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Treasury Sells $29 Billion In Bonds, Bringing Total Settled US Debt To 14.311 Trillion, More Than The Debt Ceiling

Tyler Durden's picture





 

First, the irrelevant news:

Today's $29 billion 7 Year auction just closed at a yield of 2.895%, the highest since April 2010, just the time when QE1 was ending and everyone was certain there would be no follow through monetization. The Bid To Cover was 2.79, weaker compared to recent auctions, and 2 bps wider of the When Issued, implying the auction was not all that hot. Directs took down 8.76%, in line with the last year average, Indirects accounts for 49.41%, or the lowest foreign take down since November 2010, while PDs bought 41.83% of the auction. Altogether a weak auction but it's not like the PDs would let it fail especially not with QB9 becoming the next "flip back to the Fed" bond for the PD community.

Next, the relevant news:

Now bear with us for a second: the most recently disclosed total debt was 14,211,567,662,931.23 as of March 28. This excludes the settlement of all of this week's auctions which amount to $35 + $35 + $29 billion (including today) or $99 billion. Adding the two amounts to $14,310,567,662,931.23. As a reminder the debt ceiling is $14,294,000,000,000.00. In other words, the total US debt just passed the debt limit - break out the Champagne! Granted there is a buffer of $52.2 billion between the total debt and the debt actually subject to the ceiling, meaning that America is not in default, yet. Therefore, the total debt subject to the limit assuming full settlement right now is $14,258,341,662,931. Which means the US is now $35.7 billion away from a bona fide breach of the debt ceiling. Yes, there are some caveats, and it is possible that there will be an accelerated redemption of bills over the next few days, pushing the total debt slightly lower, but readers get the idea. Complicating things, the SFP unwind is complete with just $5 billion in 56 Day Cash Management Bills on the books, and no longer a buffer of debt ceiling extension.

Which brings up the question: with a government shut down looming any minute, shouldn't Congress be tackling the issue of what happens when the US enter technical default some time in the second week of April when the next battery of approximately $67 billion in new bonds are issued, which also happens to be just as tax rebate (and thus outflow) season peaks?

 

 


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Wed, 03/30/2011 - 13:26 | Link to Comment Ray1968
Ray1968's picture

Why am I so addicted to Zerohedge? I better get to work or I'll join the ranks of the unemployed. Damn.

Like anyone else will report the breaching of the debt ceiling.....  it be ignored by the media AND the government.

Wed, 03/30/2011 - 13:30 | Link to Comment the mad hatter
the mad hatter's picture

Shouldn't they drop a giant glass ball full of newly issued paper to commemorate the occasion?

Wed, 03/30/2011 - 13:31 | Link to Comment Cash_is_Trash
Cash_is_Trash's picture

Whoop out the banner:

MISSION ACCOMPLISHED!

Wed, 03/30/2011 - 13:33 | Link to Comment Harlequin001
Harlequin001's picture

that's a credit card bust isn't it?

Wed, 03/30/2011 - 13:44 | Link to Comment Eally Ucked
Eally Ucked's picture

No, they sold it to UK, at the same time UK sold the same amount to US. In 2 year time they will notice that they don't owe anything to each other and cancel bonds. Meanwhile they have freshly printed $$$$$ on both sides and it won't be called QE-n. 

Wed, 03/30/2011 - 14:47 | Link to Comment Anonymouse
Anonymouse's picture

Repo 105!  Paging Dr. Repo 105

Wed, 03/30/2011 - 15:10 | Link to Comment InconvenientCou...
InconvenientCounterParty's picture

So here's a poll:

By what % would the goss public debt grow if you added in the shadow debt from all the classified national security budget?

a) 0%

b) < 25%

c) < 50%

d) < 100%

e) other

Wed, 03/30/2011 - 13:53 | Link to Comment Hard1
Hard1's picture

No credit card bust if your bank doesn't call you to tell you that you are over your limit, you can go on spending, the card...still works....seems like it will work forever!!!! and there are no fees for overdrawing the line!!!!  I guess the whole Debt ceiling is just a mirage, the sky is the limit. To infinity and beyond.  Oh and bullish signal for everything by the way.

 

Veni vidi printit.  (Benius Bernaesar c, 2011)

Wed, 03/30/2011 - 14:03 | Link to Comment Dr. Richard Head
Dr. Richard Head's picture

Check kitting by the pros.  Gotta love it.

Wed, 03/30/2011 - 14:24 | Link to Comment Harlequin001
Harlequin001's picture

and if that doesn't work you can always default.

marvelous...

Bullish... definately...

Wed, 03/30/2011 - 14:38 | Link to Comment tahoebumsmith
tahoebumsmith's picture

We are fast approaching 1932...Head and shoulders bitchez...look out below

Wed, 03/30/2011 - 14:58 | Link to Comment Harlequin001
Harlequin001's picture

my thoughts exactly....

Wed, 03/30/2011 - 15:03 | Link to Comment Pez
Pez's picture

To FifTTTTTTeen and beyond!

Wed, 03/30/2011 - 15:03 | Link to Comment I Am The Unknow...
I Am The Unknown Comic's picture

Hard1 you are looking at this with a glass half empty perspective.  Just wait for Cramer and some "experts" to come on CNBC and tell us how this is "all good" for bank stocks, and therefore the overall markets.  Surely there are over-limit penalties because all of us proletarians have overdraft fees so the big guys have to have them too (snark, snort...just busted myself a nut on that one!). 

Just think of the overdraft fees on 16 + BILLION dollars!  WHOA!  Since bank stocks are supposed to lead us out of the recession (that officially doesn't exist), then we are in for happy, happy, HAPPY times!  It's time to BUY BUY BUY bank stocks!  Oh fuck, where is RoboTrader when you need him?  I want a distorted chart showing us all how we should have bought bank stocks yesterday morning! 

Wed, 03/30/2011 - 13:48 | Link to Comment SDRII
SDRII's picture

Nothing American ingenuity can’t overcome

Wed, 03/30/2011 - 13:59 | Link to Comment long juan silver
long juan silver's picture

Marvin Gay said that this morning! I mean Barak Hussien Obama.

Wed, 03/30/2011 - 14:25 | Link to Comment In Fed We Trust
In Fed We Trust's picture

It's time to pass a law that moves the decimal point on the debt 4 places to the left. Then in 2050, we can move it back to it's original spot.!

What does The Constitution and Obama's birth certificate have in common?
THEY DON'T EXSIST!

Wed, 03/30/2011 - 13:37 | Link to Comment Quinvarius
Quinvarius's picture

The Fed will be shooting Andrew Jackson's corpse out of a cannon on the 4th of July to commemorate the event.

Wed, 03/30/2011 - 13:39 | Link to Comment Shameful
Shameful's picture

Really?  Last I heard they had it on display in the Mariner Eccles building.  Rumor has it the display has him in a rather lewd position, with Wilson mounting him from behind...

Wed, 03/30/2011 - 14:08 | Link to Comment Terminus C
Terminus C's picture

So sad but true.

http://www.youtube.com/watch?v=BpiRDZY1IHI

This song wraps up what I feel about the current situation.

Wed, 03/30/2011 - 14:21 | Link to Comment Harlequin001
Harlequin001's picture

so, not using his ass as a dart board then....

Wed, 03/30/2011 - 13:39 | Link to Comment sunkeye
sunkeye's picture

yippeeeee cue guy lombardo ...

'should old debtlimits be forgot ... and never brought to mind ....

Wed, 03/30/2011 - 13:35 | Link to Comment NidStyles
NidStyles's picture

You work? I gave that up a long time ago. Tired of paying people to spend more of my money for me than I can reasonably earn in a lifetime.

Wed, 03/30/2011 - 14:29 | Link to Comment Harlequin001
Harlequin001's picture

now there's a big difference between working and paying taxes 'so that other people can spend more of my money for me than I can reasonably earn in a lifetime'...

good point though.

I don't mind the work but the last bit, hmmm, save that for the sheeple...

Did you know that sheeple was in spellchecker?

marvelous...

Wed, 03/30/2011 - 13:39 | Link to Comment Cdad
Cdad's picture

Like anyone else will report the breaching of the debt ceiling.....  it be ignored by the media AND the government.

Ray,

Not so much ignored as...replaced...replaced with stories about burritos and cute yoga outfits.  You must keep in mind that the MSM is much less of a news dissemination group and much more of a...shepherd.

Now move along you little sheep you.  If you are really good and take your crazy pills, while selling your silver and gold and buying Netflix, you might be able to join us all at the unicorn ranch this afternoon.

I understand that Bob zerocred Pisani is very EXCITED about the trip.

 

Wed, 03/30/2011 - 13:47 | Link to Comment Triggernometry
Triggernometry's picture

Its not a debt ceiling, but a debt event horizon. And just like any other black hole, if you stand outside the event horizon and throw something in, it will appear to fall forever, seriously. The object, however is quickly "spaghettified" and loses all previous form and characteristics.

Yes, I know you can't actually stand outside a black hole, but this result is acknowledged by your nearest physics professor.

As for what it means for the FED that the debt event horizon has been breached- hopefully it will now fall forever.

Wed, 03/30/2011 - 13:53 | Link to Comment redpill
redpill's picture

Well, Fukushima me!

Wed, 03/30/2011 - 14:45 | Link to Comment ElvisDog
ElvisDog's picture

It's ignored because it's an artificial barrier. For a government that ignores laws when it suits its purpose, the debt ceiling is no ceiling at all.

Wed, 03/30/2011 - 13:25 | Link to Comment alien-IQ
alien-IQ's picture

Debt Ceiling Breach = Broke through resistance.

It doesn't get much more bullish than that.

Rally on now BIG TIME!

Wed, 03/30/2011 - 13:27 | Link to Comment Racer
Racer's picture

Exactly, just goes to show how irrelevant and how casually they treat the debt target

Wed, 03/30/2011 - 13:33 | Link to Comment Robot Traders Mom
Robot Traders Mom's picture

No rally in Apple today. Down over $2 today alone, getting the ever-living-shit kicked out of it. I actually feel bad for anyone that is going to ride this thing down to my personal price target of $6.37. Silver and gold doing well though, as usual.

If you ask Robot Gaylord nice enough, he'll probably copy and paste a chart from yahoo finance showing the destruction in AAPL today.

Wed, 03/30/2011 - 13:34 | Link to Comment Sudden Debt
Sudden Debt's picture

HE!

Debt Ceiling breached means =

GO TO JAIL, DON'T PASS START, YOU DO NOT RECEIVE A BONUS!

Obama's got some explaining to do to congress :)

 

Obama... first black president and first president to breach the debt ceiling TWICE! in 1 office turn!

Wed, 03/30/2011 - 14:31 | Link to Comment ShankyS
ShankyS's picture

Careful - they will bring out the R card on your ass.

Wed, 03/30/2011 - 15:27 | Link to Comment tinsmith
tinsmith's picture

Responsible governance & fiscal policy needed?

Rape of future generations?

Reprehensible gooberment behavior?

OH!  Racist!  As in someone who enjoys NASCAR.  Got it.

Wed, 03/30/2011 - 14:46 | Link to Comment ShouldveLeftHer
ShouldveLeftHer's picture

NIGGA RICH, NIGGA!!!!!!!!!!! Obama bought ever black family a carton of Newports and paid thier mortgages with this latest bout of "Treasury" Bond sales. Next, reparations! Then, Cash for Rusty Impala Lowriders 2!!!!! Wacky Waving Inflatible Arm Flailing Tube Man!!!!

Wed, 03/30/2011 - 14:46 | Link to Comment Pez
Pez's picture

Ceilings? We don't need no stink'n ceilings!

Wed, 03/30/2011 - 13:27 | Link to Comment Dr. Engali
Dr. Engali's picture

Maybe we need to announce another six billion off budget the deficit.

Wed, 03/30/2011 - 13:29 | Link to Comment Yield2Greatness
Yield2Greatness's picture

Now watch what happens.  -= NOTHING =-

A big fat nothing.  This will be admission that the money out there is meaningless, so keep the printing presses going and spend spend spend, while the people like the look and touch of ink on linen.

Wed, 03/30/2011 - 13:44 | Link to Comment NotApplicable
NotApplicable's picture

That is, unless they want to break fedgov and blame it on the Tea Party reps, clearing the way for QE3...

Otherwise, I expect a massive change in what debt is subject to the statutory limit. Basically they will cherry-pick certain debts as being TBTF.

Wed, 03/30/2011 - 14:42 | Link to Comment Yield2Greatness
Yield2Greatness's picture

IMO, the teaparty is nothing but opportunist, looking to ride the band wagon, of pretended outrage over our fiscal irresponsibility.  It will be with the teaparty, business as usual, beyond the "reelect me" pandering.

Wed, 03/30/2011 - 14:42 | Link to Comment Dr. No
Dr. No's picture

When driving in your car, what is the speed limit?  It's 55 only if the police decide to do something.  Not until you start getting around 100+ MPH does the REAL speedlimit start to be reached (where there are real consequences).  Today the police let it slide.  But we are continuing to gain speed.

Wed, 03/30/2011 - 14:49 | Link to Comment Pez
Pez's picture

...so if our economy were a car. We'd be going 745mph...in reverse.

Wed, 03/30/2011 - 18:35 | Link to Comment saulysw
saulysw's picture

... off a cliff

Wed, 03/30/2011 - 13:27 | Link to Comment DonnieD
DonnieD's picture

They ignore the constitution so I don't see the debt ceiling as a big deal.

Wed, 03/30/2011 - 13:35 | Link to Comment alien-IQ
alien-IQ's picture

RE: the Constitution .

"it's just a goddamned piece of paper"
George W. Bush

any questions?

Wed, 03/30/2011 - 13:35 | Link to Comment Sudden Debt
Sudden Debt's picture

bill of rights?

anybody?

5$ and it's yours!

 

Wed, 03/30/2011 - 13:44 | Link to Comment NotApplicable
NotApplicable's picture

Are there any left that have retained their value?

Wed, 03/30/2011 - 13:51 | Link to Comment Cash_is_Trash
Cash_is_Trash's picture

You still have the right to remain silent.

Wed, 03/30/2011 - 14:15 | Link to Comment alien-IQ
alien-IQ's picture

actually, now if you remain silent that just ups the ante since it implies you are hiding something bigger thus placing you under the dictates of the patriot act and branded a "terrorist suspect" and therefore you have no rights...are shipped to gitmo...tortured...and worst of all...you get to miss the market rally your arrest created by taking another dangerous terrorist off the streets and making Amerika safer again.

Wed, 03/30/2011 - 14:35 | Link to Comment Harlequin001
Harlequin001's picture

cynic, they'd never do that...

Wed, 03/30/2011 - 14:58 | Link to Comment Cash_is_Trash
Cash_is_Trash's picture

I hear some TSA-speak going on.

Wed, 03/30/2011 - 14:33 | Link to Comment mick_richfield
mick_richfield's picture

They bill us for those now?   Bastiches.

 

Sudden Debt -- I want you to know that I exercise every morning by watching you and trying to wave my arms just like you do.  I stop when it makes my fingers hurt.

 

Wed, 03/30/2011 - 13:55 | Link to Comment Sophist Economicus
Sophist Economicus's picture

Sorry Alien-IQ,  he probably never said that:

 

http://factcheck.org/2007/12/bush-the-constitution-a-goddamned-piece-of-...

Wed, 03/30/2011 - 14:11 | Link to Comment alien-IQ
alien-IQ's picture

judging by his actions...it sure looks like that quote sums up his views pretty damn well.

Wed, 03/30/2011 - 14:18 | Link to Comment dexter_morgan
dexter_morgan's picture

The past is for losers and sissies.

Mike Ditka

Wed, 03/30/2011 - 14:26 | Link to Comment Sophist Economicus
Sophist Economicus's picture

I cannot point to one of them over the past 30 years you couldn't attribute that quote to...

Wed, 03/30/2011 - 14:15 | Link to Comment Robert Neville
Robert Neville's picture

"It is a document of negative liberty"

Barack Obama

Wed, 03/30/2011 - 14:30 | Link to Comment Sophist Economicus
Sophist Economicus's picture

Yup, he's from the Isaiah Berlin school...yuk

Wed, 03/30/2011 - 13:37 | Link to Comment Eternal Student
Eternal Student's picture

No, no, no. They aren't ignoring the Constitution at all. What Tyler has missed is that the dollar is only worth about a dime these days, so there's still quite a ways to go before they actually hit the debt ceiling.

Rally on, dudes.

Wed, 03/30/2011 - 13:28 | Link to Comment Joe Davola
Joe Davola's picture

Breaking through a self imposed limit, it's what bars and casinos thrive on.

Wed, 03/30/2011 - 13:51 | Link to Comment grunk
grunk's picture

So the country's food and lodging is comp'd?

Wed, 03/30/2011 - 13:59 | Link to Comment Joe Davola
Joe Davola's picture

Only the whales in congress, administrative and judicial branches.

 

Don't take that whale term personally Hillary.

Wed, 03/30/2011 - 14:56 | Link to Comment Pez
Pez's picture

I recently stayed at a Federal Reserve Inn... and I feel stupid.

Wed, 03/30/2011 - 13:30 | Link to Comment string
string's picture

Hold on everybody!!! Here is comes!

http://www.youtube.com/watch?v=PznDlHI8VEg&feature=related

 

Wed, 03/30/2011 - 13:43 | Link to Comment hambone
hambone's picture

"You did it Mr. Obama, you broke through the glass ceiling...aw, and the view from up here is spectacular."

Que the music - and happily ever we live in Keynsianville...

Wed, 03/30/2011 - 13:30 | Link to Comment Thisson
Thisson's picture

Articles like this make me wish I could afford more gold.

Wed, 03/30/2011 - 13:29 | Link to Comment sabra1
sabra1's picture

i'm telling the chinese!

Wed, 03/30/2011 - 13:35 | Link to Comment Cash_is_Trash
Cash_is_Trash's picture

Don't! Fine, we'll cut you into our little ponz. Say 5 trillion?

Wed, 03/30/2011 - 13:45 | Link to Comment SqueekyFromm
SqueekyFromm's picture

ROTFLMAO!!!

Squeeky Fromm, Girl Reporter

Wed, 03/30/2011 - 13:29 | Link to Comment plocequ1
plocequ1's picture

Good. Rally on. Im glad i bought more Apple.

Wed, 03/30/2011 - 13:31 | Link to Comment The Axe
The Axe's picture

Russell 2000 new high....not since the summer of 2007 has it been this high...wealth effect working..except in my account...lol  computers rejoice!!!!

Wed, 03/30/2011 - 13:29 | Link to Comment max2205
max2205's picture

Team USA citizens broke their debt ceiling in 2006

what year is it now?

Wed, 03/30/2011 - 13:31 | Link to Comment mt paul
mt paul's picture

debt ceiling ..

is for people that 

can't handle 

a little printing ....

Wed, 03/30/2011 - 13:30 | Link to Comment slaughterer
slaughterer's picture

Tyler, another reverse repo going through as I type...

Wed, 03/30/2011 - 13:32 | Link to Comment traderjoe
traderjoe's picture

The Banana Republik of Amerika...

Wed, 03/30/2011 - 13:30 | Link to Comment vast-dom
vast-dom's picture

is NOW more than EVER the time to SHORT bonds? Methinks so.

Wed, 03/30/2011 - 13:49 | Link to Comment Cdad
Cdad's picture

is NOW more than EVER the time to SHORT bonds? Methinks so.

Fundamentally...yes.

Technically...prepare to get run over when, one day, the market realizes that the wind has shifted towards Tokyo.

Like every aspect of the market, any trade you can think up will become unmanageable shortly after you take a position in it...as computers [in the room next to where Duncan Neiderhauer takes his afternoon constitutional] arbitrage to death [meaning to pull forward in time, destroy, and reverse...in minutes] all things on the surface of the planet...funded by your debased greenbacks courtesy of Ben Bernanke.

But go ahead...short 'em.  I'm short Apple...and it is working...probably until 90 seconds from about....now!

Ponzi Scheme.  There is no market...not for stocks...not for bonds.

Wed, 03/30/2011 - 13:31 | Link to Comment grunk
grunk's picture

So even fiat money has become a barbarous relic.

Wed, 03/30/2011 - 13:31 | Link to Comment kaiserhoff
kaiserhoff's picture

Tyler, you should know by know that Timmy can't count, or pay taxes, or gif mit der big rat's patootie.

Wed, 03/30/2011 - 13:31 | Link to Comment ivana
ivana's picture

Yeeeeaaaah!! Higher than debt ceiling?

FED & TD: Who gives a f..? Anybody thinks that .gov should stop tommorow because of some stupid debt ceiling

Wed, 03/30/2011 - 13:35 | Link to Comment slaughterer
slaughterer's picture

Time to pull a Kuwait/Canada in the USA and ... dissolve the government... 

Wed, 03/30/2011 - 13:46 | Link to Comment NotApplicable
NotApplicable's picture

As good as that sounds, it will only ensure a global government that much sooner.

Wed, 03/30/2011 - 13:33 | Link to Comment TruthInSunshine
TruthInSunshine's picture

So this means we can strategically default now?

 

Wed, 03/30/2011 - 13:53 | Link to Comment Cdad
Cdad's picture

Brother Truth,

I think so...yep.  

I think this is the green light for all of us to just go ahead and throw away our MasterCard statements.  Debt ceiling reached...no trading income available...sorry.  Raise my limit and I'll cut you one of those funky checks that come attached to the statements...to cover the minimum amount due.

Isn't that the plan we are on?

Wed, 03/30/2011 - 13:33 | Link to Comment Shameful
Shameful's picture

No problem.  Just get GS on the line and figure out a way to get this rolled off the books in a special accounting vehicle.  Pull a Greece, worked for them.

Wed, 03/30/2011 - 13:45 | Link to Comment EscapeKey
EscapeKey's picture

A debt-for-slave swap. I like it.

American citizens won't, however.

Wed, 03/30/2011 - 13:54 | Link to Comment Shameful
Shameful's picture

Are you kidding?  I'm not 95% of Americans would even notice the difference.  Would mean lifting their eyes away from the idiot box or putting down their junk food for a moment.

There is nothing Americans won't put up with so long as we have the illusion of wealth/prosperity.  They could be filling war ships full of conscripts for forgien wars and slave ships full of young girls for sex trafficking, and Americans would cheer so long as they are left with their illusions.

Wed, 03/30/2011 - 14:15 | Link to Comment dexter_morgan
dexter_morgan's picture

So, you're saying they aren't already doing that now?

Wed, 03/30/2011 - 14:34 | Link to Comment A_MacLaren
A_MacLaren's picture

Maybe the Chinese will arrest Timmah for breaking USA's laws. Certainly no one here will, especially not CONgress.

Timmah, "I'm just digging a debt hole down to China, so we can communicate more easily."

Zhou, "We'll make room for you on one of our ditch digging gangs, we'll make you Foreman.  Show these lazy peasants how to dig."

Wed, 03/30/2011 - 13:32 | Link to Comment JailBank
JailBank's picture

Some how I get the feeling Tim and Ben are not running around DC giving a shit about this at all.

Wed, 03/30/2011 - 13:34 | Link to Comment Fidel Sarcastro
Fidel Sarcastro's picture

NEW accounting rules, Benron-style, will fix any problem.  Over the debt ceiling you say? PRESTO - CHANGO...new accounting = no problemo!

Wed, 03/30/2011 - 14:20 | Link to Comment Milestones
Milestones's picture

Hey!-Nice to get a Mexican slant on this thing! Stand back the doors are closing. Next stop Jupiter. Visit the club car for refreshments. Enjoy the ride.       Milestones

Wed, 03/30/2011 - 13:34 | Link to Comment JailBank
JailBank's picture

Some how I get the feeling Tim and Ben are not running around DC giving a shit about this at all.

Wed, 03/30/2011 - 13:32 | Link to Comment Ancona
Ancona's picture

I have a beer ceiling of 12......and I promise not to break it.

No really.......I promise.

Wed, 03/30/2011 - 15:09 | Link to Comment 12packabs
12packabs's picture

Skip the twelfth beer, go straight to thirteen, thus bypassing the ceiling and gaining the next level.

Wed, 03/30/2011 - 13:33 | Link to Comment Just Observing
Just Observing's picture

Debt ceilings are like speed limits....they are only suggestions.

Wed, 03/30/2011 - 13:33 | Link to Comment irishlink
irishlink's picture

The time compression of events is really upon us now, but who cares! That is why the market is flying and looking like a train out of control. Nothing to stop it now but it wont end well.

Wed, 03/30/2011 - 13:35 | Link to Comment 99er
Wed, 03/30/2011 - 13:36 | Link to Comment Debtless
Debtless's picture

Is there a levered etf that tracks quality of life for the US middle class?

I'd like to short it now.

Wed, 03/30/2011 - 13:36 | Link to Comment slaughterer
slaughterer's picture

Ah c'mon, this won't stop Tim from his next Treasury auction... planned for 5 minutes from now.

Wed, 03/30/2011 - 13:40 | Link to Comment Gary Busey
Gary Busey's picture

Surely Geithner will be jailed for this

Wed, 03/30/2011 - 13:45 | Link to Comment plocequ1
plocequ1's picture

No

Wed, 03/30/2011 - 14:43 | Link to Comment A_MacLaren
A_MacLaren's picture

We can only hope contempt of CONgress hearings are held.

Wed, 03/30/2011 - 13:39 | Link to Comment Boilermaker
Boilermaker's picture

HUNDO on the DOW!!!

Look!  Seriously...everyone LOOK!  Don't pay any attention to the bad shit!  This si good for your 401(k)...which you can't cash out.

Wed, 03/30/2011 - 13:39 | Link to Comment trav7777
trav7777's picture

just charter a "bad government" and load IT up with all the debts.  Oh wait, we already have the bad gov't?  Shit.  well wtf then, I am all out of ideas

Wed, 03/30/2011 - 13:43 | Link to Comment deez nutz
deez nutz's picture

debt is wealth

Wed, 03/30/2011 - 14:01 | Link to Comment False Capital
False Capital's picture

+1

 

war is peace

Wed, 03/30/2011 - 13:41 | Link to Comment Atomizer
Atomizer's picture

Joe Biden found some pocket change in the Oval office couch. The debt ceiling hasn't be breached.

/s/

Wed, 03/30/2011 - 13:44 | Link to Comment EscapeKey
EscapeKey's picture

Perhaps it's to be counted as kilobytes, so 14,294 billion in fact is 

14,294 x 1,024 x 1,024 x 1,024 = 15,348,065,632,256

Problem solved.

Wed, 03/30/2011 - 13:44 | Link to Comment scratch_and_sniff
scratch_and_sniff's picture

Rake of huge bids went through in euro recently...anyone short, be wary.

Wed, 03/30/2011 - 13:44 | Link to Comment RobotTrader
RobotTrader's picture

What did I tell you guys yesterday?

- Debt ceilings simply don't matter.

- Infinite Fiat rules.

Wed, 03/30/2011 - 13:52 | Link to Comment lieutenantjohnchard
lieutenantjohnchard's picture

you also told us the silver rally was over at $26. you also told us that oil was crashing at $90.

that's why you're known in these parts as the catfish mouth, because you have more mouth than brains.

Wed, 03/30/2011 - 14:10 | Link to Comment dexter_morgan
dexter_morgan's picture

lol

Wed, 03/30/2011 - 15:09 | Link to Comment jomama
jomama's picture

still no taste for robot's humor.  

do you take all the posts here as literally?

i certainly hope not...

Wed, 03/30/2011 - 15:11 | Link to Comment homersimpson
homersimpson's picture

There is humor, and there is being a know-it-all troll/Monday morning QB. Based on the number of junks he gets, you can probably figure out where he is classified..

Wed, 03/30/2011 - 15:10 | Link to Comment homersimpson
homersimpson's picture

I've never known him as catfish mouth but as the "Monday morning QB".. or he is the equivalent of a Dallas Cowboys fan. He talks big when he wins, but when he loses he ain't nowhere to be seen..

Wed, 03/30/2011 - 14:01 | Link to Comment They_Live
They_Live's picture

Problem: Imminent breach of debt ceiling of $14+ trillion 

Solution: New debt ceiling of $140+ trillion

...and everyone relax.

Wed, 03/30/2011 - 13:43 | Link to Comment HoofHearted
HoofHearted's picture

Over? Did you say "over"? Was it over when the Germans bombed Pearl Harbor? Hell, no. And it ain't over now...

Wed, 03/30/2011 - 14:00 | Link to Comment digitlman
digitlman's picture

What fucking history book have you got? Mine says the Japs bombed Pearl Harbor.

Wed, 03/30/2011 - 14:05 | Link to Comment sodbuster
sodbuster's picture

It's a new era- there are no absolutes!

Wed, 03/30/2011 - 14:05 | Link to Comment Sophist Economicus
Sophist Economicus's picture

Must have borrowed John's, from Delta house:

 

http://www.youtube.com/watch?v=V8lT1o0sDwI

Wed, 03/30/2011 - 14:06 | Link to Comment EscapeKey
EscapeKey's picture

Not familiar with 'Animal House', then?

Wed, 03/30/2011 - 14:09 | Link to Comment RichardENixon
RichardENixon's picture

Better double check those history books, Einstein.

Wed, 03/30/2011 - 14:29 | Link to Comment SilverBaron
Wed, 03/30/2011 - 14:48 | Link to Comment Tom Servo
Tom Servo's picture

Go watch Animal House on VOD.

 

Wed, 03/30/2011 - 13:44 | Link to Comment sodbuster
sodbuster's picture

WooHoo!! BTFD!!! We are fucking rich!! We can do better!!! More stimulus! More bank bailouts! We need more new entitlement programs!!! Fuck housing! Free shit for everybody!! It's ALL good!! We don't need no stinking jobs!! Deficits don't matter!! Zimbabe Ben just proved it!

>sarc<

Wed, 03/30/2011 - 13:45 | Link to Comment gordengeko
gordengeko's picture

Anyone else feel like they have been cast for a really bad rendition of a JJ Abrams flick?  "Survivor" - Escape from the pork eating zombies of the banana republic.

Wed, 03/30/2011 - 13:46 | Link to Comment TradingJoe
TradingJoe's picture

Expatriation/Renunciation is the name of the game!

 

Wed, 03/30/2011 - 13:46 | Link to Comment LawsofPhysics
LawsofPhysics's picture

So the government is officially irrelevant.  Sweet.

Wed, 03/30/2011 - 13:46 | Link to Comment Fistfull of wor...
Fistfull of worthlessDollars's picture

So much for the Rule of Law...

I guess it means Rally On; that is Banana Republic style

Wed, 03/30/2011 - 13:54 | Link to Comment DosZap
DosZap's picture

Gosh, I guess this means the Gov't shutdown by the GOP, is a Wet Dream for them, as they (Congress) is useless.

What do we pay them for, when we have a Fascism Inc running it all?.

Wed, 03/30/2011 - 13:45 | Link to Comment Catullus
Catullus's picture

Perhaps the reverse repos are funding the treasury. They're running the same Repo 105 scheme that Lehman did

Wed, 03/30/2011 - 13:47 | Link to Comment luk427
luk427's picture

SHCTF. Shit has clogged the fan.  Is this why Geithner has gone to China? 

Wed, 03/30/2011 - 13:48 | Link to Comment rockraider3
rockraider3's picture

Breaking the debt ceiling you say?  TEPCO recommends superglue.  (and not to hoard the bottled water.)

Wed, 03/30/2011 - 13:49 | Link to Comment Racer
Racer's picture

If I tried to spend over my limit my card would be declined!

Wed, 03/30/2011 - 13:54 | Link to Comment docj
docj's picture

And if you try to print/mint your own "legal tender" you go to Club Fed.

The rules apply only to us serfs.

Wed, 03/30/2011 - 13:51 | Link to Comment thebark
thebark's picture

Hey dont worry...the results for the 7yr notes sucked too !!! bid to cover- DOWN, dollar demand- DOWN, indirect bidder amount - DOWN !!

 

1:30 pm : Treasuries haven't made much of a reaction to the outcome of the 7-year Note auction, which drew a bid-to-cover of 2.79, dollar demand of $80.9 billion, and an indirect bidder participation rate of 49.4%. For comparison, the prior auction had a bid-to-cover of 2.86, dollar demand of $82.9 billion and an indirect bidder participation rate of 49.7%. An average of the past six sessions makes for a bid-to-cover of 2.88, dollar demand of $83.6 billion, and an indirect bidder participation rate of 51.4%.DJ30 +95.14 NASDAQ +20.51 SP500 +10.92 NASDAQ Adv/Vol/Dec 1725/1.03 bln/833 NYSE Adv/Vol/Dec 2243/435 mln/692

 

Wed, 03/30/2011 - 13:54 | Link to Comment vas deferens
vas deferens's picture

No problem, the Ben Bernank can fix in 15 min just as he said.

Just lift the debt celing to 15,000000000000000000000000000000000000000000000000000000000000000000000

and print. 

Everything is fine, go back to the mall people and buy an ipad 2 you can use or eat.  

 

Wed, 03/30/2011 - 13:55 | Link to Comment Valkyre
Valkyre's picture

Champagne?

hate the stuff.  A default calls for a martini.

Wed, 03/30/2011 - 13:57 | Link to Comment tmosley
tmosley's picture

Hasn't this happened before already?

Wed, 03/30/2011 - 14:03 | Link to Comment jkruffin
jkruffin's picture

Okay, I have two good questions:

1. If Timmy just sold debt beyond the debt limit, has he not just violated the Constitution, which amounts to Treason?

2. Does Congress even have a clue what is going on? It seems these clowns are more lost than ever.

 

Just wondering.........

Wed, 03/30/2011 - 14:05 | Link to Comment Dr. Porkchop
Dr. Porkchop's picture

They already committed treason when they extorted bailouts at the threat of total economic destruction. Nothing was done then.

Nobody.

Goes.

To.

Jail.

Wed, 03/30/2011 - 14:13 | Link to Comment Valkyre
Valkyre's picture

1.  Yes.

2.  No.

 

and STILL no one goes to jail.

No one in this country will stand up and do the right thing until they can no longer buy food or iphones with their food stamps.

Wed, 03/30/2011 - 15:08 | Link to Comment MsCreant
MsCreant's picture

While I do think Tiny Tim is a crook, remember you are expecting performance from a guy that supposedly screwed up his income tax with Turbo Tax. His latest copy, called Turbo Ponzi (Gov. edition) just isn't working right, that's all. He bought the lawyer insurance that goes with it. He'll get it all straightened out. No need to bother congress with this, they supported him before on the Turbo Tax issue. They all understand how hard it is out there for a pimp.

 

Wed, 03/30/2011 - 15:29 | Link to Comment Alcoholic Nativ...
Alcoholic Native American's picture

No such thing as treason in a post 9/11 world.

 

Never Forget.

Wed, 03/30/2011 - 14:04 | Link to Comment Dr. Porkchop
Dr. Porkchop's picture

The system breaks down when people no longer see anything in it for them. The officials in charge are exactly the same as the soviet officials before the collapse. They are trying to prop things up long enough to loot the state. The question is when do people realize there is no longer anything in participating in the USA as a concept?

Wed, 03/30/2011 - 14:03 | Link to Comment slaughterer
slaughterer's picture

I am so happy I am going to buy

132 iPad 2s

500 violet Lululemon yoga tights

400 NFLX subscriptions

15,000 Chipotle tacos

 

Wed, 03/30/2011 - 14:11 | Link to Comment rockraider3
rockraider3's picture

15,000 Chipotle tacos?  I'd recommend some toilet paper as well.  Or is that what the yoga tights are for?

Wed, 03/30/2011 - 14:25 | Link to Comment Eally Ucked
Eally Ucked's picture

Good diversification across American economy! Consider 1 mln Trojan desperados and bottled water with iodine additive (I mean to prevent thyroid problems) .

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