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Thus the US debt ceiling will have to be revised higher one more time, most likely in February or March of 2011.
Or not. Time to find out if these Tea Partiers we are electing are worth a damn.
Get out of my head! :)
Fine, then stop using my avatar.
In addition- bankruptcy bitchez! Bring on the collapse of the USA.
BTW and just for fun.There is no indenture relating to treasuries, and thus, no provision for (an event of) cross default.
How'd 'ya like them for coupon payments, eh?
Well, at least some of the young boogger pickers on some sophisticated trading desk somewhere can win a bar bet over that one. And you don't need to call corporate counsel, neither. The info does not exist, no written process or procedures, no documentation, nada, nothing to reference. Go tell your head treasury trader! Quick, make a splash!
God, what great political theater this shall bring! Shirley, stock up on popcorn!
$750 BB over 5 months = $5 BB per day ! WOW !
The GOP will raise the debt ceiling, and very likely through parliamentary procedure, despite what Cantor says.
Those of you who think this election is really going to change something are in for a heck of a disappointment.
I agree 100%. Just watch videos like: http://www.youtube.com/watch?v=5AFdekkWyKQ which discuss this political nonsence.
The conservatives will just blame raising the ceiling on "oh, the troops need us". The truth of the matter is the talk of cutting government down is hogwash. They will have to start with the big pieces of the pie (medicare, social security, and other entitlement programs). Austerity meassures would be instant political suicide. Reagan increased government spending, Bush increased government spending. It is giving people money that gets their votes. It's a cycle that literally can't end.
Plus we have this wonderful little study: http://tickerforum.org/akcs-www?singlepost=2237969 Sorry, people don't get and never will until history looks back on our country decades in the future.
there is no "debt ceiling" anymore it is now called the "debt stratosphere" and treasury have a joint venture with NASA to work out how they can raise the "debt stratoshpere" to the "debt thermoshere" by 2011.
You're right... which likely means that the debt ceiling will likely be increased (significantly)... and passed... before the holiday recess THIS year...
That, of course, would be a fitting "parting gift" from those same congressmen who just couldn't keep their grubby little fingers out of the cookie jar.
Maybe, but why would the Dems hand that gift to the GOP, while making themselves look bad in the process? From the Dem standpoint, it seems better to wait and watch the GOP squirm in March...
Chet, you are absolutely correct. The debt ceiling will be raised by the Republican Congress.
Any representative that says he will not support the raise is lying. Maybe, the raise will only pass 220-215 but it will pass, just like f-ing health care.
Well... if you want to make it into a GOP vs. Dem issue (which it really isn't), the GOP can actually gain points on gaining passage of a higher debt ceiling -- with serious strings attached on spending limits. This would put Obama's 2011 budget -- if he even puts on out-- as a "dead on arrival" item.
There is likely to be HUGE turnover of elected officials in BOTH parties, however-- and the realization that voters see both parties as the same corrupt group will likely start sinking in. If I were a party leader (in either party), I'd rather have my exiting group of goons take the hit on an unpopular vote than to bring it up next year, when something actually worse could happen if no action is taken.
You may be right, though-- and it may well be the strategy the Dems adopt-- but they already look butt-ugly bad. I don't think for a minute most voters will look at the Dems as a bastion of fiscal sanity-- even if they manage to paint the GOP in a proverbial corner.
I agree with your broad points. I just think that Congress has reached the point where either party will do whatever they can to screw the other, even for the most petty and fleeting political gain.
I truly have given up on Congress. In it's current incarnation, it is utterly incapable of solving the country's problems. I believe it is more plausible that the entire republic will come down in smoking rubble, than it is that Congress will pass meaningful fixes to entitlements or the military.
The playbook already includes this scenario:
As I commented in an earlier thread, there is a reason for the continuing resolutions:
Never let a crisis...
Thanks for the link... I remember the "good ol' days" when a significant chunk of the Federal Government was shut down. Boy, did Newt Gingrich mess up on that one.
Given how Fed government salaries have outpaced the private sector over the past several years, I wonder if the such as stand-off would result in the same outcome? Problem is, the "essential" non-discretionary programs take up almost all the pie now...
Good point on the salary ratio to J6P - it might not play as well now, particularly given how inept 1600 PA is these days.
@SpeakerFTD. This will show us if the Rs, even new Tea Party ones, are worth anything.
My own view is the Rs are a little better than the Ds. Different enough? We will soon see.
Worth a damn, yes indeed, we will soon see.
Tha ball players may be exchanged, owners stay the same. Owners rule.
Hello Rothchild, Bildeburg etc. Fucking elitists rule, not the dems or pugs!
Whatever is good for banks will happen.
Unless some of you think of a sudden our politicos will turn over a new leaf?
Haha. hahahha! We may all long to be in Peru soon. Lol . Its NOT funny, but the other choice was tears.
Sadly yes, just another management team.
One way to put it into perspective is all of us are descended from migrants. Might be thousands of years back but people move, mainly to try to get a better life or escape problems. So that too will remain the same. The more things change the more they stay the same. Truly nothing new under the sun.
they stay the same but sometimes the problems are more "compounded" than others
As usual the R's (D's) who are in tight districts will be given the freedom to vote against (for).
Will be an interesting test for all those new "conservative" republicans. See if they live up to their word.
not a chance
Can't. This puppy is on autopilot now. The self-destruct button is about all that remains.
GOP won't NOT raise the debt ceiling but wait for the most incredible excuses and finger pointing "they did its". Unless the GOP doesn't actually capture the House tomorrow. Then watch the Dems go crazy in avoidance of owning that decision without accepting fault for the past 10 years, not just past 2 years, or economic incompetence in fiscal action (I really hesitate to call it policy).
Not suprised by gov't check kiting and counterfeit black ops. I just want me Timmy to put on the gloves. Never met a tax cheating weasel I couldn't whip.
Geithner's head as a speed-bag......I'd buy that for a dollar!
Better act fast at that price. Inflation is a bitch.
Not going to see this reported today. The only finance stories allowed are b.s. predictions on when broke companies plan on paying back their government loans (see, e.g. AIG and GM)
Pre-election stories MUST reflect well on incumbents.
I see a Revolution by March 2011
probably not but the election of 2012 is going to be far more interesting than this one
2012 could be the most interesting election ever (though two years may change that).
Gridlock from now until then will be interesting as well.
I'm looking for the emergence of a major third party in 2012. I'm thinking it will either be the Libertarian party, or the Tea Party will form a formal third party.
The only way it can be avoided is if the Republicans step up to the plate and do the right thing. The public won't give the Democrats another chance, and the Republicans are damn lucky to get this one, but they are likely to squander it. If they do manage to do the right thing, then they have a chance at forming a Right-libertarian coalition that will keep them in power for decades, so long as they don't fall back into the stupid partisan crap, abortion hate, Jesus based thuggery, and warmongering. I'd give this a less than 1% chance of happening. The Rep. leadership can't see the bullet headed for their forehead.
+1000! Hear, Hear!
MONETIZE THAT SHIT!!!
YEA BABY, BRING ON MR DEATH!! Ill kick his ass
Just watched that TZ episode in, of all places, my American Literature course.
This ain't workin'. That's the way you do it. Money for nuthin' and your chicks for free.....!!
Thankfully, Ben is a buyer of crap. And creator. And shoveler. And stepping in it. And sharing it. And socializing it. And reeking of it. And dropping it from helicopters. And......
Yep, the FED is a shit shoveler. They keep shoveling shit on their balance sheet trying to pump the market so the shit smells better and just maybe someone will buy it.
He is the alpha and the omega...
god's work after all!
And this is the real reason QE2 will happen, no matter where it sends the prices of food and raw materials.
What do you mean 'QE2 will therefore happen'? How so? $100 billion per month for bonds? $1 Trillion all at once? $4 trillion? What IS QE2?
I'm pretty sure it will be $100B/mo for 12 months.
What HellyBenny doesn't realize (but maybe he does) is that once you start, you can't stop. No way we get to Nov 2011 and the Fed just stops. They will be forced to continue. The market won't allow them to stop without total disruption.
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