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Obama: "My Offer Is Nothing" - Stocks Plunge

Tyler Durden's picture





 

 

Looks like today everyone in Congress was short. Here's why:

  • OBAMA SAID NOT TO MAKE NEW OFFER IN FISCAL CLIFF TALKS
  • OBAMA OFFER DETAILED BY SOURCE FAMILIAR WITH WHITE HOUSE MTG
  • OBAMA SAID REITERATING PROPOSAL FROM LAST WEEK ON FISCAL CLIFF
  • OBAMA PLAN INCLUDES RAISING TAXES ON EARNERS OF $250,000 AND UP, EXT OF UNEMPLOYMENT INSURANCE, ADDRESSES OTHER OUTSTANDING ISSUES-SOURCE

So much for a deal, and so much for the invisible DJIA support at 13,000.

 

 

and AAPL from its Wednesday's VWAP to yesterday's VWAP... still trading? still think the professionals aren't dumping technically into every rip?

Or, as Al Pacino would summarize it...

 


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Fri, 12/28/2012 - 17:11 | Link to Comment doclink
doclink's picture

http://youtu.be/GXcLVDhS8fM

 

'Debt bomb'--humerous video

Fri, 12/28/2012 - 17:12 | Link to Comment TheMayor
TheMayor's picture

Stocks that were up on the day?

Cigarette makers and gun manufacturers, 2 things everyone will need where Obama is taking us....

Get 'em while you still can!

Fri, 12/28/2012 - 17:14 | Link to Comment comob
comob's picture

I think that Obama will have an even stronger negotiating hand once the cliff takes effect - he'll get all he wants and then some - while his opponents will get the lion's share of the blame for the cliff's sequestrations and then have to cravenly accept minimal rollbacks in tax rates that will make O's pre-cliff offers look generous in comparison. 

Fri, 12/28/2012 - 17:17 | Link to Comment falak pema
falak pema's picture

its going to be poker right down to the wire...and beyond...

If the USA goes over the fiscal cliff it destabilises ALL of anglo banking AND JApan...its going to ripple bad...and hit UK and Japan as it does CHina exports. 

And it will bring Oil prices down bigtime. All 2013 commodity plays melt down.

Fri, 12/28/2012 - 17:14 | Link to Comment Uncle Remus
Uncle Remus's picture

 

 

Nuke

Orbit

Sure

Fri, 12/28/2012 - 17:14 | Link to Comment monad
monad's picture

"Why does everyone hate me?" - Richard Nixon

Fri, 12/28/2012 - 17:39 | Link to Comment JonNadler
JonNadler's picture

Nixon? the current gangsters makes Nixon look like an amateur. I nominate myself for Treasury Secretary?

Anybody with me?

Fri, 12/28/2012 - 18:14 | Link to Comment monad
monad's picture

MSM just makes them look bigger so you won't question their authority. We won't know who got the ball until all the players peel off the stack, enjoy the game. I like the idea of congress dragged to DC against their will, when they were on one of their many lobbyists sponsored vacations. Work for it, cocksuckers. Show some enthusiasm, just bobbing your head up and down isn't going to cut it. Gargle, you whores.

Fri, 12/28/2012 - 17:15 | Link to Comment F. Bastiat
F. Bastiat's picture

Despots don't negotiate - they demand.

Fri, 12/28/2012 - 17:16 | Link to Comment Clowns on Acid
Clowns on Acid's picture

When will Chavez congratulate Obama? That will be the point to buy the "dip".

Fri, 12/28/2012 - 18:15 | Link to Comment lakecity55
lakecity55's picture

Hmmm, Chavez may not be too long on this mortal coil. Perhaps O-Phone can also Rule Venezuela!

Outsourcing Dictatorship, one Nation at a Time!

Fri, 12/28/2012 - 17:17 | Link to Comment you enjoy myself
you enjoy myself's picture

at this point Repubs should just walk away and use the debt ceiling as their leverage.  make it clear to everyone, right now, that the debt ceiling will not be raised in March.  but that they will be willing to sign off on anything Obama wants, under one condition - it balances the budget (now, not 40 years from now).

balancing the budget sounds like a completely reasonable request to the sheeple, and by giving advance notice you avoid any blame for last-minute soap operas.  it puts all responsibility, both from a PR perspective and the actual solution, in Obama's lap.  he'll own everything.  his only out would be if he can sucessfully make the argument that balancing a budget is grossly irresponsible.

Fri, 12/28/2012 - 17:25 | Link to Comment akak
akak's picture

But, of course, Obama (and everyone else in Washington) explicitly or implicitly recognizes that the US federal government's budget can NOT possibly be balanced under the status-quo politico-financial regime.  Attempting to do so would impose 'austerity' on every fedgov dependent, not just individuals but military and corporate as well, of a sort that would go so FAR beyond anything seen even in Greece so far, that it would necessarily if not automatically result in a literal revolution.  Balancing the US fedgov budget would "blow up the system" overnight, and they all know it.

Fri, 12/28/2012 - 17:37 | Link to Comment cougar_w
cougar_w's picture

The federal budget will never be balanced without across the board 50% cuts in SS, Medicare/aid, and Defense.

And that is never. Gonna. Happen. Evar.

The rest of the budget (every other spend at the federal level combined, name it, everything) is a fraction of the above. You could cut the entire snarl -- just keep the above -- and make hardly a dent in the deficit.

Anyone thinks a balanced budget is ever gonna happen is a fruitcake.

Fri, 12/28/2012 - 17:56 | Link to Comment SmoothCoolSmoke
SmoothCoolSmoke's picture

To do that SS and Medicare would have to be chopped to bits.   Republicans would never win another election....never.

Fri, 12/28/2012 - 21:39 | Link to Comment maximin thrax
maximin thrax's picture

Penance. Besides, if they can't stand firm on something, what good are they?

Fri, 12/28/2012 - 21:53 | Link to Comment Real Estate Geek
Real Estate Geek's picture

Given this country's demographics, it's debatable whether they'll ever win another election regardless of what they do.

Fri, 12/28/2012 - 17:18 | Link to Comment Say What Again
Say What Again's picture

Since everyone in congress (and all their close friends in the mortgage industry) can trade on inside info, they must have made a bundle on this little love explosion.

Fri, 12/28/2012 - 18:35 | Link to Comment ZeroAvatar
ZeroAvatar's picture

Mish has a chart of ES taking off on heavy volume around 13:30 yesterday, about 1/2 hour before any news hit the wire.

 

Congress must all have little buttons they push, once for up, two for down, to alert their brokers, hidden in their daytimers.

 

http://www.globaleconomicanalysis.blogspot.com/search?updated-max=2012-1...

Fri, 12/28/2012 - 17:22 | Link to Comment yogibear
yogibear's picture

Boehner starts crying and caves in Sunday. MSNBC, CNN and the flaming socialist lay in with the endless attacks on conservatives.

Fri, 12/28/2012 - 17:23 | Link to Comment sbenard
sbenard's picture

Obstinate Obama, the Teleprompter Tyrant, the American Dictator of Debt!

Fri, 12/28/2012 - 18:11 | Link to Comment lakecity55
lakecity55's picture

.... and the Dean of Drones!

Fri, 12/28/2012 - 17:25 | Link to Comment Manipuflation
Manipuflation's picture

It would also appear we are going off the dairy cliff as well...  I doubt this will affect food prices much since milk is hardly used in anything.{sarc} 

 

Fail.

 

http://www.theatlantic.com/business/archive/2012/12/thanks-to-congresss-...

Fri, 12/28/2012 - 17:29 | Link to Comment Eric L. Prentis
Eric L. Prentis's picture

Hurray for President Obama, stick to your guns.

The following five main policies, implemented by the financial elite over the past four years, are now impossible to extricate ourselves from, without causing a depression: 1) ongoing Zero Interest Rate Policy (ZIRP); 2) continued Quantitative Easing, thereby monetizing the debt; 3) Federal budget deficits running at -$1 trillion dollars a year; 4) allowing fraud to go unpunished, with no needed structural reforms in place; and 5) an increasing $700 trillion dollar market in unregulated OTC derivatives, daisy chained around the world..

Fiscal cliff discussions in the MSM, and also on the blogs, are designed by the financial elite, who own the MSM, to scare the public to rush, this year, into keeping these malignant policies in place.

Obviously, the financial elite see a way out, FOR THEM. To learn what that is, please read my Economic Populist article, published on December 17, 2012, entitled, “WORLD-MARKET-STATE vs. DEMOCRACY: Why We Should Go Over the Fiscal Cliff.”

http://www.economicpopulist.org/content/world-market-state-vs-democracy-why-we-should-go-over-fiscal-cliff  

Fri, 12/28/2012 - 17:30 | Link to Comment Mad Muppet
Mad Muppet's picture

"Nothing", he offers? How appropriate.

Fri, 12/28/2012 - 17:31 | Link to Comment monad
monad's picture

You have to give him credit. Obama learned from his mistakes and saved it up. They fucked him, now he's fucking them right back. I'm not suckling crony teet, let the motherfuckers burn. Kick ass, take names, bag and tag.

Fri, 12/28/2012 - 17:37 | Link to Comment notadouche
notadouche's picture

Someone help me understand politics as I clearly don't get the logic.  Under GWB all the wrong was due to the president and not congress.  Now that O is in office all of the wrong is in congress, not the white house.  How does this work exactly?  

While they all pretend to play who's penis is larger and the MSM have a story to perpetuate through the weekend it's all a big game to them.  We the people are the giant ball of yarn that get batted around by big political/economic machines for their entertainment.  In the end we suffer and they come to some "agreement" that sticks it to the people and they laugh all the way to the bank and with the banker I might add.

Fri, 12/28/2012 - 17:58 | Link to Comment northerngirl
northerngirl's picture

You understand politics perfectly.  There is no logic, and in the end what is best for TPTB always wins.

Fri, 12/28/2012 - 18:03 | Link to Comment NoTTD
NoTTD's picture

Well, you see, Bush was a complete moron who couldn't find his butt with both hands - but also an evil genius who could fool the Dems at will. Once you can believe both of those, everything else falls into place.

Fri, 12/28/2012 - 17:43 | Link to Comment Waterfallsparkles
Waterfallsparkles's picture

So let me get this straight.  Obama calls his Vacation in Paradise short to return to Washington.  Then calls a Meeting for today at 3PM.  Republicans call everyone back from Vacation to open the Congress at 6 PM on Sunday.  Just for Obama to say he has not changed his position 10 minutes before the meeting. 

Gets Investors hopes up just to crush them. 

Give Me A Break.

Fri, 12/28/2012 - 17:54 | Link to Comment Getting Old Sucks
Getting Old Sucks's picture

Investors aren't going to crush shit without crushing themselves at this point.

Fri, 12/28/2012 - 17:57 | Link to Comment blunderdog
blunderdog's picture

Quite elegant.  Taxes go up for EVERYONE now, because folks in Congress couldn't find a way to agree to raise them on "rich folks" only.

Both sides can lay all the blame on the "other team," and no one ever has to come clean about the real cause of the dispute.

Fri, 12/28/2012 - 17:59 | Link to Comment SmoothCoolSmoke
SmoothCoolSmoke's picture

Increase in the National Debt:

Reagan  +190%

Obama +54%

The truth, sometimes, she hurt.

 

Fri, 12/28/2012 - 18:04 | Link to Comment Freddie
Freddie's picture

Looks like you failed math and english. 

Obama is closer to 140% in 4 years.  I cannot be bothered to check the other claim.

Fri, 12/28/2012 - 18:12 | Link to Comment SmoothCoolSmoke
SmoothCoolSmoke's picture

Well Freddie, I see, like most Americans, percentages give you a lot of trouble.

http://www.skymachines.com/US-National-Debt-Per-Capita-Percent-of-GDP-an...

 

 

Fri, 12/28/2012 - 18:27 | Link to Comment blunderdog
blunderdog's picture

Math is HARD!

Fri, 12/28/2012 - 19:27 | Link to Comment Manipuflation
Manipuflation's picture

6/2(1+2)=?

 

Answer it!

This is a FacePlant meme that has been going around lately.  It is very disconcerting to observe some of the answers that sheeple(voters) come up with much less the arguments that ensue over the failure to properly understand mathematical nomenclature.  I think I need to run for my local Bored of Edukashun so I can get in on the dole and help collapse this house of cards all the faster. 

Fri, 12/28/2012 - 19:37 | Link to Comment blunderdog
blunderdog's picture

+[answer]

Folks don't understand mathematical notation or order of operations (this isn't exactly nomenclature) because they never have to DO any math in their jobs or their day-to-day life.

We've "automated" our point-of-sale systems so effectively that monkeys can be trained to push the right buttons and give the right change, but if anything ever goes wrong with the system, business can no longer be transacted.

Despite being a true concrete example of an unforeseen consequence of "over-automation," that's ALSO an instructive metaphor for the vast majority of this "information economy" that really got rolling in the '90s.

Fri, 12/28/2012 - 19:51 | Link to Comment akak
akak's picture

Blunder, not only are you correct about the (barely) trained monkeys currently manning the cash registers of the USA, but it is even worse than that --- half of the time, they fail to manage to even punch in the correct amount of cash THAT I GIVE THEM, resulting in an incorrect calculated amount of change that I receive. 

For example, with a total purchase of $41.77 rang up, I might give the cashier $47.02, to give me back an even $5.25 in change (to avoid receiving in change those hated cents which I would otherwise throw away).  But they will almost invariably ring in $47.00 or $47.77 or $47.72 or some other incorrect number.  I can only laugh at the thought of giving them that $47.02 and then having them make the correct change IN THEIR HEADS, as I used to have to do at the cash register back in the 1980s!  (And which, incidentally, I do virtually instantly on a daily basis myself during the tourist season here in Alaska, with very rarely any problems or inaccuracy).

Fri, 12/28/2012 - 21:58 | Link to Comment Miss Expectations
Miss Expectations's picture

I appreciate how folks can't make change, but shouldn't you have given the cashier $42.02 and gotten $.25 back?

Sat, 12/29/2012 - 20:48 | Link to Comment akak
akak's picture

Let's say that I was trying to get rid of a bunch of $1 bills from my wallet at the same time.

;-)

Sat, 12/29/2012 - 00:57 | Link to Comment monad
monad's picture

.

Sat, 12/29/2012 - 01:17 | Link to Comment Manipuflation
Manipuflation's picture

Did I catch a "niner" in there?

 

What is this terroristic threat?  It's probably Iran and their nuclear secret formula.  Should we do the "If you see something say something" rat?

6CO2 + 12H2O + light ? C6H12O6 + 6O2 + 6H2O and some sort of DV01

Fri, 12/28/2012 - 22:49 | Link to Comment Uncle Remus
Uncle Remus's picture

No way. I have to take off my shoes and socks to do fractions, carry ones and so forth, and it be cold.

Sat, 12/29/2012 - 01:25 | Link to Comment Manipuflation
Manipuflation's picture

Answer anyone?  The answer is simple whether or not the problem is nomenclature or notation.   

Sat, 12/29/2012 - 19:22 | Link to Comment blunderdog
blunderdog's picture

I gave you the answer already, but apparently you didn't understand it because I put it in odd notation.  How many times could I have upvoted you?

Fri, 12/28/2012 - 19:13 | Link to Comment Bay of Pigs
Bay of Pigs's picture

Those numbers aren't correct. GTFO.

Fri, 12/28/2012 - 19:45 | Link to Comment blunderdog
blunderdog's picture

They look accurate to me.  Which source for "total national debt" numbers do you prefer? It's not really something "the President" is totally responsible for, but if we accept that premise, the history is well-documented.

Reagan took the National Debt from about $1T to about $2.6T, GHWB took it to about $4T, Clinton went to about $5.5T, Dubya went from about $5.5T to about $11T...

If Obama's going to beat the last guy, he has to take it to about $22T minimum, or there's no "progress."  I think he can do it.

BTW: you may note that the oft-mentioned "Clinton surplus" wasn't any kind of surplus.

Fri, 12/28/2012 - 18:12 | Link to Comment NoTTD
NoTTD's picture

Bullshit strawmen, on the other hand, cause no pain.

Fri, 12/28/2012 - 23:12 | Link to Comment TWSceptic
TWSceptic's picture

The numbers are way off, but you do realize that any debt increase under Reagan was the result of democrats not wanting to lower government spending right? So go ahead and blame Reagan, but realize it wasn't exactly what he wanted. Reagan of course wasn't perfect, but he did some things that helped along the way. Bush and Obama on the other hand have both been terrible.

 

About the debt increase, the percentage change isn't really that useful. You have to look at GDP (or something more useful) vs debt. When you compare debt/GDP ratios, Obama is without doubt one of the worst (if not the worst) presidents ever. Read: http://www.commentarymagazine.com/2012/03/20/obamas-debt-more-than-bush/

 

However what makes your comment particularly stupid is the fact that you're still trying to defend either one of the two stupid/evil parties.

 

 

Fri, 12/28/2012 - 18:01 | Link to Comment NoTTD
NoTTD's picture

"Except for the bankruptcy fees - which I appreciate you paying yourself."

Fri, 12/28/2012 - 18:05 | Link to Comment D-liverSil-ver
D-liverSil-ver's picture

So, why did he come back from Hawaii? I thought it was to play "Deal or no Deal". Now he doesn't even want to play the game??

Go the fuck back to Hawaii and never come back you arrogant asshole.

Fri, 12/28/2012 - 18:06 | Link to Comment SmoothCoolSmoke
SmoothCoolSmoke's picture

I think Obama wants teh Cliff because it is the only way to cut the Defense budget.  The T-Pubs wouldl give the Pentagon more $$$ no matter how broke we are.

Fri, 12/28/2012 - 18:11 | Link to Comment NoTTD
NoTTD's picture

Winter is coming so Burn, Baby, Burn!!!!

Fri, 12/28/2012 - 18:31 | Link to Comment FreedomCostsaBu...
FreedomCostsaBuck-o-Five's picture

Let me be clear, so we make no mistake- ordinary folks - are going through the worst economy since the Great Depression. We need fiscal responsibility. I inherited this problem.

- just thought I'd steal a few sound bites Oblower's handlers are loading onto his TelePrompTer right now.

Fri, 12/28/2012 - 20:38 | Link to Comment blunderdog
blunderdog's picture

It's worse--significantly worse.  Saying "the worst economy SINCE the Great Depression" implies that the Great Depression was more serious than this one, and it wasn't.

Not by a long shot.

Fri, 12/28/2012 - 19:12 | Link to Comment MyBrothersKeeper
MyBrothersKeeper's picture

800 B in new revenue?  "I get that for free...you get nothing".  We need to add that to Obama's great leadership moments in history

Fri, 12/28/2012 - 19:16 | Link to Comment PoliticalRefuge...
PoliticalRefugeefromCalif.'s picture

Once again the only one not at the negotiation table is Reason ..

.."every decent man is ashamed of the government he lives under"- HLM.

Fri, 12/28/2012 - 19:31 | Link to Comment stinkhammer
stinkhammer's picture

I'm going to be sick

Fri, 12/28/2012 - 20:51 | Link to Comment haskelslocal
haskelslocal's picture

I hate these poltical articles. As if shoring up a countries fiscal responsiblitiies is a fucking cliff to begin with. Yeah, just label the the drop "Obama Falls". Fuck you.

Wife and husband spend $1000 per month but bring in $100. W&H decide to cut back. Is $500 enough? Is it a fucking cliff if they reduce their debt to 4x income? Fuck you and the fucking idiot who coined Fiscal Fucking Cliff.

Sat, 12/29/2012 - 07:21 | Link to Comment cosmyccowboy
cosmyccowboy's picture

i moved out of the market and into silver in 08!!!

 

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