Uh Oh.
Hmmm, that's funny... isn't there some kind of law about this?
Oh... yeah!
Subsection (b) of section 3101 of title 31, United States Code, is amended by striking out the dollar limitation contained in such subsection and inserting `$12,104,000,000,000'.1
Cutting it mighty close there, Timmy. Zero Hedge hereby makes the stunning prediction that Bank Failure Friday will be unusually quiet (or very busy looking with a bunch of small neighborhood bank failures cast as the main event) for the next many weeks.
But, consdiering we're already up at around $104,000.00 for every single household in the United States, what's another few hundred billion eh? (It's not like anyone really expects it is actually going to get paid anyhow, right?)
- 1. The American Recovery and Reinvestment Act of 2009 (Public Law 111-5 §1604).
(8 votes)
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on Tue, 11/17/2009 - 22:47
#134048
Over/under on how long it'll take to "strike out the dollar limitation contained in such subsection and inserting $XXX"?
I think it'll be done within 2 weeks.
on Tue, 11/17/2009 - 23:43
#134103
It will be done some morning at 2:00am on a voice vote. A witness present would be hard pressed to find any elected representatives in the chamber other than the speaker pro tem who rules that the yays have it. This will be passed off as a legitimate vote.
on Tue, 11/17/2009 - 23:46
#134108
sounds like a good candidate for a friday evening press release.
on Wed, 11/18/2009 - 10:39
#134467
When are we going to admit that the US Congress (both House and Senate) has devolved into an old style Soviet Union Politburo, whose only real purpose was to rubber stamp official decries and then squabble over the crumbs (power and money) that were then divided between factions, favored friends and corporations?
Influence peddling at its worst.
http://en.wikipedia.org/wiki/Politburo
on Tue, 11/17/2009 - 22:56
#134057
Ruh roh shaggy!! Laws are for those people that give a rip about Moral hazard and the like. Timmah can't be bothered by that, just as he couldn't be bothered by those who voluntarily wanted to take a haircut with AIG.
on Tue, 11/17/2009 - 22:56
#134058
And what do those unfunded liabilities total?...with emphasis on 'unfunded' as if there is a chance in hell they will ever get funded....
on Tue, 11/17/2009 - 23:07
#134068
Good illustration of the insanity that is our financial situation.
http://www.usdebtclock.org/
on Tue, 11/17/2009 - 23:08
#134060
Law... tsk tsk Marla, laws are for peasants, not gov't bankers.
"Let them dine on a sweet, baked, breadlike food."
Timmy G.
on Tue, 11/17/2009 - 23:38
#134076
List of typical crimes committed by Wall Street Bankers.
Wanted in fifty States, the condemned is found guilty of murder, armed robbery of citizens, state banks, and post offices; the theft of sacred objects, arson in a state prison, perjury, bigamy, deserting his wife and children, inciting prostitution, kidnapping, extortion, receiving stolen goods, selling stolen goods, passing counterfeit money, and contrary to the laws of this State the condemned is guilty of using marked cards and loaded dice...and cheating on his income taxes"
Therefore we condemn him to be hung by the neck until dead... may the lord have mercy on his soul... proceed."
on Tue, 11/17/2009 - 23:40
#134100
Here's some more: usury, deceptive practices, reckless endangerment with other peoples money, fraud, home-wrecking, hostage taking, defecating on retirees, raping widows, and pederasty of taxpayers in flagrante delicto,
on Tue, 11/17/2009 - 23:46
#134109
on Tue, 11/17/2009 - 23:55
#134119
Ya,, Tuco Geithner
on Wed, 11/18/2009 - 00:02
#134129
Oh you guys and gals have it all wrong. Lloyd B was just named CEO of the year by Directorship Magazine. They oughta know. Plus Lloyd and Warren just announced a venture to give $200 million to local community colleges so small business owners can go and get educated on how to dig out of this recession. Oh, plus another $300 million for some other community stuff to help people move out of their bank owned homes. You see they really do care.
on Wed, 11/18/2009 - 07:30
#134292
Careless Whisper, you meant "Dictatorship Magazine" right?
Lloyd says he's sorry now too and spreads 5 days earnings in hush money:
on Wed, 11/18/2009 - 18:19
#135208
"Tuco Benedito Pacifico Juan Maria Ramirez Geithner..."
"--known as The Rat--"
"...And any other aliases he may be known by."
on Wed, 11/18/2009 - 18:48
#135247
nicholsong,,
My kind of guy,,, NOT TIM Fuck Him, At least I know what I'm dealing with when TUCO crosses my path..
on Tue, 11/17/2009 - 23:01
#134065
adore the "recovery" tag.....
on Wed, 11/18/2009 - 08:31
#134319
And the hedge tag. Hedging against recovery?
on Tue, 11/17/2009 - 23:12
#134074
Not sure where you're going with this one, Marla... $72,700,813,709.92 goes one helluva long way. Do you know how many banks we could bail out with $72.7B?
Oh, wait a minute... That wouldn't even cover the first AIG taxpayer contribution... My bad. Carry on.
on Tue, 11/17/2009 - 23:24
#134080
Tim Geithner would really hate it for people to call him "Eraser Head" (http://en.wikipedia.org/wiki/Eraserhead).
on Wed, 11/18/2009 - 00:56
#134174
Actually it would boost his image...
http://i677.photobucket.com/albums/vv133/problemis/Zero%20Hedge/eraserhe...
on Tue, 11/17/2009 - 23:27
#134083
During the month of October, the Federal Government spent $2.30 for every dollar of revenue it took in. Given the fact that this is the fifth time this year that the ratio has exceeded two, one might think that this type of deficit spending is commonplace. However, going back to 1970, October was only the 13th month that the ratio ever exceeded two. Prior to 2008, the ratio exceeded two an average of once every 6.5 years. In the last two years, the ratio has exceeded two an average of once every three months!
on Tue, 11/17/2009 - 23:35
#134095
.
Meanwhile, back at the deflation ranch:
http://www.detnews.com/article/20091117/METRO/911170327/1411/METRO02/Silverdome-sale-price-disappoints
Pontiac Silverdome:
-Built (by taxpayer money) in the mid 1970s for $55 million
-"Almost" sold for $20 million last year but the deal fell through
-And now? Well it just sold for a whopping $583,000. That's right.
Trade your "still valuable" suburban McMansion for the SILVERDOME TODAY!!!
Hell, the sale even included 127 adjacent acres!
Quotable from the story:
"The citizens of Pontiac deserve better," Seay said. "This is pennies on the dollar (of what it cost). It goes to show how bad times are ... Worse, we don't even know who bought it."
Hello Dolly. Meet Deflation.
.
on Wed, 11/18/2009 - 11:36
#134551
The Silverdome is also quite a white elephant. The roof collapses if the power is turned off. There are some carrying costs to it! And Pontiac is in the same league with Flint, Detroit and Highland Park.
on Tue, 11/17/2009 - 23:43
#134102
That's like having an 8 foot underpass -- and your semi truck is a quarter of an inch too tall.
If you drive fast enough, sure, the truck might scrape though-- even though it might be against the law-- and dangerous to boot.
As long as the sheriff (regulator) is looking the other way... it's all good.
on Tue, 11/17/2009 - 23:48
#134110
all's ya gotta do is let a little air out the tires...
on Tue, 11/17/2009 - 23:49
#134111
Just let the air out of the tires...
on Tue, 11/17/2009 - 23:49
#134114
jinx, you owe me a coke
on Tue, 11/17/2009 - 23:57
#134123
You have fast fingers,,, pal,,, touche....
on Wed, 11/18/2009 - 00:39
#134166
Something tells me that both of you have done this in a prior "Bubba Life".
Well done, y'all.
on Wed, 11/18/2009 - 01:04
#134180
"jinx... you owe me a coke"
My cat does not owe you a coke...
She will however claw a tic tac toe grid into your upper arm some time before dawn...
on Wed, 11/18/2009 - 09:18
#134350
Can you like lube the truck? And the taxpayer?Besides, the damage done will just create more jobs, right?
I see our friends here think some deflation would help.
on Tue, 11/17/2009 - 23:43
#134105
Not to worry. Maiden Lane IV can fund whatever is needed and no one will ever know.
on Wed, 11/18/2009 - 09:25
#134354
Maiden Lane as a name has always bothered me. I looked it up. For those interested:
http://www.politico.com/news/stories/0309/20430.html
See, Maiden Form is a line of bra so given this is a merger facilitator, I thought they were kind of goofing on us a bit...
on Wed, 11/18/2009 - 12:07
#134608
MsCreant
Obviously my mind is in the gutter because every time I hear Maiden Lane, I think support.
As far as goofing on us, I have no doubt. Imperial powers as far back as Egypt and Rome always enjoyed (snicker snicker) the inside joke on the saps, fools, chumps, patsies and those-who-are-about-to-die in the world, which incidentally is everyone else other than themselves.
Easier that way when it comes time to divide the spoils of the Ponzi.
on Wed, 11/18/2009 - 13:16
#134716
I have a different association with the term Maiden Lane, because I live in the SF Bay Area...in San Francisco there's a Maiden Lane just off Union Square, it's now a posh shopping street but back in the day it used to be a redlight alley, hence 'Maiden Lane'.
ref. http://foundsf.org/index.php?title=San_Francisco%27s_Sleaziest_Street_-_...
on Wed, 11/18/2009 - 13:17
#134720
kinda takes the analogy to a whole nother level...
on Wed, 11/18/2009 - 13:22
#134736
Really interesting!
on Thu, 11/19/2009 - 00:16
#135519
Why didn't they just call it "Maiden China"?
on Tue, 11/17/2009 - 23:44
#134106
It's a sad, sad day when hyperinflation is starting to look like the US's best and perhaps inevitable course of action.
On that note:
http://www.theonion.com/content/video/u_s_government_stages_fake_coup?ut...
on Tue, 11/17/2009 - 23:49
#134112
it's kinda the year of sad days.
on Tue, 11/17/2009 - 23:49
#134113
With the number of BLATANTLY illegal and criminal acts that the Fed and the US Govt. have already engaged in, who cares about one more "law" going down the shitter. With the printing press at their disposal, this concept of US Govt. "debt" is a TOTAL JOKE as it is. If they can't "borrow" it, they just create it out of thin air. That we have people who actually "study" this "system" in "universities" and are given titles of "economists" and "experts" is HILARIOUS.
The emperor is naked, friends.
on Wed, 11/18/2009 - 03:18
#134241
I care
on Wed, 11/18/2009 - 05:50
#134275
YOU are Bob JANJUAH and I claim my 12 TRILLION Dollars.
on Wed, 11/18/2009 - 06:54
#134278
What a long, torturous striptease it has been. (How many pairs of underwear can he possibly have on?)
on Wed, 11/18/2009 - 14:40
#134869
Yes and Paulson and Bernake are the tailors and our elected officials legislate as the tailors' dutiful worker bees.
on Tue, 11/17/2009 - 23:51
#134115
Surely the current published debt limit has already been exceeded. But, as they say in philosophy classes, if you run a red light and nobody sees you, did you break the law? In the 1930's, there were probably a lot more "yeas" than you would get today. Hopefully, once we are a few more years into the "Greater Depression" (my coinage), the number of "yea" respondents will noticeably increase.
on Wed, 11/18/2009 - 08:21
#134316
Forget the Greater Depression.. I have and will keep coining it as the Great Disintegration. I think I even bought that domain name... if anyone is interested.
:-)
on Tue, 11/17/2009 - 23:53
#134118
Hey, maybe they'll just flick it in. We had a good run, then we ran outta dough. Stuff happens. Last one out of the Capitol, turn out the lights. Mr. Hu, here are those IOUs. Thanks for everything.
on Tue, 11/17/2009 - 23:58
#134124
"G'night Tim."
"Night Ben - see you in Mauritius."
"Yup."
on Wed, 11/18/2009 - 00:06
#134135
These guys are laughing so hard the Krugerrands are jingling in their pockets. Bernanke probably uses Federal Reserve Notes to light Timmay's cigars. God knows he's got enough of 'em.
on Wed, 11/18/2009 - 00:03
#134128
How about "Thanks for the Memories" as chasing music
on Wed, 11/18/2009 - 00:13
#134143
followed by "I'm so glad we had this time...together" (Carol Burnett theme)
on Tue, 11/17/2009 - 23:57
#134122
What happens if the debt limit is not raised? If by some insane chance the limit was not raised in time what sequence of events would unfold? Would the USA be downgraded credit wise? bond markets implode while equities implode while commodities sky rocket and gold hits scientifically notated values?
on Wed, 11/18/2009 - 11:35
#134548
Realistically nothing happens. Treasury ignores the debt ceiling, flouting another binding law, business continues as usual, and sheeple watch their evening television and wonder why beer is getting more expensive. We jumped down the rabbit hole a while ago.
on Wed, 11/18/2009 - 00:02
#134131
Good one Marla! Total debt is definitely NOT OUTSTANDING!
on Wed, 11/18/2009 - 01:13
#134190
It is outstanding only in the sense that it is absolutely FABULOUS! New debt adds the necessary greens Timmy needs for the fail-dress he is going to wear at the dollar's funeral gala.
on Wed, 11/18/2009 - 00:09
#134139
More on the Creditability front.
h/t Jana
on Wed, 11/18/2009 - 00:47
#134173
Miles,
I want to thank you for your warm thoughts and consideration for me and my family. I share the same feelings for you since I know you are totally disabled and doing your best to survive this mess we are all collectively in.While we will most likely never have the opportuniy ro meet in person it matters little, Your sincerity and compassion are very touching and transcend the virtusl world. I have my family—and I am hopeful you do as well—but know that when I read your words from last night’s post this morning they were very comforting and so appreciated. I consider you a true cyber-friend—and that goes for DH as well. I will be back sparring and laughing when this bug that has consumed me is squashed. Until then, I am still down for the count. The respiratory component is not responding to the antibiotics but I am immune to most of them so it is a challenge. The Tamiflu has definitely helped the viral component and the fevers from hell are over. Thanks again Miles…
Howard
on Wed, 11/18/2009 - 01:06
#134185
Howard, as one of the many ZH quasi-lurkers.. I sincerely hope you and your family get better soon.
GC
on Wed, 11/18/2009 - 13:59
#134193
Howard, Take care lil sister. I do worry ..
An edit 12 hours after my original post. I and many others here respect and admire you Howard and indeed I am sure that the feeling is mutual if any number of us were in your shoes right now. This is one of the things that helps make ZH what it is folks.
Howard, I believe after reading this thread you as indeed so many of us cannot but be impressed with how your life, observations and writing has touched so many. We miss ya pal and look forward to your speedy and full recovery.
All our best to you and to yours.
on Wed, 11/18/2009 - 01:37
#134205
First blunt's on me when you get back...
on Wed, 11/18/2009 - 02:27
#134227
Get well soon warrior poet.
on Wed, 11/18/2009 - 02:58
#134238
Hopes and prayers for your renewed health Howard!!!!!!!!!!!!
on Wed, 11/18/2009 - 04:47
#134259
Man get better soon Howard. Hope you get a good flood of whatever that chemical that I can never remeber that acids up your muscles and puts you into hyper metabolism mode and makes you fight hard. Just don't try to break fevers if you are up to the fights.
on Wed, 11/18/2009 - 05:13
#134266
Appreciate your perspective. Hope to see you well soon.
on Wed, 11/18/2009 - 07:49
#134300
Get well soon Howard. Our best wishes are with you.
on Wed, 11/18/2009 - 09:29
#134359
You strike me as a guy that can walk through this...what the hell, being that your 70 years old...
Ha, The best to you and yours as your wit and analysis are missed here... see ya in a few
on Wed, 11/18/2009 - 09:38
#134374
Love, i hope you get better and that we can see you here as we could before all this. Be strong and hopefully this will pass. My thoughts and best wishes are with you and your family.
on Wed, 11/18/2009 - 09:47
#134381
Howard Rocks.
I see all these positive comments and it gives me a lot of hope. This may sound airy fairy lame, but some targeted positive thinking (like dwelling on cool comments in the comment section) could help. The brain guides the release of chemicals. If your thoughts are negative, one set get out, positive another set. Many physicians are hip to this and before surgery will spend time doing positive imagery with their patients. Seems recovery is quicker after surgery for those that do this vs. those that do not.
Find your inner warrior and tap it. Find stuff that makes you grin. Love intensely.
Look forward to your comments.
on Wed, 11/18/2009 - 17:02
#135068
For postivity nothing beats a cookie.
on Wed, 11/18/2009 - 11:15
#134516
Get better soon.
Hope this lifts your spirits a little.
http://www.youtube.com/watch?v=Fcly8-RGhgw
on Wed, 11/18/2009 - 00:13
#134142
Expecting the government to "pay back" the national debt is like expecting an SEIU worker to pay off the principal on their negative amortization Option ARM home loan.
on Wed, 11/18/2009 - 00:56
#134177
You worry warts. Can't you see that if we just tax everything at 100% for a few years we'll be right out of this mess?
on Wed, 11/18/2009 - 02:36
#134231
This might give some folks a nice LOL just because of how wrong it is:
http://edition.cnn.com/2009/POLITICS/11/18/government.improper.payments/
White House reports billions of improper payments in 2009.
I chuckle at their definition of 'improper'. For 2008 they say only 72 billion dollars were improper while by my count the number would have to be at least 350 billion.
While I may try to categorize the pure level of fail illuminated and presented in this article with words, it is really beyond my scope.
on Wed, 11/18/2009 - 04:49
#134260
LOL. I've done alot of networks for doctors offices. I've been in the medicare board before back when it was a BBS. You have to scrub yourself with steel wool to get clean after you've been in there.
on Wed, 11/18/2009 - 08:14
#134308
excuse me for playing the contrarian here, but methinks passing the debt limit increase (while ultimately a fait accompli) may be more a little more bumpy than most are speculating. this article may demonstrate that the administration may be jockeying for some last-minute brownie points with the senate.
i'm guessing that our boy timmy and brother larry are up right now trying to squeeze as much as they can from the ESF, etc...just in case...
for those so inclined, this would be a fine time to contact your senator and stress the importance of fiscal restraint, for the sake of america's children and its children's children's children.
would be nice to see that debt clock stop...if only for 1 day.
i say get ready for some more circus acts (no more bread for you!) coming to a CSPAN near you.
on Wed, 11/18/2009 - 06:57
#134285
Let's use TARP money to pay down the debt.........hehehehehe
on Wed, 11/18/2009 - 12:07
#134609
There will be born a beaver in Canada. Not just a regular beaver. A beaver of perfect porportions and colorations. A magical beaver with a special mark emblazened upon it. This mark will be the mark of the ponzi. The promise of your god. All who pray to this beaver will know abundance. All who giveth to this beaver a dollar. 10 shall be returned. Giveth a fish and 10 shall be returned. All may borrow against the beaver for the beaver always repays his debts. It is jesus's magic beaver and through this might fractionioning magic the entire kingdom will be well and healed.
Or you could borrow against social security if it weren't already drained with defense department IOU'S for unfunded wars and secret weapons.
Either way. It's going to end well. Because it has the magical power of good intentions behind it all.
on Wed, 11/18/2009 - 12:46
#134653
All that gold missing from the royal canadian mint is currently being used to make "Canadian Beaver" bullion coins. You'll have to be 18+ with ID to buy one.
on Wed, 11/18/2009 - 06:58
#134286
Hoe to spot a herd?? 98% of posters trash the dollar on here but the fiscal situation is worse in certain other countries.
100% OF gdp is lame. Japan at 200%, now that's hardcore!
on Wed, 11/18/2009 - 11:34
#134545
Japan's savings rate is far higher than ours. And just because all currencies suck doesn't mean the dollar is a good one. Sounds like a reminder of why to buy gold.
on Wed, 11/18/2009 - 14:39
#134866
Japan's savings rate WAS higher than ours. It is now down to 2% and falling.
Japan will be the first of the G20 to completely implode, sometime in 2011. It will be a sight to see.
on Wed, 11/18/2009 - 16:42
#135036
Yes we will, we are drowning in a strong currency that should have been devalued 70% five years ago.
on Wed, 11/18/2009 - 06:58
#134287
How to spot a herd?? 98% of posters trash the dollar on here but the fiscal situation is worse in certain other countries.
100% OF gdp is lame. Japan at 200%, now that's hardcore!
on Wed, 11/18/2009 - 09:23
#134352
Uh, it's a race to the bottom and we're mocking the also rans?
on Wed, 11/18/2009 - 08:04
#134306
Geithner should wear a helmet he is so stupid.
on Wed, 11/18/2009 - 08:39
#134323
they are many things but stupid is not one of them.
on Wed, 11/18/2009 - 08:33
#134320
why does anyone even worry about numbers like that? why are we kidding ourselves? everybody with half their brains tied behind their backs knows full well, we will never repay such a debt, whether real or imagined. The FED has to go, or we shall surely suffer the consequences of all of this.
on Wed, 11/18/2009 - 08:38
#134322
The financial system is on life support and there are those that already assume a "recovery". A "recovery" to what?
The problem is that every new technological advance in our current monetary system further enslaves the masses and concentrates more wealth to the elites.
Inflation enriches the upper class. Deflation helps the middle class. Guess what side your government, CNBC, et al. are on.
Join a Zeitgeist movement in your state and end the nonsense.
on Wed, 11/18/2009 - 08:41
#134324
Load Timmy's spreadsheet, fire up the printing presses, and watch the money roll in.
on Wed, 11/18/2009 - 08:52
#134331
"debt held by the public"
WTF? I havent borrowed a fucking dime
this doesnt even count unfunded SS, medicare liabilities. the number is more like 100T
on Wed, 11/18/2009 - 09:27
#134356
"Inflation enriches the upper class. Deflation helps the middle class. Guess what side your government, CNBC, et al. are on."
In a way it's worse than that. Inflation helps the fiscally irresponsible and the parasites, deflation helps the fiscally responsible and the host.
on Wed, 11/18/2009 - 14:41
#134872
Deflation helps the middle class right up until when it causes them to lose their jobs.
After that, not so much.
on Wed, 11/18/2009 - 17:46
#135144
Today's commentary from John Browne at Euro Pacific...spells it out, pretty bleak:
[edit - trying to get the stupid quote thing to work right.]
on Wed, 11/18/2009 - 17:49
#135161
BTW from the time Marla posted, to now, the debt has gone up about 8 billion.