Boehner Abbreviated: Obama Approves Plan B Or Is Reponsible For The Largest Tax Hike In US History

Tyler Durden's picture




 

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:

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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Wed, 12/19/2012 - 17:57 | 3080369 Flakmeister
Flakmeister's picture

You must be a lot older than your picture makes you...

I sort of get the same thingie at the end of Casablanca....

Wed, 12/19/2012 - 22:26 | 3081315 Spastica Rex
Spastica Rex's picture

I'm not old, I'm 47!

Wed, 12/19/2012 - 16:51 | 3080107 trav777
trav777's picture

the debate will be framed by the media...we know which way they go.

That is how things went from war crimes to shrugs

Wed, 12/19/2012 - 15:38 | 3079854 ivana
ivana's picture

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:

  1. Debt monetization/wealth effect pursuit(September - December 2012)

So muppets Dr. Feelgood finished therapy, sales mania is over soon, then we'll see what's next

Wed, 12/19/2012 - 15:38 | 3079855 SheepDog-One
SheepDog-One's picture

KEEP OBAMAO IN PREZDINT!

Wed, 12/19/2012 - 15:57 | 3079934 noob
noob's picture

i just threw up in my mouth a little bit (more)

Wed, 12/19/2012 - 16:29 | 3080047 wisefool
wisefool's picture

He got me a phone.

Wed, 12/19/2012 - 16:42 | 3080081 eclectic syncretist
Wed, 12/19/2012 - 15:39 | 3079859 Madcow
Madcow's picture

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 - 

Wed, 12/19/2012 - 15:42 | 3079871 zebrasquid
zebrasquid's picture

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.

Wed, 12/19/2012 - 16:25 | 3080036 dhengineer
dhengineer's picture

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.

Wed, 12/19/2012 - 17:31 | 3080249 sharky2003
sharky2003's picture

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.

Wed, 12/19/2012 - 17:23 | 3080214 object_orient
object_orient's picture

Are you sure wages will keep pace with inflation?

Wed, 12/19/2012 - 15:39 | 3079863 zebrasquid
zebrasquid's picture

Boehner acting like a leader...didn't explain, didn't complain.  Unlike Oprah, I mean Obama.

Wed, 12/19/2012 - 15:40 | 3079867 ArmchairRevolut...
ArmchairRevolutionary's picture

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.

 

Wed, 12/19/2012 - 15:54 | 3079925 Dumpster Fire
Dumpster Fire's picture

Apparently, regardless of whatever plan Boehner suggests, it is then all Obama's fault if he does not accept it.

 

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.

Wed, 12/19/2012 - 15:40 | 3079869 you enjoy myself
you enjoy myself's picture

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.

Wed, 12/19/2012 - 16:45 | 3080086 flattrader
flattrader's picture

Confusing, ain't it?

PMs can be heartbreakers sometimes.

But I got me some lead.

Wed, 12/19/2012 - 15:43 | 3079879 ShrNfr
ShrNfr's picture

Mr. Obama can only veto something that passes the Senate too. Happy Harry will take the heat, such as it is.

Wed, 12/19/2012 - 16:47 | 3080095 wee-weed up
wee-weed up's picture

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.

Wed, 12/19/2012 - 15:43 | 3079883 ningrim
ningrim's picture

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.

Wed, 12/19/2012 - 15:59 | 3079951 Hohum
Hohum's picture

Ningrim,

Rates are never permanent.

Wed, 12/19/2012 - 16:06 | 3079976 ningrim
ningrim's picture

permanent in the sense that they would not expire automatically like they do now

Wed, 12/19/2012 - 15:44 | 3079886 ekm
ekm's picture

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.

Wed, 12/19/2012 - 15:47 | 3079893 devo
devo's picture

Any foreigners have a spare couch?

Wed, 12/19/2012 - 15:59 | 3079953 Mark Carney
Mark Carney's picture

Lol'd...so sure. but bring your parka, tuque and harpoon.....were going seal hunting and its -17 out.

Wed, 12/19/2012 - 16:07 | 3079979 devo
devo's picture

Thanks, I'll bring my mukluks.

I watch Les Stroud and Ray Meares, so I know how to seal hunt (in theory)

Wed, 12/19/2012 - 16:51 | 3080108 Mark Carney
Mark Carney's picture

Les Stroud is awesome, a real man unlike the fake "Bear" Grills.

Wed, 12/19/2012 - 15:49 | 3079896 alfbell
alfbell's picture

"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!

Wed, 12/19/2012 - 15:52 | 3079910 centerline
centerline's picture

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?

Wed, 12/19/2012 - 15:48 | 3079900 Spastica Rex
Spastica Rex's picture

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.

Wed, 12/19/2012 - 17:19 | 3080197 pods
pods's picture

I would ask David Carradine.............

pods

Wed, 12/19/2012 - 17:59 | 3080374 Flakmeister
Flakmeister's picture

Not bad... not bad at all...

Wed, 12/19/2012 - 17:34 | 3080260 Waterfallsparkles
Waterfallsparkles's picture

If you are a trader, it makes for good trading.

Wed, 12/19/2012 - 15:50 | 3079906 alien-IQ
alien-IQ's picture

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.

Wed, 12/19/2012 - 15:53 | 3079916 Yen Cross
Yen Cross's picture

 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!

Wed, 12/19/2012 - 16:18 | 3080016 noob
noob's picture

...whatever you say man :)

Wed, 12/19/2012 - 21:08 | 3081086 Everybodys All ...
Everybodys All American's picture

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.

Wed, 12/19/2012 - 15:56 | 3079936 Waterfallsparkles
Waterfallsparkles's picture

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.

Wed, 12/19/2012 - 16:02 | 3079956 alfbell
alfbell's picture

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.

Wed, 12/19/2012 - 16:02 | 3079958 NaiLib
NaiLib's picture

:):)  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.

Wed, 12/19/2012 - 16:05 | 3079966 Bob
Bob's picture

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!

Wed, 12/19/2012 - 16:05 | 3079974 NaiLib
NaiLib's picture

Perhaps you should ask what is best for USA or your children? Probably going over the cliff and once and for all clean out?

Wed, 12/19/2012 - 17:08 | 3079978 Bob
Bob's picture

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.

Wed, 12/19/2012 - 17:48 | 3080324 flattrader
flattrader's picture

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.

Wed, 12/19/2012 - 16:08 | 3079981 inevitablecollapse
inevitablecollapse's picture

'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.

Wed, 12/19/2012 - 16:14 | 3080006 Bastiat009
Bastiat009's picture

According to the date on your tweet, yesterday was today.

Wed, 12/19/2012 - 16:57 | 3080121 fuu
fuu's picture

Uhh 12/18/12 = 12/19/12?

Sorry 18/12/12 = 19/12/12?

Wed, 12/19/2012 - 17:05 | 3080148 Bastiat009
Bastiat009's picture

OK my bad, the embedded tweet doesn't show the actual date of the tweet ... at least not here.

Wed, 12/19/2012 - 16:15 | 3080011 youngman
youngman's picture

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...

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