Bloomberg's 'Ultimate' US Fiscal Cliff And Debt Primer

Tyler Durden's picture

Expiring tax and expenditure policies, if not addressed, will likely trigger a US recession in early 2013 that will affect every citizen in the nation. It seems, however, that no matter how much the mainstream media talks about the cliff and its implications, the average-joe is still focused on who will win X-Factor and whether Maria Carey and Nikki Minaj will have a knock-down drag-out fight on American Idol. Into this breach - to educate everyone - steps Bloomberg Briefs' Joe Brusuelas with this excellent primer on the US Fiscal Cliff and its Debt. Notably the senior economist outlines the upcoming risks to the economy, from the pending fiscal shock and why those risks may be greater than policy makers or investors are acknowledging.



Tune in for a live in-depth discussion TONIGHT on the “Fiscal Cliff” featuring renowned investment advisor and financial analyst Mario Gabelli, co-hosted by Tom Keene and Brusuelas, tune into Bloomberg Radio WBBR 1330 or Sirius XM Channel 113 at 5pm ET.  Or, download the free Bloomberg Radio + app to obtain a podcast of the event.

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surf0766's picture

Let the marxist raise taxes until the country collapses.  Then the leaders can have a lessons learned lunch and discuss where they should have course corrected.

CommunityStandard's picture

Because history remembers exactly how Rome collapsed....

cossack55's picture

Had something to do about crossing the Neo-Cons, right?

knotjammin2's picture

In Rome they didn't have 200 million firearms with about 3-5 million pissed off middle class ready to use them.  When it falls I can't imagine it going very well for some of these politicians.  Not enough holes to hide in and it's the sons and daughters of these middle class that have been protecting them.  How long do you really think it will last.  Go long on short rope and high branches!!

Everybodys All American's picture

You will never find one them. They'll scatter faster than the Bagdad Bob's did.

Rogue Trooper's picture

True, the real 0.0001% will have a robust 'get out of dodge' plan  They will extract themselves with their mercenaries providing cover fire as the Chopper, Boat or Gulfstream extracts them to 'undisclosed destination X' - that requires some real 'coin' and I expect the clever ones will already be paying the hired thugs with PM's at this point already.  The ones that will really suffer are the useful-liberal-obamabot-idiots who fell for the cool aid.  They will be killed, robbed, raped by the same folks we all had the pleasure to see on those Black Friday Walmart riots or the Obamafone clips. I can tell you it is unreal to watch these from the other side of the world.  The best one of these city folks can 'hope' for at this stage is a reach around.... but I doubt the hungry sheep will be that considerate - that's some 'change' you can believe in.

A wise preper will have an exit plan and hunker down and have the useful tools.  Of course many good folk will also fall but that just the way it will be.

Good luck to you all.....

/John Connor


shutdown's picture

Hey! I remember!

Rome imported so many immigrants from Africa there eventually weren't any regular Romans left. That's why the only Italians left with blue or green eyes and yellow hair are living near the Alps. Didn't anyone here watch the movie "True Romance?"

Ookspay's picture

Obama keeps moving the goal post on the hapless republicans, classic con job. We will go over the cliff for the simple reason that BO knows that he can blame it on the Gopers and possibly fatally wound the grand old party.

john39's picture

the people who control the obama puppet and the bonner puppet are one in the same... and they would like nothing more than to collapse the middle class...  mission accomplished.

Ookspay's picture

What do the puppet masters have to gain by collapsing the middle class? Just curious.

The Master's picture

I said the same thing about BO on the night he was re-elected.  He is going to end the Republican party by any means necessary, even if it means going over the fiscal cliff.  I basically made an analogy likening BO to Emperor Palpatine.  Judging by his desire to invade Syria and raise the debt ceiling unilaterally without Congressional support, I'd say I'm not too far off.

Muppet of the Universe's picture

You had asked, what was to gain by destroying the middle class? 

A).  Depopulation

B).  Empowerment of the most successful- hyper synthetic darwinism.

C).  Protection of the environment

D).  Construction of a New World Order.

See Agenda 21 for more information.


This transition will be brutal.  However, in theory, the world that comes after this could be quite good.  It will really depend upon the people, and those in power.

Which essentially means we are all fucked.  The general populous is enough to make me sick.  They are weak, delerious, mean, and ignorant.

& tptb, while it is arguable that they are good, and that their intentions are good, are very questionable leaders.



Ookspay's picture

Interesting, thanks... More nudging to follow I reckon.

Ookspay's picture

Great comparison indeed. Palatine/Obama is cunning and deceptive in manipulating people and events to achieve his goals. PalatineObama's principal desire is to have ultimate power. Palabama presents himself in public to others as a modest, polite, and harmless person. However behind this public persona, in reality he is a ruthless megalomaniac.

Make no mistake, obama is the great destroyer. Over the years there have been many whacks to the tree of freedom, but obama will deliver the final blow.

optimator's picture

After that he sends home the Congress on a permant vacation as he can make all the decisions himself with no wasted arguments.

optimator's picture

10% of the middle class assets end up with the poor and downtrodden.  The other 90% ends up with the top one or five percent.  Only the very poor and the very rich will be left.  They are stepping up the pace of implementing it.'s picture

Tylers...any thought on the possible unwinding of the GM Bailout?

Everybodys All American's picture ...I'm no tyler but I thought you may want to read this item.

Says a lot about the 'process' of the Obama administration doesn't it.

optimator's picture

They'll do whatever is best for the Union.

knukles's picture

Which'd be unwind the bailout, take the depreciated shares back from the UAW and give them a full refund in kind of cash at their significantly higher original cost and bill the fucking peasantry again.

SWRichmond's picture

If you mean "the blowing up and obvious failure of the GM bailout, followed by the need for another very public bailout",  never gonna happen.  Too politically painful for the system.

buzzsaw99's picture

that will affect every citizen in the nation.

hyperbole much? [/using noun as verb]

lolmao500's picture

Really?? You don't think it will?

And let's get real, the ``fiscal cliff`` is nowhere near enough to fix things.

buzzsaw99's picture

Yeah, you're right, I will probably have to eat cat food from now on. [/sarc.]

bagehot99's picture

Hyperbole? Ummm. Hardly.

buzzsaw99's picture

the cliff, lmao. either way it goes i couldn't care less.

lolmao500's picture
Reports that the main headquarters of Egypt's Muslim Brotherhood set on fire in Cairo - @BBCBreaking

Air strikes against chemical weapon production sites and storage depots would carry the risk that "some chemical agents would likely be released into the air, endangering nearby civilians," while still failing to destroy all the munitions, Michael Eisenstadt wrote in a report for the Washington Institute for Near East Policy.

Bombing, however, could block entrances to chemical arms bunkers carved into mountainsides and effectively entomb chemical agents, according to Eisenstadt.

"It's difficult to come up with a viable scenario where you do this without putting troops on the ground," said David Hartwell, an analyst with IHS Jane's, a defense and security consultancy.

"If your aim is to secure chemical weapons, you can't do that from the air," he told AFP.

However, chemical agents kept at a storage site are one thing and artillery rounds or rockets armed with chemical agents are another.

"These chemical weapons are not big things. They can be put in the back of any truck. There are thousands of military trucks rolling all around Syria every day," White said.

"How are you going to know which trucks have these chemical weapons?"

He added: "One 152 millimeter artillery battery looks like any other."

Report: Israel threatens to cancel Hamas truce if Islamic Jihad leaders enter Gaza

Two members of the Iranian-backed group had planned to visit Friday, along with the leader-in-exile of Hamas Khaled Meshal.

The War With China Begins On January 1st
The Philippines needs a major ally, like the United States, to provide enough naval muscle to keep the Chinese from enforcing their new rules that will, starting January 1st, have Chinese naval patrols escorting, or expelling, foreign ships from most of the South China Sea. This includes offshore areas of the Philippines, Malaysia, Taiwan, Brunei and Vietnam that international law does not recognize as Chinese. Happy New Year to you too.

john39's picture

ZATO doesn't give a damn about the chemical weapons... it want to topple syria, whatever pretext works...

Skyprince's picture

Let me the economy now...extend Bush tax cuts, reduce spending cuts and then cross fingers and hope...awaiting the fall off a much bigger cliff (dollar collapse) at some point in the near future (6 months to 3 years), or....take a leap off the cliff now and start doing the hard work of getting deficits under control--drastically reduce spending, reduce the size of government, cut all the "entitlements," let the big banks fail, kick the asses who put us into this position out, and start over with an old fashioned idea--hard work, self reliance, liberty, and restoration of our Constitution.  In other words, take back the power once given to us and then squandered.  Let's go off the cliff now and save ourselves!

BraveSirRobin's picture

"start over with an old fashioned idea--hard work, self reliance, liberty, and restoration of our Constitution. In other words, take back the power once given to us and then squandered. Let's go off the cliff now and save ourselves!'

Come one, it's a little late for that, don't you think?

Skyprince's picture

A guy can dream, can't he?


Renewable Life's picture

This whole "fiscal Cliff" shit is exactly how they have terrorized the Greek population into continuing to vote against their own interest, and I'll bet most Americans would say, "what??? We are nothing like Greece"

Wake Up sheeple (most non ZHers), this is the GS script and they are repeating it all over the world!

Zer0head's picture

Brusuelas is good -- as for Gabby and Keene two m-effing Obama (p)sycophants enough  of this cliff bullshit Keene is 7 foot freak and Gabby, well what can I say about Gabby he's a pretty good stock picker and arrogant as the day is long

granolageek's picture

In my state the dear old GOP introduced a bill demanding that every 8th grade science class discuss how Pol Pot and the Kim family believed in evolution, therefor evolution must be not only wrong but evil.

The speaker was smart enough to tiptoe away, pointing out that there was no evidence about what either Pol Pot or the Kim family believed in evolution.

Jee effing zus. Y'all claimed in 2010 to run on the economy but actually gave us "governor ultrasound". Then you passed voter supression laws and then were croggled when the voters you tried to suppress showed up, not because they were looking for handouts, but because you had made it personal. What was the actual result in Florida and Pennsylvania?

"Angry white guys" is a losing demographic. I am an angry white guy. My great grandpa fought on the winning (look it up) Republican side at Antietam. It was unconstitutional, I won't argue. Tree, rope, slaveowner...not a problem

granolageek's picture

Oh yeah. Makers, takers, Mississippi, Alabama, ROFL.