Twas The Last Obama Conference Before Cliffmas...

Tyler Durden's picture

... and all through the collocated server house, GETCO algos were stirring, hoping (as this is the only "strategy" left) that maybe, just maybe, Obama can pull a unicorn out of his skittles-dispensing hat. He won't, and most likely we will get one last does of stern fingerpointing, harsh language and accusative condemnation of those wascaly wepublicans. But find out for yourselves in 15 short minutes, when the market may be closed, but futures will still be open, although at least subject to the limit down rule. Of course, if the news was good, it would have come before 4 pm...

In all seriousness, what Obama will discuss is a last ditch extension, one which merely kicks the can by a week or two. From Politico:

Obama’s $2.4 trillion proposal is still on the table — and it remains his preference. But administration officials said Friday that it would be difficult to pass unless House Speaker John Boehner (R-Ohio) decides to rejoin the talks. And he has given no indication that he will.

 

So the White House is looking at one option under consideration by the Senate Democratic leadership: a smaller package that would extend the Bush-era tax rates on income below $250,000, pause the across-the-board spending cuts known as the sequester and renew unemployment insurance benefits, according to Senate and administration officials.

 

It would hold off a significant portion of the fiscal cliff, minimizing any economic shock in the new year. But it means a host of tax provisions would likely expire, little would be done to address the debt and deficit, and no process would be set up for overhauling the tax code next year. There would be no agreement on entitlements, and no resolution on raising the debt ceiling.

 

Faced with few good options and a shrinking timeline, Democrats are trying to put the squeeze on Boehner after he failed Thursday to come up with enough votes for his bill extending tax breaks on income below $1 million.

 

Dropping the income threshold to $250,000 would be a complete capitulation for Boehner, and the math for getting the votes is tough.

 

But the White House assumes that, if the Senate passes a bill, an isolated House Republican majority will feel pressured to act, similar to the way the 2011 payroll tax cut fight and debt limit showdown played out.

Or not.

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HelluvaEngineer's picture

Barry says "Have a crazy Kwanzaa!"

knukles's picture

Goosin' dah mahkets...
Resignin' MoFo...

nope-1004's picture

Any idiot could write this speech today:

 

"The Republicans couldn't agree and provide me with a proposal.  But let me be perfectly clear:  I stand ready to deal with this and defend the middle class."

Bla bla bla.  Is this moron ever on time?

5:15 now.... do you know where your fascist leaders are?

Looney's picture

How about HIS “read my lips” moment? Remember when he assured all of us during the debates, “There will be NO CLIFF”?

Looney

Michaelwiseguy's picture

Read everything BO says as opposite of what he really means.

We need more money to halt the proliferation of psychiatric drug use and misuse.

THX 1178's picture

Can someone state simply what happens if/when we go over the cliff?

MiguelitoRaton's picture

We raise 4X more in taxes than we reduce in spending and yet we still rely on Benny and the Feds to fund $1T in deficits...any other questions?

MiguelitoRaton's picture

...oh and maybe the drepession we've been papering over finally hits.

zerozulu's picture

Debt does not matter. Cliffs does not matter. America has no intentions to pay the debt. Middle finger to all creditors.

Solarman's picture

The government is becoming its own creditor.  The Fed gives all interest profits to the Government.  So this is all an illusion.

Michaelwiseguy's picture

THX, GDP goes negative and debt service declines.

NotApplicable's picture

Lots of pain for the sheeple, as they're going to get poorer, quicker now that we're all out of Hopium to mainline.

Abitdodgie's picture

I wonder how many children he ordered killed today in drone strikes?

MiguelitoRaton's picture

When they ultimately extend the "Bush" tax cuts yet again, will they be renamed the "Obama" tax cuts?

derek_vineyard's picture

why so fucking much attention on the fiscal cliff.....its just a blip in amplitude to the debt/spending problem that we aren't facing.

a resolution or lack of resolution to the cliff is insignifcant-----unless its resolution makes a statement and paves the way to tackle the real problem

MiguelitoRaton's picture

Its not really 5PM until Barry SAYS it is 5PM

HD's picture

He's on Kenyan time.

These are jokes folks. Tip your waitresses generously.

Michaelwiseguy's picture

Today;

Sen. Rand Paul Objects To Indefinite Detention Language In NDAA - 12/21/12

http://www.youtube.com/watch?v=GvuhVu0z9p4&feature=youtu.be


Senate to Consider FISA Renewal; Rand Paul to Offer 4th Amendment Guard

 

When FISA is finally brought to the Senate floor, Senator Rand Paul (R-Ky.) will introduce the “Fourth Amendment Protection Act.” As its name suggests, Paul’s amendment will reportedly explicitly spell out that the Fourth Amendment’s protections against unwarranted searches and seizures extends to third party searches conducted by NSA and other intelligence agencies. Such searches usually target records of electronic communication stored by telecommunications and Internet companies such as AT&T and Google.

http://www.thenewamerican.com/usnews/congress/item/13992-senate-to-consider-fisa-renewal-rand-paul-to-offer-4th-amendment-guard

Senator Rand Paul called Senator McCain a Troll to his face. If it looks like a troll, walks like a troll, acts like a troll, It's a troll.

 

HD's picture

 “Fourth Amendment Protection Act.”

If only such a thing were possible anymore...1984 police state is here.

SnobGobbler's picture

nay they would have to amend the bill; vote; show up to work; ya know....not hookers-and-blow...

lakecity55's picture

"Sorry I'm late

But mah drones can't wait!"

 

Twas the night before Christmas and all thru the house

Nothing was moving, not even a mouse.

The hellfire had blown everything all apart

The house was still smoking, even ole Claus.

As he hopped on the plane to head to the west,

You could hear him exclaim

Those Drones are the Best!

ball-and-chain's picture

The Tea-Party "chuckleheads" are certainly making this interesting.

If we go over the fiscal cliff, there will be a collapse.

But I just don't see it happening.

Wall Street owns Washington.

The tail is wagging the dog.

http://www.angrysinner.blogspot.kr/2012/12/yesterday-i-didnt-drive-jim-to-school.html

takeaction's picture

All of us here are on the same page.  We just watch this stuff for the "Show" value.  We all understand that nothing of any substance will ever come from this government.  It is amazing that the sheep of this world will never wake up.  We are so in debt, it is phenomenal to even try and comprehend the numbers.  These guys are all Harvard grads or similar.  They understand how screwed we are.  This is all a "Dog and Pony" show to keep the masses at bay.  They need to see how long they can keep the damn from bursting.  The Fed has to be buying treasuries, stocks, mortgages, etc.  On and on.  I am really surprised that another country has not called us out...but I guess we have the drones.  And we still have the fist to punch with.  And of course putting this entire bullshit into perspective......Let me see if I understand this.....We overspend by about $1 to $1.5 Trillion every year?  Right.....and these bastards are arguing over cutting $160 billion a year over 10 years?  Are you kidding me?  The Deficit is out of control.  Don't we need to cut $2 trillion right now (Per Year).  That would give us an extra trillion per year to cut the DEBT?  Right?  So in 16 years we are even. And then we have to balance out Medicare and Social Security...Right?  I am just a college drop out that opened my own business that worked....Why is this so easy for me...and so difficult for our wizards in charge to handle?  I do already know the answer...just ranting because you guys are the only ones that get it.  This government is corrupt from the bottom up.  The trickle down economics only works if you are "In the Club".  And all of us are not "In the Club".   My final question is this......and I would like you to elaborate on your answer.  Is there any fix, or is war/Revolution/Collapse/Full Reset, etc the only way?  Thanks for your time.

SnobGobbler's picture

 revolution or world war seems to be what they're betting on... sad whiskey-drunk representitives they-arrrrrrr!

ImReady's picture

Take this man to the asylum. He's speaking nonsense! Bernank says everything is OK. 

Remington IV's picture

Can you believe Romney lost to this failure ???

EscapingProgress's picture

2013: Year of the Economic Shit Blizzard

Have a stiff drink or two...or six.

zhandax's picture

No shit, ANM.  May have to throw in a few shots to get past that little gem of literary license, "isolated House Republican majority".

jmcadg's picture

I can't wait to see what the view's like. 

Is he really going to be standing on THE fiscal cliff, this is awesome.

knukles's picture

Look.
Yeah, that's it.
If ya' leans just a little more...
Just a bit...
Keep leanin'
Cum'on
You know what I means...

 

What?
Whadju say?

 

WhiskeyTangoFoxtrot's picture

Should we take bets on how late he is going to be?

WhiskeyTangoFoxtrot's picture

This fuggin guy. What a puppet. Probably memorizing his lines in case the teleprompter goes on the fritz.

NotApplicable's picture

Puppets don't care 'bout that! They just fall silent.

More likely he's doing shots in order to not exhibit the "Bernanke Quiver."

MiguelitoRaton's picture

He can't even get his ass to the podiu by the deadline and you expect him to get a deal with Congress by the year end deadline...puhlease people

TrustWho's picture

Phuck, he is probably pumping up Michelle

MiguelitoRaton's picture

Barry, come in from playing in the surf, the American people want to hear you blame Republicans again for all the country's problems.

NotApplicable's picture

I doubt they've had sex more than the two times it's documented.

You must not be aware that he hangs out with the boys in those "clubs."

knukles's picture

And who sayas the mooch ain't well, uh, you know...

lakecity55's picture

Yeh. It's Larry S down between his knees.