Reid Responds: Plan B For Broken

Tyler Durden's picture

Update - Pelosi chimes in: "Pelosi Says House Democrats Would Reject Boehner Plan B on Taxes"

Flashing red headlines which refute the market's favorable take of Boehner's words...

  • REID SAYS BOEHNER'S PLAN B BUDGET PLAN CAN'T PASS CONGRESS
  • REID SAYS BOEHNER PLAN NOT A BALANCED APPROACH
  • REID SAYS BOEHNER SHOULD FOCUS ON LARGE-SCALE DEFICIT CUTS

... but risk no longer cares about the content, and like in the fall of 2011 with all headlines out of Europe, anything flashing and red is taken immediately as positive by the algotrons, who buy first and ask questions much later if ever.

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SheepDog-One's picture

Nevermind all that, only thing that matters is NAHB says theyre feeling kinda green shootish today!

Stoploss's picture

Nobody gives a shit anymore.

Inflection is here.

Pick your side.

CPL's picture

If there was any doubt before, the line has now been drawn.

 

Agreed, it's time to pick a side.

trav777's picture

bbbbut...we'll save $1.6T over 10 years when we have annual 1.6T deficits.  It's like buy 9 and get the 10th one free!!!!!!11

boogerbently's picture

Always been conservative. But their ONLY argument against raising taxes doesn't work.

The "job creators" have had 10 years of these cuts with NO "job creation."

I believe congress is just trying to keep THEMSELVES from paying higher taxes.

On the other side, there must be an agreement that ALL new tax revenues will be used to pay down the deficit, NOT new spending.

And just ONCE, I'd like to hear about cutting Welfare. The combined AVG available needs to be less than a minimum wage job. Right now it's like $52K+ (if you qualify for the max # of programs)

Buckaroo Banzai's picture

How about the argument that the income tax is an unjust tax, utterly incompatible with the concept of Liberty that this country was founded on, as well as illegal according to the 13th Amendment (well, the SECOND 13th Amendment) that outlawed involuntary servitude?

wisefool's picture

Its a great idea but it would never work. People dont understand that we are supposed to live under a constitutional republic.

You'd have to phrase the argument something like this. "You should not tax income, because it dis-incentivises people to work hard. All the way from your kid making minimum wage working summers on a farm, to the surgeon making a million dollars who is going to cut you open one day. We should tax corporations, which have all of the benefits of people, but currently have none of the detriments. Coorporations are immune to personal liability, death, and taxation as long as they follow the 1st rule of crony capitalism maximize profits by any means possible including regulatory capture"

NotApplicable's picture

That's just crazy talk!

Everybody knows that you simply cannot have a peaceful society without competing political factions stealing from everyone.

Didn't you pay attention The Pledge?

Ballin D's picture

I dont think anybody is saying that high taxes are the only thing that will inhibit growth in this toxic economic environment but higher taxes will hurt growth so long as history continues to repeat itself as it always has.

trav777's picture

huh?  Why is it the responsibility of income earners to "create" jobs for other people?

How about this: all you 47ers get off the backside and do something productive?

Gee, we should give money to the poor because they will SPEND IT...genius.  That's how you STAY poor.

blunderdog's picture

     How about this: all you 47ers get off the backside and do something productive?

That really is the best idea, but it'll only work if the gummit stops trying to prevent them from running their own small businesses.

eatthebanksters's picture

Yes, it now sounds like it's my way or the highway regarding negotiations.  I think the Dem's have something up their sleeves....Boner offers them everything they want execpt the tax threshold moves from $250,000 to $1,000,000 and they sayno...sounds like O doen't want to make a deal...sounds like O wants to go O-ver the fiscal cliff.  Appears like he must have adother plan that he is not disclosing...I'll guess we'll see.

Zap Powerz's picture

Some will pick a side, most will just pick their nose.

SheepDog-One's picture

'Balanced approach' meaning cutting off both legs? Makes sense....may as well cut off both arms while theyre at it too.

max2205's picture

prepare for stock bubble 3.0

gjp's picture

Prepare?  Aern't we about three years into it?

boogerbently's picture

....OK,

We'll call it a draw!

Classic.

Squid Vicious's picture

this is insane... mkt. has gone full Robotard

francis_sawyer's picture

Mortimer finally got the memo to turn the machines back on...

LongSoupLine's picture

Fuck you Reid.

 

None of this fucked up shit has any bearing on Bernanke's fucked up bond monetizing ponzi.

 

Fuck you Bernanke.

SheepDog-One's picture

Plan C- Hit everyone with constant BS stories day and nite and maybe no one will catch onto the fact that the whole thing is being burned to the ground.

NotApplicable's picture

Wow, the overlords will NOT be pleased!

Mr. Black better stay in Kansas.

Buckaroo Banzai's picture

Keep the comedy show going in the front room long enough to loot the entire saloon out of the back room.

David99's picture

The market is Casino and the biggest manipulated stock is Rio Tinto and JPM is pulling up daily and no regulations for Rio Tinto in London

insanelysane's picture

Apparently David99 is controlled by the Bernank as he is posting about this to infinity.  (you will see as you scroll down)

tradewithdave's picture

I thought the currency wars was Plan B.  Maybe these .1 gram gold Swiss coins can be Plan "C"

http://tradewithdave.com/?p=14279

88888's picture

Its only a matter of time until these same algos crash the market again. Hopefully the next time will make the last flash crash look like a joke.

Spastica Rex's picture

Why engineer an algorithm to ever really sell?

insanelysane's picture

My guess is that it is impossible to crash the markets.  The FED hastheir own algo that automatically buys and buys to infinity any price drop on anything (except physical gold and silver).  The challenge has been to program the algo to allow for a negative day now and then to make the market appeal more realistic.

Boilermaker's picture

My fucking god...who gives a shit?

David99's picture

On LSE, there is no checks and balances and maximum manipulations daily by Rio Tinto. The market is Casino and the biggest manipulated stock is Rio Tinto and JPM is pulling up daily and no regulations for Rio Tinto in London

kridkrid's picture

You need to rewrite your program. It seems busted

Euro Monster's picture

THIS IS FUCKING UNBELIEVEABLE!!!!!!

prains's picture

no it's fucking (B)elievable

LouisDega's picture

Tyler, Can i have a he said, she said market reaction update ?

unrulian's picture

He: sjahdfiuwhdfehw

She:ijhsdfliheqwrifhewr

who gives a fuck?

SheepDog-One's picture

Not even as entertaining as the Punch and Judy show....FUCK U BERNANK!

Cognitive Dissonance's picture

Plan "B"

The morning after realty sets in pill.

Aurora Ex Machina's picture

If you wanted to panic the algos, you could do worse than look into cotton shortages:

In August, agronomists showed that the historic drought in Texas had caused a stunning $5.3 billion in losses in the agricultural sector. Two months later, even with some rain finally coming to the state, Texas farmers are being crippled by a drought that could stretch beyond next summer...

Some of the farthest-reaching effects may be on world cotton markets. Texas produces about 50 percent of U.S. cotton, and the United States in turn grows between 18 and 25 percent of the world’s cotton, according to Darren Hudson, director of the Cotton Economics Research Institute at Texas Tech University. This year, however, yields even from irrigated crops have fallen about 60 percent on the high plains where the bulk of Texas’s cotton crop grows, Mr. Hudson said. Farmers have given up on their “dry-land,” or unirrigated, cotton crops.[source]

 

I'll leave you to work out why I picked out cotton.

francis_sawyer's picture

Here's my best guess...

~~~

http://www.youtube.com/watch?v=XDdlHmzIdn8

Because REAL MEN sing into light bulbs...

Matt's picture

Don't worry, America will just catch up to Canada and make bills out of polymers instead.

Kaiser Sousa's picture

indeed bullish (read: bullshit)....

DOW 36,000......

keep buying physical Gold and Silver...

leave them to their circus.....

azzhatter's picture

Plan BB- Broken Boner  or Plan BBB- Broken Boner Bawling