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US Treasury Burns $90 Billion In Cash In Under Two Weeks
Now that's what one calls prudent fiscal planning...
Source: DTS
Now granted this is mostly due to paying off maturing Bills, which Geithner can't roll due to the debt ceiling being breached. But keep in mind that as we pointed out in T-Minus Two Months Until The $500 Billion Rolling Debt Ticking Timebomb Goes Off that there is nearly $500 billion in maturing short and long-term debt in the next month and a half which there will be no money to fund unless a debt ceiling decision is reached, but not by August 2, but July 22... or a week from today. And with Boehner refusing the Camp David dance invitation today, one can see why for the first time this afternoon we saw a coordinated sell off in bonds and stocks as the market is finally asking "what if..."
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Catastrophic things will happen if they don't get their next dose of heroin.
Treasury> Spare some change?
Me> Fuck off, parasite. Get a job.
Treasury> I just need money for a bus.
Me> Sorry. Get a job.
If the date is July 22nd, then why are all the politicians talking about August 2nd? Can someone let me know? Thanks!
Red Tape. They need agreement on the Debt Ceiling by 22nd July at the latest, so that it has time to be officially legislated and prepared and ready for Darth Obama's signature by August 2nd.
Thank you.
You mean Oh Blama's Bday party on the 3rd
Just one fix. I promise it's the last one!!
http://www.youtube.com/watch?v=wbXciBKcfQ8
They just bought Google with it...up 10% (53 points AH)....
GOOG chopped heads, so buy!
Looks prudent to me. Why didn't they blow through 2 or 3 times as much. Just think of the jobs created or saved!
Dr. Krugman,
Would GOOGLE's CEO be wise to offshore more jobs to India, which has lower wages, but an english speaking and technically proficient labor force, especially in the IT sector?
What would John Maynard Keynes have said about this possibility, its consequences to both the U.S. and India, and to tax revenues and government expenditures?
Finally, which locale would Keynesianism hold out as the ideal place, given comparative advantages, to build a massive, 5 million square foot shovel factory, to equip the Keynesian Model worker of the future, for his/her shovel ready job?
My best guess is either in Guangdong Province, China, or Indonesia.
Thank you for your response.
Never let children play with matches.
Austerity for the Rich!
and "We the People" are the back stop and the form of payment in the event of a default! PLUS! "We the People" will pay 6% to the Federal Reserve for the Loan!
Wake Up!
When the Federal Reserve Loans Money to the United States of America! "We the People" pay / carry the interest!
There is nothing wrong with being rich - it's HOW you got rich (by stealing, or did you get rich honestly) - and some of the richest people in the world are still up to their eyeballs in debt - remember when Donald Trump filed for bankruptcy a few years ago?
You're right, there is nothing wrong with being rich.
I would however like to have someone who is rich and is Howard Beale mad over repeal of the Bush tax cuts to submit to an analysis of what they pay in taxes as compared to an analysis of the cost of the government services they use.
It's a little hard to define what I mean, but I'm cynical enough to suggest that the madder you are, the more you are hiding. Besides, surely the rich (and I really mean business owners and their employees/staff/families) do things like fly more than average, so the cost of TSA and even airports should be considered. The rich travel overseas so the cost of protecting them, they own larger properties, drive more and live farther away so the cost of extended infrastructure should be factored in. I know there are other taxes that offset some of this, but on balance it would just be interesting to see the big picture and how it all is really distributed because figures don't lie but liars figure and the truth doesn't matter as much as perception and finding the proper spin to promote your cause.
Do you have a couple Global Expresses?
Do you have a super yacht with a sister?
Do you have trusts that hedge against each other? on and off shore?
Do you know that $20 Million net worth and under is considered middle class?
well, I think we have cleared up what is the difference is.
First you need to define the rich. In California, anyone with over $46,000 of taxable income is in the highest tax bracket aka the "rich"
Maybe they upgrade from Ipad 1 to 2 for every government employee?
I've heard the IPAD1 can't run the US AUSTERITY APP.
whatever. What's 90 billion in a trillion dollar world?
Did anybody see the Google revenue?
Revenue of 7,85$ per share this Q with a pricetarget of 600$?
YEARLY REVENUE IS -5% OF "MARKETVALUE"! Bubble? HELL YEAH!
Revenue soared 36 percent to $6.92 billion from $5.09 billion a year ago.
Analysts expected Google to earn $7.85 a share on revenue of $6.55 billion, according to Thomson Reuters.
Net income increased 36 percent to $2.51 million, or $7.68 a share.
Google shares have a had a rocky week after a downgrade by Morgan Stanley, which cut its price target on the stock to $600 from $645.
This is how the 2000 tech bubble looked like and ended:
http://3.bp.blogspot.com/-Vnf6GZ2OGh4/TcASodSLg_I/AAAAAAAAC_0/3NZzDJfF2Vo/s1600/chart3.asp.png
But this time will be different off course... of course...
What's really interesting is that there non-GAAP earnings "crushed" estimates, while their GAAP eps came in at....
....tada!!! Estimates.
Bah. Cash is trash. Timmay knows what Ben's been up to...
Dude, these are not linear. Look at the opening balance at the beginning of the year. Stop posting junk, please?
"what if..."
Little TaxCheat gets a bridge loan from JPM?
If the Morgue will do it for CA, they'll do it for any bankrupt entity.
what is the Bridge Attached too?
JPM may be looking at some very nice Un-Emcumbered Property on the beach on down town? but I doubt that Cali got a freebie from JP.. because JP had the loan sold before it wrote the contract.
For our losses the exchequer is too poor; for th' effusion of our blood, the muster of its kingdom too faint a number; and for our disgrace, even Obama kneeling at our feet but a weak and worthless satisfaction.
nice to seeya spending more time @ the fight club set!
whatever, you do, don't scream with prez0 kneeling at yer feet like that. think what could happen! oh! the humanity! LOL!
Helena Bonham Carter Remembers Peeing Herself During Harry Potter | Movieline
They're out of control and need to be taken off the track to cool down for awhile.
"Put down" would be a more appropriate racing term.
Uh... yeah, but they don't want to, and they employ all the armed men.
Exactly!!.. Like sex with Kobe or Ben Toothlessburger.. you can try to say no.. but.. .. but.. it's gonna happen..
indian IT index n nifty updates::
http://markettechnicals-jonak.blogspot.com/
Dang, didn't know those redskins had a market. What's the listing for Firewater?
$90b used to be a lot of money... sadly, it wasn't too long ago.
Still the citizenry sit idle by, they will literally put up with anything. Proven 100%.
Well, a dollar used to be money.
Gold also used to be money... now it's only a tradition
I only need to work about 100.000 years for that money.
If only if I where able to keep my luxery expenses like morgage, food and clothing at zero....
so make that 150.000 years give or take...
If I had 90 Billion, there is no way I can spend all that in two weeks. Hell I might just use most of it to keep my county solvent and take care of the people in my area. They would spend it better than I ever can.
With that said, I might indulge in a small jet and learn how to fly it.
It's only 300$ per inmate, I mean American, I mean person who lives in America.
Lightweight. Buy a shuttle and get the flock out of Dodge with $90 bil.
Of course then the IRS would start their own space program.
This has got to be a Freudian slip.....right Tyler? Because they only burned cash in Wiemar Germany and recently in Zimbabwe.
Say it ain't so Tyler, say it ain't so.
Didn't you get your $2 in the mail for the AIDS survey?
They had to bail out Vulgaria, Moronica and Sylvania. They have blackmail on so many folks claiming to be born in this country.
and Jackoffinstan.
the train seems to go faster as it approaches the end of the tracks
+100
90 billion = over $600 for every working person in the U.S.>>>in two weeks
I don't think they spend it on working people :)
Well, working girls maybe.
http://www.youtube.com/watch?v=oShTJ90fC34
$90 Billion or 5x's the projected revenue ($2 Trillion over 10 yrs) amount of possible revenue gained from taxing the 'wealthy' per month.
You know if you told investors at the top of the last bubble that corporations like Lulu, Netflix, Autozone, Chipotle, and Priceline would be trading at the levels they are now, they would have said you were insane.
Can you imagine in 2007 saying, "Hey I think Priceline is a $500 stock."
Ever see the movie Fail Safe? I think a couple guys want to drop the bomb just to see what will happen. This market has inflated to a 100 Megaton warhead aimed straight at the heart of America.
William Shatner is a goldmine!
I pity the Executor who has to process the estate.
It will take a decade to sort the claims. But the other hand 4% of the total value will make a pretty good living.
by TruthInSunshineon Thu, 06/16/2011 - 14:20
#1375245
http://www.thestreet.com/story/891820/the-winners-of-the-new-world.html
Why July 22?
I was wondering the same. This WSJ article says
Three little words: Rand Paul filibuster.
Filibuster Topic: Introduction to anethesia for lawyers/politicians. He's a doc who can really talk. And while he talks Reid will squak. But we at ZH will mock the useless kleptocratic flock.
72211 is Little Rock Arkansas. The location of the Clinton library.
http://www.clintonlibrary.gov/
The 32 year two family dynasty of America is the Bush and Clinton (1981 to 2013)
@Brian: sherlock sez, "follow the clues, or remain freaking clueless."
But keep in mind that as we pointed out in T-Minus Two Months Until The $500 Billion Rolling Debt Ticking Timebomb Goes Off that there is nearly $500 billion in maturing short and long-term debt in the next month and a half which there will be no money to fund unless a debt ceiling decision is reached, but not by August 2, but July 22... or a week from today.
Thanks, but I had read that one when it first came out, where Tyler first referenced July 22, and I have still not been able to figure out that date.
There is no legal reason that legislation takes 10 days to become effective. I've researched, and congress and the president can move a bill into law in exactly zero days, if they so choose. I talked with a constitutional attorney friend of mine who confirmed that if they pass the legislation on Aug. 2, and the Pres. signs it into law on Aug. 2, it will raise the debt ceiling on Aug. 2. There is no inherent lead-time required.
So, I'm still left wondering why, other than that traditional legislation takes 10 days or so to become effective, that July 22 would be any kind of real deadline...
--Brian
i misunderstood sherlock, B. now he is telling me he said, "follow the clues and remain clueless."
the which he now adds, "...like the rest of us."
who the hell can understand tyler? the implication seems to be that by 7.22 the maturing debt will not be rollable b/c of the debt ceiling. not sure why. or some other reason, like Treasury not able to stick to aug 2 budget, cash burn shows tham auguring in next week, 7.22.
i prefer door #2, since i've been braiwashed to think that aug 2 included the ability to re-fund maturing debt, till then.
i can't speak for tyler.
t.y. for playing!
i think i may have solved today's daily publisher's koan of the day!
yep, it's the burn rate. T started the month w/ $137 Bil. 2 weeks later (now) they have burned $91B and have $46B left, which at this rate, will be adios amigos by 7.22.11.
Ah, but grasshopper, you forget those treasuries in the SS "lock box" just waiting to be monitarized to serve the god of government cash flow. Reputedly, 2.6T$, enough to "fund" the ponzi for another year-but it might cost the dems at the polls-for perhaps the bonds are already gone like the gold at fort knox? After all, they've been running the government with the federal employees trust fund for the last two months-just switch to SS to get through the next election cycle. Why not go whole hog? Really eat the seed corn, so to speak.
Life is short, eat dessert first.
Piece of cake.
Your friend Ben Bernanke.
Gold just a tradition. lolol
Piece of cake.
Your friend Ben Bernanke.
Deja Vu
Can someone answer a question for me---because I think this article is not correct.
Why can't Timmy Turbo Tax Cheat roll maturing debt---as long as he does not issue MORE debt.
For example, if $50 billion of say 3-month bills matures, why can't he issue $50 billion more in 3-month bills (or for that matter any other maturity)?
The net impact would be no net increase in debt.
I concur that Timmy CAN'T issue say $75 billion of new bills but why can't he roll the exact same amount.
I'm guessing it's because the new bill auction would have to happen first to have the money to pay off the old bills.
Priceless!
pbm, you are correct. We just had a roll.
plus they also have to compensate the people for their work, intrest payments etc etc etc
Timmy will make it rain on these hoes.
...and investment banks go to the black.
The global elitist, academic clowns running this freakshow treat our vital institutions like a meth addict's brain treats their body.
It would be simple suicide if it weren't for the fact that they're taking 6.5 billion other people with them down the toilet.
By next week they have to raise it, no wonder Obama and others are in a fast panic. August 2 is a few weeks away, but the July 22 is the one breathing down their necks and that is alot of money to roll over. You can't take money out of federal pension funds to roll that amount of money, no way. This isn't theater in a sense that both sides are just playing, they are trying to go all the way to the line August 1st to see who will blink. And they don't believe the August 2 date at all.
Does the 500 billion include the 200+ billion that Treasury has already looted from the pension funds? I'd assume not.
Nearly a trillion, so now we're talking real money.
The real bang will be how quickly the money will fly out of the treasury. Any trivial increase in the debt ceiling will be spent in the blink of an eye like a crack addict who finds a $20 bill. So, the increase needs to be substantial in order to kick the can into 2012. That won't go over so well given how entrenched the criminals, err politicians, have made themselves over this issue. My guess is they create just enough room to make it to late 1Q2012 or early 2Q.
Homer: Or what? You'll release the dogs? Or the bees? Or the dogs with bees in their mouth and when they bark they shoot bees at you?
Timmay should call lil wayne...he's got cake like errday his birfday
( Details, rounded in trillions, may not add to totals)
Had to fix that for ya TD......Treasury Dept.
If the balance of the G-Fund was $73.3 as of May 31st, is that fund now depleted?
http://www.zerohedge.com/article/quantifying-treasurys-plunder-retirement-accounts-80-billion-between-g-and-csdr-funds-debt-c
Obama does't want debt ceiling agreement, Obama wants opportunity to grab more power.
He wants to declare emergency and raise debt ceiling without congress. That way he can be seen
as hero saving SS recipients from starvation and making sure military families get checks.
All hail Emperor Obama. He save us from Republican congress.
In the last two weeks (July 7 and 14), the Treasury's checking account at the FED has been reduced by $66 bn.
And the FED got the money to cover these checks by borrowing it from the banks in the form of typing an additional $65 bn in reserves.
this confirms my prediction that bank reserves would continue to expand even with the end of QE2.
Again..
From my view they are just trying to get something from their main creditors...
Of course the menace of a default must be credible.