freecycle stuff and cheap craigslist deals.

or

Was it intended to be a rhetorical question?

Tue, 07/20/2010 - 17:34 | 479775 Iam_Silverman
Iam_Silverman's picture

"Working at Walmart/McDonalds listening to a snot nosed 19 year old 'shift manager"

Says the 18 year old HS tyro......

Tue, 07/20/2010 - 17:53 | 479819 GoatETF
GoatETF's picture

Watch it big boy, I resemble that remark!

Tue, 07/20/2010 - 23:07 | 480221 Iam_Silverman
Iam_Silverman's picture

Sorry, was I not supposed to notice?

Tue, 07/20/2010 - 16:09 | 479515 midtowng
midtowng's picture

+1

Tue, 07/20/2010 - 16:11 | 479528 Internet Tough Guy
Internet Tough Guy's picture

Two wrongs make a right. Permanent unemployment is as American as free health care and apple pie. Soak those people with jobs. Deficits don't matter. PAYGO doesn't matter. Those people are using the money to pay their mortgage, I mean their iPad, I mean...well they definitely aren't buying TVs.

Did I leave anything out?

Tue, 07/20/2010 - 16:11 | 479531 WaterWings
WaterWings's picture

Yes, spread the wealth around. Socialism worked very well in the USSR. It only cost 40,000,000 lives but think of all those people they didn't have to feed.

Tue, 07/20/2010 - 16:21 | 479558 SRV - ES339
SRV - ES339's picture

Right you are Bubba (all of the above).

Tue, 07/20/2010 - 16:55 | 479674 rsfish
rsfish's picture

And think of those poor, suffering Swedes. 

Tue, 07/20/2010 - 17:31 | 479756 Dantzler
Dantzler's picture

 

 

@SRV - ES339   #479473

Yes, pure BS...

 

California welfare recipients withdrew $1.8 million at casino ATMs over eight months

http://articles.latimes.com/2010/jun/25/local/la-me-welfare-casinos-20100625

 

Tue, 07/20/2010 - 18:26 | 479886 cougar_w
cougar_w's picture

Listen. The casino operations are the only thing paying into the State coffers. Gambling is nearly a patriotic duty.

Tue, 07/20/2010 - 22:39 | 480195 SRV - ES339
SRV - ES339's picture

Which has absolutely nothing to do with extending benefits for the unemployed... but go ahead, paint all the unfortunate souls who lost their jobs because of the greed and corruption on Wall Street with that brush if it makes you feel better (superior).

Pathetic.

Wed, 07/21/2010 - 03:59 | 480458 Moneygrove
Moneygrove's picture

+ 5.5 trillion bush spent on what ??????????

Tue, 07/20/2010 - 16:08 | 479480 virgilcaine
virgilcaine's picture

Mcd's stock  should get a boost today.  yep up .97 on 3.5 mil shares.  Ride the Mcd gravy train...

Tue, 07/20/2010 - 16:23 | 479576 Chemba
Chemba's picture

and WMT

Tue, 07/20/2010 - 17:05 | 479699 aerojet
aerojet's picture

Actually, WMT has been pretty range-bound for a very long time.  Not exactly a winner.

Tue, 07/20/2010 - 16:04 | 479486 Instant Karma
Instant Karma's picture

As Rush said, it's no longer "unemployment insurance." It's now another welfare entitlement program. No end in sight.

Tue, 07/20/2010 - 16:08 | 479511 midtowng
midtowng's picture

You shouldn't listen to Rush.

It's still no longer than before. Before this recession UI has never been cut off with the unemployment higher than 7.2%

Tue, 07/20/2010 - 16:20 | 479562 Instant Karma
Instant Karma's picture

Didn't unemployment insurance used to last 13 or 26 weeks. The Senate is about to pass an extension lengthening unemployment benefits to over 2 years (over 100 weeks). That IS longer than before. Duh.

Tue, 07/20/2010 - 16:29 | 479590 SRV - ES339
SRV - ES339's picture

Hopefully, "Instant Karma" will get "Rush" one day... "gonna knock him right in the head!"

Tue, 07/20/2010 - 18:48 | 479836 CrockettAlmanac.com
CrockettAlmanac.com's picture

You shouldn't listen to Rush.


http://www.youtube.com/watch?v=HvQ2JF-glvw

 

There is unrest in the forest,
There is trouble with the trees,
For the maples want more sunlight
And the oaks ignore their pleas.

The trouble with the maples,
(And they're quite convinced they're right)
They say the oaks are just too lofty
And they grab up all the light.
But the oaks can't help their feelings
If they like the way they're made.
And they wonder why the maples
Can't be happy in their shade.

There is trouble in the forest,
And the creatures all have fled,
As the maples scream "Oppression!"
And the oaks just shake their heads

So the maples formed a union
And demanded equal rights.
"The oaks are just too greedy;
We will make them give us light."
Now there's no more oak oppression,
For they passed a noble law,
And the trees are all kept equal
By hatchet, axe, and saw.

Tue, 07/20/2010 - 16:05 | 479493 Caviar Emptor
Caviar Emptor's picture

I think this is the greatest country in the world! We can really encourage immigration with a program like eternal unemployment!

Tue, 07/20/2010 - 16:08 | 479509 crzyhun
crzyhun's picture

"this is the best way to stimulation the economy," Nancy P.

Tue, 07/20/2010 - 16:09 | 479516 pyite
pyite's picture

Bankruptcy reform and debt relief are the only way out of this mess.  Deflation is part of the business cycle - why can't these idiots figure it out?

I suppose that when you are on the top of this house of cards, like the people with the most political influence, you will do whatever you can to keep it in place. :(

Tue, 07/20/2010 - 17:07 | 479705 aerojet
aerojet's picture

Ah yes, the "let them eat cake" strategy.  That worked out so well every time it has been attempted.  France, Russia...

Tue, 07/20/2010 - 17:54 | 479821 three chord sloth
three chord sloth's picture

Bankruptcy and debt relief would be a positive step, but alone they will go only about 10% of the way to fixing the problem.

Until we are willing to deal with the China problem, all other steps are just tinkering around the edges. But dealing with the China problem requires going to war against the governing classes of America and the West; the Big International Business class, the Government class, and even the Big Academia class. They all have bet their entire futures on maintaining or accelerating today's system.

China is an economic black hole; it eats stimulus spending from around the world and exports deflation through vast overcapacity. As long as globalism stays in place there is nothing the governments of the West and Japan can do to fight the decline. And those governments know it.

So why do they allow the present untenable situation to continue? Because there is a greater agenda at play, and it's called power and control. Both the governing class and the big business class want state capitalism... it is their goal. And big academics want them to get that power and control because as the gate keepers and feeder system for the governing class and big business, state capitalism will maintain the value of a degree like nothing else... that sheepskin becomes a requirement to a life with any level of comfort.

Once you understand that the goal is to replace any remaining independent, prosperous middle class with a drone class dependent upon government and big business for their status above the working poor, then you'll know what's going on.

Power and control for the governing class, baby. That's the only game in town.

Tue, 07/20/2010 - 16:10 | 479521 hambone
hambone's picture

Not too quibble but that's another $100 debt to every man/woman/child in America.  However, the carrying cost on that $34b at an average starts with a low teaser rate of 0% but then someday in the not so distant future it will suddenly be 2%, then 4%, then 6%...yada yada.  Whatever.

Anyway, the only "long term" plan for the admin is the Nov election.  That's as far as the thinking goes and then it's the Repub's fault again for stopping all the "needed" stimulus (BTW - it's American voters fault for turning into uneducated, uninterested, bought off electorate and voting for wank politicians who promise everything and ask for nothing).

Tue, 07/20/2010 - 16:27 | 479582 Gromit
Gromit's picture

yes saw it on CNBC yesterday.

Government debt is now  $42K per citizen....and $112K per taxpayer.

My take...a little more than a third of citizens pay taxes?

Think about it. Two thirds care less about taxes than benes.

Tue, 07/20/2010 - 16:24 | 479578 buzzsaw99
buzzsaw99's picture

i luv election years. stimulate me bitchez!

Tue, 07/20/2010 - 17:18 | 479730 cougar_w
cougar_w's picture

Um ... no. That is so very wrong on so many levels.

Tue, 07/20/2010 - 16:27 | 479586 billwilson
billwilson's picture

Are you really serious? Begrudging unemployment benefits after seeing tax cuts for the rich and worthless wars that really caused the problems. Get you f^&*ing priorities right.

Tue, 07/20/2010 - 16:32 | 479598 Chemba
Chemba's picture

"tax cuts for the rich"

hey, butt-head, the rich pay the vast majority of taxes so if there are tax cuts they are by definition for the rich

"unemployment benefits"

six months of employer/employee paid insurance is an unemployment benefit; two years is welfare

 

 

Tue, 07/20/2010 - 16:42 | 479638 SRV - ES339
SRV - ES339's picture

From a reliable source... "If the federal taxation rate is compared with the wealth distribution rate, the net wealth (not only income but also including real estate, cars, house, stocks, etc) distribution of the United States does almost coincide with the share of income tax - the top 1% pay 36.9% of federal tax (wealth 32.7%), the top 5% pay 57.1% (wealth 57.2%), top 10% pay 68% (wealth 69.8%), and the bottom 50% pay 3.3% (wealth 2.8%)."

Hate to let the facts get in your way Chemba, but please keep watching Beck... he needs the (your) money!

Tue, 07/20/2010 - 16:32 | 479601 Internet Tough Guy
Internet Tough Guy's picture

My sympathy dries up after about two years, bill. Maybe you should get a second job because I may just get laid off and need you to support me forever.

Tue, 07/20/2010 - 16:43 | 479604 SRV - ES339
SRV - ES339's picture

Well said... I'm sure all the whiners will head straight to McDonald's when their business shuts down and they find themselves out of a job... for now it's "I'm alright Jack!"

Tue, 07/20/2010 - 18:17 | 479868 CrockettAlmanac.com
CrockettAlmanac.com's picture

Believe it or not, some folks exercise a particular quality commonly known as "character."

Tue, 07/20/2010 - 18:07 | 479845 nevket240
nevket240's picture

Bill

go and live with family or take whatever work you can get, where ever you can get it. why should the productive, inventive, resourceful and thrifty subsidise those who are work proud or work shy. Why??

regards

Tue, 07/20/2010 - 20:03 | 480030 midtowng
midtowng's picture

+1

Tue, 07/20/2010 - 16:28 | 479589 Pladizow
Pladizow's picture

America = Dead Man Walking!

Tue, 07/20/2010 - 16:31 | 479595 Internet Tough Guy
Internet Tough Guy's picture

What kind of idiot works and pays taxes? That's the question you have to start asking yourself.

Tue, 07/20/2010 - 17:14 | 479720 aerojet
aerojet's picture

Well, if anyone can explain to me how I can keep paying my bills (mortgage, utilities, property taxes, insurance, etc.) and not work at a job, I'm all fucking ears, asshole!

Tue, 07/20/2010 - 17:18 | 479729 Internet Tough Guy
Internet Tough Guy's picture

Ass, you can quit paying all that crap like everyone else on unemployment. Just stay home banging your sister and playing xBox. So for you nothing will change except you can stop going to work.

Tue, 07/20/2010 - 21:24 | 480119 RockyRacoon
RockyRacoon's picture

Tape these on your paper bag head:

http://tinyurl.com/mzzvuz

Tue, 07/20/2010 - 16:33 | 479602 rsfish
rsfish's picture

Yeah, no one will be motivated to find a (non-existant) job when they can live like a king on that $300/week. Better to let them starve. 

Can't think of any other place where we might want to cut back spending first before we kick people in need onto the streets. Like say two elective wars or preserving Blankfein's annual bonus. 

Tue, 07/20/2010 - 18:31 | 479892 CrockettAlmanac.com
CrockettAlmanac.com's picture

Those people who will enjoy the extended benefits are not the only unfortunate people in the world. Every taxpayer has unfortunate family and friends whom they can not help because one government agency or another is taking a total of 50% of everything they earn.

 

Why is the group of people who are assisted by this bill any more important than the people whom the taxpayers would like to help directly? The extension of benefits to a particular group is seen as being a gift from primarily Democratic politicians. Those who actually foot the bill will not only receive none of the credit, they get to watch their own underprivileged family and friends suffer.

 

Your attitude is the opposite of being charitable. It's the pose of a liar and thief.

Tue, 07/20/2010 - 20:16 | 480049 Ragnar D
Ragnar D's picture

Post of the day.  You've summed it up perfectly.

 

The omnipotent government, central planner, control freak, thug politicians are the benevolent heroes as they keep expanding their dependency pushing, vote buying Entitlements.

The peons still dumb enough to try to work for a living, who have half their earnings stolen to actually pay for all that "free" stuff, well they're just being selfish by not finding more to fork over.

Tue, 07/20/2010 - 21:57 | 480157 CrockettAlmanac.com
CrockettAlmanac.com's picture

You've summed it up perfectly.

 

Thanks Ragnar, but if you will, "Charity begins at home," sums it up and I simply cracked open that old chestnut.

Tue, 07/20/2010 - 20:42 | 480080 docj
docj's picture

+1

Tue, 07/20/2010 - 17:13 | 479716 ApplesConspiracy
ApplesConspiracy's picture

When I was on unemployment many years ago, I didn't get serious about the job hunt process until the end of the benefit road was in sight.  It is a powerful and negative incentive to get money for nothing.

 

Really disgusting to see this whole "cash for votes" thing play out.

 

 

Tue, 07/20/2010 - 17:30 | 479760 aerojet
aerojet's picture

That's the "Jeff Lebowski" method--path of least resistance and all that.  I'm not completely against the whole concept.  Being an American is all about finding a lifestyle your income can sustain.  If you can sustain the kind of life you want on $300/week, I say go for it because life is short, after all, and working takes a hell of a chunk out of your life.

Tue, 07/20/2010 - 17:36 | 479778 Bruce Krasting
Bruce Krasting's picture

There is a good side to this. This was a $34B deficit bill. It got through by one vote. That vote mix will change soon. Guys like Krugman want to do $500b of deficit spending. That clearly is not going to happen. Some Senators will lose their job for voting for this. They deserve it. This was not an emergency. The emergency was two years ago. This should have been Pay Go.

Tue, 07/20/2010 - 20:47 | 480085 Moneygrove
Moneygrove's picture

Bruce i think it should be pay as we go also !! end bush tax cuts now !!!! funny no pay as you go for bush tax cuts !!!!!!!!!! 

Tue, 07/20/2010 - 18:02 | 479839 nevket240
nevket240's picture

http://news.xinhuanet.com/english2010/world/2010-07/19/c_13405153.htm

 

Are all these self absorbed, self serving F@ck wits counted in the unemployed figures. Me thinks they should be..

regards

Tue, 07/20/2010 - 18:08 | 479846 Kegfreak
Kegfreak's picture

Most of these people that stay on unemployment become addicted to it.  It would be better to give them unemployment for six months then tell them "hey asshole, you get x amount of money for job training to find a new career." There are jobs out there, just not ones college educated folks think are good enough for them.

You don't have to go to McDonalds or Walmart for and take a shitty job!  The country needs people trained in skilled trades.  You can make a good living as a machinist, welder, electrician etc.  These trades are fading.  Most machinists are getting ready to retire.  40,000 positions in CA alone making an average of 35 bucks and hour!  That's not bad money, tons of overtime also!

Our parents and grandparents were not afraid of blue collar work, why are we...oh yeah, government nipple feeds us to death now.

Tue, 07/20/2010 - 19:39 | 479998 cougar_w
cougar_w's picture

Word up, brutha. I have a Master's Degree in Biology AND I do construction work AND I'm an electrician AND I'm a welder AND I'm a machinist. I built the world's coolest electric chopper in my garage from raw stock and scrap bikes and ride it all Mad Max 60 miles a day to work where I'm a l33t software engineer, boo-yah.

Yes, people can get an education and have a sit-down job AND still do shit that matters. Every time I pick up a hammer I think it's fucking great to have a hammer. I weld on my bike and I think fuck this is so much fun it ought to be illegal.

Those as can, do. Bitchez.

Tue, 07/20/2010 - 22:11 | 480171 Mad Max
Mad Max's picture

Amen to that!  (Oh, and did I hear my name?)

We need to meet some day, Cougar (and Hulk if he's still around).  My day job works with a financial area that would seem arcane even to ZH readers, but off hours I work a farm and practice my aim... not to mention I hold a degree in a science field that will remain nameless, and a pilot's license gently collecting dust.

There is some hope for some of us.  For those who can only push buttons and say inane things on twitter, there's not much hope for you.

Tue, 07/20/2010 - 23:14 | 480225 Iam_Silverman
Iam_Silverman's picture

"and a pilot's license gently collecting dust."

Fixed wing or rotary?  I have been thinking about making range work more challenging.  If I could just keep 2 moa @ 300 yds. from the side window of a chopper, I may just find a new and exciting job!

Wed, 07/21/2010 - 11:58 | 480919 Mad Max
Mad Max's picture

Magpul training has a video that may be of interest to you!

For me, fixed wing.  I'd love to get the helicopter too, but can't see that I would be using it much or ever in a position to own a helicopter.

Wed, 07/21/2010 - 00:23 | 480292 sethstorm
sethstorm's picture

How about the job and the training, at the same time (and not just for "skilled trades", but most things that want training)?

 

 

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