US Treasury: Winning The Future, One Math Failure At A Time

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Wed, 05/11/2011 - 16:19 | 1264800 NOTW777
NOTW777's picture

eubonics

Wed, 05/11/2011 - 16:26 | 1264840 Idiot Savant
Idiot Savant's picture

What does your comment have to do with the topic at hand? Newsflash - it's WHITE guys that have bankrupted our country and looted the treasury.

Prejudice and ignorance, one is never far behind the other.

Wed, 05/11/2011 - 16:29 | 1264879 Tortfeasor
Tortfeasor's picture

I'm thinking he meant EUropean EUbonics, not Ubonics as in black-speak.

Wed, 05/11/2011 - 17:07 | 1265094 Gene Parmesan
Gene Parmesan's picture

Ebonics?

Wed, 05/11/2011 - 19:47 | 1265812 D.O.D.
D.O.D.'s picture

It'z I-BONIX, damn pale face get it str8...

Wed, 05/11/2011 - 22:54 | 1266345 chumbawamba
chumbawamba's picture

Perhaps he was thinking of eugenics?

http://answers.yahoo.com/question/index?qid=20060715094317AAcmeTf

I am Chumbawamba.

Wed, 05/11/2011 - 17:09 | 1265093 tekhneek
tekhneek's picture

YEAH! WHITE ... PEOPLE!

DAMN... WHITE PEOPLE!

wtf kind of shit is that? I'm white, and I don't give a fuck about your comment because racism has no context and if you're implying white people are solely responsible for the mess this country's in you're as ignorant as they come.

Wed, 05/11/2011 - 17:27 | 1265207 Sudden Debt
Sudden Debt's picture

Give the man a break and let him be right.

 

Don't we blame black people for almost every crime in the world? and aids?

 

look at it like this : we're even now.

Wed, 05/11/2011 - 20:01 | 1265847 NOTW777
NOTW777's picture

calm down - it was a simple sarcastic poke at the low standards of the fed, treas. and this admin - across the board.  you know like obiden - we have to spend more to get out of debt.  the adoring MSM always gives them a pass and we hear all the time how brilliant these harvard people are.  for a time there was a push to actually promote and teach eubonics in school.

 

Wed, 05/11/2011 - 20:16 | 1265906 NOTW777
NOTW777's picture

btw IS - you re just like obama. YOU play the race card and then you accuse others of being racist

Wed, 05/11/2011 - 22:23 | 1266259 SilverFish
SilverFish's picture

Think you need to remove the "Savant" part from your name.

Wed, 05/11/2011 - 16:29 | 1264860 nope-1004
nope-1004's picture

"Debt ceiling" has such a negative tone to it.

If your house was flooded and it reached the ceiling, is that good?

When you yell at your kids and need to come down off the ceiling, is that good?

We should call it a "credit binge", because binging and indulging is more publicly acceptable and doesn't stipulate an upper limit to the insanity.

 

Wed, 05/11/2011 - 16:39 | 1264923 tgatliff
tgatliff's picture

Well if we are going down this road...

Yes, maybe something more like a "binge offering"... Perfect... The government has too much BO and needs to reduce it...  Much better!!

 

 

Wed, 05/11/2011 - 16:38 | 1264936 MarketTruth
MarketTruth's picture

The roof
The roof
The roof is on fire...

Wed, 05/11/2011 - 17:12 | 1265125 Overflow-admin
Overflow-admin's picture

We don't need no water let the motherfucker burn

Burn, Motherfucker! BURN!

Wed, 05/11/2011 - 17:31 | 1265227 Sudden Debt
Sudden Debt's picture

Row Row Row the boat, slowly down the waterfall

MERELY MERELY MERELY

Life isn't a dream!

OH YEAH MOTHERFUCKERS, THIS IS VERY REAL!!

 

 

I do love singing... :)

 

Thu, 05/12/2011 - 22:24 | 1270547 Soul Train
Soul Train's picture

By George, that sure could be Ben B. in the band.

yep, take at look at 3:46

http://obamadollar.com/Ben-Bernanke-Mr-Fantasy.jpg

full video  http://www.youtube.com/watch?v=7_nwbTeIN4Y

For sure, the words are right.

Dear Mr. Fantasy, play us a tune
Something to make us all happy
Do anything to take us out of this blue

Sing a song, play guitar, print it snappy



You are the one who can make us all glad
But doing that, you break down in tears
Please don't be sad, if it was a straight life you had
We wouldn't have known you all these years

Wed, 05/11/2011 - 17:36 | 1265264 jblack010
jblack010's picture

No problem...I stored enough wood in the attic to build a new house

Wed, 05/11/2011 - 22:04 | 1266193 Creed
Creed's picture

almost George Carlinesque there nope, keep working on it :)

Thu, 05/12/2011 - 21:34 | 1270416 Soul Train
Soul Train's picture

What's the problem? Really. Does anybody expect the Federal Government to EVER get it right again???

Let's go ahead and max debt out.

The quicker we can blow the dollar, the quicker we can get our troops home, quit fighting foreign wars, and get back to the gold and or silver standard, AND GET THE FEDERAL GOVERNMENT OFF OUR BACKS AND OUT OF OUR LIVES.

That's the way it was intended to be. Back to the States. Bye bye Fed.

Wed, 05/11/2011 - 16:35 | 1264919 Clorox Cowboy
Clorox Cowboy's picture

Tyler, I'm pretty much a novice at deciphering these statements...could we have an article devoted to explaining the math underlying the upcoming breach and what Treasury proposes to do about it?  I haven't been able to find a clear description of the "extraordinary measures" that will get us to August 2nd.

Wed, 05/11/2011 - 16:51 | 1265006 oogs66
oogs66's picture

http://www.treasury.gov/connect/blog/Documents/FINAL%20Debt%20Limit%20Letter%2005-02-2011%20Boehner.pdf

here is his letter, I'm trying to figure out what the heck it means, but looks like he will be a busy man on the 16th invoking some arcane rules

Wed, 05/11/2011 - 17:05 | 1265080 oogs66
oogs66's picture

"If Congress does not increase the debt limit by May 16, the Treasury Department will be force to employ further extraordinary measures on that date to provide the headroom under the limit.  Therefore, on May 16, I will (1) declare a "debt issuance suspension period" under the statute governing the Civil Service Retirement and Disability Fund, permitting us to redeem existing Treasury securities held by that fund as investments, and to suspend the issuance of new Treasury securities to that fund as investments and (2) suspend the daily reinvestment of Treasury securities held as investments by the Government Securities Investment Fund of the Federal Employee's Retirement System Thrift Savings Plan.  (under the law, the Federal employees are protected by a requirement that both funds be made whole after a debt limit increase is enacted.)"

 

Am I the only one that is scared that he used the word headroom?  Or that the word investment is used more than debt or reduction in a section describing how we avoid breaching the ceiling? 

For the Federal employees, what do he mean?  My initial interpretation is that they come to re-invest in new treasuries, he says no but doesn't give them money for the maturing issues.  the next day they come back with even more money to reinvest.  again he says no and doesn't give them cash, until after the debt ceiling is raised, all this rolling default is turned back into debt? 

It seems like they basically default on what they owe to this savings plan until they increase the debt ceiling?   Is that crazy?  is that right?

I can't even figure out what the Civil Service Retirement and Disability Fund will do?  I assume they don't get paid though on existing debt that matures?  they just get some IOU that doesn't count against the limit?

Wed, 05/11/2011 - 17:22 | 1265183 Tortfeasor
Tortfeasor's picture

I think it looks like this:

Certain inflows to treasury are supposed to go to retirement and disability funds.  Treasury has been taking that money and issuing IOUs (in the form of debt).  Treasury will continue to take those funds, but won't issue the IOUs.  At least not immediately.  The IOUs will be written once the debt ceiling has been officially raised.

We've been stealing from those funds in the past, but at least noting the debt.  Now, no noting of debt.

He better hope that's a hell of a lot of inflows, because they have to make up for several dozen $billion dollars.

Wed, 05/11/2011 - 17:35 | 1265272 oogs66
oogs66's picture

so basically we will just not issue iou's that we are supposed to until we have a new debt ceiling, and in the meantime, although we recognize that we didn't issue iou's that we were suppossed to, they don't count as iou's? 

Wed, 05/11/2011 - 17:24 | 1265210 Da55id
Da55id's picture

It means that the govt will use the TSP G fund as if it was its own cash and temporarily cease paying interest on those funds. Once the ceiling is raised, historically, the funds are put back and interest is paid in arrears.

 

However, during the post limit excursion, employees cannot retrieve their funds, since they are being used by Treasury. This is not an issue for the vast majority of govt employees unless the excursion is extensive in time.

Wed, 05/11/2011 - 17:42 | 1265314 Helmholtz Watson
Helmholtz Watson's picture

"Am I the only one that is scared that he used the word headroom?"

Don't worry, he meant to say:

"...the Treasury Department will be force to employ further extraordinary measures on that date to provide the lebensraum...."


Thu, 05/12/2011 - 04:07 | 1266840 Island_Dweller
Island_Dweller's picture

had to look that one up...

http://en.wikipedia.org/wiki/Lebensraum

Wed, 05/11/2011 - 17:30 | 1265235 Dr. No
Dr. No's picture

Extraordianry measures would mean not spending money.  Believe me, for a government, that is unheard of!

Wed, 05/11/2011 - 16:17 | 1264806 Franken_Stein
Franken_Stein's picture

 

The intergalactic hitchhiker's guide in cases like this advises: DON'T PANIC.

 

Wed, 05/11/2011 - 16:18 | 1264810 -Michelle-
-Michelle-'s picture

Right, but the ultimate answer is 42, not 42,000,000,000.

Wed, 05/11/2011 - 16:24 | 1264858 JustPrintMoreDuh
JustPrintMoreDuh's picture

I think you left off a few 0's

Wed, 05/11/2011 - 16:33 | 1264890 Cognitive Dissonance
Cognitive Dissonance's picture

I hope this is the intergalactic refrigerator light that sends the cockroaches scurrying. One can always hope.

Michelle, get me a beer while you're in there, OK?

Wed, 05/11/2011 - 23:45 | 1266478 Yen Cross
Yen Cross's picture

That damn monkey would drop it. Then I would have to deal with Timmay all over me!

Wed, 05/11/2011 - 17:30 | 1265232 FortyTwoIsTheAnswer
FortyTwoIsTheAnswer's picture

Agreed.  :-)

Wed, 05/11/2011 - 20:37 | 1265981 BlackholeDivestment
BlackholeDivestment's picture

http://www.youtube.com/watch?v=6tWLffi-XUg&feature=related ...the Hitchhiker stood by the side of the road and level his thumb in the calm calculus of reason: 

(42)ZIRP=Cygnus X1 http://www.youtube.com/watch?v=cJzV0_SaV-k

Wed, 05/11/2011 - 16:27 | 1264859 cowdiddly
cowdiddly's picture

I prefer: So long and thanks for all the fish

Wed, 05/11/2011 - 16:25 | 1264863 Sudden Debt
Sudden Debt's picture

That is à good book :)

It was pretty popular when i was young. I wonder if todays kids ever heard of it.

Wed, 05/11/2011 - 16:32 | 1264884 Cursive
Cursive's picture

Why panic? These things ALWAYS take care of themself and the Treserve is fully on top of this. I hope all Americans did their patriotic duty and bought today's dip.

Wed, 05/11/2011 - 17:04 | 1265088 Rhone_Ranger
Rhone_Ranger's picture

Send Timmie down to wall street with a bell and a bucket?

Wed, 05/11/2011 - 16:17 | 1264808 firstdivision
firstdivision's picture

Debt ceiling = X/0

Wed, 05/11/2011 - 16:32 | 1264901 HoofHearted
HoofHearted's picture

Dude, I've totally got this. We just got this offer from JP Morgan Sucks that will allow us to transfer any balance with no interest for the first 12 months. There's that pesky 3% fee, but what could 3% of $15 trillion be. Really? Oh shit. Well, do it anyhow. We'll have 12 more months to figure it out then.

Wed, 05/11/2011 - 16:19 | 1264818 FunkyMonkeyBoy
FunkyMonkeyBoy's picture

** Breaking **

Obama to sell Osama death pics to highest bidder to help raise funds: Starting bid $1trillion.

Wed, 05/11/2011 - 16:37 | 1264850 hambone
hambone's picture

***JUST IN***

We have a winner...apparently in a bold "bid" initiated by their representatives (at their behest), American taxpayers have "won" the pictures (which will be safeguarded for them in a vault deep in the Pentagon) for the tidy sum of infinite fiat liability.  Congratulations Sheeple!!!

***This "success" and ultimate "saftey" from dangerous bearded scary men who boldly attack w/ box cutters make the sheeples debt servitude seem so much more palatable.

Wed, 05/11/2011 - 16:37 | 1264930 Auricle of Omaha
Auricle of Omaha's picture

Why sell them? Just put them on the balance sheet...

Wed, 05/11/2011 - 16:40 | 1264948 ssp2s
ssp2s's picture

priceless.  and that is exactly how they'd mark them.

Wed, 05/11/2011 - 16:20 | 1264821 Cdad
Cdad's picture

I'm sure the MSM will get right on this story...right after they mention what went down today in Greece.

Wed, 05/11/2011 - 17:34 | 1265260 Mentaliusanything
Mentaliusanything's picture

Greece was nasty but Spains economic figures gave it that sinking feeling. Personal income tax receipts are down 19.4% Corporate income tax receipts are down 42.7% VAT collection is down 22.4% Excise tax receipts are down 40%. 

Winning!

Wed, 05/11/2011 - 16:20 | 1264822 sabra1
sabra1's picture

good time to take over the 401ks'!

Wed, 05/11/2011 - 16:24 | 1264852 SokPOTUS
SokPOTUS's picture

G-Fund raid first - don't even need to break the law to do that one...

...all your Bureaucrat Pensions are belong to us!

 

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