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US More Bankrupt Than Ever - $83 Billion April Deficit Is Record For The Month, $30 Billion Worse Than Expected As Tax Receipts Plunge

Tyler Durden's picture




 

Well, if nothing else, we now know officially just how great those tax receipts were. Good thing too - we can end that whole superficial tax receipt debate and focus on important things. April's tax deficit of $83 billion was the highest April deficit on record. America is now more bankrupt than ever. Income was $245.3 billion, 8% below the total
recorded last April. Spending was $328.0 billion, up 14%
year-over-year. A
year ago in April the deficit was $20.9 billion. And here is the data: tax receipts down 7.9% YoY, Individual Income Tax down 21.5% YoY, and more importantly, spending: Total spending up 14.2%, National defense up 17%, Medicare up 39.4%, Social Security up 4.2% and General Government up 5.6%. At least interest payments were down 9.5%.

And now back to your regularly scheduled bankrupt country market melt up.

 

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Wed, 05/12/2010 - 14:14 | 346894 Turd Ferguson
Turd Ferguson's picture

Mother

of

All

Short

Squeezes

 

MoASS!!!!!!!!!!!!!!!

Wed, 05/12/2010 - 15:02 | 347122 w a l k - a w a y
w a l k - a w a y's picture

I don't understand how record federal monthly deficit could be construed to be a short squeeze.

Could you please explain the basis of your favorite acronym in this context?

Thu, 05/13/2010 - 01:18 | 347235 Votewithabullet
Votewithabullet's picture

Turd trying to start shit. Reverse Harry Wanker. Try to short squeeze someone who spends 1/2 TRILLION EVERY YEAR on their military. FAIL. Metals can be manipulated and helicopter ben will use the blades on his chopper to give GG a haircutt. Not saying I agree ...just saying.

Wed, 05/12/2010 - 14:14 | 346897 Sudden Debt
Sudden Debt's picture

I actually thought the little light at the end of the tunnel was a firefly...

bummer...

Wed, 05/12/2010 - 14:19 | 346922 Pladizow
Pladizow's picture

Nope, its the train coming towards you.

Wed, 05/12/2010 - 20:34 | 348019 WaterWings
WaterWings's picture

Standing ovation for Pman.

Wed, 05/12/2010 - 14:22 | 346940 Postal
Postal's picture

Pretty firefly! :-)

Wed, 05/12/2010 - 14:31 | 346996 Crab Cake
Crab Cake's picture

Just keep swimming.  Just keep swimming.  Just keep swimming.

http://www.youtube.com/watch?v=cxB_TemN1pc

Do you see anything?

I see a light....

Wed, 05/12/2010 - 15:17 | 347171 docj
docj's picture

It's so... pretty.

Wed, 05/12/2010 - 15:21 | 347185 Howard_Beale
Howard_Beale's picture

Ben at the printing press mug at the ZH Fundraiser Store:

On the mug: Deficits don't matter, until they do...

http://www.zazzle.com/ben_at_the_printing_press_mug-168921577105737484

Wed, 05/12/2010 - 19:38 | 347884 Rider
Rider's picture

Why it does not have the ZH logo??!

Wed, 05/12/2010 - 15:21 | 347182 oklaboy
oklaboy's picture

with 1.6 million layoff scheduled for 7/15, they are the search party!! no worries, all is well...

Wed, 05/12/2010 - 17:14 | 347504 perchprism
perchprism's picture

 

Are you serious?  Who is planning a 1.5 million layoff?

Wed, 05/12/2010 - 19:55 | 347943 Hephasteus
Hephasteus's picture

Every state and central government on in the western hemisphere.

Wed, 05/12/2010 - 20:33 | 348016 Landrew
Landrew's picture

Census workers terminate starting July

Wed, 05/12/2010 - 14:15 | 346898 assumptionblindness
assumptionblindness's picture

Medicare spending up 39.4%?!   WTF!!!!!!

Wed, 05/12/2010 - 14:19 | 346921 Sudden Debt
Sudden Debt's picture

YOU'RE WRONG!!!!

Obama said it was ALL FREE and FREE FOR ALL! :)

Wed, 05/12/2010 - 14:27 | 346976 assumptionblindness
assumptionblindness's picture

'Free for all' is completely accurate...

Wed, 05/12/2010 - 15:22 | 347189 Howard_Beale
Howard_Beale's picture

You all have it wrong!

Freefall

Thu, 05/13/2010 - 03:41 | 348540 dlmaniac
dlmaniac's picture

+1

Wed, 05/12/2010 - 18:03 | 347620 TheGoodDoctor
TheGoodDoctor's picture

Queue the Nuge!

Wed, 05/12/2010 - 15:56 | 347292 Missing_Link
Missing_Link's picture

It's true!  He said it was free!!!  And the magical unicorn he was riding said the same thing!!!

Wed, 05/12/2010 - 16:07 | 347322 inflation.stude...
inflation.studentloan--0's picture

can't believe you're calling Hillary a unicorn.

Wed, 05/12/2010 - 16:38 | 347397 Defiant1968
Defiant1968's picture

Speaking of free health care - I just got back from trying to do a walk-in to the VA hospital here in Atlanta - Big traffic jam outside with no parking available - went to clinic - long waiting line - did not get to see a doctor so just decided to do the bloodwork and left - I'm wondering what it will be like when the Iraq and Afghanistan Vets come home (if ever)

 

 

Wed, 05/12/2010 - 18:01 | 347615 kwvrad
kwvrad's picture

Speaking of healthcare, I did my usual 6 month round with my doctors, which Ive been going to the same ones for about 7 years now , all 4 of them said they are throwing in the towel in the next 18 months or less, they simply cant make money with OBAMA care happening, things are so bad now , just wait we are going to have a shortage of doctors that will boggle the mind, not convinced? If your on good close terms with your doctors, ask them yourself about their current state and future plans you'd be suprised.

Wed, 05/12/2010 - 19:02 | 347657 hedgeless_horseman
hedgeless_horseman's picture
  1. Last month Medicare dropped all reimbursements to physicians by 20%+
  2. Physician reimbursements from essentially all insurance companies (BCBS, United, Humana, Aetna,, etc.) and all .gov racquets (CHIPS, Medicaid, TriCare) are based on Medicare rates, such as 110% of Medicare, etc.
  3. Your doctor just had an 80% cram down on his or her entire revenue stream, thanks to Washington
  4. The insurance companies, hospitals, pharmaceuticals, and device manufactureres all have much, much, better lobbyists than the sad doctors who thought they would all be driving Porsches and golfing on Wednesdays.   Maybe they should have gone to Harvard Law or Wharton?
Thu, 05/13/2010 - 11:59 | 349290 jmc8888
jmc8888's picture

Exactly Obama care is a farce of farce.  It isn't healthcare, it sure isn't socialized medicine, and it sure isn't paid for by yourself medicine.

 

It's just extend and pretend on the human level.  Screw the doctors, hand slap or less the big drug and insurance companies.  Take their death panels and instead of making them illegal, decide to implement your own, but it's much worse with Comparative effectiveness research and all manner of bunk statistics, incorrectly interpreted to show that a procedure that can save your life, is in fact a waste, and will not work. 

The system was going to fail anyways.  Now when it fails, they've got their cost cutting structure in place.  Genocide is free ya know.

America can afford whatever it wants, except monetarism.  With monetarism, no way you get a sound healthcare.  Especially when monetarism is crashing.  We can afford single payer, if we weren't playing the banksters monetarist games.  We also could have a system where people could afford to pay for it themselves.  But too bad we have monetarism, which makes either impossible.

Nowhere in the Queen's NICE modelled after T-4 from 1930's Germany are there plans nor logistics for increases to medical care.  No new schools, no new hospitals, no or little new research funding, etc, etc. 

Already a couple of hospitals here in the PHX area won't accept medicare patients, which could be a problem, since people come here to retire.  My guess is Florida and others will be hit hard as well.

What Obama doesn't realize is that he can't cut 30 percent out of everything, when costs are going up by 12-13 percent a year, and not have a genocidal situation.  But since Obama is an idiot, just like the queen's bankers tell him the numbers work, so do the queen's healthcare people. 

What we instituted was the British offshoot of the T-4 program.  Not applied to same way, we all can be undesribles now....we're all equal to suffer now.

Just watch.  Just like the economy, the healthcare, and ANY conservative alternative, is a farce. (that is if the conservatives have the balls to put anything forward...which they don't...at least and keep a straight face)

Everyone deserves healthcare, period.  The only supply shortages come from poor planning, monetary concerns.  It's that simple.  It's not hard to build more defibulators, or build more hospitals.  Prescription drugs? C'mon...they're in stock at thousands of pharmacies. 

But like the above guy says, once the doctors are gone, there will be a REAL shortage.  So why not some new nursing schools being funded to open? Because Obama doesn't really plan on delivering more care. 

But in reality you should feel lucky, the republicans would never of done crap about Healthcare, and would let its costs outstrip your ability to pay for it on your own, and done nothing.

We needed change in our health care system, just not Obama's/Queen's/T-4.  Funny how we passed something the Heritage foundation wanted passed as a compromise ~1990.  Now the idiots think it's socialism.  Nope, it's corporate fascism.  Obama took a republican think tank plan along with the Queen's N.I.C.E. idiot board, and passed it. 

Just wait until the crap hits the fan, and what great timing, it should be hitting us in the midst of an economic depression from hell.  You think you're going to get congress to repeal that when they are most in hock?  Good luck on that.  Merely that's the point the queen whispers that you'll be solvent if you cut x, y, z from your medical system...and look this bunk research says it's not worth it.

But the absolute worst is the percentage game that's was passed in Obamacare.  They will only pay you for outcomes.

Well guess what, a good cancer procedure may 'cure' just 20 or 50 percent of people.  So what that means is if you have to do a treatment to 100 people and 20 or 50 survive, it is working.  But if you tell the hospital you will only pay for the 20-50 that survive....what will the hospital do?  Raise prices, sure.  Will they deny treatment? Sure.  So what happens when they do that? You mean besides people needlessly dying for the bank bailouts?

Simple.  If you have 100 and say 50 survived.  Now since you're only gonig to be paid for 50, you are only going to do 50. 

But it only cures half the people? So if only 50 get the treatment only 25 are going to survive, and get 'paid for'. 

So then you got paid for 25...how many are you going to do? 25. 

So out of 25, how many are going to survive 12 or 13.  So on and so forth.

That's your denial of care.  You don't even NEED a deathpanel to look at bunk research.  Not to mention you have a deathpanel that will be constantly looking at bunk reserach to discountinue things.  Oh  mammograms not needed until 40, no self-checking breasts or nuts.  Don't have medical screenings. 

These guys are idiots.  They'll kill people, and STILL won't balance the budget.  Because that's the game of monetarism.  We'll NEVER be out.  Monetarism is like paying the monthly minimum on the credit card, you never get out.

 

 

Wed, 05/12/2010 - 14:48 | 347063 SWRichmond
SWRichmond's picture

Noticed that, too.  Yes, let's provide health care for everyone, it's more fair.....when no one gets any, that is.

Thu, 05/13/2010 - 12:06 | 349321 jmc8888
jmc8888's picture

ROFL, only people who think idiotic, believe this.

There is no, no one can get any.  That's complete bs.  Everyone does deserve healthcare, just for being born. 

It's the facts that no one wants to look at the overall picture and fix it, that is crushing the system.  Guess what, continue on your way, there will be shortages for everyone. Continue on obama's way, there will be too.  Because your way, and obama's way are BOTH DEAD WRONG. 

Just like Helium 3.  We need it for fusion, we need it for other things we currently use on earth.  But we're running out.  So should we constrict use based on who deserves it the most, or who has the most money?

Or do we go to the moon where there is a 1000 year supply for fusion reactors, let alone any other industrial use for it.

If we run out of H3, blame Barack Obama (Larouche said it perfectly)

same situation can be applied to health care.

If you aren't 'going to the moon', then you are just creating scarcity where it does not need to exist.

That's the point about scarcity many people forget about.  There's ACTUAL scarcity, and market induced scarcity. 

We live in a world of constant market induced scarcity.  So I find your viewpoint on everyone not being able to have healthcare because there isn't to go around laughable.  It's only not enough to go around, because WE CHOOSE FOR THAT TO BE THE CASE.

We can choose the other way too.  We can choose to end the banker's swindles too, but haven't yet. 

Self-limiting behavior.  You should look it up, and then see you have a self-limiting mindset, it's based on bs, and is a complete fabrication of your mind. 

It's your right to think that way, but it's not your right to be correct about it.  You aren't.  You believe our scarcity is real.  I KNOW it is manufactured.  Thus anything that we can't meet like healthcare, because of it, is bs.

Thu, 05/13/2010 - 18:52 | 350409 SWRichmond
SWRichmond's picture

Tell it to the Canadians and Britons.

Wed, 05/12/2010 - 14:15 | 346901 JJ McApe
JJ McApe's picture

Tripple A Rating!!!!!!!

Wed, 05/12/2010 - 14:22 | 346938 assumptionblindness
assumptionblindness's picture

Word!  The rating agencies are the biggest joke of all...

Wed, 05/12/2010 - 16:33 | 347115 Hansel
Hansel's picture

Is a more accurate accurate accounting of the deficit closer to $-175.6 billion? The numbers in the link aren't labeled.

edit:  The $-175.6 billion number is the month-to-month change in debt outstanding from March to April.  The U.S. issued $257 billion in debt over the last 2 months to raise cash ($176B in March, $81B in April).  Interpret for yourself.

Wed, 05/12/2010 - 14:16 | 346903 SheepDog-One
SheepDog-One's picture

But, isnt the worry over debt 'subdued' as CNBC said today? Oh well, back to 'risk on' equity gas pedal to the floor with a maniac meth head at the wheel.

Wed, 05/12/2010 - 14:59 | 347110 hedgeless_horseman
hedgeless_horseman's picture

Not subdued, just offset by the increase in the value of all the gold in Fort Knox.

Wed, 05/12/2010 - 16:14 | 347344 SheepDog-One
SheepDog-One's picture

Are those bars the tungsten filled variety?

Wed, 05/12/2010 - 15:00 | 347111 SayTabserb
SayTabserb's picture

This might be enough to make Paul Krugman think there's a problem.

Wed, 05/12/2010 - 15:24 | 347194 Howard_Beale
Howard_Beale's picture

You are assuming Krugman gets his head out of his ass. I think it's permanently stuck there.

Wed, 05/12/2010 - 19:47 | 347914 Miles Kendig
Miles Kendig's picture

He does like the taste of the gas he passes

Wed, 05/12/2010 - 20:42 | 348042 WaterWings
WaterWings's picture

Smells like garbanzo beans sprouts.

Wed, 05/12/2010 - 14:17 | 346905 GlassHammer
GlassHammer's picture

If deficits were monuments America would be remembered forever.

 

 

Wed, 05/12/2010 - 14:48 | 347066 Cursive
Cursive's picture

@GH

You need to get this to Howard Beale.  Would make a great addition to the collection.  And thanks for this.

Wed, 05/12/2010 - 15:27 | 347195 Howard_Beale
Howard_Beale's picture

I got it. In the meantime, check out the Deficits don't matter until they do with Ben at the printing press:

http://www.zazzle.com/ben_at_the_printing_press_mug-168921577105737484

Wed, 05/12/2010 - 14:58 | 347106 Cheeky Bastard
Cheeky Bastard's picture

awesome

+10000000 e10
Wed, 05/12/2010 - 15:08 | 347136 drheywood
drheywood's picture

Hehe. If deficits were butt plugs maybe Americans would understand the position they're in better?

Wed, 05/12/2010 - 14:17 | 346907 jkruffin
jkruffin's picture

It's easy math really...

 

If you give out money for free, then pay 2,3,4 % interest on that money

You are going to end up in the hole every month

Add tax income losses to that and you get further in the hole each month

Kicking the can down the road, has become kick it down the dead end alley, and the brick wall is about one or two more kicks away from ending the game.

Wed, 05/12/2010 - 14:22 | 346936 DaveyJones
DaveyJones's picture

I don't like to say "easy math," I prefer to call it new math 

Wed, 05/12/2010 - 15:31 | 347224 Howard_Beale
Howard_Beale's picture

You gotta come up with something better than that!

New math was created by Max Beberman and he was actually my professor.

http://www.state.il.us/HPA/Illinois%20History/giridaran106.pdf

Wed, 05/12/2010 - 17:13 | 347497 Lucky Guesst
Lucky Guesst's picture

I think that new math is now the old math we are back to.

I graduated in '90 and by the time my first was in elementary in '02 I could not help her with math homework because I couldn't force myself to figure out the longcut. They scrapped it and went back so my son is now on the same page as me.

Wed, 05/12/2010 - 14:26 | 346966 Sudden Debt
Sudden Debt's picture

and the dead end alley is in the Bronxs, you're carrying the latest IPAD with GPS (but the 3G connection fails so you're lost) and you're trying to call your wife with your latest 3GS Iphone that has a cover that matches your new Armani suit and also has a gold trim that matches your Rolex.

And on the wall a lot of curious native baseball players (I guess they are baseball players because they all carry baseball bats and all wear the same Tshirts with the name of their team: THE WOLFPACK) and they are comming to you to help you get back on your way.

 

Nice chaps...

Wed, 05/12/2010 - 14:41 | 347029 AnAnonymous
AnAnonymous's picture

I thought you were about to throw in a Warriors'reference by naming the gang "the baseball furies" which were located in the Bronx, I think to remember.

Wed, 05/12/2010 - 15:08 | 347144 trav7777
trav7777's picture

those types are really fond of consumer merchandise, pimp suits, and gold watches.

Wed, 05/12/2010 - 17:07 | 347480 Ned Zeppelin
Ned Zeppelin's picture

I dig the icon.

Wed, 05/12/2010 - 14:17 | 346909 unwashedmass
unwashedmass's picture

 

mother of god, will my kid ever earn a dime she is allowed to keep?

Bernanke......he's doomed the next two generations to serfdom....

Wed, 05/12/2010 - 14:20 | 346925 GlassHammer
GlassHammer's picture

Ha..Ha..Haa....only "two generations"

 

Man you are one funny guy.

Wed, 05/12/2010 - 14:27 | 346971 Sudden Debt
Sudden Debt's picture

You should ask her pimp

Wed, 05/12/2010 - 14:46 | 347055 Janice
Janice's picture

Only if that dime is a pre-1965 silver dime.

Wed, 05/12/2010 - 17:00 | 347457 RichardENixon
RichardENixon's picture

They can't even afford to make them out of wood.

Wed, 05/12/2010 - 14:18 | 346913 SheepDog-One
SheepDog-One's picture

Gubmint spending thru the roof, tax receipts in the gutter, oh well PARTY ON equity markets! Theres zero volume so just gap open to DOW 36,000 tomorrow morning really who gives a fuck?

Wed, 05/12/2010 - 14:27 | 346974 tim73
tim73's picture

Luckily, US Army is in the Gulf region, ready to clean up! Oh sorry, wrong Gulf..my bad. Is that why Obama is letting BP "do stuff, try guys something, maybe?" with the leaking a-hole in the Gulf?

Wed, 05/12/2010 - 14:18 | 346914 Turd Ferguson
Turd Ferguson's picture

Out of control debt and a Congress that won't even pass a budget resolution for 2011. 

 

Yes, by all means, buy as much US equities as possible. 

 

 

Wed, 05/12/2010 - 14:19 | 346915 Internet Tough Guy
Internet Tough Guy's picture

Total wipeout ahead.

Wed, 05/12/2010 - 15:30 | 347221 Hughe Crapper
Hughe Crapper's picture

We're all going to the locker. Getting used to the algae as we speak.

Wed, 05/12/2010 - 15:55 | 347288 faustian bargain
faustian bargain's picture

I posted that one yesterday...sweet video. They rocked it.

Wed, 05/12/2010 - 14:19 | 346918 assumptionblindness
assumptionblindness's picture

How much better can the economy be if individual income tax receipts fell 21.5%?  Any talk of economic recovery is nothing but lies, damn lies, and Baghdad Bob "we are crushing the infidel invader" lies.    

Wed, 05/12/2010 - 14:33 | 346985 ZerOhead
ZerOhead's picture

Come on... if income tax reciepts are down 21.5 percent that just means the public has that much more money to spend. It's a great thing really... Harry help me out a bit here...

Now mix in a little money-multiplier 'magic' and voila things are fantastic again! Look at the increase in the price of gold for instance... everyone is so stinking rich they are buying jewelry again!

Wed, 05/12/2010 - 14:33 | 347001 Rusty_Shackleford
Rusty_Shackleford's picture

"How much better can the economy be if individual income tax receipts fell 21.5%?"


That sure is the question, isn't it?

 

1001001 SOS

1001001 in distress,,,

Wed, 05/12/2010 - 14:49 | 347069 SWRichmond
SWRichmond's picture

Amen, brother.

Wed, 05/12/2010 - 14:20 | 346923 primefool
primefool's picture

Bennie Mae can just print up mo money. No need for taxes. Why keep up the charade? When social trust is completely broken no one will pay taxes ( see Banana Republic definition ) . Bennie can print as much as he wants - no one gives a damn.

Wed, 05/12/2010 - 14:52 | 347078 Cursive
Cursive's picture

if I ever see someone arrested for counterfeiting, I don't think I will view them as harshly as I once did.  Just a small time operator wanting a piece of the central banker pie.

Wed, 05/12/2010 - 14:21 | 346929 SheepDog-One
SheepDog-One's picture

Party seems to be about over, Bernanke was just seen under the sink licking an empty Sterno can, oh well buy Alleve liquigell stawks, this hangover is gonna be a doozie.

Wed, 05/12/2010 - 14:22 | 346937 jkruffin
jkruffin's picture

Notice also, not one media outlet is reporting on these kinds of issues,  NONE!

The FED has told these idiots what to report and when, nothing else.

Wed, 05/12/2010 - 15:37 | 347244 merehuman
merehuman's picture

Wow , am i in N Korea yet? 

Wed, 05/12/2010 - 16:04 | 347313 jdrose1985
jdrose1985's picture

+1

Merehuman if you see this, I believe you said you live in Oregon? Which part of the state?

I'm moving to central Cali in 3 months but have spent all day today looking at exit strategies...secluded state parks and lakes in southern Oregon which could support a man and his wife with fish and game for a while.

Any suggestions?

 

Wed, 05/12/2010 - 16:40 | 347403 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

The Cascades are the shiznit homie, the shiznit!

Wed, 05/12/2010 - 17:33 | 347550 jdrose1985
jdrose1985's picture

Thanks Len, looking into it now.

Wed, 05/12/2010 - 20:46 | 348050 WaterWings
WaterWings's picture

Ditto. Make sure you stash a lot of back-up food somewheres nearby in case you decide you don't like "squirrel a la twigs et berries".

Thu, 05/13/2010 - 00:34 | 348419 merehuman
merehuman's picture

All along the coast route , 1/2 mile inland benefits from the cool ocean breeze  and is higher ground more sunny. A creek or river lot would be preferable with the house sat well above flood height. Mostly retired and the biggest dangers are crack heads thieves and drunk contractors with multiple DUIs. Hospitals have a bad rep but its still good not to be too far away. Hunting isnt what it used to be, but anyone with a good greenhouse operation can make out ok. Me, am itching to go gold mining around gold beach . BTW Gold beach has a highly rated HS .

Thu, 05/13/2010 - 00:37 | 348423 merehuman
merehuman's picture

Check the rules before you buy. In city limits they dont allow chickens, never mind a rooster. I am going to move, i really want those chickens in MY yard!  lol

Wed, 05/12/2010 - 14:23 | 346942 SheepDog-One
SheepDog-One's picture

Baghdad Bennie! 'We are clearly crushing the infidel enemy depression'! Cant you see the enemy tanks and bodies strewn all about the landscape?'

Wed, 05/12/2010 - 14:23 | 346944 tim73
tim73's picture

Budget deficit about 25 percent. "PIIG" Spain pitiful has about 11 percent but USA is very special and bond market investors are really really wise men...or not. I don't know about Greece but probably even they are doing better than that. Obama trying to outzimbabwe Zimbabweans?

Wed, 05/12/2010 - 14:23 | 346946 tony bonn
tony bonn's picture

there must be a mistake in the -7.9% yoy calculation.....we are having a robust economic recovery, unemployment is a lagging indicator, and the green shoots have blossomed into a lush verdant rain forrest....besides, how can tax receipts be down with 275,000 new jobs?

Wed, 05/12/2010 - 15:32 | 347228 SayTabserb
SayTabserb's picture

I demand a recount on the Census!  Everybody to work!

Thu, 05/13/2010 - 00:39 | 348424 merehuman
merehuman's picture

I betcha Mrs Palin can see the bottom from there!

Wed, 05/12/2010 - 14:23 | 346947 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Get to tha CHOPPAAAAHHHHHH!!!!!!!!

Wed, 05/12/2010 - 14:28 | 346977 MyFriendMises
MyFriendMises's picture

Ben is going to need Airwolf to drop all of the money they are going to need to keep this going...

Wed, 05/12/2010 - 14:33 | 347000 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

AirwWolfPac starring BS....Ahnold...Clause Trichet....and Staus Con. 

We will keep the theme music.

Wed, 05/12/2010 - 14:37 | 347020 AccreditedEYE
AccreditedEYE's picture

"Dis is a bright bouy aluurt... Repeat, dis is a bright bouy aluuurt!!!"

Wed, 05/12/2010 - 14:41 | 347033 Reductio ad Absurdum
Reductio ad Absurdum's picture

"You may as well say good-bye", said the voice. And then another quite different voice, a thin, cultivated voice which Winston had the impression of having heard before, struck in; "And by the way, while we are on the subject, Here comes a candle to light you to bed, here comes a chopper to chop off your head!"

Wed, 05/12/2010 - 14:53 | 347085 Cursive
Cursive's picture

Airwolf is bitchin.  One of our local stations is running it.  Blast from the past.

Wed, 05/12/2010 - 15:07 | 347126 hedgeless_horseman
hedgeless_horseman's picture

JMV could of done a better job faking the cello playing, but that is nit picking.  Any show with Ernest Borgnine is guaranteed quality. Loved the fully synthetic theme song done by a 7 year old on a Fisher Price keyboard:

http://www.youtube.com/watch?v=AXehSng0NV4

Wed, 05/12/2010 - 14:23 | 346949 Leo Kolivakis
Leo Kolivakis's picture

No problem, introduce a value-added tax like the rest of the developed world!

Wed, 05/12/2010 - 14:29 | 346981 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Yeah, and then solar voltaic would be so expensive the EROEI would be negative.  VAT is idiotic.

Wed, 05/12/2010 - 14:36 | 347009 SheepDog-One
SheepDog-One's picture

Yep, just saddle up a new 25% VAT tax thats already been floated on top of all the present ridiculouslu high taxes since at present no one can pay any taxes, coming in at -$80 billion shortfall, great idea. Well its a great idea IF your plan is to completely kill america.

Wed, 05/12/2010 - 14:39 | 347024 RobD
RobD's picture

No worries, we also have the Bush tax cuts expiring, and cap and tax on the table. Recepts will go through the roof doncha know. Also that little war in Iraq will be over and just think of all the savings we get from that. Hmm, what increasing taxes in a recession is a bad idea? Oh no!

Wed, 05/12/2010 - 16:00 | 347302 faustian bargain
faustian bargain's picture

"developed world"...lol

it's hard to tell if you're being sarcastic.

Wed, 05/12/2010 - 14:24 | 346955 chet
chet's picture

Medicare spending is up 40% YOY?!  If that is not a typo, we are sooooo f**ked.

Wed, 05/12/2010 - 15:01 | 347116 MyFriendMises
MyFriendMises's picture

Typo.  Too funny.  The only typos the government have go in the other direction.

Wed, 05/12/2010 - 14:25 | 346956 ShankyS
ShankyS's picture

But CNBS and all the "experts" told me the consumer was alive and well? I don't understand. Should I buy more? I just heard this was a great place to enter the market. Watch as my 100sh SPY market order bumps it up 10 points.

Wed, 05/12/2010 - 14:24 | 346957 hedgeless_horseman
hedgeless_horseman's picture

It's funny, in a tragic way, that citizens under the age of 18 are not allowed to vote.  Maybe it should be the other way around?

Wed, 05/12/2010 - 14:27 | 346969 SheepDog-One
SheepDog-One's picture

Damn fine idea Hedgeless Horseman! Vote up till 18, after that youre cut off. Hell it HAS to work better than what we've got now!

Wed, 05/12/2010 - 16:29 | 347373 PeterSchump
PeterSchump's picture

What, are you nuts? With the propaganda they are being fed in school, we will have a politburo next week.

Wed, 05/12/2010 - 20:01 | 347955 depression
depression's picture

FED = politburo

Wed, 05/12/2010 - 14:24 | 346958 primefool
primefool's picture

I am amazed at the sheeple who think the tax system is just basically a law of nature or something. Know this . there are advanced civiled countries that have NO tax on capital gains or interest income and a basically flat tax of aboit 10% on earned income. Seems to work for them.

Imagine living life without having to decide if it is better to die in 2010 or 2011 because it will make a huge estate tax difference to your kids. Imagine a life where you dont wotk 6 months of the year to earn enough to pay taxes and spend months and lots of dollars filing taxes and you still have a nagging feeling that they are gonna get you. the tax system is a prison. It is shameful.

Wed, 05/12/2010 - 14:37 | 347017 banksterhater
banksterhater's picture

Wrong. Most of those countries have a VAT added on top. A flat tax in US would be 40%+ to bring in same revs.

Wed, 05/12/2010 - 14:44 | 347043 primefool
primefool's picture

OK if that works for you - carry on.

Wed, 05/12/2010 - 15:55 | 347286 Votewithabullet
Votewithabullet's picture

You gave up easy. Name one country that fits your description..."seems to work well for them". Carry on? Bloody hell? cheers?

Wed, 05/12/2010 - 15:46 | 347261 spekulatn
spekulatn's picture

Wrong. Most of those countries have a VAT added on top. A flat tax in US would be 40%+ to bring in same revs.

 

Please explain.

Wed, 05/12/2010 - 16:00 | 347303 Votewithabullet
Votewithabullet's picture

Happy too. MOST OF THOSE COUNTRIES HAVE A VAT ADDED ON TOP. A FLAT TAX IN US WOULD NEED TO BE 40% TO BRING IN SAME REVENUE. Cheers, carry on.

Wed, 05/12/2010 - 16:10 | 347331 Panafrican Funk...
Panafrican Funktron Robot's picture

Laffer curve suggests otherwise.  I have some issues with it's construct, but the general idea is actually pretty sound, you grow tax revenue primarily through private economic growth.

Regarding the VAT, I actually favor it if it's the only form of taxation (ie., basically just a flat sales tax).

Wed, 05/12/2010 - 20:19 | 347984 depression
depression's picture

VAT is the Holy Grail...

Cap & Trade is like a VAT on energy production and consumption.

VAT + Cap & Trade is the promised land of infinite riches for the progressives. They can double Federal spending to $ 4 Trillion a year and still have a budget surplus.

Wed, 05/12/2010 - 15:02 | 347118 lynnybee
lynnybee's picture

Amen.  

Wed, 05/12/2010 - 14:26 | 346968 SayTabserb
SayTabserb's picture

Gotta say it's brave of the Treasury to print this thing at 2 pm Eastern, 8th bus. day of the month, like clockwork.  What a mess. it reads more like a ransom note than a balance sheet.  And what da hell is that 20 billion "off balance" sheet income item under Soc Security? That's about double what it's been in recent months. Phantom interest from the trust fund, I guess, designed to make the "big" month of April look slightly less nauseating. It's a complete disaster. Could it be the "Birth/Death" model is a little optimistic? How 'bout just straight Death?

Wed, 05/12/2010 - 14:27 | 346972 plocequ1
plocequ1's picture

Does this mean I can't get my Obama money? Sheeeet

Wed, 05/12/2010 - 14:33 | 346995 Sudden Debt
Sudden Debt's picture

YUP, just put a X at the bottom of the page and tell us how much you need.

It'll have to be paid out in Euro's. You got a problem with that?

 

You didn't think they would pay you with real money did you?!

Wed, 05/12/2010 - 14:27 | 346973 Debtless
Debtless's picture

Deficit bitchez.

Wed, 05/12/2010 - 14:27 | 346975 seventree
seventree's picture

When individual income tax receipts drop to less than the cost of running that function of the IRS, could be an opportune time to eliminate both - nothing to lose at that point.

Wed, 05/12/2010 - 14:32 | 346997 primefool
primefool's picture

How about the SEC man? have a heart - tax revenues are needed for broad band downloading services.

Wed, 05/12/2010 - 20:21 | 347988 depression
depression's picture

Sorry, the IRS is needed to enforce compliance with Health Care Reform.

Wed, 05/12/2010 - 14:29 | 346980 plocequ1
plocequ1's picture

Does this mean I can't get my Obama money? Sheeeet

Wed, 05/12/2010 - 14:31 | 346993 Mentaliusanything
Mentaliusanything's picture

And one in 8 Americans so flush with funds that they get food stamps.

Oh dear, fiscal responsibility is evident everywhere.

Enjoy

Wed, 05/12/2010 - 14:34 | 347002 qussl3
qussl3's picture

CNBC makes Muhammed Saeed al-Sahaf look honest.

Wed, 05/12/2010 - 14:37 | 347019 SheepDog-One
SheepDog-One's picture

How can the CNBC crew LIVE with themselves? Just in order to sleep they must be on such heavy medication that theyre nothing but zombies.

Wed, 05/12/2010 - 15:07 | 347137 ZerOhead
ZerOhead's picture

Blue pills Sheepdog... they get paid to take the blue pills...

Time for them to change the programming I think... we have a major crisis developing in the middle east... and 71% of the citizenry can't be wrong... right?

MSM Confirms... Iran now has nuclear weapons!

http://www.opednews.com/articles/CNN-Poll-71-of-Americans-by-Deano-10022...

Wed, 05/12/2010 - 15:34 | 347234 RockyRacoon
RockyRacoon's picture

The same ones are simply crushed that Simon left Idol.

Wed, 05/12/2010 - 16:10 | 347333 Votewithabullet
Votewithabullet's picture

Iran with new-clear weapons is not a problem. In fact this will help unemployment. They take out Jewrusalem and we get all the oil. Almost as if on cue. 

Wed, 05/12/2010 - 14:36 | 347011 Comrade de Chaos
Comrade de Chaos's picture
May 12 2:00 PM Treasury Budget Apr -$82.7B -$52.0 -$20.9B

Actual -82; Expected - 50; Prior -21.

 

But that's a good sign for robots, gov still supports the non market economy, until it DOESN'T.

Wed, 05/12/2010 - 14:36 | 347013 primefool
primefool's picture

tax receipts are down because wages are down - this is a good thang. See it reflects an Output Gap . This GAP allows Bennie to keep on going. Wages are the enemy. If wages go up Bennie might have to take away the free trillions to the banks. And then where will bonuses come from. Ever think about that. Huh?

Wed, 05/12/2010 - 14:41 | 347030 Herne the Hunter
Herne the Hunter's picture

No worries, we'll issue bonds and sell them to the Chinese. Oh no wait.

Beijing Home Prices Plunge 31.4%

 

Wed, 05/12/2010 - 14:41 | 347034 primefool
primefool's picture

There has been all kinds of bluster - SEC fraud charges, justice dept blah blah blah . has anything actually happened? Huh?

Millions are living in homes without paying on their mortgage. Their hardworking neighbor is maybe a bit miffed. Huh?

Granma gets ZERO on her savings account so banks can borrow at ZERO. fair? Huh?

So - bit by bit any social glue and trust there was in the system is being leached out. No rule of law. No private property rights. Laws sometimes apply sometimes not - all depends on who you know and who you are. 

 

Wed, 05/12/2010 - 14:42 | 347037 trillion_dollar...
trillion_dollar_deficit's picture

In the meantime, Obamacare is now $115 billion more expensive than originally claimed.

http://www.politico.com/news/stories/0510/37081.html

 

Wed, 05/12/2010 - 15:56 | 347291 Janice
Janice's picture

No crap Politico...now that we all have to pay the hospital rate for aspirin...$75 per pill.

Wed, 05/12/2010 - 14:42 | 347038 hambone
hambone's picture

Amazing...just to show how bad the Euro is, the dollar is actually strengthening on this news against against it's horrendous fiat cousin.  Makes you wonder what sorta news would make people a little nervous 'bout the dollar?

Wed, 05/12/2010 - 14:45 | 347049 gimli
gimli's picture

You know -- I find it more palatable to stand on my head and then watch the market. I can make believe it's going in the right direction then.

Wed, 05/12/2010 - 14:46 | 347052 kaiten
kaiten's picture

Dont be so harsh. $83 billion is not that much after all.

Wed, 05/12/2010 - 14:47 | 347059 pan-the-ist
pan-the-ist's picture

Um.. Um.. It's a lagging indicator.. That's it..

**Phew, I feel better now.

Wed, 05/12/2010 - 14:49 | 347067 sheeple
sheeple's picture

Bankrupted? bleh go Lakers

Wed, 05/12/2010 - 14:49 | 347068 reload
reload's picture

Meanwhile Marketwatch report "stocks advance as investors turn focus to recovering domestic economy"

Wed, 05/12/2010 - 14:51 | 347074 primefool
primefool's picture

They trudged in over hundreds of miles - shoes worn out, some had wrapped tshirts around their feet to keep going. They came by the thousands to see the great miracle. The great ticker in NY . They saw it . The cries started -its hit 36000 - see it says so on the display . We are saved. We'll get shoes and a hot meal!! They hugged each other and wept for joy.

Wed, 05/12/2010 - 15:37 | 347242 RockyRacoon
RockyRacoon's picture

You left out the part where the crowd parted to allow Blankfein's limo to pass, their hats in hand to show reverence for his presence.

Wed, 05/12/2010 - 14:53 | 347082 TBT or not TBT
TBT or not TBT's picture

They can have their VAT after they repeal the amendment allowing federal income taxes.   The political support for that would be overwhelming, given some kind of universal individual rebate up to the poverty level. 

And it's green.  You ought to like that, not withstanding the insofar not green nature of solar technology to date.

Wed, 05/12/2010 - 16:06 | 347320 mjv
mjv's picture

no rebate, just exclude food and medicine from the VAT.  everyone needs to pay and feel the pleasure of funding federal spending.

Wed, 05/12/2010 - 16:37 | 347396 Calculated_Risk
Calculated_Risk's picture

Exactly.. and refunding is ripe for abuse.

Plus there are plenty of charities to help out.

Wed, 05/12/2010 - 14:56 | 347092 jbc77
jbc77's picture

You want to laugh really hard. Some of these Associated Press financial headlines on the main stream websites., i.e Yahoo are just hilarious.

The latest knee slapper, "Stocks Bounce as Investors Return Attention to Improving U.S. Economy- AP".

Who the fuck writes this shit and when will the AP reporters remove their heads from their asses.

For God sakes, if you don't read Zerohedge you haven't got a fucking clue whats going on. Seriously.

 

 

 

 

 

Wed, 05/12/2010 - 15:07 | 347138 MyFriendMises
MyFriendMises's picture

It would be funny if it weren't true.  Wait, maybe it is funny.  Nah, it is just sad.

Wed, 05/12/2010 - 16:25 | 347364 SheepDog-One
SheepDog-One's picture

Got to love those 'investors', daily following whatever feeling the Governmedia wants them to follow according to the headline like sheep, and theyre always correct never experiencing a loss of course. Hail to the mighty 'Investor'!

Wed, 05/12/2010 - 20:27 | 347998 depression
depression's picture

HFT bot's  = "investors"

Do NOT follow this link or you will be banned from the site!