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Throw the bums out!
The bumbling fools in D.C. have done it again. They’ve screwed us all one more time. The low rent morons who are running the show have kicked the can down the road for (get this) two months.
On Saturday the Senate agreed to a bill that would A) extend unemployment benefits B) extend the 2% payroll tax deduction and C) delay a cut in Medicare reimbursement rates. The deciders agreed to do all the extending, delaying and pretending for two lousy months. In other words, Congress will be back at it over these critical issues in less than six weeks.
There have been dozens of articles from smart people connecting the dots between the uncertain tax policies business’s face and their reluctance to hire more workers. I’ve heard Pols from both sides say the same. It’s true. But the best that Washington can do is move the ball forward by 59 days; disgraceful.
The two-month extension amounts to $33b that will be retained in the economy. I would not be surprised if the benefit of the stimulus will be lost by the continued uncertainty that is being caused by D.C. What has been “accomplished” is just a loss.
The bright guys who came up with the plan have a mechanism to pay for it. They’re going to charge homeowners a new fee for the next ten years. If you get a mortgage from one of the federal agencies (90% of mtg. market) you’ll pay an extra price. It only comes to $15 a month if your mortgage is less than $220k. But if you live on either coast or in any big city, the cost of housing will force you to pay a bigger price. $45-50 a month is a more realistic way to consider the implications. What’s an extra $600 a year? It’s just another nail in the coffin for housing.
By far and away the weakest link in the economy is housing. There is not much that can be done about it. It takes time and there will be pain. But there is no excuse for congress to force homeowners to absorb the full cost of the stimulus. The legislation results in mortgagors directly subsidizing doctor's Medicare reimbursement rates! How stupid is that? What are these people thinking of? This is terrible economic policy, and every legislator who signs the Bill, knows that fact.
The problem with the legislative process in this case was the side deals that got included in the horse-trading. This time the issue was the Keystone XL pipeline. The Republicans wanted it; the Democrats opposed it. Why does the fate of the pipeline have to be tied to the fate of important economic legislation? Why can’t we have an up and down vote on issues? The Deciders lumped these two divergent considerations together and in the process shot us in the foot. We end up with another stopgap measure and few weeks before we have to do it all over. My Senator, Chucky Boy Schumer (D-N.Y.) had this to say about the conflict that is sure to come in February:
“It’s a fight we welcome”
These clowns love this stuff. It has nothing to do with the right choices; it’s about the next election. They don’t give a damn about the country or it’s citizens. It’s about keeping their powerful jobs.
I know whom I’m voting for in the next election. I’m voting against anyone that is currently “in”. I don’t care what stripe they wear. I want the other guy/gal. I’m going to vote against Chuck Schumer and all the other "ins". I want to send a message to every damn one of them. The ones who have their hands on any levers today; are no longer wanted.
Some will argue that I’m being irrational. That if enough voters thought as I do all the folks who now run governments would be out, and a crop of new ones, who didn’t know where the bathroom was, would take over. I don’t care. We can’t do worse than the current lot.
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There is no need to rig the elections whatsoever. The real owners of this country have plentiful of replacement candidates. More of the Hopey Changey type - you know...With each new elections, Americans get more screwed regardless of on whom they vote. Just like the Soviet Union - oh sorry it is Russia now.
concept of nation-state has been overtaken by multinationals and world government organizations like G20, UN, IMF, etc.
Any wonder US is not the only ones experiencing high unemployment and rotten housing market? How could that be? Because the world is governed and economic policies are made at the global level.
Globalism = when things are going well, the whole world does well. When things go bad, there is no where to turn to.
Just like banks who merged and became TBTF entities. World government is failing and it is TBTF. IF you are middle class, there is no where to turn to.
Europe fucked for a long time
US fucked for a long time
Africa exploited as usual by superpowers
China going to be fucked
Russia run by mobs
China, India ... you want to compete with BILLIONS?
I'm angry too. I wish they would eliminate deductions for interest and taxes on real estate altogether. I wish we could neuter the MIC.
Bruce,
You are angry. Anger is the proper and correct response when one is getting robbed. I am angry.
The ZH community can appreciate it as they are awake. The approach to be taken with the sheeple must be quite different if it is to be effective. I am gradually beginning to learn this.
BTW, Schumer absolutely sucks! (Damn, there I go again).
Hang the bitchezz . Enough crap and holding Americans hostage. Time to hang the politicnas and their families.
under new legislation, you can be locked up as an enemy combatant indefintley without council for this type of statement...... careful what you say these days
Take LEO's cock out of your mouth and stand up for your country and your people!!! Don't be scared. There are plenty of bullets for all of them!!!
if you actually want to do something, it might be better to just do it, rather than saying it and then not getting the opportunity..............
And pike their heads along our shores.
Politicians live for confusion, controversy and conflict (sidenote: everything in the world can be explained by words that begin with the letter C, usually in groups of 3). If there is no confusion, controversy or conflict, they will create it to give themselves something to do. Have you noticed, there's always a problem that needs a fix. The need to pay for the "deficit" created by extending the payroll tax cuts is a joke. Hello, congress people, the annual federal deficit is over a trillion dollars. How about addressing that deficit.
I keep tellin' you guys, this doesn't get "decided" by a vote at the ballot box, it is when the "well armed sheep" wake up and "contest the vote".
These people will have to die, or have the fear of GOD put back into them, they will not leave willingly and will continue the same bullshit. Only when their self interest benefits from leaving over staying will they actually leave. The only three motivations I can see with these lowest 10 percent of the class running things is money, jail time or assault and loss of life. Otherwise they are going NOWHERE, they stay where they get money, power, and isolation from prosecution. The biggest sideshow that illustrates why I am right is Jon Corzine. Whey the hell is that prick not in jail? We have laws, he broke them, perjured himself in front of congress, and on top of it all is a a lousy capitalist/ businessman.
To break the cycle, the "bad businessmen" need to go broke, and "loose" because of the stupid risks they took, not get bailed out. As long as we continue with QE infinity for whatever numbskull-ed reasoning, in makes no "capitalistic" sense. It might be consider making "economic sense" in a Keynesian way, but dopes not reflect true "supply demand--risk/reward" capitalism.
Dragging these idiots into the street and ending their effect on the citizens at large AND those NOT YET BORN, is rapidly becoming a duty and a task that "needs to be done" for all the reasons that Bruce has listed.
However, many think this type of thinking as irrational, it is in fact quite "rational" when bad people come to you you reject them because they are a) evil, b) going to steal from you, or c) going to assault or kill you or one you are responsible for. TOO MANY PEOPLE ignore this plain fact that our main "inalienable right" is for self protection and self preservation. And it IS the AMERICAN WAY to GO DOWN SHOOTING at Bad people or forces of evil.
There's your line.... and if you continue to ignore...
Here's your sign:
http://www.youtube.com/watch?v=uybVAlzrWPY
http://economicedge.blogspot.com/2011/12/open-thread-1216-no-honor-in-th...
http://www.youtube.com/watch?feature=player_embedded&v=zV0pl9yiURY
Corzine has some $300million that came from public pockets in the form of the Goldman-Sachs IPO; his fine should be $300million. This is actually doable. This is exactly the language they understand; do this and you will see a whole new generation of very careful and responsible bankers and CEO's.
No. RICO would apply, his fine should be tripled.
When the people are afraid of their government there is tyranny.
When the government is afraid of the people there is freedom.
Thomas Jefferson (paraphrased)
Oligarchy (from Greek, oligarkhía[1]) is a form of power structure in which power effectively rests with an elite class distinguished by royalty, wealth, family ties, commercial, and/or military legitimacy. Let us hope the coming storm does not mirror France in 1789. Or not. . . . . .
Ninety-three Bitchez !
props to Victor Hugo.
It is very hard to vote out someone when the election(s) are rigged.
Just ask Putin.
A la Nixon: "Get those bumsssss!" LMAO
Politics is the distraction.
Our politicians on both sides, 98%, are bought by corporations and lobbies. The Supine Court gave it's rubber stamp of judicial hegemony to it not too long ago.
The Supine Court also gave corporations the right to take individual property in collusion with a municipality simply to increase tax revenues (KELO vs. City of New London).
Police are breaking down doors without warrants and using excessive force without cause.
Drones, microwaves, and sonic weapons are being used domestically, and units of the Armed Forces have been designated for the "control" of citizens (civilians). Bill passed this week allows for indefinite detention of "domestic terrorists" (anyone).
What is left is the illusion of freedom, the ghost of Liberty, the skeleton of Uncle Sam.
Here, here!
Not signed into law yet.
It's just a formality, they will use as if it was...
Bruce, have you been holding out on us? You voted for Schumer in past elections? And only now the stench from Washington is so bad that you will no longer vote for him? You probably voted for Obama too. OMFG.
Relax. I'm "reformed" I wrote about my vote 11/10. I reread it. It was long...
http://brucekrasting.blogspot.com/2010/10/my-vote.html
I said back then:
"this year I am going to vote with my feet"
I made predictions about what the 2010 bi-elections would mean. I got some of them right:
-I am forecasting a blowout.
-Obama care is dead
-There will be no new significant stimulus measures voted on in the next twelve months.
-The fate of the Bush tax cuts will be altered.
-Fiscal conservatism will become a respected concept.
-The likes of Paul Krugman (who having been calling for a few trillion in additional deficit spending) will have been quieted.
-The stock market likes a split government.
-Bernanke does not give a rat’s ass about the election.
I got a bunch wrong. The most significant was that I thought a new congress would slow Bernanke down. Since then we have had QE2, perpetual ZIRP, TWIST and CB swaps. Good lesson, nothing can stop the Fed.
Bernanke and his risky plans are in for a slap in the face. It (the election) will tie
his hands. The results of this are potentially very unfriendly to the
bond market.
Jim Rickards in his latest King World News interview said something like: "The FED represents the banks, they don't care about anyone else".
Ron Paul will not be allowed to win the nomination, let alone the presidency. The FED will print. The National Defense Authorization Act (NDAA) is one of the last nails in our collective coffin. The progressives have completed their assignment and prepared the world for the NWO.
Robert Kennedy was a Presidential Candidate; I think Ron Paul is a pretty decent guy, I don't want to get him shot by a "lone madman"; therefore I will not vote for him.
Funny! Not too likely though, do you really think?
Don't miss that there is this perverse attempt by the government to get out from under the 95% of houses that they now guarantee. If they can threaten to charge an extra $600 a year and not have to hold onto declining real estate, well....why the hell not? Force people to go to private lenders, and force the lenders to hold onto the mortgage.
Stupid idea to extend the tax breaks while not actually paying for them in any real way. But, the Congress may have saved the US gov't. from a shitload more of losses. They already have enough via Fannie and Freddie...
Not to ask the obvious elephant in the room question, but might this signal deflation rather than QE to infinity and beyond? I still don't see how the Fed doesn't print.
>>>Force people to go to private lenders, and force the lenders to hold onto the mortgage.<<<
The last part of that sentnece is the key. Securitization of mortgages needs to be dealth with in a larger context.
$600/yr. won't drive anyone to a bank if they can still get a loan from a crappy mortgage shop with zero underwriting standards who will then sell-off the loan to be securitzed.
Most banks sell/sold their mortgages. They were just origination fee collectors.
Lather, rinse, repeat.
You Can't do worse than the current Lot, exactly!
O'robyomamma says the fee hike on mortgages is to get people to veer away from Govt backed financing and entice the private market to jump into provide financing..What's even more pathetic is that Obama is reading this reasoning from a Teleprompter and does not even know what he is talking about! A 12% congress rating says it all Bruce.. All of them are pathetic!
Hell Reid won't even allow anything like that in the Senate, the main reason there's been no budget for 3 years. They just keep voting on the continuing resolution that has the Porkulus $857B permanently cooked in.
"I’m voting against anyone that is currently “in”."
Amen, brother: the ABI (anyone but incumbent) voting mentality.
The only problem is that there are a lot more 'bums' waiting to take their place.
We need a break from the 2 party system, where all they do to get elected is make the 'otherside look bad'.
Just for 10 years? BWAHAHAHA! Want to buy a bridge?
I ran a little poll to see if Americans would rather have reps chosen at random. 96% would.
http://acrossthestreetnet.wordpress.com/2011/12/07/would-you-throw-them-all-ou/
@ mark
+ 1
I think that's what the ancient Athenians did, at least for a while. They chose their leaders by lot, at random. Those who were not slaves of course...
I guess that leaves me out!
Fill those legislative seats via press gangs !
.....and bring back flogging (to punish ethics violations) for the members of the People's House.
Couldn't be worse.
i saw ron paul on the tonight show. jay tried to trap him in the usual ways. he deftly manveured his way around these road blocks. ok, i think ron paul knows full well what is really going on but he is being very clever about it. ok. so we go with the flow on this deal and see where it leads......one thing is for certain. ron paul has been swimming in the sewer called inside the beltway a long time and he knows full well what is going on and who has the power etc. yet he has maintained a certain symblance of honor and integrity within this madness known as washington dc politics. fine, i accept this. so we wait...........
Bruce,
When does this law (the new home buying charge) come into effect?
Good question. It's not clear from what is published. All of the other measures (mandatory budget cuts) kick in on 1/1/13. The fee on homeowners will probably start at the same time.
Your vote and mine haven't counted in decades. What's new here? Ask yourself who's really in charge and then you'll understand why this economy will double dip. If you answer "lobbyists"...well, don't tell me you're complaining Bruce. You're from the City. This is you're money talking.
The handwriting has been on the wall, for a long time. Back in 1965, or thereabouts, before the Zip Code became the Zip Code, the designation was FOZ, the acronym for Federal Occupation Zone. The same pattern that we see in Iraq, Afghanistan, etc., has been applied in the United States, ever since The War of Federal Conquest in 1867. This is the pattern of Corporatism. Invasion, Conquest, Subjugation, Occupation. It is repeated many times in history. It moves from a shooting war to occupation by bureaucrats and tax collectors.
Let us not forget the Preservation of Government meeting, which no member of Congress knew about, until after it had taken place. We now see that Congress is neutered and irrelevant, by Executive Order.
For decades, I have suggested that people vote to replace Congress with their state legislatures. Members would serve in the Federal capacity on a rotating basis, determined by each legislature. State officials don't necessarily act in the best interest of the public, but they are closer to home. As long as people insist on being U. S. citizens, imported statutory persons and aliens in the state they reside in, that would be the best option available to them.
http://georgesblogforum.wordpress.com/2011/11/02/the-daily-climb-2/
Not only are you about half full of shit, the conStant pimping of your personal ego-tripping blog is getting almost as old AS THE BOLDED CAPS YOU INSIST ON INFLICTING ON THE REST OF US!!!!
WHAT'S THE MATTER? NO TRAFFIC ON YOUR SITE?
The idea you have been suggesting "for decades" was expressly removed from the Constitution because it was such a miserable failure. There was never a more bought and paid for US Senate then in the days when the corporate owned yokels in the state legislatures elected them. Not to mention the fact that many states went without representation in the Senate literally for years because the political hacks in the state legislatures refused to compromise on who they would send. No one would vote for, or allow the other party to vote for, a Senator from the other team.The result? No one was sent from many states. The 17th Amendment. A great idea then. A great idea now. As for this quaint idea that many have that there is LESS corruption and cronyism at the lower levels of government than at the national level, that illusion is usually only held by those who have never seen how a medium sized town council actually operated or seen lobbying at the state level.
Congress is good at one thing and one thing only.............taking away our constitutuional rights..........FUCK CONGRESS
"They’re going to charge homeowners a new fee for the next ten years."
I'd like to correct this as it should read "mortgage holders" or "borrowers". Those who actually own their home free and clear would not be subject to this fee, right?
ETA: I don't agree with this approach at all. But I am glad that part of my response to the ongoing financial oppression has been to eliminate all forms of debt that cost me money to use.
You're right. And good for you to own something free and clear. Fuck the lenders and their fees.
But the vast majority of people can't do what you did; so most will pay.
"But the vast majority of people can't do what you did."
Sorry Bruce. The vast majority of people can reduce their debt. Sorting out needs and wants is the hard part.
The only people that need debt are bankers. Pay long term for short term gratification-just like every drug dealer.
And I see they are, once again, advertizing the crap out of plastic, buy now, pay later, cards.