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Guest Post: Let's Have A Depression Now

Tyler Durden's picture


Originally posted at Monty Pelerin's World,

The United States is more than four years into its form of economic purgatory. The government pronounced the recession over in June of 2009. That announcement does not conform with reality or even subsequent government suspect data. Even the Administration-friendly New York Times knows better:

Between June 2009, when the recession officially ended, and June 2011, inflation-adjusted median household income fell 6.7 percent, to $49,909, according to a study by two former Census Bureau officials. During the recession — from December 2007 to June 2009 — household income fell 3.2 percent.

To believe the recession ended requires a bizarro interpretation of economics where bad is actually good and good is actually bad.

21st Century politics sees no need for truth. When government believes itself to be responsible for the economy and convinces the people of that, it has put itself into a box. In a world where government claims credit for good things, bad things ultimately become their responsibility as well. Recessions are bad things which government should not have allowed to happen or should fix quickly.

The reality is that government does not create wealth or economic abundance. (They can create poverty, however.) When recessions occur, they threaten the myth of all powerful government. The first reaction of government is to do something regardless of whether something makes sense or not. The second phase is to declare the problem solved (in this case, claim the recession ended).

This kind of politics is dangerous on two counts. First, government risks what little credibility it has left (which I might say is not necessarily a bad thing). Second, it causes government to pursue policies which reinforce its lies. It is these policies which created the current economic crisis in the first place.

The country’s economic problems began decades ago. In trying to cover them up with economic interventions (stimuli), government actions prevented the economy from correcting the imbalances that caused slow growth. From a political standpoint, economic policies encouraged institutions and people to use debt to live beyond their means. The massive debt buildup in both the economy and the government hid the underlying problems and allowed them to grow ever larger and more malignant out of sight.

After decades of such interventions, the economy no longer is able to function efficiently. In order to remedy the problems, massive liquidations of debt and misallocated assets are necessary. There is no other way to achieve an economic cleansing. It may be possible to continue this economic charade with additional interventions, but there is a limit to how far it can be continued. Japan has achieved zombie existence for over two decades by refusing to face up to the imbalances in their economy. Our government has chosen the same course of “extend and pretend.” There is no hope for a recovery until something like another Great Depression liquidates the built-up imbalances.

No politician wants to be in office when that event occurs. Thus, they make matters worse for the country by continuing to spend money we don’t have to prop up an economy that cannot and should not be saved. Their goal is not to repair the economy but to ensure the most favorable terms for their own re-election. As a result they continue to savage the future of the country in order to protect their own present.

People will eventually regain control of their government. They always do. Unfortunately the process of history is slow and sometimes ugly. Multiple generations around the world have never known freedom. China and the Soviet Union are two examples that are just now transitioning toward freedom. Are we to enter some institutional dark ages where our grandchildren and their grandchildren do not experience freedom? It is possible because all governments prefer more power for themselves and less liberty for their citizens.

The required change is so great as to be analogous to an addict trying to break his habit. Most addicts have to hit rock-bottom before reality intrudes. In the case of the US, we are going to hit rock-bottom when the economy collapses. That is likely to be within the next ten years and could be at the front end of that estimate. This world-changing event may (at least temporarily) drive a stake through the heart of big, oppressive welfare-state governments.

There is no guarantee that government will shrink when this happens. Civil unrest is a likely outcome. Statists may attempt to use the crisis to further expand government. Martial law and other restraints are likely. Hitler used a similar situation to rise to power. Parts of the Constitution were emasculated under New Deal policies that “had to be done” to pull us out of the Depression. Of course, we never got out of the Depression until after the end of WWII.

Economic pain and suffering will be great. Yet the economic calamity is unavoidable. It was pre-ordained by years of government interventions. Mathematical and economic laws will not be avoided. As stated by Ludwig von Mises:

There is no means of avoiding the final collapse of a boom brought about by credit (debt) expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit (debt) expansion, or later as a final and total catastrophe of the currency system involved.

We are coming off the biggest boom in the history of the world. If Mises was correct, and I believe he was, then Keynes was wrong (and I believe he was). Thus far all the Keynesian dollars expended have had little effect other than to make this country poorer. We are set up to have a Depression greater than the one in the 1930s.

A Depression is not a good thing. Yet in this case, it may be the one event that can prevent a chapter in future history books entitled “The Demise of the Great American Empire.” Unless citizens and politicians return to their senses, we will be both impoverished and living under tyranny.

A reaction opposite that of the 1930s is a hopeful outcome. Despite the recent election, government is increasingly seen to be the problem. It is no longer viewed reliable, trustworthy or as a solution. Freedom is deeply ingrained in the American culture and most of us recognize how much we have already lost. The resurgence of books such as “The Road to Serfdom,” “Atlas Shrugged” and others similar indicate the public is interested. Historically low poll numbers for all politicians and the rise of the Tea Party movement are further indicators. The economic trauma may provide the catalyst to return to the founders’ concept of government.

Totalitarianism needs the military. More than any other segment of society, the military respects and supports the Constitution. If push comes to shove, they are likely to defend the Constitution rather than the government.

Government has reduced itself to little more than an insolvent zombie, staggering around awaiting the coup de grace that will end its misery. The coming economic collapse is that executioner. When collapse happens, efforts to increase government are will occur. They must be resisted strongly. The love of freedom and the experience with big government should overcome decades-long madness. No matter how things evolve, in the history books of the far future, there can be no better title to describe our current situation than “The Myth of Government.”

If we must have a Depression, let it begin today. It will be hard and dangerous, but it may be the last chance to get our country back. When it happens, we must all think and behave like Founding Fathers. To paraphrase Rahm Emanuel, this crisis will be too important to waste.

The “greatest generation” handed us a gift and we fumbled it away by allowing government to run wild. We cannot turn this mess over to future generations. We must take our country back and remedy the problems.


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Sat, 12/01/2012 - 11:43 | 3026351 steve from virginia
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New reads like someone who failed the first grade ...

Sat, 12/01/2012 - 13:09 | 3026408 steve from virginia
steve from virginia's picture




That is factually incorrect. Both the post-WWII industrial capacity (which did not produce consumer goods at the time) and demand (worldwide) was supported by funds offered or channeled through the US government.


Who paid for those war-goods factories in the first place? Who hired the railroads? Who built the ships? Who put money in Europeans' pockets and those of the Japanese? Whose Marshall Plan was it? Where did the 'money' come from? Remember, US citizens' 'wealth' was in the form of debt-obligations from the US government- 'War Bonds' (not currency). 


The US didn't send currency overseas it sent credit, public credit guaranteed by the US government itself. The private sector was in no position to lend and would not have without Federal guarantees. The absence of guarantees in the 1920s and 30s was a cause of the Depression and the Second World war: the Soviet Union was in no position to lend, using planning committees to allocate resources in the place of banks/credit markets.


The Federal government borrowed to retire war loans then borrowed more to support a war- economy that made consumer goods/autos instead of military hardware. Gross output of the factories became the collateral for new lending. This was the 'Rathenau Method' invented- then used by the German Empire during World War I ... and copied by all the other economies ... since!


Arguably, the US depression ended in 1948 with the appearance of the Texaco Star Theater on television starring Milton Berle: Americans were prompted by 'Uncle Miltie' to borrow and spend and they did. Their borrowing was added to ongoing public sector borrowing. The increase in net credit was accountable for the economic expansion of the time (Keen).


The cheap credit was subsidized by the government: consumption by credit and cheap domestic fuels, once fuels required foreign exchange the ability to finance consumption at negative-real cost diminished. The end came in August of 1971 when Bretton-Woods Agreement was ended and the US dollar became a free-floating currency: the US could borrow unlimited amounts (of petroleum) from its overseas suppliers ... until other partners gained a price advantage relative to US manufacturers. The US' vaunted industrial base was destroyed by the same industries' fuel gluttony (and inability to pay for it).


Steadily depreciating currency gives a trade advantage with one hand ... 'all the world is an ATM'. Cheap currency takes away with the other as anyone can play the depreciation game. There are no free lunches particularly for industries: China is experiencing this dynamic right now as has Japan for 20 years, US decline began before Japan's. Keep in mind, all currencies cannot depreciate at the same time, no mercantile country can be successful indefinitely (it bankrupts its customers).


The problem with most analysis is that persons doing the analysis do not appreciate how FUCKED we really are and how deep the rot goes. Debt and finance is the bilge pump on the Titanic, the problem is with the ship itself. It never should have been built.


Fetishising industrial 'productivity' does not make it productive.

Sat, 12/01/2012 - 02:30 | 3026046 newengland
newengland's picture

May you get your wish, soon and hard. 

There is no more money. Banksters and their political pals ran off with it. You will pay for your fan boy ways. 

Meanwhile, your sort sent better men on endless wars to protect your right to be stupid.

Sat, 12/01/2012 - 00:47 | 3025921 newengland
newengland's picture


A rootless cosmopolitan who would run from every honest thing that requires hard work and run to anything that offers easy pickings. Typical tax slave and wage slave mentality.

This Republic was made by people who gave everything they owned to it; all their blood and treasure. Here, we stand. 

Others can run away. Good. Let them run to slave nations, and make more room for true people who want a Republic, not a slave nation.

Sat, 12/01/2012 - 01:14 | 3025958 Anusocracy
Anusocracy's picture

God Save The Collective, whatever it's called.

Sat, 12/01/2012 - 02:27 | 3026041 newengland
newengland's picture

A Republic is made by its people who bear the cost and consequences of community.

Everything else including collective, communism, socialism, corporatist, democracy, fascism etc is theft by might over right. Right as in moral and ethical good; one for all, all for one - by deeds, not namby pamby nicey words whereby bureaucrats, politicos and takers abuse the makers, the community of doers who are hated by the  dystopia of talkers and thieves.

Sat, 12/01/2012 - 11:32 | 3026334 Vooter
Vooter's picture

"Everything else including collective, communism, socialism, corporatist, democracy, fascism etc is theft by might over right."

AND EXACTLY HOW DO YOU THINK ALL THE NOBLE EUROPEAN SETTLERS ON THIS CONTINENT CAME TO "OWN" SO MUCH FUCKING LAND??? Wait, let me guess--"God" bequeathed it to them, right??? How old are you, ten?

Sat, 12/01/2012 - 02:46 | 3026052 bunnyswanson
bunnyswanson's picture

Do yourself a favor and Google Honestann.  She has been very busy and quite consistent for years, blogging the message that things are not as they seem and "Danger Will Robinson."  Many of us have done this as well on a smaller scale in various web sites.  Since 9/11/2001 or at least when GW Bush stole the election was the turning point for many of us.

A decade of screaming the message is plenty enough action for individual.  That she is still spending her time reiterating the facts speaks highly of her diligence and concern. 

It becomes apparent that unless more get on board, it is futile.  Consumerism and the entertainment provided by the corporate-owned media is destroying any chance of this message being taken seriously.

Until the people own the media, nothing will get done because the urgency will not be conveyed by a trusted source.

Sat, 12/01/2012 - 11:27 | 3026326 Vooter
Vooter's picture

Oh, please--the United States was founded on theft, deceit and murder. The only people who gave all their blood and treasure were the indigenous people of North America, who were systematically robbed and destroyed by white, land-hungry Europeans. Or were you talking about some other wonderful, mythical "Republic"? It really is funny the things that some people will believe for an entire lifetime...

Sat, 12/01/2012 - 01:36 | 3025980 TheObsoleteMan
TheObsoleteMan's picture

No, the "greatest generation" gift was the New Deal, Social Security, the Military Industrial Complex, vast creations of new Federal departments to fund, the Great Society, welfare on demand, and a completely corrupt political system. Some "gift".

Sat, 12/01/2012 - 02:36 | 3026048 newengland
newengland's picture

The comments on this article reveal the hateful ways of globalism vs the Republic.

Money vs values.

Whores vs humanity.

Jon Corzine is the poster bully of Wall St owns Washington, and it's no wonder that most people hate politicians of any political type.

Sat, 12/01/2012 - 02:54 | 3026065 Vidar
Vidar's picture

People need to turn against the concept of 'government' entirely. Until a critical mass is aware of the fact that coercion is never acceptable the statist system will survive. The best thing an active resister can do at this point is become as self-sufficient as possible, move all wealth into hard assets and out of the banks, and minimize the amount paid into the system as taxes, etc by minimizing consumption and 'above-the-table' income. Work for cash or barter, collect food stamps, drain the system's coffers and educate yourself and others about the evils of the state and the possibility of a new system built around the voluntary co-operation of the market. And READ YOUR ROTHBARD!

Sat, 12/01/2012 - 08:24 | 3026183 toomanyfakecons...
toomanyfakeconservatives's picture

The critical mass of "awareness" you speak of is actually right around the corner...

Sat, 12/01/2012 - 14:51 | 3026569 hawk nation
hawk nation's picture

your lips to gods ears

Sat, 12/01/2012 - 07:02 | 3026142 Helvetico
Helvetico's picture

From the looks of these comments here, way too many ZH'ers spend all day stroking off to the possibility of an armed showdown with the government. It won't happen. Even if it did, remember that soldiers are paid professionals who will put their income and family's means of support ahead of your paranoid fantasies. Unless you can drum up the payroll to buy them off, or whip your sorry, fat, lazy asses into an effective military unit, you might as well keep fondling your thick, oiled gun barrels in private without telling others about your fetish.

Sat, 12/01/2012 - 08:21 | 3026180 toomanyfakecons...
toomanyfakeconservatives's picture

I agree with your first two sentences completely, but you are FUBAR after that.


Dude... you've never spent a day in uniform, I can tell.


It's to the point now where money and "income" for soliders doesn't matter anymore. A lot of military families have been eating acorns and sawdust to get by for years. It's about honor, love of country, and doing the right thing. The U.S. military won't fire on citizens and even if they did, they wouldn't last 10 seconds against millions of heavily armed and motivated veterans and civilians turned insurgents. Nobody knows how corrupt and ILLEGITIMATE our government is like a solider, from the lowest ranks to the guys in the higher ranks who are in a better position to deal a death blow to the cabalists.

Sat, 12/01/2012 - 17:37 | 3026831 Helvetico
Helvetico's picture

BZZZT, wrong. I was in the US Army: did OSUT at Ft. Sill, Oklahoma, almost a quarter century ago. Pretty much grew up on a military base, too.

Here's what I noticed about the US Army: most guys in it are poor people in need of a job. Lots of urban blacks and rural whites. Not so many hispanics then, but I'm sure there are more now. Some Pacific Islanders. In short, poorly-educated, disenfranchised people happy about getting three hots and a cot.

These people, once they're out of the military, have terrible job prospects. Terrible. Add to that no health insurance, no subsidzed commissary food, no subsidized PX crap, no subsidized everything, and you have guys with no civilian future. Career guys with more than ten years in (your core, experienced NCO's) are very unlikely to kiss their pensions goodbye if they join an anti-government militia. Thus, no effective militia.

Didn't see much in the way of blind patriotism, believe it or not. Encountered a lot more of that among civilian, college-educated Republicans who are happy to let blacks and rednecks do the fighting for them.

To sum up, the military will fire on citizens, just as Union troops fired (sometimes literally) on the brothers in the Confederacy, and vice-versa. 




Sat, 12/01/2012 - 11:50 | 3026359 Urban Redneck
Urban Redneck's picture

Paradigms, paradigms, paradigms...

"soldiers are paid professionals who will put their income and family's means of support ahead of..."

Soldiers would not be leaving their families behind in the relative luxury and safety of the USSA nanny state, to "liberate" colored people in far off lands...

For a more appropriate paradigm, you need look to look at the myriad recent examples of other States violently attempting to quell domestic insurrection, instead of the myriad examples of the US trying to quell domestic insurrections in foreign lands, although the price paid by various locals who were deemed collaborators with DC is worth observing.  

When the cost of receiving your government issued door kicker's check is leaving your wife, kids and the family silver undefended against the vengeful mobs of family, friends and comrades of those door you kicked down yesterday, the calculation materially changes.    

Good people do some really horrific things in war.  Bad people things that are both unimaginable and incomprehensible to someone who has never experienced war, which is why sane and experienced people don't start wars.

The number of professionally trained soldiers not on the federal government's payroll greatly exceeds the couple million that is.  The axiom that possession is 9/10ths of law applies to all the tools of war on the battle field.  Syria is fitting paradigm of the chaos, and there- the ratio of trained "rebels" to licensed thugs as well the threat posed by loss of infrastructure or the State's military machinery is much more favorable to Assad.

By the way, State destabilization/insurgency and counter insurgency are not fetishes, for some of us they have been or are professional disciplines, and the work product tends to fall somewhere between disheartening and terrifying when applied to the US.


Sat, 12/01/2012 - 14:49 | 3026564 hawk nation
hawk nation's picture

This statement assumes they will have the means to cloth, feed and pay them whick i dont think will be the case

Sat, 12/01/2012 - 08:12 | 3026177 toomanyfakecons...
toomanyfakeconservatives's picture

Let's have a depression now?


No... let's have Obama, Brenanke, Geither, Corzine, and the majority of Congress in chains and orange jumpsuits now...

Sat, 12/01/2012 - 09:56 | 3026224 d edwards
d edwards's picture

Baraak HOOVER 0blahblah is gonna raise taxes in a severe recession, just like H. Hoover did and gave us the great depression. It's coming.


If the Fed hadn't been pumping $$ like crazy over the last few years, we would have had a deflationary deprssion. not that I'm a fan of QE-infinity, just sayin'.

Sat, 12/01/2012 - 09:58 | 3026225 davhay
davhay's picture

Greatest generation my ASS!!!!

Sat, 12/01/2012 - 10:18 | 3026253 Aurora Ex Machina
Aurora Ex Machina's picture

Again, I know this is going to be very hard to sell on ZH, so happy to take flack.

However, I'd urge you to at least look over Occupy Sandy, and compare and contrast their network with the Red Cross, FEMA etc. They've been useful enough to raise the quotation: "We used to call them hipsters, now we call them helpsters". However much you disagree with their (somewhat naive) youthful goals, they're actually on the ground helping the people who still don't have mains electricity. Looking at the EU, there's an awful lot of unemployed young people: give them a bit of material support, who knows what they'd build. Or we could just tie everyone to massive debts and rely on a militarised police force to enforce a steady-state model[1].


Oh, and I've said this before: it's called the "Great Generation" because they [all over the world] rebuilt everything, and at least had hope for the future, with big dreams. Yes, there were major errors / disasters (China & Asia huge famines and totalitarian Statehood, Russia and USA's race into militarisation of society and EU's drive to become a centralised trading block that became something else), but given the average state of technology and education, this isn't unexpected. You might consider hope a fool's game, but it at least leads to happy childhoods. And no big WWIII - not soley through game theory, but due to people like Stanislav Petrov actually thinking about actions and consequences.


It's the weekend, let the red tide begin!



[1]Real kudos points if you know where this comes from.

Sat, 12/01/2012 - 12:10 | 3026386 Urban Redneck
Urban Redneck's picture

Actually building (or rebuilding) something has costs, which either have to paid by issuing debt or drawing down existing reserves.  You can argue whether this organization or that organization is a more efficient distribution mechanism and at what level, but that will have at best a marginal impact on any overall disaster response cost, much less recovery and rebuilding.  Sandy is a localized disruption and without the power plants and a partially functional grid their luxury iCrap model is DOA (not that FEMA's isn't already, or whenever turns inclement).  Churches and social organizations have been doing this with a lower overhead than government and large NGOs since long before Al Gore invented the internet, so there is nothing truly unique about Occupy Sandy leveraging new technologies to facilitate relief efforts, other than perhaps the lack of capital now required for startup. 


Sat, 12/01/2012 - 13:39 | 3026459 Aurora Ex Machina
Aurora Ex Machina's picture

Ok, both excellent points: I was somewhat over-egging the pudding given that usually Occup <X> comes with the immediate tag "Socialist Hipster Hippies". So thanks for a serious response.

1) Organisation; ignoring the implicit costs of their setup (as pointed out, mobile network tech, something which they certainly didn't build themselves), I think you can honestly say that the non-hierarchal design has helped both in speed of response and ability to 'get shit done' without the sluggishness of FEMA/Red Cross etc. Exactly what % efficiency gain there is would take proper study; another good point about their social-media savvy setup is that there's data to mine, something small Church organisations don't really produce.

2) The funding model, that of Kickstarter (or close enough; they don't use it, but it's the same design structure) works by "mobilising social capital over personal networks"; which as you correctly pointed out, is exactly what small Religious organisations do. What (to me) is interesting is that the stereotype of a "hipster" (ultra-"individual"-narcissistic-freeloader) is being drawn into something different - and has been since Occupy <X>. Now, color me cynical, but when even the BoE start saying "Sure, Occupy, we noted what you were protesting about", then I no longer think the ridicule stage of a societal response is accurate[1].

3) As noted by a lot of people in this thread, the common plan for success "post Kaboom" is your social networks. I was hoping to suggest that whatever ideological differences between the "right" and the "left" here, there's actually far larger commonalities at the practical level. Sure, argue about things, but if you're building new stuff, you want the greatest % efficiency on using your existing reserves. To not do this strikes me as counter-productive.


That's all, soap-box over.




[1]To use the cliche deliberately because of the MSM caricatured responses: "First they ignore you, then they ridicule you, then they fight you, then you win." 

Sat, 12/01/2012 - 15:28 | 3026618 tip e. canoe
tip e. canoe's picture

the ironic part of the occupy sandy efforts is that it is arguably the most practical realization in recent memory of the "libertarian" ideals that RP espoused in his farewell speech on the floor of congress.

Sat, 12/01/2012 - 11:34 | 3026335 northerngirl
northerngirl's picture

I'm not so sure about the Greatest Generation?  Were they not the ones that gave us Social Security, Medicare, and the War on Poverty?  All which only increased government dependence.  If that is the gift they gave us then by all means lets get rid of it. 

Sat, 12/01/2012 - 14:38 | 3026546 hawk nation
hawk nation's picture

More like greatest taker generation. The monies they paid into the different programs were used up in the first five years of their thirty year retirement


Sat, 12/01/2012 - 11:57 | 3026372 mvsjcl
mvsjcl's picture

"Yet the economic calamity is unavoidable. It was pre-ordained by years of government interventions."


It was pre-ordained by the "passage" of the 1913 Federal Reserve Act.

Sat, 12/01/2012 - 12:07 | 3026383 pfairley
pfairley's picture

Keynes said govt was supposed to stop running deficits in boom times and payoff govt debt created during the recession. . Modern govts have a warped view of Keynes...stimulating with budget deficits during recessions...then continuing the budget deficits and stimulus in boom times....Keynes said that makes the business cycle worse. Wasn't that correct?

Sat, 12/01/2012 - 12:48 | 3026434 NoTTD
NoTTD's picture

Some men just want tyo watch the world burn.

Me, for instance.

Burn, baby burn.



Sat, 12/01/2012 - 14:37 | 3026545 derekiz
derekiz's picture

The friggin' Greatest Generation. My Ass! When do you think the great socialist experiment started.

It was during FDRs administration and then follow that up with the Great Society Social programs of LBJ. Baby Booomers as entitled and self absorbed as you think they are weren't born or were just beginning to vote when these disasters we perpetrated by the "Greatest Generation". The gifts they are leaving us are the gigantic medicare bills they run up for any little thing that bothers them in their remaining years.  I have three sets of "Greatest Generation parents still alive and their ability to look the other way and pull money out of the generational till is unbelievable. Then add social Security and the smallish amounts they invested in comparison to the vast amount they took out. The Greatest Generation is a fairytale. They are leaving everyone else after them holding the bag. Some gift! Some Generation!

P.S. Talk to them about it and watch them rationalize, prevaricate, ignore, and attack.

Sat, 12/01/2012 - 14:49 | 3026565 AON
AON's picture

Depression?  We are alreay there, we're going way beyond that.  Prepare yourself:


Sat, 12/01/2012 - 14:49 | 3026566 AON
AON's picture

Depression?  We are alreay there, we're going way beyond that.  Prepare yourself:


Sat, 12/01/2012 - 15:23 | 3026609 tony bonn
tony bonn's picture

"..Are we to enter some institutional dark ages where our grandchildren and their grandchildren do not experience freedom?''

we already entered it stupid fuck...

Sat, 12/01/2012 - 17:00 | 3026758 falak pema
falak pema's picture

the oligarchs don't want the asset world to burn they want the sheeple world to burn; the question is where is the greatest decay : in the financial asset world or in the sheeple labor world?

That question has an obvious answer; its those who run this world who bear the responsibility.

But that requires honesty. And Oligarchy world is built on dishonesty, not honesty; sold as always as :   "Law and Order", or "reason of state", or just "Move on."; rule the sway! 

Humanity has seldom known how to "bell the cat"; who eats all the meat in the dish; while the mice go hungry. 

"Lets have a depression now" has as much chance of coming about as "lets have an age of Aquarius". 

Oligarchs have to be "xxxxxx" to be made inoffensive.

Law and order is too easy for them; they own regulatory capture. 

If intelligence is our own weapon we have to know how to sail between the rocks of C and S. 

Sat, 12/01/2012 - 17:28 | 3026812 polo007
polo007's picture

A Senate Republican aide tells Breitbart News, “It’s clear that the White House is becoming increasingly comfortable with the cliff dive. They’re just not engaged. They’re less engaged than they were two weeks ago.”

Sun, 12/02/2012 - 05:54 | 3027689 polo007
polo007's picture

Sen. John Cornyn (R-Texas), who will soon be the second-ranking Republican in the Senate, on Friday panned a proposal by the White House that would allow President Obama to raise the debt ceiling without congressional approval.

Cornyn was referring to a plan Treasury Secretary Tim Geithner presented to Speaker John Boehner (R-Ohio) on Thursday that was meant to avoid the "fiscal cliff" of tax increases and spending cuts.

The plan, which sparked strong Republican criticism, included a provision allowing the White House to raise the debt ceiling without the consent of Congress.

"Well, it's outrageous," Cornyn said on Fox News.

"It's like saying we maxed out our credit card so I'm going to get a new credit card with no limit so I can keep spending. There needs to be some accountability here and, so far, we're spending 42 cents out of every dollar in Washington and that's borrowed money. And that's money that our kids and grandkids are gonna have to pay back."

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