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Watch Paul Ryan Unveil His Draconian Budget Proposal Live

Tyler Durden's picture




 

Time for some more theater: at 10:30 am Eastern Paul Ryan will reveal his budget proposal which sees the US government cutting $650 billion each year over the next 10 years. This simply means that even more stimulus will reside with the Fed, and with monetary policy, which also means that not only is QE3 guaranteed, but so is QE33. Watch Ryan live at the below C-Span link.

And here are two summary compare and contrasts of the proposed budget and that of the president.

 

KeyFactsSummary

 

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Tue, 04/05/2011 - 10:36 | 1136650 gordengeko
gordengeko's picture

QE33 = AGQ 10,000 per share = non existent physical silver.  Get it before it's gone.

Tue, 04/05/2011 - 10:47 | 1136710 Sudden Debt
Sudden Debt's picture

They'll be selling future silver mining option for the year 2120 by then :) 

Tue, 04/05/2011 - 10:48 | 1136728 sheeple
sheeple's picture

"some" gold buyer's view on the budget proposal:

http://finviz.com/futures_charts.ashx?t=GC&p=m5

 

Tue, 04/05/2011 - 11:35 | 1137007 narapoiddyslexia
narapoiddyslexia's picture

I bet there's silver on the Moon. How can I create and sell options to deliver Moon silver? Anyone? 

Tue, 04/05/2011 - 11:41 | 1137059 dark pools of soros
dark pools of soros's picture

truck back some of Titan's methane while we're at it

Tue, 04/05/2011 - 14:49 | 1138054 Salah
Salah's picture

It can never happen; we signed the obscure Outer Space Treaty of 1967 to placate the Soviets' paranoia.  Nobody can do jack-shit on the Moon or any other 'heavenly body', astroids included, because nobody has any property rights.  No reward; why take the risk?

Of course, were the USA to unilaterally withdraw from that treaty (per article 16), and declare national sovereignty on the Moon (the treaty's intended victim all along), and then guarantee property rights there... it'd be a whole different story, huh?  

Why the USA might even be able to incentivize the next economic revolution, if some shit-for-brains DC bureaucrat studied how just such a scenario, called the "Pacific Railraod Act of 1863" was able to put America on a path to 20th century greatness.

Nah, it'd never work, they're a bunch of pantywaist pussies.

 

Tue, 04/05/2011 - 15:06 | 1138135 j0nx
j0nx's picture

Rule of Acquisition 132: Contracts and/or treaties are meant to be broken.

Tue, 04/05/2011 - 10:52 | 1136751 gordengeko
gordengeko's picture

He has to keep printing.  Sellside volume running avg on the weekly chart has turned over 50% to the sellside on spx, spy, sdy and oef.  That hasn't happened since last summer.  It's Ben against the world!lol

Tue, 04/05/2011 - 11:10 | 1136821 SilverRhino
SilverRhino's picture

Shit, Silver's right back up after this morning's raid.  

38.85 now.

 

Edit: DAMN ... spiked to 39.05 in 3 minutes.   Something's getting squirrelly.

Tue, 04/05/2011 - 10:37 | 1136651 TruthInSunshine
TruthInSunshine's picture

-***Breaking News Alert (and Black Flag Event)***-

04-05 10:31: Fed's Dudley says NY Fed, money managers and banks will create swap plan

-***This Has Been A Breaking News Alert (and Black Flag Event)***-

 

Back on topic. Just shut it down. Shut 50% of government operations & expenditures down and let people see life will go on with no significant adverse impact.

We can then get to a more sensible equilibrium, because the formerly easily scared will understand how much waste is built into the system.

Tue, 04/05/2011 - 11:07 | 1136829 dogismyth
dogismyth's picture

of course they will.  they  must secure adequate funding for the perpetual wars on behalf of Israel and the elite of England to continue their world domination.  Sound far-fetched?  Not really.  As soon as the Middle East is secured with bases and troops, then its onward to the big prize: China and perhaps Russia if they do not submit to the plans that the "pharaohs" offer them.  Military operations will not be cut from the budget.  emergency appropriations will continue along with other sleight of hand techniques to make us feel warm and cozy.

They'll continue to slice away at all public programs and safety nets.  yes, i know that many of the programs are enormous.  Of course they are maintained that way purposely so it appears to be an easier task of cutting the fat.  Of course,  we are simply entering a period of serfdom unless of course you are within the inside circle.   Just wait...they'll be coming for the public pensions next and then 401k's will be annexed into the Save Amerika Program.  So while many feel safe that the cuts will not affect them, it is simply the Mouse Trap Parable.  But then again, Americans never really were a cohesive bunch.  They like to pretend to be but when it gets right down to the matter....everyone is out for themselves.  And that is surely reflected in our foreign policies.

Well I could go on and on but I realize its useless to do so among my peers since I have no catchy phrases or jokes to sweep this under the rug.  So I'll leave you with this.

 

http://freedom-school.com/the-mouse-trap-parable.pdf

 

Tue, 04/05/2011 - 11:12 | 1136872 EscapeKey
EscapeKey's picture

That's what I debated Flak yesterday - when they shut down QE2, they will finance the deficit through repo's; PDs pick up treasuries, these are financed back to the Fed through repo's.

This IS John Law territory, no fucking kidding. John Law allowed Mississippi Company equity as collateral for new loans - 80% of which were reinvested in Mississippi Company shares.

This shit doesn't have long to go.

Tue, 04/05/2011 - 11:23 | 1136915 magpie
magpie's picture

Simply classic, EscapeKey.

The USA - always has been a division of Compagnie de l'Ouest.

Tue, 04/05/2011 - 11:55 | 1137163 Flakmeister
Flakmeister's picture

Hey, maybe you and I have become market movers and somebody was reading :)

It will be a summer of discontent, me thinks...

Tue, 04/05/2011 - 13:03 | 1137477 falak pema
falak pema's picture

John Law left indelible memory imprint on France. It ruined its economy. The bubble of Louisiana-Mississippi based on fiat money was so sweet it seduced a generation of middle class. As between king who spent and over-spent and middle class ruined...all that was left were people who sang "give us bread!"...Start sharpening your scythes peasants, citizens, of the land of hope n glory. The dragon bites its tail!

Tue, 04/05/2011 - 14:38 | 1138008 trav7777
trav7777's picture

the whole south seas and other global bubbles in this period are what the EW kooks refer to as a primary wave with what followed, mini depression, global revolutions etc., as the corrective retrace.

The monetary shenanigans in the 1700s were enormous, a lot of macro trends colliding at that time, aristocracies, revolutions, VOC, all of it.

Tue, 04/05/2011 - 14:55 | 1138077 Mr Anderson
Mr Anderson's picture

Sounds alot like today

 

Tue, 04/05/2011 - 14:57 | 1138081 Flakmeister
Flakmeister's picture

Youza.... nibbled any troll lately?

Tue, 04/05/2011 - 10:36 | 1136652 hedgeless_horseman
hedgeless_horseman's picture

I love magic shows.

Tue, 04/05/2011 - 11:14 | 1136881 Bob
Bob's picture

"We've got to get our fiscal house in order for jobs and the economy to grow." 

Can't wait to see him pull those jobs out of his ass once "entitlements" are cut.  Now that's magic. 

Tue, 04/05/2011 - 11:42 | 1137076 dark pools of soros
dark pools of soros's picture

did he ever say those jobs had to be in america???  

Tue, 04/05/2011 - 10:35 | 1136655 Ident 7777 economy
Ident 7777 economy's picture

Ringside seat; thanks Tyler

Tue, 04/05/2011 - 10:38 | 1136662 Roy Bush
Roy Bush's picture

Blah Blah..blah, blah, blah, blah, blah....

The only direction is inflation...more money, more benefits, more stimulus.  It will happen until the engine finally explodes.

Tue, 04/05/2011 - 10:49 | 1136737 Robot Traders Mom
Robot Traders Mom's picture

Bingo! Ryan is a patriot-act neocon fraud. Nothing is going to change. All this does is force people to take a side and solidify the two party system. All part of the master plan...

Maybe when Robot can write a paper on this in his civics class this afternoon.

Tue, 04/05/2011 - 11:11 | 1136858 Josh Randall
Josh Randall's picture

++10

Tue, 04/05/2011 - 11:10 | 1136862 SWRichmond
SWRichmond's picture

It sure looks like the PM markets like the phony-baloney Ryan plan.

Tue, 04/05/2011 - 11:28 | 1136958 Bob
Bob's picture

Silver's gonna break $39 at this rate . . .

Tue, 04/05/2011 - 22:50 | 1139592 StychoKiller
StychoKiller's picture

Done!  $39.18/Toz. at the Crimex close.

Tue, 04/05/2011 - 10:37 | 1136663 EscapeKey
EscapeKey's picture

The wicked bitch will not allow Gold above 1443 it would appear. Gets hammered constantly.

Tue, 04/05/2011 - 11:07 | 1136828 Long-John-Silver
Long-John-Silver's picture

Watch what happens when the hammer handle breaks from overuse.

Tue, 04/05/2011 - 22:52 | 1139598 StychoKiller
StychoKiller's picture

Blythe gets taken out at $1451.10 at the Crimex close!

Tue, 04/05/2011 - 10:37 | 1136665 Rainman
Rainman's picture

....but..but if the goobermint is forced to fire union employees, who will be left to vote for the re-election of the Great Agitator ? This is the most important question. 

Tue, 04/05/2011 - 11:45 | 1137073 RKDS
RKDS's picture

I hope you run a business and alot of your customers are government employees.  Then we'll see who cries like a bitch when public sector payrolls get chopped in half.

Tue, 04/05/2011 - 11:47 | 1137094 dark pools of soros
dark pools of soros's picture

we are all stupid for not starting a chain of Zero Hedge grocery and gold marts.  The SNAP cards print profits and whoever is dumb enough to sell us gold is a bonus

Tue, 04/05/2011 - 12:04 | 1137238 nedwardkelly
nedwardkelly's picture

I hope you run a business and alot of your customers are government employees.  Then we'll see who cries like a bitch when public sector payrolls get chopped in half.

It doesn't matter what you cut, you're always going to find someone that will cry like a bitch. Seems you're suggesting that we shouldn't cut anything lest it upset someone?

Tue, 04/05/2011 - 10:39 | 1136666 Oquities
Oquities's picture

it's really worse than Groucho Marx as the leader of Freedonia in Duck Soup

Tue, 04/05/2011 - 10:39 | 1136667 brian0918
brian0918's picture

Gold just exploded to 1443. What happened?!

Tue, 04/05/2011 - 10:40 | 1136687 dexter_morgan
dexter_morgan's picture

Wow - that's quite a spike there

Tue, 04/05/2011 - 10:55 | 1136758 magpie
magpie's picture

Nothing to see. Uncle Ben completing his after breakfast exercise, whacking King Dollar with a 2x4 on the head.

Tue, 04/05/2011 - 10:40 | 1136671 solgundy
solgundy's picture

get extemely short & vote communist(dem)

Tue, 04/05/2011 - 10:38 | 1136672 Popo
Popo's picture

QE33?  Sorry, but no.  Take a look at any graph of the decreasing marginal return of new capital formation.

QE33 will not happen because it simply won't be effective as a form of stimulus.  That tipping point is already here.   New dollars simply don't have a whole lot of bang for the buck (literally).  

 

Sure, QE3 might happen for political reasons.  But financial reality can't be avoided for more than another round or so...  

 

 

 

Tue, 04/05/2011 - 10:42 | 1136686 EscapeKey
EscapeKey's picture

"capital formation". Now those are words I haven't heard for a long time. Next, you'll tell me savers won't be ripped off in this new paradigm?

Tue, 04/05/2011 - 10:48 | 1136694 Popo
Popo's picture

No I won't.  Savers will get ass raped by inflation, until the engine for inflation can't inflate anymore -- at which point we'll go from supernova to white dwarf.  

QE33 is unquestionably beyond that timeframe.  It won't happen.   We can argue about QE3, and even QE4 (since we don't know how big either will be).  But criticality is getting closer every day, and the marginal return of every newly created dollar is approaching zero.

Tue, 04/05/2011 - 11:12 | 1136874 cxl9
cxl9's picture

The marginal return to whom, exactly? Money printing benefits the guy who owns the press, as well as the early recipients of the fresh cash. Their "return" is nearly infinite, as they create money at essentially zero cost to themselves, paid for by the dilution in value of all the dollars held by others. And why should anyone care about all those dollar-savers anyway? They were the ones dumb enough to trust their wealth to government promises.

Tue, 04/05/2011 - 12:04 | 1137228 MachoMan
MachoMan's picture

If marginal returns are nil, then why would we expect for them to keep their foot on the gas?  If prolonging the charade is the only name of the game, then why would we expect them to keep their foot on the gas?  Further, if a withdrawal (albeit temporary) of "stimulus" is to happen, how many successive rounds of stimulation/withdrawal can we withstand?  There seems to be universal agreement that a continuation of stimulus, in its present course, will sink us fairly soon...  and, likewise, a complete withdrawal would sink us soon...  but, what about a little of both?

Tue, 04/05/2011 - 12:57 | 1137548 falak pema
falak pema's picture

Three major objectives of QE-infinity are : 1° Continued WS assets levitation (avoid collapse/accept gradual downturn). 2° USD devaluation through 'controlled' inflation as reserve currency (nuclear clout makes eviction as reserve NON NEGOTIABLE, acceptable inside a IMF basket, but not OUT of it, alone in cold). 3° Cut back of deficits by reduced budget spending and more competitive economy by creating new growth areas around (INTERNET+ energy renewables). So many balls in the air and no political will to go slim in USA....tough shit ahead! If USA waits too long to expedite diet change, then China/EM balk and all bets are off...we head to WAR!

Go Benocide! Lets see you juggle the balls like Houdini in pin stripes!

Tue, 04/05/2011 - 22:59 | 1139609 StychoKiller
StychoKiller's picture

Have a big, steaming plate of Gridlock in spicy, Cesium-137 sauce!  How about a little "POMO-Ade" to wash it down?

No matter what size cut(s) the Republicons propose, the Decepticrats in the Senate are gonna try to ensure it's stillborn!  Even if the Senate somehow becomes rational, Obamatron will veto it if his darlin' child (ObamaCare) is taken out!  Is it any wonder, then that Au and Ag are using their jetpacks?

Tue, 04/05/2011 - 10:38 | 1136674 Spalding_Smailes
Spalding_Smailes's picture

Viva libertarian's & anarchist .... Limited government letting the white collar crime accelerate ...

 

Golf clap <Sarcasm>

Tue, 04/05/2011 - 11:00 | 1136800 tmosley
tmosley's picture

Good, good, let the butthurt flow through you.

Tue, 04/05/2011 - 12:46 | 1137512 Andy_Jackson_Jihad
Andy_Jackson_Jihad's picture

holy crap you combined snark and starwars on a finance site.  A+

Tue, 04/05/2011 - 11:09 | 1136839 aerojet
aerojet's picture

I would welcome any sort of change that would restore viable entrepreneuership.  We can live with some amount of banker crimes.  What we won't be able to live with is hyperinflation that simply wipes out all wealth creation.

Tue, 04/05/2011 - 11:29 | 1136951 stirners_ghost
stirners_ghost's picture

How quickly would would "white-collar crime" accelerate without:

  1. The protection of legal corporate status (limited personal liability)
  2. Ample opportunity for obfuscation and deception provided by an unfathomable regulatory bureaucracy designed by and for entrenched establishment players to limit competition
  3. Massive liquidity provided by the giant extortion machine

?

If you could legally and personally defend your interests from the likes of Hank Paulson, Jamie Dimon, [insert favorite villain here], without fear of reprisal from the "legitimate" monopoly of force, how boldly would they steal from you?

Tue, 04/05/2011 - 11:32 | 1136999 EscapeKey
EscapeKey's picture

Please explain to us all how a mindset more closely associated with the socialists of today - and NOT the libertarians - built the United States, as you seemed to disappear from the thread yesterday, just as you were about to explain it.

Tue, 04/05/2011 - 10:39 | 1136679 EveningInAmerica
EveningInAmerica's picture

It's not "draconian" enough.

Tue, 04/05/2011 - 11:00 | 1136790 Gamblor
Gamblor's picture

Exactly. If we are lucky, we'll get half of what Ryan wants after we hear 3 months about the children w/o school lunches and the grandmothers who can't afford pills.  Over and over again. 

Tue, 04/05/2011 - 12:05 | 1137252 nedwardkelly
nedwardkelly's picture

If we are lucky

Haha, don't be stupid

 

Tue, 04/05/2011 - 10:39 | 1136681 umop episdn
umop episdn's picture

I can't watch, as I can't afford to get any stupider. I also can't afford to replace my computer or to get the probable cuts on my fist stitched up. Amazed at y'alls tolerance for teh stoopid, I am.

Tue, 04/05/2011 - 10:40 | 1136685 CitizenPete
CitizenPete's picture

Dracular is laughing at the lack of teeth.  They are gumming the budget to death.  Too bad they can't bite each other in the neck and suck their own blood (instead of sucking each others private bits).

Tue, 04/05/2011 - 10:47 | 1136709 ummuhhh...
ummuhhh...'s picture

Bwaney Fwank would be offended

Tue, 04/05/2011 - 10:42 | 1136688 kaiten
kaiten's picture

Empty posturing.

Tue, 04/05/2011 - 11:09 | 1136853 aerojet
aerojet's picture

Any budget that doesn't cut the two giant elephants--Social Security and Medicare, is just bs.  I don't know why you got junked.

Tue, 04/05/2011 - 12:13 | 1137296 Piranhanoia
Piranhanoia's picture

war pimp

Tue, 04/05/2011 - 10:44 | 1136695 Blotsky
Blotsky's picture

I predict that to top all of this off, and actually make this worth our time, Bernanke and Tiny Tim will break out dancing The Charleston on the podium! Otherwise I will be highly disappointed...

Tue, 04/05/2011 - 10:51 | 1136743 Jim in MN
Jim in MN's picture

worth a rerun

http://www.youtube.com/watch?v=Zi4XIt_jUoQ

Natalie Morales and Erin Burnett doing HULA HOOP!!!

Tue, 04/05/2011 - 11:48 | 1137103 MachoMan
MachoMan's picture

How can you ever demand any credibility when you're on a morning show doing hula hoop for christ's sake?  I mean, sure, you have smaller tits than the other bimbos...  which helps...  but, JFC...  at least attempt to make pretend you're something other than obama's water fetcher.

Tue, 04/05/2011 - 10:45 | 1136702 RobotTrader
RobotTrader's picture

Ron Paul will accomplish absolutely nothing.

Why is that?

Nobody, I mean nobody wants to be lectured by the school principal.

Tue, 04/05/2011 - 10:50 | 1136733 Rainman
Rainman's picture

Especially when the lecture is about subtraction, which might as well be advanced calculus to all but 1 in 3 CongressCritters.

Tue, 04/05/2011 - 10:49 | 1136735 Pants McPants
Pants McPants's picture

I think you mean Paul Ryan.

Regardless, point stands.  Nobody wants to hear the bad news.  Huxley was right.

Tue, 04/05/2011 - 11:10 | 1136847 Blotsky
Blotsky's picture

Fairy tales = Ignorance is Strength. Orwell knew it also.

Dont Stop Believin!

Tue, 04/05/2011 - 11:08 | 1136849 Blotsky
Blotsky's picture

Fairy tales = Ignorance is Strength. Orwell knew it also.

Dont Stop Believin!

Tue, 04/05/2011 - 11:09 | 1136852 Blotsky
Blotsky's picture

Fairy tales = Ignorance is Strength. Orwell knew it also.

Dont Stop Believin!

Tue, 04/05/2011 - 23:09 | 1139626 StychoKiller
StychoKiller's picture

Why do you "look" so surprised?

Tue, 04/05/2011 - 11:23 | 1136922 Flakmeister
Flakmeister's picture

+1 for the Huxley reference....

Death by amusement....

Tue, 04/05/2011 - 11:13 | 1136740 baby_BLYTHE
baby_BLYTHE's picture

Obama was the college teacher.

You don't think getting HR1207 through congress, first legislation of its kind in over 97 years was a big deal?

Never before, has the FED been criticized more than they currently are.

Tue, 04/05/2011 - 11:23 | 1136925 lieutenantjohnchard
lieutenantjohnchard's picture

and who knows more about accomplishing nothing than the olde catfish mouth himself, what with his widows and orphans portfolio of utility stocks.

Tue, 04/05/2011 - 10:44 | 1136706 fuu
fuu's picture

We need 4 trillion in cuts each year for 20 years.

Tue, 04/05/2011 - 10:49 | 1136711 Jay Gould Esq.
Jay Gould Esq.'s picture

The squirrely Paul Ryan -- would that be the same rather evasive and Establishment-sounding Paul Ryan who, when questioned on Fox News Sunday regarding Bawlin' John Boehner's backing away from genuine budget austerity in lieu of compromise with The One, haughtily responded, "Well, at least now we are talking about how much to cut, and not how much to spend." $33 billion. A dime left in a pay phone tray, in comparison to the trillions in debt with which both parties have saddled this nation.

Tue, 04/05/2011 - 11:02 | 1136808 Mr. Anonymous
Mr. Anonymous's picture

+ a lot.

Tue, 04/05/2011 - 10:48 | 1136715 I am more equal...
I am more equal than others's picture
Watch Paul Ryan Unveil His Draconian Budget Proposal Live

Draconian has a negative implication.  Words mean things and when used in this fashion pushes people toward their biases.  The Right will say 'oh yeah' and the Left will say 'oh no.' 

I say get off the government tit.  This multi-titted beast needs a mastectomy.  I say, 'oh no, why can't there be more!' End the subsidies to agriculture - do it now while commodity prices are high.  End the Departments of Education and Energy.  Those tits are dry. 

Tue, 04/05/2011 - 11:39 | 1137040 Hansel
Hansel's picture

I think Tyler knows what draconian means, and what putting it in a headline means.  I took it to mean one of the Tyler Durdens likes big government.

Tue, 04/05/2011 - 12:15 | 1137312 Bob
Bob's picture

I thought his sarcasm was quite clear in the word choice.

Tue, 04/05/2011 - 10:48 | 1136718 EveningInAmerica
EveningInAmerica's picture

Seems like the majority of you are saying this is either not going to work so not worth trying, or it's going to be damaging to the economy. So you're all hoping for total collapse because you desperately need to be able to say "I told you so" while you eat your MRE and polish your Kruggerands? Come on. I have shtf plans too, but at least this guy is trying.

Tue, 04/05/2011 - 11:09 | 1136832 Mr. Anonymous
Mr. Anonymous's picture

Give me a break. He ain't trying, he's lying.  He's lying for votes.  If not, why not enact this draconian budget TODAY, rather than merely cutting a measely 33 billion dollar lint ball?  Oh, because this is pure posturing. And , for the politicized, mongoloid Right, that's all that needs to be done to get them a smiling and a beaming and votin and a strokin . . . WTF?  It's 2013, we're back to an entirely Republican government and the deficit bloat continues apace?  Oh, well, guess I'll go back to watching reruns of Sarah Palin's Alaska.  Wake me up when there's another Democrat to hate.

Tue, 04/05/2011 - 12:08 | 1137272 nedwardkelly
nedwardkelly's picture

He's lying for votes.

Flagged as redundant. He's a politician isn't he?

Tue, 04/05/2011 - 12:58 | 1137562 Breaker
Breaker's picture

" If not, why not enact this draconian budget TODAY, rather than merely cutting a measely 33 billion dollar lint ball?"

Of course, the reason it won't be enacted today is that there is not a snowball's chance in heck that 60 senators would vote for it and that Obama would not veto it.

It won't be enacted until there's a political revolution in America. But I see some value in putting it on the table. Someone has to say that it is not impossible to get out of the 1.5 trillion dollar deficit mess we are in. 

I expect Ryan and the Republicans to be destroyed by this--old people in wheelchairs and children with handicaps on the street ads, AARP screaming brochures--SOP times 100.

The folks in the unions and the media will not tolerate cuts 1/10th this large and they have the money and power to destroy anyone who threatens them. (In fact, they will not tolerate cuts at all. In reality, the "horrible" 33 billion in cuts being argued about now are cuts from an INCREASE in federal spending proposed by Obama. Not an actual reduction in the federal budget.)

Tue, 04/05/2011 - 10:49 | 1136726 mdwagner
mdwagner's picture

This is complete crap to distract the partisan idiots from recognizing the real problems.  This is exactly what the banks want so they can kick the disaster can further down the road.

 

The people will vote for a guy like this and the banks will be protected again.  Paul Ryan - voted for TARP, voted against real financial reform, etc.

Tue, 04/05/2011 - 11:10 | 1136863 Jay Gould Esq.
Jay Gould Esq.'s picture

+1

Tue, 04/05/2011 - 11:50 | 1137126 RKDS
RKDS's picture

OK, so which banker boinker junked this?

Tue, 04/05/2011 - 12:09 | 1137282 mdwagner
mdwagner's picture

exactly what I was thinking.

Tue, 04/05/2011 - 10:49 | 1136729 NOTW777
NOTW777's picture

LOL - obamas "cuts" are defined as spending

Tue, 04/05/2011 - 11:35 | 1137009 NOTW777
NOTW777's picture

LOL look at the paid junkers - tell me obama is not a cult

Tue, 04/05/2011 - 12:17 | 1137325 Bob
Bob's picture

You misspelled cunt. But, I'm sorry, I cannot deny his biology. 

Tue, 04/05/2011 - 10:51 | 1136731 Hubbs
Hubbs's picture

Draconian only if cuts are enacted immediately. Naturally, the big cuts can't occur

until AFTER the election. zzzzzzzzzzzzzzzz

Tue, 04/05/2011 - 10:54 | 1136770 hedgeless_horseman
hedgeless_horseman's picture

Check the calendar, folks. 

It is never after the election.

Tue, 04/05/2011 - 12:11 | 1137285 nedwardkelly
nedwardkelly's picture

It is never after the election.

Right, just like there's always free beer tomorrow at the ettamogah pub.

Tue, 04/05/2011 - 10:49 | 1136732 Jim in MN
Jim in MN's picture

Japan:  Honey, I irradiated the shit out of everything.

S Korea:  We may have to do something about the Japanese.

N Korea: (fuming silently)

Saudis: Love us or face $300 oil.

Now this--US Treasury's Geithner says US default on obligations would be "catastrophic"

Who the fuck made this TEOTWAWKI Tuesday?

Tue, 04/05/2011 - 10:51 | 1136734 snowball777
snowball777's picture

"6.2T in cuts"..."4.7T in deficit reduction"..."relative to"...

C'mon...if you're gonna pretend to be fiscally disciplined, then actually do what is necessary and stop couching things in pseudo-positive terms when the deficit spending is still part of the plan.

 

Tue, 04/05/2011 - 11:52 | 1137136 MachoMan
MachoMan's picture

Bingo.  We're like printing less and stuff so it has to be good.

Tue, 04/05/2011 - 10:51 | 1136738 MarkD
MarkD's picture

And it has taken how long and they still can't even cut $50b?

What a frickin joke.

Tue, 04/05/2011 - 10:54 | 1136754 baby_BLYTHE
baby_BLYTHE's picture

The Joke is on the sheeple.

Ben can create 50 billion out of his butt in 2-seconds to hand out to PD buddies

but no... Catfood and assisted suicicde for Grandma and Grandpa.

Tue, 04/05/2011 - 11:51 | 1137122 dark pools of soros
dark pools of soros's picture

catfood aint cheap

Tue, 04/05/2011 - 10:52 | 1136742 Sudden Debt
Sudden Debt's picture

YES!! PEOPLE NEED TO REALISE THAT THESE BUDGET CUTS NEED TO BE MADE NOW AND IN THE COMMING DECADES!!!

bankers need to get their bonusses ;)

 

Tue, 04/05/2011 - 10:51 | 1136745 savagegoose
savagegoose's picture

$1445 , is that some sort of gold record?

i guess  gold market read this as business as usuall

Tue, 04/05/2011 - 10:52 | 1136747 PulauHantu29
PulauHantu29's picture

Gold, Oil, silver and some food....that's all you need to invest in to preserve wealth as Ben gears up for QE3,,,,,XZ-7 ..or whatever he will call it.

Tue, 04/05/2011 - 11:51 | 1137139 dark pools of soros
dark pools of soros's picture

and that's the key - preserve wealth..  so many think they are suppose to get rich with these trades.  Keep your head above water until you can get on some solid footing, somewhere

 

Tue, 04/05/2011 - 10:54 | 1136748 Shameful
Shameful's picture

Yawn.  So agree to future non binding cuts and not touch entitlements, big deal.  It's not like it's a secret that just the entitlement spending sinks the ship.  Good luck Ryan, about all you can hope for is to talk up the dollar for Zimbabwe Ben to take it back down.

Might as well watch him unveil his latest bowel movement live, will impact the end game the same.

Tue, 04/05/2011 - 10:54 | 1136749 Homey Da Clown
Homey Da Clown's picture

I've met Mr. Ryan a few times and he is the real deal. He cannot guarantee that his proposals will ever see the light of day, but I feel it is unwarranted to question his motivation or integrity. IMO, the problem lies not with the new blood in Congress, but the established members on both sides of the aisle that refuse to put the country ahead of their own best interest.

 

Tue, 04/05/2011 - 12:10 | 1137287 dark pools of soros
dark pools of soros's picture

weren't there legions that said this for Obama a few years ago??

Tue, 04/05/2011 - 12:13 | 1137301 nedwardkelly
nedwardkelly's picture

problem lies not with the new blood in Congress, but the established members on both sides

The problem liest with the system. How long until the new blood is just like the old blood? Do you think the old blood campaigned on maintaining the status quo? Of course they didn't, but look at where we are.

Tue, 04/05/2011 - 10:54 | 1136756 ExpendableOne
ExpendableOne's picture

Pelosi had complete control of the house and could not be bothered to produce a budget.  Now a year later we are still running on continuing resolutions.  What's the chance of this getting anywhere near a vote?  Let's go for the shutdown.  Layoff the congressional security, drivers, cooks, secretaries, staff, etc.  Close all the government run golf courses and tell these clowns to actually do their jobs for a change.

Tue, 04/05/2011 - 12:12 | 1137294 dark pools of soros
dark pools of soros's picture

they are doing their job - you forget who they work for

Tue, 04/05/2011 - 12:13 | 1137314 nedwardkelly
nedwardkelly's picture

Now a year later we are still running on continuing resolutions.

This should be the main point, this whole thing is a complete farce. How can anyone keep a straight face and explain that the budget process isn't a completel farce when the government ticks along so merrily when there is actually no budget in place? They're debating the budget that we're supposed to already be following... What's the f'ing point? It's like my wife and I talking about how we should spend our money in 2007.

Tue, 04/05/2011 - 10:53 | 1136760 Cdad
Cdad's picture

Hat Tip congressman Ryan.  In some measure, you are making up what you lost when Ben Bernanke last sat before you for for questioning.

The issue at your hands, of course, is the only one that matters just now.

 

Tue, 04/05/2011 - 10:55 | 1136763 Pants McPants
Pants McPants's picture

What a joke this guy is.  Paul Ryan (from wiki):

 

- In 2008, Ryan voted for TARP, the Wall Street bailout that precipitated the Tea Party, and the bailout of GM and Chrysler.[10]

Tue, 04/05/2011 - 10:55 | 1136778 baby_BLYTHE
baby_BLYTHE's picture

yep, just another Fascist with a pretty face.

Ron Paul 2012!

Tue, 04/05/2011 - 10:53 | 1136767 The Answer Is 42
The Answer Is 42's picture

I say let's shut the fucking gov down for a month. Lower deficit, lower commods, stronger dollar, world peace -- what's the downside?

Tue, 04/05/2011 - 10:59 | 1136799 Agent P
Agent P's picture

That they come back in a month.

Tue, 04/05/2011 - 11:19 | 1136896 Circlehook
Circlehook's picture

EXACTLY!!!!!

Tue, 04/05/2011 - 12:14 | 1137320 nedwardkelly
nedwardkelly's picture

+1

Tue, 04/05/2011 - 10:54 | 1136769 DonnieD
DonnieD's picture

So if I read this correctly they are only cutting 78billion over 10 years from the Dept. of War?

Tue, 04/05/2011 - 11:02 | 1136810 ZakuKommander
ZakuKommander's picture

And costs of actual wars often don't get included in the budget.  LOL.

Tue, 04/05/2011 - 10:55 | 1136779 Widowmaker
Widowmaker's picture

Unless this flake starts with a zero-based modeling he's full of shit and nothing but. 

 

Tomorrow, tomorrow, not today;

All the lazy Congress say.

Tue, 04/05/2011 - 10:57 | 1136780 TradingJoe
TradingJoe's picture

can't wait to watch from a secure distance(Zurich) how this US of A will IMPLODE! A new financial holocaust will ensue and a Mad Max style "society" will be the "new norm", kill to survive! WOW and still no one gives a shit, they all watch tv and munch McShit while the looting continues unabated!

Tue, 04/05/2011 - 10:56 | 1136782 Dick Darlington
Dick Darlington's picture

Tiny Tim on the wires. Man that dude is delirious...

04-05 10:51: US Treasury's Geithner says deficit cuts shouldn't hurt US economic growth
Tue, 04/05/2011 - 10:58 | 1136785 savagegoose
savagegoose's picture

good luck

Tue, 04/05/2011 - 11:02 | 1136801 Ident 7777 economy
Ident 7777 economy's picture

"Lower the tax rate and broaden the tax base" ... anybody else catching this?

 

Tue, 04/05/2011 - 12:20 | 1137353 dark pools of soros
dark pools of soros's picture

so they going to tax how much of people's SNAP cards?? 

Tue, 04/05/2011 - 11:02 | 1136804 Herman Strandsc...
Herman Strandschnecke's picture

They should repay the debt and the interest with tokens like slot machines have. Sorted.

Tue, 04/05/2011 - 11:04 | 1136812 baby_BLYTHE
baby_BLYTHE's picture

Write off the debt. Don't pay a penny of it back!

We don't owe the FED a thing.

Tue, 04/05/2011 - 11:13 | 1136868 dogismyth
dogismyth's picture

you are deliciously correct!  They will not get a penny from me.  Of course, I have very little to lose from a materialistic standpoint.

Tue, 04/05/2011 - 11:07 | 1136830 SDRII
SDRII's picture

Higher oil = more petrodollars = Treasury buyer post event horizon - see problem solved

Tue, 04/05/2011 - 11:05 | 1136831 AboutAverage
AboutAverage's picture

This is very poor theater at best.  You ever hear of an executive VETO!  I watched for 1 minute then laughed and turned it off.

With the exception of Ron Paul (which the GOP/DNC machine will never let happen), then if the GOP gets in there in 2012, you will just see more of the same.  blah, blah, blah,  These stooges are all the same.  This is the contract with america lie of the late 90s.  These goons play the same games on the sheeple.  Ridiculous.

 

Tue, 04/05/2011 - 11:09 | 1136840 linrom
linrom's picture
  • 25% Tax Top bracket
  • 4%  unemployment by 2015

Trickle down theory, again. More promises. We're supposed to be swimming in dough according to budgets submitted by Bush.

Tue, 04/05/2011 - 11:10 | 1136846 High Plains Drifter
High Plains Drifter's picture

they are going to balance the cuts on the backs of the poor and the old and of course the military industrial complex will come out unscathed. i am sick of these bastards. sick of them all.  they have been weighed in the balances and found to be wanting. 

Tue, 04/05/2011 - 11:15 | 1136885 Lord Peter Pipsqueak
Lord Peter Pipsqueak's picture

"QE33 is unquestionably beyond that timeframe.  It won't happen.   We can argue about QE3, and even QE4 (since we don't know how big either will be).  But criticality is getting closer every day, and the marginal return of every newly created dollar is approaching zero."

Popo,you write as if Bernanke or Timmah give a f**k that every new electronically created dollar has a diminishing stimulus on the economy,they dont!!!All they are trying to do is kick the can down the road,hope something happens to turn the economy around(they don't know what the "something" is) and in the process,protect the banks from the economic realities of insolvency and ensure the Fed retains its stranglehold on Washington and the US economy as awhole,nothing else matters -got that?

Tue, 04/05/2011 - 11:19 | 1136904 Catullus
Catullus's picture

Look, the fed will have completed their monetization of the entire treasury bond complex by then, so the interest payments will be remitted back to the treasury as "profits" from the Fed. And so all net cash flows from entitlement programs will be minted at the fed. You know the question "If they can just print the money, why bother paying taxes at all?" this is it.

Revile in the insanity!

Tue, 04/05/2011 - 11:21 | 1136905 earnulf
earnulf's picture

This year we will spend 3.7 Trillion and take in around 2.2 Trillion, producing a yearly deficit of about 1.5 trillion.    Even if you cut everything by 10% and freeze spending, you only save 370 billion dollars.   And the Republicans are patting themselves on the back by talking about saving 100 billion a year.

At the current interest rates on the national debt, the cost to service that debt is over 400 billion dollars.

If you cut 10% next year and raised all forms of income by 10% you would still have a projected yearly deficit of 910 billion dollars.   Do the same the following year and providing you avoided a revolution, your deficit would be only 335 billion dollars.   By 2014, assuming another 10% both ways, would finally get you to a yearly surplus.

Of course that is assuming you can freeze spending for three years, the economy could actually grow on it's own, world peace would break out, religions would wage wars with words, not explosives and hell itself would experience a significant cold spell.

Theater of the absurd

Tue, 04/05/2011 - 11:30 | 1136971 magpie
magpie's picture

Bullish for the Euro !

Guess we reach 1.44 after the failed auction tomorrow.

Tue, 04/05/2011 - 15:59 | 1138350 Hephasteus
Hephasteus's picture

They'll do like everyone else. Print euro's with german serial numbers.

Tue, 04/05/2011 - 11:23 | 1136914 Homey Da Clown
Homey Da Clown's picture

And as usual Pelosi chimes in with her usual hyperbole and class warfare bile.

 

Tue, 04/05/2011 - 11:24 | 1136921 Tense INDIAN
Tense INDIAN's picture

they want the dollar dead..they have planned it....so they WILL do QE3,4,5---

the FED will also inflate the whole world

Tue, 04/05/2011 - 11:25 | 1136933 AldoHux_IV
AldoHux_IV's picture

All this talk (much like self-improvement) is masturbation-- end the fucking fed, fire Geithner, reform the treasury, and fucking get these bastards out of congress and replace them with college undergrads (non ivy league) as they have a higher percentage of being altrusitic and not tainted by the ugliness that has become our democratic process.  And if undergrads don't work, I'd rather see 4th graders running our country than these assholes.

Tue, 04/05/2011 - 12:15 | 1137316 samsara
samsara's picture

You can edit your multiple posts and change most to "Dup"

Tue, 04/05/2011 - 11:27 | 1136940 AldoHux_IV
AldoHux_IV's picture

All this talk (much like self-improvement) is masturbation-- end the fucking fed, fire Geithner, reform the treasury, and fucking get these bastards out of congress and replace them with college undergrads (non ivy league) as they have a higher percentage of being altruistic and not tainted by the ugliness that has become our democratic process.  And if undergrads don't work, I'd rather see 4th graders running our country than these assholes.

Tue, 04/05/2011 - 11:30 | 1136957 AldoHux_IV
AldoHux_IV's picture

All this talk (much like self-improvement) is masturbation-- end the fucking fed, fire Geithner, reform the treasury, and fucking get these bastards out of congress and replace them with college undergrads (non ivy league) as they have a higher percentage of being altruistic and not tainted by the ugliness that has become our democratic process.  And if undergrads don't work, I'd rather see 4th graders running our country than these assholes.

Tue, 04/05/2011 - 11:30 | 1136972 AldoHux_IV
AldoHux_IV's picture

All this talk (much like self-improvement) is masturbation-- end the fucking fed, fire Geithner, reform the treasury, and fucking get these bastards out of congress and replace them with college undergrads (non ivy league) as they have a higher percentage of being altruistic and not tainted by the ugliness that has become our democratic process.  And if undergrads don't work, I'd rather see 4th graders running our country than these assholes.

Tue, 04/05/2011 - 11:31 | 1136980 AldoHux_IV
AldoHux_IV's picture

All this talk (much like self-improvement) is masturbation-- end the fucking fed, fire Geithner, reform the treasury, and fucking get these bastards out of congress and replace them with college undergrads (non ivy league) as they have a higher percentage of being altruistic and not tainted by the ugliness that has become our democratic process.  And if undergrads don't work, I'd rather see 4th graders running our country than these assholes.

Tue, 04/05/2011 - 11:49 | 1137110 hardcleareye
hardcleareye's picture

In the words of John Wayne, "Life's tough, it's even tougher if your stupid."

Vulgar, ignorant, uneducated and proud of it...  History has shown that your logic leads to a county run by a demagogue (but of course not being the product of a quality higher education, you would be unaware that). 

Jeff Beck for President (a man who is not college educated and seems to meet your criteria)<sarcasm>

Tue, 04/05/2011 - 12:18 | 1137330 nedwardkelly
nedwardkelly's picture

"Life's tough, it's even tougher if your stupid."

Love it :)

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