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Boehner Abbreviated: Obama Approves Plan B Or Is Reponsible For The Largest Tax Hike In US History
Yesterday, while the market was absolutely euphoric that a Fiscal Cliff deal was imminent in the aftermath of the release of PR theatrics also known as "Plan B" we said:
GOP plan passes Congress, is blocked in Senate and Boehner can say it is the Democrats fault US is going over the Cliff
— zerohedge (@zerohedge) December 18, 2012
Moments ago, Boehner confirmed that, at least as of this moment, this is precisely the plan, when he said that tomorrow the House will pass legislation extending tax cuts on those with incomes over $1 MM. He added next that Obama can either convince the Senate to pass "Plan B" (which won't happen) or be responsible for the largest tax hike in history. And now the ball is in Obama's court, where things look increasingly bleak that any further compromises are imminent, and the only thing that Obama will retort with is a veto to the House's vote.
So are GETCO's algos still 1000% certain there is a compromise coming?
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obama, like the honey badger, don't give a shit.
Get ready for a bumpy ride. Keep stacking.
http://ericsprott.blogspot.ca/
As Obama states daily he is just following the "mandate" of this election, which is apparently to go over the cliff.
it means the most in terms of new taxes, don't it?
Isn't it going to be bad if we go over the physical cliff?
The goal is to crash this mother fucker so all bets are off.
You have a t-bill that pays you interest... tough shit... tell your story walking.
You depend on your social security check every month to eat... pound sand old timer and die hungry.
You use you EBT card to feed your nine kids... get lost bitch... let those kids go steal something for you to eat.
What did you say China? You want your fucking interest and pricipal? How about we come over there and bomb you back to the stone age. Then when you wake up, we'll be there to bomb you again.
Anybody else want some?
something is wrong - the market is going down
Was he crying
Ohhh...the HUMANITY!!!...
There once was a man Boehner, from Dayton.
Who had a tax code he felt he must straighten.
He said with much vile,
and nary a smile.
I think that Obama is Satan.
(Where are you when I need you, Limerick King?)
I give that a +16 trillion!
There once was a pol named Boehner,
Always made deals for big donors
But when it comes to the cliff
Might as well roll up a spliff
Cuz he'll cave to Obama the stoner!
Excellent
If they keep printing this way everyone is going to be a millionaire soon.
Zimbabwe R US
they all suck donkey dick...
More like everyone will be a million dollars in debt.
I'd give my left nut for a 'do nothing' congress.
But then, I think, what's the point of getting elected to Congress or becoming President if you can't hand out favors to your friends. /sarc
Jeesus, it's not the problem, it's the 'problem solvers' that muck it all up.
Sad orange man.
Obama conceeds with half way point.
Taxes to go up on all incomes over $666,000.00
We are all going to end up in hell in a hand baskets anyway, might as well be poetic about it.
lop those zeroes off, then we have a deal!
Well, that's the approach that's kinda-sorta outlined in the document they're all supposed to be following (that being, laughably, the Constitution) as opposed to these back-room "stuper-committee" deals.
How novel. How quaint.
But Obama has the press behind him...so the truth will be trown out the window....doesn´t matter Obama voters are in tune with this game anyway...
not only does he have the press in his pocket, he also has those 50 million US citizens on welfare and food stamps and other gov't assistance.
"Rise, my flyingmonkeys and take to the sky! The Man has kept you down too long. All o' his stuff are now belong to you! Go, my pets, take all you want from The Man! BWaaahahahhaha!
my b-in-law is a dyed in the wool O-lovin' lib union steelworker(his kids are all on welfare) and I read him the litany of The Messiah's sins and he just sits there and gives me this glassy-eyed stare-I might as well be talking to his dog(named PETA-seriously). it's bizzare how people process things any more.
welcome to the matrix where nothing is real anymore and it takes a village to think of the proper course of actio n to take.
join one, join all, you are all just collectivists in the wall...
he fucking hah...
+1.
I always wondered how, throughout history, despicable fucks like Hitler, Stalin, <insert any despot here>. could come off as demi-gods while doing some of the most evil shit. I now know since we are living it with BO.
Until you can replicate it - you don't know it.
America won't hold Obama responsible. The 98% want the top 2% to kick in more. Boner is playing to only about 1.5%, those in the bracket between 200K and 1 mil.
Poor old Newt can tell you who gets blamed when the federal teat runs dry.
The vindication of a lot of folks who might be politely called "Obama Skeptics" is now at hand. The thought all along has been that President Zero WANTS to go over the cliff.
Unless GETCO says otherwise, I guess.
Prepare the parachutes...as well as the "Emergency Legislation." Can't be wasting a perfectly good crisis, now can we?
I agree he wants to go over the cliff, however, I'm beginning to believe that the cliff is far less worrisome than what these doorknobs are likely to devise to prevent it.
Yes. Exactly.
Cliff. Splat. Good.
Of course they want to go over the cliff at this point with the Fed printing full speed ahead, because it supports the lie that people need to suffer to produce Federal Reserve notes (bills of credit). The only question is the political one of how to do so that the populace blames the other party rather than the FedGov system itself, which is the true culprit.
Team Obama knows they have more negotiating leverage after we're over the fiscal cliff. It has always been Boehner's task to be able to go over the cliff without Obama being able to blame him, and get to the March debt ceiling increase where the leverage shifts to Republicans.
fancy pants
So proud of Boehner. Obama was not budging and wanted exclusive control of the Debt limit. That is more like a Dictator than a President.
Plus, I really do not think that there really is a Fiscal Cliff. It was only to push for a deal in a drumed up stress situation. No reason why this cannot go into next year.
As I said yesterday, Boehner is trying to save his job...
"Boehner's re-election for speaker is on Jan 3rd. If he gives to much to Obama he'll be voted out of his speakership. A week or two long cliff dive into january would not surprise me. "
BLAMESTORMING THIS MUTHA!!!
I think you meant extend tax cuts on those under $1M, but overall, let's hope for some intestinal fortitude amongst the house members to actually do this.
If the senate blocks the house bill, it won't come to the president's desk
I do not know why the Market is not up on this because now it is on the shelf until next year.
Aww look the puppet show goes on and on and on and on and...
Let's not forget that neither of these groups have our best interests at heart.
thanks/ I (almost) forgot (?) /sarc
+1
If we don't go over the cliff then the cliff just keeps getting bigger, which is not in our best interest. There will be a deal. This year? Don't know. But there will be a "deal" to keep the ponzi going, which is indeed not in our best interest.
If we don't go over the cliff then the cliff just keeps getting bigger, which is not in our best interest. There will be a deal. This year? Don't know. But there will be a "deal" to keep the ponzi going, which is indeed not in our best interest.
The deal is we go over the cliff, so Obamatron, gets to raise taxes carte blanche on EVERYONE, making 50-60k a year, and above.
Hide n watch. Really, WHAT does he have to lose?.
O will call his bluff, over the Cliff and the Repubs will lose... Itll be just like Newt and Clinton...
Every time I watch Roman Holiday, I still hope that Audrey Hepburn will turn around at the very last moment and run into Gregory Peck's arms. >SNIFF!<<
You must be a lot older than your picture makes you...
I sort of get the same thingie at the end of Casablanca....
I'm not old, I'm 47!
the debate will be framed by the media...we know which way they go.
That is how things went from war crimes to shrugs
Compromise doesn't matter Tyler. Whole cliff bs is more or less agreed .. only cosmetic adjustments remain.
GETCO algos did their Thanksgiving/Santa/NY role ... just look at FED's objective below:
So muppets Dr. Feelgood finished therapy, sales mania is over soon, then we'll see what's next
KEEP OBAMAO IN PREZDINT!
i just threw up in my mouth a little bit (more)
He got me a phone.
He's so much worse than that other guy.
http://www.dailypaul.com/257084/humor-mansons-rich-white-wealthy-dick-ra...
does it really matter if the economy collapses tomorrow - or a week from today - or a month or year from now ?
so long as you're completely out of debt and have a couple million $ saved up - and don't live in a big city on the coast - you're going to be okay -
Why do you advocate that smart people have no debt? If this thing blows, the more debt you have the better, since it will get wiped away.
I'm looking forward to paying off my mortgage with toilet paper.
I wouldn't bet the farm (literally) on that idea. If things get bad enough, the Feds could just put out an Executive order that says, in effect, that the old green FRN's are no longer valid for settlement of public and private debts. Henceforth, only the new red FRN's, which are discounted at one new to ten old scrip, are to be used, and that all debts and taxes have to be paid in full in new scrip. Unless you have gold or silver that will return equal buying power in either old or new scrip, you could well be looking at debts that are effectively orders of magnitude larger than you have right now.
Even if old scrip will be honored at the current rate, how do you know that you will earn enough to pay off that mortgage along with spending 50 bucks a gallon for gas and 1000 dollars for a weeks worth of food for yourself? I don't owe anything to anyone, and never will again. I sleep really well knowing that nobody is coming for their pound of flesh.
The problem with that is that there's so much debt of green FRN's, there's absolutely no way it could be paid back in devalued red FRN's that are equal to the debt of green FRN's. That totally destroys the point of moving to red FRN's in the first place.
Are you sure wages will keep pace with inflation?
Boehner acting like a leader...didn't explain, didn't complain. Unlike Oprah, I mean Obama.
This article, if you could call it that, is absolutely fucking retarded. Apparently, regardless of whatever plan Boehner suggests, it is then all Obama's fault if he does not accept it. Seriously, we all know Obama is a douche bag, but whoever (Tyler Durden) wrote this is attempting to rival his supreme douchenesss.
Well not exactly. Pelosi floated this same idea in May. If the Senate refuses it in favor of the cliff, they will need to explain why. Not that anyone would listen. Or believe them.
i can't believe the theatrics of this. somehow the discussion is only about higher taxes, and we have a soap opera of $250K, $400K, and $1M - which funds the govt for 7, 4, and 2 days repsectively. and gold is down to 1670.
Confusing, ain't it?
PMs can be heartbreakers sometimes.
But I got me some lead.
Mr. Obama can only veto something that passes the Senate too. Happy Harry will take the heat, such as it is.
Yep, Obama will blame it on an "unworkable plan" put forth by the "Republican House."
Obama: "See, their plan was so bad, the Senate would not pass it!" This mantra will then be "lathered, rinsed, and repeated" by the lapdog MSM ad nauseum until the Repubs get all the blame and Obama comes out smelling like a rose.
Tyler, your post should read incomes UNDER $1 million
Also, Boehner said this will make the rates permanent, not an extension. Which is pretty significant, force Obama to give a permanent endorsement of GWB tax rates.
Ningrim,
Rates are never permanent.
permanent in the sense that they would not expire automatically like they do now
That is what Mark Levin was pushing from day one, but he was pusshing for TAX CUTS.
Conceptually, just do sth the Dems can refuse.
Any foreigners have a spare couch?
Lol'd...so sure. but bring your parka, tuque and harpoon.....were going seal hunting and its -17 out.
Thanks, I'll bring my mukluks.
I watch Les Stroud and Ray Meares, so I know how to seal hunt (in theory)
Les Stroud is awesome, a real man unlike the fake "Bear" Grills.
"Fiscal cliff" is such a joke and a big mis-director of our attention and focus. The debt ceiling has been raised over 100 times. What a demonstration of fiscal incompetence and corruption. The debt ceiling was 1T in 1980. We're hitting it again and now it is over 16T. Why not just make the ceiling 100T next time assholes!? It's obvious where we are all going.
Bring out the guillotines. We need one on the White House lawn and 10 in front of the capital building, and one outside the Fed Reserve building. Let's get this all over with. Tired of the Kabuki Theatre being run by leaders and politicians. Off with their heads!
Just raising it straight away to 100T would ruin all the chances for the next TV reality show based on routine debt ceiling increases. Maybe something like Debt Island?
Isn't the euphoria of the final resolution only increased the closer it comes to the last moment? I mean, this is like Drama 101.
I would ask David Carradine.............
pods
Not bad... not bad at all...
If you are a trader, it makes for good trading.
this is not a government, it's a kakistocracy.
any time and ink spent on the topic of this farcical "fiscal cliff" is time an ink willfully wasted.
this is IRRELEVANT.
Those two drama queens need to be locked in a room full of "bat shit" with 2 pens and a pad of paper, and told they can't come out until they have a deal!
...whatever you say man :)
Boehner needs to go back to the House and stay there. Bills/laws are not supposed to be decided to by two individuals. Pass the bill you desire to the Senate and let them deal with it and until they do just say look I've passed a bill for the Senate to contemplate and change/mark it up as you wish and send it back when you desire and you know the House's position. Just like the system is intended to work. The Senate can do the same if they wish. When a bill meets the House and Senates guidelines for passage then it gets sent to the president for his signature or veto.
We have gotten so far off track with the process since Obama came to power and I believe this is why we get no progress. The presidency is not supposed to be a dictatorship and yet that's what it appears is happening.
Republicans will pass the Bill in the Congress and then go home.
This is good for the Market. No more up and down on the on again and off again.
If the US Government was an individual he would've been locked up in a maximum security mental institution for life for his financial crimes and crimes against humanity. And the life institutional incarceration would only be because the forensic psychiatrists saved him from death by lethal injection due to a successful insanity plea.
:):) GETCO's algos also think that a rising Euro is good for German stocks. OR evene any European stock för that matter. The guys who wrote these algos probably never read anything about "pricing your products" . But what the hell, seems there are no fundamentalists left in the market anyway. No one is challengeing these guys.
I don't know how it will play out. But Obama's next move will be to compromise further, it's not hard to know that.
Question is whether Dimocratic party politicians are willing to vote themselves out of office in 2010 and 2012, at a minimum.
If I were Beoner, I'd take the deal.
If anybody really wants to know, here's the consensus on the so-called left on how this should go:
http://www.alternet.org/economy/8-tips-how-we-could-cut-deficit-slashing...
Careful Libertarians--Could make a lot of sense!
Perhaps you should ask what is best for USA or your children? Probably going over the cliff and once and for all clean out?
Getting our basic values clarified seems like the right place to start. Enough of the bullshit.
Let's get our story straight.
Speaking of which, I meant to say 2014 and 2016 above. My how time flies.
Too bad the bullshit stays the same. Just change a couple numbers and it's good to go all over again.
Sticking it to hedge funds sound like a winner to me.
I can't think of a less deserving bunch of fucks. They've had it easy for too long.
'Hey you, Whitehouse,
Ha ha charade you are.
You house proud town mouse,
Ha ha charade you are
You're trying to keep our feelings off the street.
You're nearly a real treat,
All tight lips and cold feet ...'
-----
Big man, pig man, ha ha charade you are.
You well heeled big wheel, ha ha charade you are.
And when your hand is on your heart,
You're nearly a good laugh,
Almost a joker,
With your head down in the pig bin,
Saying "Keep on digging."
Pig stain on your fat chin.
What do you hope to find.
When you're down in the pig mine.
You're nearly a laugh,
You're nearly a laugh
But you're really a cry.
According to the date on your tweet, yesterday was today.
Uhh 12/18/12 = 12/19/12?
Sorry 18/12/12 = 19/12/12?
OK my bad, the embedded tweet doesn't show the actual date of the tweet ... at least not here.
If Boehner can pass this with them becoming permanant.....then the Bond vigilantes need to come back and do their work....that would shut Obama down....if they don´t maybe the Fed might show some balls....if THEY don´t...maybe the rating agencies might show something....anyway...I see a future where we as a country are forced to correct ourselves....our politicians won´t matter at that point...
The Obamalaise economy -- economic ennui!
All these numbers are as meaningful as trying to keep count of mouse farts in a wind tunnel.
Why is this an issue again? Oh yeah, they made a deal last year that they fucking knew would screw us, and now they need to make a deal to avoid the deal so that ... yeah ... whatever ... the world ends on Friday anyway ;) Fuck it! Let's go bowling.
if only it were as easy as morpheus makes it look:
http://www.youtube.com/watch?v=jdQIAmB2j8w
The fiscal cliff is our friend! Why? Because it is something finite: America actually paying down its debt through higher taxes and lower expenditures, aka reality.
For so long there has been no reality to trade on as the only thing moving the markets has been political activity which cannot be analyzed to any tradable measure without inside information. For the banks, politicians and other beneficiaries, the postponement of reality is their business, self-preservation and raison d’ etre. For the rest of us it is financial strangulation.
That is why the volumes and sentiment are so very low. No one can put on a trade with confidence based on the fiat venality of politicians. However, when rampant inflation inevitably comes, quality equities with global exposure and hard assets will rise tremendously based on the devaluation of the U.S. dollar. Till then in the U.S. the sideline is the best place to be while the current deflationary, corrupt and uncertain period runs its course – hopefully not for too much longer.
The sooner we go over the fiscal cliff the sooner we can begin the painful process of paying our debts, rebuilding our economy and trading on sound fundamentals. The postponement of this reality only makes the pay back more and more painful, and at some point un-payable.
Agreed. I am so sick of the fear mongering out there. People need to realize going over the cliff is actually short term pain for long term gain.
Not if you're dead.
Or out of office.
Vultures are eating the US corpse. Get as much as physical gold and silver you can get (govment&citizens) default, produce and consume local and get this unbelievable shit over with. What a mess, Japan, Europe, US, it's the same mess. Debt, drones & drugmoney.
ZH'ers, go and tear miss Liberty down just like the Saddam statue in Bagdad. Make a fucking statement!
With a tear in his eye and his hand at the controls of a steamroller, the Left’s Messiah not only wants to smash American freedoms and founding principles, he wants to smash property rights.
He’s riding on the emotions of many Americans aroused by the hype pushed by the ruling class’ media that people who have been successful and people who have tried to make something of themselves are the evil “rich” (those "rich" families with $250,000 household incomes) and must be made to pay.
Obama never intends, of course, to go after the criminal fascist types who have decimated the middle class through fraud, or as Jim Quinn so aptly sums it up in Hey You:
“Sociopathic criminals who committed the largest financial crime in world history walk free and continue to occupy executive suites in luxury office towers in downtown NYC, collecting millions in bonuses as compensation for crushing the American middle class.”
Clearly not a left-right issue. Open your eyes.
"GOP plan passes Congress, is blocked in Senate"
A self-contradictory statement.
Some people think Congress = House
Isn't it ironic how one can fall off a cliff and still manage to hit the ceiling.
Good one!
Its really a debt target. lol. They won't have a problem hitting it either.
Obama just got outplayed.
My guess is the the focus will now be about the assault weapons that weren't used in the school shooting.
We Americans are being played. Both Houses of CONgress passed the Budget Control Act of 2011
And Obama signed it!
That was his opportunity to honor his campaign pledge to tax the RICH.
His credibility would be much higher if he Vetoed the tax increases on the non-rich.
The Senate will pass it too if they're smart. Senate Democrats have nothing to gain by voting it down. Let Obama take the credit/blame. He's not running for re-election. If you don't get a debt ceiling increase, you've won nothing this round. You just have to give up more in March. Might as well kick the can until 2015.
And thus, the republicans were holding all the aces the entire time despite what "analysis" the talking heads gave.
PEOPLE ARE ACTING LIKE THIS IS REAL! Th cliff exists because the 12 private banks of the FED are holding down interest rates do they continue to get a PAYDAY on the @#$% UNREGULATED Derivatives they sold to E.U. SUCKERS.
Raise rates to where they SHOULD be would put 99% of the .001% THIEVES running & ROBBING this nation in the POOR HOUSE, PRISON OR BOTH! MEANWHILE, AMERICAN are happily clapping their hands like it's a Topeka, KS magic show! A NATION OF MORONS!
The debt ceiling i.e. the US Gov't not paying their bills due is unconstitutional. Here is why:
US Constitution, 14th Ammendment Section 4
"The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned."So, "Plan B".
Isn't that the abortifacient taken after the fact by those who unexpectedly got screwed and wish not to have been inseminated by whoever-the-hell-that-was?
We should never have put ourselves into the position where we got Boehner-ed in the first place.
Anyone doubt the deal is already done, and it sucks so bad they have to keep everyone in a state of panic and terror until the last absolute fucking minute to spring it on us?
the House will pass legislation extending tax cuts on those with incomes over $1 MM.
dont you mean UNDER $1MM?
The whole thing is a sham. The GOP are not in the least concerned with the deficit. Their only concering is protecting the assets and income of the crony class they represent.
If they had any real interest in reducing the defecit they would:
These are things that would actually solve the problem.
Staving Grandma will not solve the problem.
Its latest effort is the curiously named Y7562 , a high-end Android phone with a 5in, full HD display.
Calling all Nutjobs in the D.C. area...