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Stocks Slump On Boehner's "No Substantive Progress" Reality Check
We are stunned... S&P 500 futures traded 1415 when Boehner began speaking. By the end of his first paragraph we had dropped 8 points and gone red for the day...and further...
- *BOEHNER SAYS `THE WHITE HOUSE HAS TO GET SERIOUS'
- *BOEHNER SAYS DEMOCRATS `COMFORTABLE' GOING OVER FISCAL CLIFF
- *BOEHNER SAYS `NO SUBSTANTIVE PROGRESS' MADE IN TALKS
- *BOEHNER SAYS DEMOCRATS RULING OUT `SENSIBLE SPENDING CUTS'
- *BOEHNER SAYS DOESN'T KNOW WHAT WHITE HOUSE WILLING TO DO
It seems the algos are not amused...
It seems our tweet was replied to...
Buying puts now? RT @speakerboehner: WATCH LIVE @ 1130 AM ET: Press conference re: need for Dems to get serious about spending cuts
— zerohedge (@zerohedge) November 29, 2012
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KA CHING
No progress, no surprise. I thought Boner looked a bit flaccid in that presser...
The culture of entitlement in the US is too embedded in our societal DNA and anything less than draconian cuts to transfer payments and massive tax increases will not make a dent. Actuarially, the numbers just do not add up and the raison d'etre has to do with demographics and a lack of true political intestinal fortitude from the right and the left. The culmination of this budgetary farce will be another contrivance solely designed to kick the can down the road for another extended time period. In essence, politicians from both sides of the aisle are simply delaying a decision in the hope that it will resolve itself or perhaps someone else will come along later to fix this untenable issue.
The truth of the matter is, that there is no solution and those who wield the reigns of power in Washington and on Wall Street know it.
Correct, and this just in.... Sorry, could not link it.
BillTally UpdateWhile Congress was taking its scheduled pre-election recesses, the past several issues of the Taxpayer's Tab have highlighted special topics such as the savings from repealing the Affordable Care Act, the popularity of legislation to rename buildings and landmarks, tax reform, and of course, the in-depth spending agenda analyses that NTUF conducted on certain Senate and Presidential candidates. Now that Members are back for the "lame duck" session, this issue of the Tab will return to examining the legislation that your elected officials have introduced recently.
But first, a snapshot of where our BillTally research stands and what Members have proposed so far. As of today, NTUF has researched or obtained cost estimates for 1,505 bills introduced since the start of the 112th Congress. Over 80 percent of these bills would increase spending.
Snapshot: Bill Introduction Rates and Number of Scored Bills in the 112th Congress through November 28, 2012 Scored Bills Bills to Increase Spending Bills to Decrease Spending Ratio of Increase Bills to Decrease Bills House of Representatives 921 746 175 4.3 Senate 584 489 95 5.1 Source: NTUF BillTally SystemFor each of the 175 bills in the House that would reduce spending, Members drafted over four to boost spending. The ratio of spending bills to cut bills in the Senate is over five to one.
These ratios are down compared to previous Congresses (for example, during the course of the entire 111th Congress the ratio was over 12:1 in the House and over 17:1 in the Senate).
On the other hand, the ratios are up slightly since the BillTally report on the First Session, which identified 3.8 increases per cut bill in the House and 4.4 in the Senate. It should be remembered, though, that the new ratios are based on a snapshot of the data and that NTUF will continue to track spending and savings proposals through the rest of the year.
Boehner is slumping,
Must is get pumping,
Suddenly stocks is dumping!
Quick, must is do something!
Boris is no more rhyme finding!
Break it on down DJ!
+1
Spot on.
+1
in the hope that it will resolve itself or perhaps someone else will come along later to fix this untenable issue
Ron Paul has left the building, only scavengers inept fucks is whats left ..
It will never be fixed .. All down from here.
Sure there's a solution...
Bernanke coming out every so often to say that ZIRP will be here for 2013, 2014, then 2015, 2016, 2017, 2018, 2019, 2020, 2021... and so on, and so forth.
Didn't everyone know yet that we just need more papering over of the problem? I will be coming out with a new soft drink shortly, ZIRP SLIRP, in order to rise to the occasion!
/sarc
But yes, you're right of course. There is no solution from Washington, D.C.
I like these spectacular ritual dances for the masses like 'pursuing a progress' or 'no progress achieved' when no one really knows what the words actually mean. For some it means dismissing the cliff as if it never existed, for others dismissing the cliff alike while pretending something should be fixed. Both parties keep on making fuss for the appreciative public audience while at the same time everything was already decided yonks ago. The fiscal cliff restrictions, or whatever it is, will be postponed ad infinitum and additional trillions may flood into government's and private bank's accounts. That will be announced as a triumphal agreement and a 'definitive solution of the fiscal cliff'.
But, at least, the market algos and the rest of few relentless human speculators can reap the harvest out of risk-on and risk-off phases of this three-act play.
the pump up so no ka ching fool. just buy and hold deez nutz while i flip a coin and get my chimps throwing darts.
Hit an 18, 19, and trip-20.
market will be right where it was in about 30 minutes
i am stating the painfully obvious: GAME PONZI PLANET at this stage still reacting to this utter bs means we are all fucking stupid for bothering to track any of this, even if for dark comedic diversion purposes.
According to PONZI PLANET the S&P Must hold the "CRITICAL"..
Chose the right Answer:
A : The Critical 1,400
B : The Critical 1,400
C : The Critical 1,400
D : The Critical 1,400
E : All of the above.
just watch the eur/usd manipulation and ctrl/p for your answers
Good news everyone!
It's Bullish!...just look at it.
Shades of 2008.
But, but, but... I backed up the truck with SPY calls betting on a Santa Clause rally!
It's not fair!
"BOEHNER SAYS DOESN'T KNOW WHAT WHITE HOUSE WILLING TO DO"
answer > nothing
they are willing to make you look like an asswipe. Mission accomplished
.
Wait, are you saing that compromise isn't when one side gets everything they want and the other side gets nothing?
i wish i could type out that sound that they play in cartoons when a submarine dives - aoooooooga, aoooooooga, dive, dive! if anyone anticipated an 'all is rosy' outlook from the talking boehner, they were obviously let down
He is not a happy camper.
I achieved "break even" Orly/ Now it's just "head lines"... Draghi Style/ all form no function!
Now I can go over to my EBS account and chew my toe nails off/
Whisper rumor that Obamney's teleprompter is being warmed up.
They're going to throw some algobot machine language tempting buzzwords out from the POTUS podium for some quick & nasty, hot HFT uptick love.
Get ready for Algo driven melt up in 5,4,3,2,1 ..
Ozero knows the thing is held together with string and scotch tape. He figures he can make the rethuglicans the fall guys. Good strategy. Personally, I think we crossed the point of no return long ago. Let 'er roll
Exactly! Knowing that we are past the point of no return, the rethugs should trot out Boner to proclaim that they will step aside and announce that they will "allow Obummer to drive the economy into the ground with their outrageous tax and spend policies". Then they should just vote present and allow the Demos to tax the shit out of everything under the sun while cutting no spending. This would just put the economy into a steeper dive than it already is and get the collapse going sooner. Not that I want either of those two parties to survive but I just don't understand why the rethugs don't realize the MSM is going to portray them as the problem either way it goes? The class warfare has caught on and the public is fully on board. Anything short of rethugs agreeing to confiscating the net worth of folks who earn over 500K is just going to make the rethugs look like they are defending the rich guys, which they are of course. That manuever would completely undercut the whole discussion and while it'd be a short term loss for that party, the Demons would be run out of dodge after the collapse, unfortunately for the rest of us it still leaves rethugs in existence.
I can get on board with that ,, maybe Boehner should just rent a cruise ship and take all the (R)'s out for a last hurrah around the caribbean with a free hooker in each stateroom,, give Obama EVERYTHING ... I'm tired of waiting out this slow motion train wreck , lets get it over so we can rebuild.... Where's Cuffy Meigs when you need him?
Crybaby. Bitch.
Never let a crisis go to waste
riots, mayhem , martial law...
Obama inserted as ruler for life...fundemental change accomplished.
It's trans-formative. Doesn't that make you feel better.
Time to get off the tit and get to work, no time off,no going to the bar after work and they all should get a pay cut to reflect the work they have done = 0
Relax, its part of the infinite circus - just BTFD and STFR.
I fucking hate all politicians
that sounds very freudian...
Politicians truely have a gift, they can stand in front of a crowd for several minutes speaking and say nothing
Politicians truely have a gift, they can stand in front of a crowd for several minutes telling them they will rape their children and the people will applaud.
'...and the people will applaud.'
It makes sense when you think about it. Politicians love to kiss babies and talk about how they do what they do 'for the children.' It isn't rape if the parents give their blessing, right?
Go over the cliff. Best thing that could happen ....
Go over the cliff. Best thing that could happen ....
Russel 2000 in a world of its own? I guess because housing is "fixed" and the fiscal bullshit doesn't matter?
Who's better at distorting reality...algos or pisani?
Boner looks like he sleeps with a bottle of Jack
Boner looks like he sleeps in a vat of leather dye.
This shit " Not Tyler" This diatribe belongs in some stupid Quentin Tarantino [zombie flick]! Bitchez/
Poor Tyler must be laughing his ass off, over this dis_information! Thank GOD for zero/hedge!
Glad I bought QID. Everyone in Congress is a bunch of turds.
Warren Buffet Warns That The D-Day Is Here And Fed Has No More Bullets Left To Stimulate Us Economy. We’ve Kicked It Down The Road For A Long Time; Millions of Taxpayers Is Heading Into An ‘AMT Shock’
http://investmentwatchblog.com/warren-buffet-warns-that-the-d-day-is-here-and-fed-has-no-more-bullets-left-to-stimulate-us-economy-weve-kicked-it-down-the-road-for-a-long-time-millions-of-taxpayers-is-heading-into-an-a/
Warren "Fuck The Taxpayers, Let's Get A HUGE Bailout, amIright Charlie Munger?" Buffet
Headline should read... Stocks Slump on "No Substantive Progress" Talking Points
Stocks 'slump' to comfortably green.
* breaking... Senator Reid about to apply magic market talk
Do Reid and bohner have the same broker with advance scripts?
No kidding. The only surprising thing will be if the market ever goes down by more than 20% again. I won't hold my breath.
fucking bullshit! SPX still green!
if he said something good, it would be up 3 fucking %!
fuck you HFT fucking dickwads!
in time, in time late day Dec 24th
the call options hung by the chimmney with care
in knowledge that the cliff would no longer be there
Just round up a posse and spam the shit out of twitter and yahoo financial groups with bullshit bad news. Add correction to the posts as well. They seem to react to that.
gold said kiss my ass niggas.. never bough the hype although interesting now that it isn't selling off either... yet.
Listen to John William's latest interview on future money trends. He is saying hyperinflation starts before midterms.
Why should I listen to him, none of these people have been right about jack shit. They'll do what they want, when they feel like it, thats all. 'Mid terms' my ass.
Avoiding a giant assraping seems like a good reason.
They have to drag this horseshit out until Dec 21. Why would anyone expect anyone to admit the deal is already done now? They don't have any choices. They will raise the debt limit, spend more, and not raise taxes.
yes, that is exactly what they will do and the market has already disepensed with the drama. Off and to the races on the prospect of unlmited funny money courtesy of Uncle Ben.
Wait...why does Boner even matter? Obama and dems rule. See they fucked up...they should have manipulated it so at least there would be an illusion of power strugle.
What a freaking circus.
Boehner- is military spending , almost half of all spending, on the table for spending cuts......
But the politicians have to keep our Armed Forces out of the country which costs money. There is nothing more dangerous to them than armed men and women that are trained in force projection and still retain American values.
You do realize it's nothing even remotely close to half of all gov't spending, right?
Not saying that it couldn't, or shouldn't, be cut. (It could, and should.) But if you don't address Medicare you can cut the DOD almost to zero and HHS will absorb it all within about 10-years.
Perhaps he meant more than half of discretionary spending?
Which is like - what? - about 1/3 of all spending?
I believe that is pretty accurate. Of course discretionary spending is 100% of what the politicians claim they can cut, which was probably his point.
How did that empty suit rise to become Speaker? Ok, I already answered my own question.
We live in a country where the National philosophy is Infantilism.
mentally line that question up with the realization that the prior speaker was nancy pelosi
i've had sweat socks that were more intelligent
Out of control spending needs to be addressed, the coming fiscal cliff is serious. The idealogical differences in the 2 parties is blatently clear. Obama wants to continue socialism, obamaphones, and EBT cards, and the GOP want to tighten their belts, and let the private sector take this economy to new heights.
Cut social programs and start selling off government infrastructure, it's the only way this country is going to get back on track.
Or, make more social programs to back up the ones we cannot pay for, and create more government owned infrastructure. You don't solve big impossible problems in politics. You make them bigger.
There, you just inserted reality into his post.
'Idological differences'....'Obama wants'....'GOP wants'....its all just a BS puppet show controlled from behind the curtain.
Clinton already ended welfare as we knew it. He gave them all jobs working for the government and answereing the phone for $50,000 to $100,000 a year. Bush added on with TSA. That's where the cuts will come, whether the U.S. makes them or China does. When the jobs all go overseas, the affirmative action janitors and firmen can't be making $100,000 a year, nor can the federal workers. They debated whether to make 50,000 TSA workers minimum wage private contractors or unlimitedly funded government workers. They made the wrong choice, the right choice would be to eliminate them altogether. Cutting someones $15 a month in food stamps will do nothing compared to some of the governments ridiculous wages and jobs.
Posturing, building the drama, creating a crisis so our taxes can be raised and already taxed entitlements cut.
until i see some dead bankers. this is all a lot of blather
No politician puppet has any standing to say 'we cant pay for something' ever again when its no problem to shovel trillions into TBTF banks vaults. All bullshit 100%.
Obama is making Boner look bad with the gov algos.
Boner says "looks good" - SP up 15
Boner says "looks bad" - SP down 8
Hmmmmmmmmmmmmmmmmmmmmm
The only bad thing about the "cliff" is the tax increases. Otherwise, spending cuts are fine and will only show how much the economy is a centrally controlled basket case.
Incidentally we are only $74 bn from breaching the debt ceiling.
"Hi, the name is Cliff. Fiscal Cliff".
SP back to 1415. Hmmmmmm, seems BTFD is back in spades.
even boner's flaccid presser results in a mini-squeeze...un fuckin real
And the next four years will be.....just like the last four - SURPRISE M*****F*****S!
I think you meant to say like the last 32 years.
ShadowStats John Williams says,
"this president, this congress will see hyperinflation"
Yeah, BUT...
1) he says that every year
~and, far more important~
2) he's a fat fuck, so there's no reason to listen to anything he says
DEMOCRATS `COMFORTABLE' GOING OVER FISCAL CLIFF
I like that expression :-)
No worries. Boehner will cave again, at the last minute. I see huge tax increases ahead.
There should be a mortorium on fiscal cliff untill the last two days, its like a basketball game, the last two minutes are all that matter.
From all the headlines you posted, ol' Weepyboy Boehner is nice and ready to cave in and raise taxes on us all.
So what if stocks drop because tax increases are imminent?
Tax increases are needed if the US debt level is to be reduced and annual deficit reduced. Duh...
Alternately on ZH there are usually one or more threads or charts or both lamenting and lambasting annual $trillion budget deficits. Next to those threads, other charts and threads jump up and down on why, exactly, any tax increase at all will mean the death of private sector job creation, nevermind that in the last 3 decades of ever lower taxation, the outcome for jobs has been that of outsourcing of the entire manufacturing segment and much of the service sector of the economy.
Low taxes d-int create a damn thing except wealth disparity and huge deficits.
Look, bitchez, you can't have it both ways. Taxes are too low and need to be raised. It is as simple as that.
Deal with it
DEAL DEAL DEAL...Dow rises 1000 points in an hour. Details: All investment vehicles capital gains 42% tax, Inheritance/Death tax 50%, Mortgage interest is now non-deductable, Employed and small business making more than $251,000 are taxed at 44% on income - DOW drops 25 points...But ramps another 1000 in last 10 minutes of trading.
It won't matter what they conclude except a lot of people will pay a hell of a lot more for what the Fed encouraged, and what the bankers got away with!!