Today's Fiscal Cliff Timeline

Tyler Durden's picture




 

The "worst case" in the sequence of events forecasted two days ago in "The Most Critical 48 Hours In The Fiscal Cliff Melodrama Have Begun" is  taking shape, with Obama and Boehner not even remotely close to a compromise despite what the media and fly by night sellside analysts will have you believe. Instead what looks almost certain to happen is a House vote on the GOP-proposed Plan B where it will pass, only to be voted down in the Senate, especially with the pre-veto treatment by Obama. The House vote will be preceded by a Boehner press conference in which he will prepare the general public for this one final PR gambit before the House essentially shuts down for the year, as any hope of further Cliff discussion in the Christmas week can be abandoned. So from a timing standpoint:

  • House republicans meet at 12:00 pm to discuss the final act of the 2012 season of the Fiscal Cliff miniseries.
  • Boehner holds press briefing at 1:15 pm Eastern
  • House scheduled to vote on "Plan B" between 7:30 pm and 9:30 pm

Shortly thereafter Senate votes Plan B down and chaos ensues.

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Thu, 12/20/2012 - 10:29 | 3082412 Water Is Wet
Water Is Wet's picture

It must get exhausting to report that nothing is happening day after day.

Thu, 12/20/2012 - 10:32 | 3082421 GetZeeGold
GetZeeGold's picture

 

 

I think Ben Shalom and Boehner are going for a joint tanning session.....should be some press on that. 

 

They offered Barry to go along.....but he had stuff to do.

Thu, 12/20/2012 - 10:43 | 3082445 TruthInSunshine
TruthInSunshine's picture

Who will play Hank "There Are Going To Be Tanks In The Streets & Martial Law if A Blank Check Isn't Immediately Forthcoming" Paulson, and will Jamie Dimon have to explain another lesson of financial reality to his daughter over her breakfast cereal (Cap'n White Truffle Crunch) as a result of this latest episode of American Kabuki Theater?

Inquiring minds want to know.

Thu, 12/20/2012 - 10:39 | 3082448 MillionDollarBonus_
MillionDollarBonus_'s picture

Interviews with average Americans

What do average Americans want from their government?

Lisa Fernstein, age 45, IL

I want the government to do more to further gender equality in this country. I have been a gender equality activist for 25 years, and I remain shocked at the discrimination against women in this country. For a country that is supposed to support equal rights for all citizens, it is ironic that half of the population earns significantly less, is less likely to be accepted into college courses like math, physics and engineering, and is discriminated against in almost every area of our economy. It’s about time that women got equal rights in this male-dominated, patriarchal society. It’s an absolute disgrace that in this day and age, an intelligent capable woman has absolutely no opportunities and no chance of success. This simply has to end

Thu, 12/20/2012 - 10:49 | 3082479 Joe Davola
Joe Davola's picture

In the immortal words of King Cool:

stop all your bitchin'

get back in the kitchen

Thu, 12/20/2012 - 11:13 | 3082555 Beam Me Up Scotty
Beam Me Up Scotty's picture

I thought she could make $88/hour from home?  I gotta go to work, and I don't make that much per hour.  Whats to bitch about?

Thu, 12/20/2012 - 11:57 | 3082750 lunaticfringe
lunaticfringe's picture

Do you know why women have smalled feet than men? So that they can stand closer to the sink.

Are you sick of hearing about this fucking "fiscal cliff" idiocy? Wanna get away? http://thecivillibertarian.blogspot.com/2012/12/if-i-never-hear-term-fis...

Thu, 12/20/2012 - 10:59 | 3082520 CrimsonAvenger
CrimsonAvenger's picture

I bet she's hot.

Thu, 12/20/2012 - 11:16 | 3082568 aka Gil
aka Gil's picture

(not)

Thu, 12/20/2012 - 11:10 | 3082541 vast-dom
vast-dom's picture

MDB: your Swiftian satire is most welcome. thx.

Thu, 12/20/2012 - 11:19 | 3082572 Jake88
Jake88's picture

wtf are you talking about? you're not living inthe same universe as i am.

Thu, 12/20/2012 - 12:05 | 3082809 BooMushroom
BooMushroom's picture

MDB, you are an invaluable resource to this site.

I think that this is the first time you have posted something that is 100% factually correct.  I'm giving you a greenie, and I still wanna hit you in the face, even though I know you're not the problem.  Keep up the bad work.

Thu, 12/20/2012 - 12:25 | 3082884 Dangertime
Dangertime's picture

But no comment on how more women are in college compared to me?

 

Or more women are getting doctorates compared to men?

 

No comment on the mancession where a much larger proportion of men have been laid off?

 

And while we are at it, how come women have the right to walk away from being a mother by aborting the child in the first trimester, but men don't have the similar right to walk away from being a dad during the first trimester, and those men aren't even asking to murder the child to do so?

 

 

BTW, your wage gap assertation is a myth.

 

http://heartiste.wordpress.com/2012/04/17/the-pay-gap-is-a-lie/

http://online.wsj.com/article/SB10001424052748704415104576250672504707048.html?mod=WSJ_hp_mostpop_read

 

Thu, 12/20/2012 - 10:37 | 3082444 The trend is yo...
The trend is your friend's picture

all this drama one day ahead of options expiration, I wonder which way out of the money puts or calls these crooks are buying 

Thu, 12/20/2012 - 12:54 | 3083081 Panafrican Funk...
Panafrican Funktron Robot's picture

Straddles are getting pretty rich.

Thu, 12/20/2012 - 15:19 | 3083693 The trend is yo...
The trend is your friend's picture

Straddles are for dopes like me, these guys don't need staddles when they know the outcome.  How does one think Pelousi's husband trades? using straddles or definitive information

Thu, 12/20/2012 - 16:35 | 3084013 rotagen
rotagen's picture

I have constructed in styrofoam a "fiscal cliff", which drops into a propane and lava lamp powered model volcano, into which I drop all news articles with the term "fiscal cliff"... you should try it, very relaxing.

Thu, 12/20/2012 - 10:33 | 3082427 youngman
youngman's picture

I bet Harry Reid does not even allow the Senate to vote on it....

Thu, 12/20/2012 - 10:48 | 3082475 Everybodys All ...
Everybodys All American's picture

No doubt. Harry Reid will not even take it to the floor. He has played this same process countless times with other bills and budgets. Which in my view is not healthy for the whole system of governence. He is supposed to at least bring it to the floor for mark up and changes. Send it back to the House with their ammendments/changes. But nothing like this ever happens any longer because of Harry Reid.

Most people just don't even understand the process which is a shame unto itself.

Thu, 12/20/2012 - 10:53 | 3082499 kralizec
kralizec's picture

Didn't you hear?  Dingy Harry adjourned the Senate to go see "Lincoln".

Speilberg wins again.

Thu, 12/20/2012 - 10:59 | 3082521 trav777
trav777's picture

good xmas for anti-white snuff flicks

Thu, 12/20/2012 - 11:14 | 3082559 DoChenRollingBearing
DoChenRollingBearing's picture

trav777, I think I will take advantage of timing my blog links to coincide with your remarks, thank you so much!

With the Fiscal Cliff bothering so many Americans (whether you buy any of the other conspiracy stuff or not), I worry much less than I used to...  For I have gold!  Gold is down today you say?   So what?  And even if it were, I have Peru as well...

More developments in Peru:

http://tinyurl.com/d8fhlg9

Thu, 12/20/2012 - 11:21 | 3082578 Jake88
Jake88's picture

you poor dear.

Thu, 12/20/2012 - 11:41 | 3082675 ZeroAvatar
ZeroAvatar's picture

'Django' meets 'Machete'.

Thu, 12/20/2012 - 10:57 | 3082513 GeezerGeek
GeezerGeek's picture

There is no process to understand. What were once valid processes and laws are now bygones, and we have a government of men and not of laws or rules.

If Harry, Barack and Nancy had been serious about fixing the fiscal dilemma they would have done it while Dems held all the power in 2009 and 2010. Of course, then they would be held accountable for the outcome. Now the Repukes have a choice: hold to principles of fiscal prudence and be blamed by the MSM for everything that goes wrong, or completely cave (commit suicide, that is), let the Dems have what they want, and then watch everything collapse so they can say "I told you so!" In which case they'd still be blamed by the MSM, since nothing Barack does is ever wrong or ineffective.

Thu, 12/20/2012 - 11:01 | 3082526 eclectic syncretist
eclectic syncretist's picture

Ben'dover' Bernanke, Hairy Reed, John Boner, and O'banger have a special gift in store for the USA this holiday season....cliff diving sodomy.

Thu, 12/20/2012 - 10:34 | 3082435 Jason T
Jason T's picture

the payroll tax expiratin alone is going to knock at least 1% of GDP growth.  

Thu, 12/20/2012 - 10:50 | 3082484 Spastica Rex
Spastica Rex's picture

1% of GDP "growth."

FIFY

Thu, 12/20/2012 - 11:08 | 3082542 insanelysane
insanelysane's picture

I don't see how we lose GDP growth.  The current US economy is about $15T.  If the government taxes everything at 50%, you still have an economy of $15T because $7.5T is government spend and $7.5T is consumer spend.  The taxes and government spending BS only determines how the $15T gets apportioned.  GDP growth comes from actually producing more stuff and I don't see any discussion by the government on increasing the amount of stuff produced in the US.

Thu, 12/20/2012 - 11:42 | 3082684 CrashisOptimistic
CrashisOptimistic's picture

Look up GDP in the wiki.  The equation is there.  Govt Spending is explicitly part of the equation.  So is personal consumption and gross investment, both of which are hit if taxes rise.

That's the source of the calculation of what reduces GDP.  Math.

Thu, 12/20/2012 - 11:57 | 3082749 Spastica Rex
Spastica Rex's picture

Not really "Math" anymore than if I personally decide that 1+1=3 and develop a set of definitions based on that "fact."

Seriously - GDP is whatever anybody wants to define it as. That doesn't make it meaningful, and if it isn't meaningful, why would anyone care?

The root word of "statistics" is "statist."

Look it up.

http://en.wikipedia.org/wiki/Statism

Thu, 12/20/2012 - 12:54 | 3083079 insanelysane
insanelysane's picture

You missed the point:

If GDP = GovSpend + PersonalSpend + Investment then here are some scenarios:

Low Tax GDP = $2T GS + $10T PS + $3T Inv = $15T GDP

Mid Tax GDP = $4T GS + $8T PS + $3T Inv = $15T GDP

High Tax GDP = $7T GS + $6T PS + $2T Inv = $15T GDP

Socialist GDP = $10T GS + $4T PS + $1T Inv = $15T GDP

Communist GDP = $14T GS + $1T PS = $15T GDP

Thu, 12/20/2012 - 13:27 | 3083221 Panafrican Funk...
Panafrican Funktron Robot's picture

The point you're missing is that the fiscal cliff includes both tax increases AND spending reductions.  Think that through. 

Thu, 12/20/2012 - 10:36 | 3082441 Pharming
Pharming's picture

And the band played on as they rearranged the deck chairs on the Titanic...

Thu, 12/20/2012 - 10:39 | 3082447 Winston Churchill
Winston Churchill's picture

The bridge watch is polishing the brass to the music of the band.

Thu, 12/20/2012 - 10:37 | 3082442 CaptainAmerica
CaptainAmerica's picture

Harry Reid is busy working on his tan

Thu, 12/20/2012 - 10:38 | 3082446 LongSoupLine
LongSoupLine's picture

Shit eating vampires can't go in the sun...

Thu, 12/20/2012 - 10:40 | 3082449 BurningFuld
BurningFuld's picture

If my country were about to plunge into the fiscal abyss the first thing I would do is go on Holiday. What a fucking first class bunch of losers these guys are.

Thu, 12/20/2012 - 10:50 | 3082480 Pharming
Pharming's picture

Go on Holiday and GO SHOPPING!  That's what will turn this around...just like after 9/11.

Thu, 12/20/2012 - 10:53 | 3082495 Spastica Rex
Spastica Rex's picture

Ask not what your country can buy for you - ask what you can buy for your country - with no down, low terms, and no payments until March!

Thu, 12/20/2012 - 13:36 | 3083268 Darksky
Darksky's picture

March 2015?

Thu, 12/20/2012 - 10:45 | 3082450 Paper CRUSHer
Paper CRUSHer's picture

 

 

"Go to hell Boehner......listen boy you go ahead do it,do it ya crazy son of a bitch,pull that f***in trigger boy ya ain't gat nothin'........."

http://2.bp.blogspot.com/-eKG2L8BKJcg/Te60zlqJrVI/AAAAAAAAE10/m0b8ZayWhpA/s1600/OShooting_Uncle_Sam-500x367.jpg

Thu, 12/20/2012 - 10:59 | 3082523 GeezerGeek
GeezerGeek's picture

I suppose that started as a knife fight, since Barry brought a gun. Imagine that, the Prez advocating the use of guns! I thought he only did drones with Hellfire missiles!

Thu, 12/20/2012 - 10:40 | 3082453 john_connor
john_connor's picture

Black Friday?

Thu, 12/20/2012 - 10:41 | 3082455 becky quick and...
becky quick and her beautiful mouth's picture

triple witching tomorrow. hahahahahah

Thu, 12/20/2012 - 10:44 | 3082461 Greater Fool
Greater Fool's picture

I smell smoke. Somebody hand me my fiddle.

Thu, 12/20/2012 - 15:24 | 3083722 monad
monad's picture

Its a trick. Get an axe.

Thu, 12/20/2012 - 10:44 | 3082462 tom a taxpayer
tom a taxpayer's picture

High Noon. Then 3:10 to Yuma.

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