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Tim Geithner And Senators Hold Press Briefing On Debt

Submitted by Tyler Durden on 07/14/2011 14:20 -0400

Not sure what this is all about, but Timmy is about to throw some more mutual assured destruction fire and brimstone bombs. Watch it live here.

h/t @CrownThomas

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Thu, 07/14/2011 - 15:16 | 1457185 MsCreant

Obama is closer to a suppository if you catch my drift here. Poor whale. Must be a tax payer.

Thu, 07/14/2011 - 16:03 | 1457318 carbonmutant

Constipation is a terrible thing...

Thu, 07/14/2011 - 14:37 | 1457033 tmosley

I think she was thinking about the Job from "The Lawnmower Man".

She only saw the first few minutes. Too much churchy stuff for her.

Thu, 07/14/2011 - 14:36 | 1457020 JohnG

Lovely fiat green tie on Schumer.

And his usual shit eating grin to boot.

Thu, 07/14/2011 - 15:38 | 1457249 ebworthen

Well if Schumer was standing with Timmy we know it's a special crock of shit.

Thu, 07/14/2011 - 14:36 | 1457022 sabra1

my avatar is really really upset now!

Thu, 07/14/2011 - 14:36 | 1457025 EvlTheCat

yawn.....

Thu, 07/14/2011 - 14:38 | 1457029 Translational Lift

After a 2 1/2 hour "Lunch", on our dime, these assholes come out and cry wolf......

Sickening.......This is nothing they didn't know a month ago, 6 months ago, a year ago....

Thu, 07/14/2011 - 14:41 | 1457038 r101958

It is amazing, really, Wash D.C. still operates as if they can make everything better if they just create the right perceptions. The TV age at its best. Makeup, theatrics, scripts......all to create a perception. To them it is not substance that counts but who can create the impression of sacrificing the most and working the hardest. They think that, alone, will change the poll numbers. Unbelievable!

Thu, 07/14/2011 - 14:38 | 1457039 skepticCarl

Timmay sez:

" Should the debt ceiling not be raised, there will be no negative consequences to the U.S. economy. This is because, rather than issuing debt, the Treasury will simply issue it's own silver-backed Treasure Notes directly. The silver backing is a tiny, tiny silver thread running around the back of the $1,000 US note."

"Every creditor, predator, employee and entitlee will recieve these new greenbacks. And, with our new single-sided balance sheet (assets only), the US now finds itself flush with cash."

"Since this plan is what the Fed does anyway, circle-jerking with its Primary Dealers, you won't notice any difference whatsoever."

Thu, 07/14/2011 - 14:41 | 1457055 optimator

Spokesperson for the Tribe.

Thu, 07/14/2011 - 14:42 | 1457057 Piranhanoia

Financial Aliens have arrived and requested to deal with GG Benzadrino only. They have come to buy debt but there is no discussion of what they want for the massive payment of traditional diamonds. I think they are called Kanamits.

Thu, 07/14/2011 - 14:42 | 1457060 Dr. No

One thing is for certain: If there is no debt ceiling deal, we will get QE3. The fed bought MBS at face value eventhough mortgages were in default. Rest assured, the FED will rescue big banks with buying of treasury debt at face value in the unlikely event of the government not paying bond holders.

Thu, 07/14/2011 - 14:46 | 1457062 foxmuldar

Is Timmy's middle name Chicken Little. Help the sky is falling. Lets hope it falls on his smarty face. Timmy reminds me of that guy Sully that Arnold was holding over a cliff. "Sully I was going to kill you last,I lied"

Thu, 07/14/2011 - 14:43 | 1457065 HEHEHE

Do you think the toy arrow industry will get another big tax cut with this debt ceiling thing like they did with TARP?

Thu, 07/14/2011 - 14:45 | 1457072 Everybodys All ...

Don't you feel like there should be some kid with a t shirt on standing next to these guys with the "I'm with stupid --->" emblazened on it.

Thu, 07/14/2011 - 14:47 | 1457076 mynhair

Bond vigilantes starting to price in a limit deal. Boy, are they going to be unhappy.

Thu, 07/14/2011 - 14:47 | 1457079 YesWeKahn

Timmy wants to get out quick, let him go.

Thu, 07/14/2011 - 14:47 | 1457080 filmflam

CD, you have almost encouraged me to read your posts. They are crazy long, but anyone who can pull Blazing Saddles out so perfectly is obviously a man of good taste.

Thu, 07/14/2011 - 14:47 | 1457082 props2009

volcano erupts

http://gmbpost.com/politics/volcano-erupts-in-indonesia/

Thu, 07/14/2011 - 14:48 | 1457086 topcallingtroll

I am generally note prone to freaking out.

They will go past the deadline.

Prepare accordingly.

Thu, 07/14/2011 - 14:50 | 1457087 optimator

Spokesperson for the Tribe. Market dropping, gold down, a few more trades and he'll be out (to speak).

Thu, 07/14/2011 - 14:49 | 1457089 Mr Lennon Hendrix

We are all going to die if the debt ceiling isn't raised!

Thu, 07/14/2011 - 14:54 | 1457108 Dr. No

Two days ago I was watchin CNN morning with Al Velshi (the bald guy who thinks he know economics). He interviewed someone about the debt and asked if it would be similar to the 2008 when Lehman was allowed to go under and added "we were not able to recover from that..." I immediatly checked out the window and verified the sun did indeed come up!! Speaking of which, I cant think of a day since 2008 in which the sun did not rise.... huh.

Thu, 07/14/2011 - 14:52 | 1457100 SoNH80

Meantime, the Pentagon has declared the Internet "a domain of war."

http://thehill.com/blogs/hillicon-valley/technology/171531-pentagon-declares-the-internet-a-domain-of-war

Thu, 07/14/2011 - 15:51 | 1457294 Tuco Benedicto ...

False Flag dead ahead from the one trick ponies at the CIA!

Tuco

Thu, 07/14/2011 - 14:53 | 1457106 Cone of Uncertainty

Timmy is a little cunt faced bitch.

Thu, 07/14/2011 - 15:35 | 1457238 Calculated_Risk

Your too kind!

Thu, 07/14/2011 - 17:16 | 1457615 hooligan2009

now that is funny!

Thu, 07/14/2011 - 14:55 | 1457110 SoNH80

Sunday Monday Crappy Days!

Tuesday Wednesday Crappy Days!

Thursday Friday Crappy Days!

The debt cycle hums

Ready to stick it to you!

Thu, 07/14/2011 - 14:57 | 1457124 MFL8240

Should have left the Geithner clown out if they wanted any credibiliy.

Thu, 07/14/2011 - 14:59 | 1457134 Lord Welligton

Rand Paul .......

"He needs to lead or get out of the way"

He He

Thu, 07/14/2011 - 15:01 | 1457142 papaswamp

The Senate?!...LOL! The folks that haven't passed a budget in over 2 yrs?...Who the fuck would listen to them?

Thu, 07/14/2011 - 15:01 | 1457143 ziggy59

It almost looks like the founding Fathers picture.... Almost. Actually it looks like th ticket line outside a friggin sesame street show . Timma needs this closure before jumping Shit, umm ship. Doesn't look good on his clingon resume.

Thu, 07/14/2011 - 15:05 | 1457154 Sizzurp

First I thought timmy was a gnome, now I think he is a hob-goblin. It's that pointy little nose, yep he's a goblin boy for sure, and ready to unleash hell upon the hapless masses.

Thu, 07/14/2011 - 15:24 | 1457199 thedrickster

Thu, 07/14/2011 - 15:36 | 1457242 dbTX

Minnesota has been shut down for 13 days; they haven't missed a beat.

Thu, 07/14/2011 - 15:45 | 1457271 Dr. No

My suggestion is keep it shut down for 6 months, log complaint numbers per state service, Preto the results, then fund and start up the top 20%. Minnesota is in a unique position to utlize preto's law for budget cuts.

Thu, 07/14/2011 - 15:41 | 1457245 hooligan2009

truth..the US needs to move to a 5% fiscal surplus as soon as possible.

truth..that means cutting spending and raising taxes.

suggestion, cut spending until the economy is downsized to the appropriate level (where the drop in spending results in a contraction of the economy, but eventually an equilibrium is discovered)

next, impose a Debt Reduction Tax that retires the 14.275tn +2.4tn proposed limit increase + 0.5 tn in net Freddie and Fannie debt + 2.7 tn in municipal bonds = c. 20tn

Note 2010 GDP of 14.3 tn and the proposed 2.4 tn will increase this to 16.7 tn will mean debt to GDP will be around 110% of GDP and will equal, around $55,000 per head compared to Greece's $44,000 per head...

Foreget the 20 tn ..its too scary and deal with just what the circus on the Hill and the big wheel thinks is reality..The DRT (Debt Reduction Tax) can be imposed for twenty years to drop 17 trillion at 110% of GDP down to say, a manageable 7 trillion or 40% of GDP. GDP in constant dollars that is so . Ergo, DRT will need to collect 10 trillion over 20 years = 500 billion a year. Pretty scary but bigger than the clowns with their 4 trillion over 10 years are planning; the bus is still careering down to the edge of the cliff at ten year rate.

Now taxes are 2 trillion, so the DRT will mean an increase in taxes of 25% per annum which given the effective tax take of 27% of GDP = a 6.5% hike in the tax take.

Of couse this is just the debt. Interest of 3% x 16.7 tn means half a trillion a year will have to be funded from the budget, where the clowns in the GOP get 20 billion a month from for interest is beyond me, its 45 billion) can be targeted to be paid down over 20 years.

So spending cuts of 1.5 trillion (3.5 trillion down to 2 trillion) adjust for second order effects as we root out all the corruption from crappy government, maybe the 2 trillion in cuts drops taxes by a few hundred billion (though I cant see how with half the country paying no taxes whatsoever, the poor and the rich)... then raise 6.5% of GDP in taxes for 20 years to GET BACK TO NORMAL UNCORRUPT LIFE WITH NO BULLSHIT.

Any takers?

Thu, 07/14/2011 - 15:47 | 1457280 Calculated_Risk

truth... I'll have a pet unicorn that shits skittles before that happens.

Thu, 07/14/2011 - 15:49 | 1457288 Tuco Benedicto ...

"Read my lips. No new taxes!" Declare Bankruptcy!

Tuco Benedicto Pacifico Juan Maria Ramirez

Thu, 07/14/2011 - 16:28 | 1457404 hooligan2009

me three..um too (sorry debt roll-up). I wonder if this would actually unite a nation into self flagellation....maybe a giant hedge fund whose profit is equal to money supply is actually what we are living in right now. just don't everybody trigger any gating clauses.

Thu, 07/14/2011 - 16:20 | 1457366 Eagle Keeper

Better global solution = ctrl+alt+del

Thu, 07/14/2011 - 15:38 | 1457248 slewie the pi-rat

The Big Whatever

Thu, 07/14/2011 - 15:52 | 1457281 Gimp

More propaganda...please

This adminstration is making "Jimmy the Peanut" Carter look good...and yes we really need CHANGE now

Thu, 07/14/2011 - 15:58 | 1457305 WhiskeyTangoFoxtrot

Can't post pics on ZH, but this picture came to mind while listening to this bullshit press conference:

http://www.whiskeytfoxtrot.files.wordpress.com/2011/07/dead-man-walking5...

Thu, 07/14/2011 - 16:01 | 1457314 Bastiat

Why would you post something like that?

Thu, 07/14/2011 - 16:12 | 1457343 WhiskeyTangoFoxtrot

for the lulz.

Thu, 07/14/2011 - 18:22 | 1457791 jomama

that's almost as bad as the 1997 FEMA Manual showing the WTC in crosshairs.

almost.

btw, contrary to popular belief, teh internets is not anonymous. not too smart.

Thu, 07/14/2011 - 19:43 | 1457989 JW n FL

I made him do it!!

Now come get me FBI!!

never mind they are busy with the SEC's Top Ten Porn Sites of the Day!

Thu, 07/14/2011 - 19:51 | 1458000 JW n FL

Because he is not part of the problem like you.. he does not believe in enabling the behavior.. he does not believe that 40 years of talking has worked or that talking going forward will work..

But Mostly he posted it becuase hes not a fucking pussy like you.

Thu, 07/14/2011 - 16:08 | 1457334 cougar_w

not funny

Thu, 07/14/2011 - 19:48 | 1457997 JW n FL

I always knew you were a chick.

Should we offer Lil Timmy some food? and take him in? maybe try to reason with him? Maybe Lil Timmy will change his ways? Talking is so much better than BLOWING THAT TREASONOUS SCUMS HEAD OFF!

How many people have died because of Lil Timmy? How many Children around the World have Staved to Death because of inflation? as a direct result of Lil Timmy's actions? How many Americans are now suffer in Poverty because of Lil Timmy???

But you wanna hold hands and sing Kumbaya? FUCK YOU CUNT! That was better than Funny! it was Not Even Close to being proportionate to the Crime(S) Committed by Lil Timmy!

Thu, 07/14/2011 - 20:10 | 1457988 JW n FL

I am not a fan of the aimpoint in red... I like the green.. the yellow bleeds off to, too much in bright light for me as well.

Death is a release. Timmy needs to stew for a while before he gets his neck stretched!

Rope NOT! Bullets!

The last thing he see's should be the new President throwing the lever with te White House in the back ground!

Thu, 07/14/2011 - 20:32 | 1458056 WhiskeyTangoFoxtrot

Lol.

Just to be clear. I am not advocating for violence against the people driving our country into poverty and despair. No, that would be wrong.*

*because I'm not ready to go to jail for a fuckin' photoshop. Jeezus. People need to chill. Everyone (especially on ZH) knows revolution is necessary, but post one little pic and everyone's tampons start itchin' 'em.

Thu, 07/14/2011 - 21:58 | 1458242 blunderdog

It's not like that. Satire is fine. The real problem is that it's not the individuals who are destroying the country, it's the institutions.

I dunno, I have this notion maybe some folks here read and remember something of The Grapes of Wrath.

There's a nice little interlude where the bankrupt farmers who are having their properties seized by the bank are asking who they have to shoot to get to keep their homes and livelihoods, and the bank-rep serving the papers keeps telling them, "It doesn't matter who you shoot, men, the problem's not me or my boss...it's the BANK."

Now 80 years later and that basic lesson still hasn't been learned by most Americans.

No wonder so many people think we're stupid.

Thu, 07/14/2011 - 16:21 | 1457370 Eagle Keeper

Global solution = ctrl+alt+del

Thu, 07/14/2011 - 16:34 | 1457422 MobBarley

So uh... basically what we have here..us ..

is that we became insolvent...uh....and

this is true basically of all countries..and

all principalities...insolvency..uh...and that

we're in a crisis mode of operation now..

uh...and that we're perceiving more problems

along the road we have to travel...uh...and

that most likely we might miss some goals

we had set for ourselves along the way..uh..

one of them being solvency...and social security

is an issue...an issue..uh...another thing about

that same issue is that..uh...we became insolvent

...uh

Thu, 07/14/2011 - 17:46 | 1457715 gwar5

Has weasel-face Geithner even paid his back taxes yet??

For that matter, how about Daschle, Sebelius, Rangel, Federal employees who owe >$1 billion, and that Bentley driving community activist Al Sharpton who owes $550,000?

Thu, 07/14/2011 - 18:00 | 1457739 DaveyJones