Obama To Assign Fault; Propose Plan D, Different From Last Friday's Plan C - Live Webcast

Tyler Durden's picture

We would expect the ingredients of the speech to be a pinch of self-denigration mixed with 6 fluid ounces of 'millionaires-and-billionaires', and a quart of "it's the other guys' fault." This coming from the man who precisely a week ago announced he would propose a "scaled down" plan, which today turned out was a complete lie: some leadership. Nevertheless. it will be interesting to see how his 'new' plan, same as the 'old' plan, is different from the 'new new' plan-to-come as he pushes the Senate to propose a 'new new new' deal that will really be a 'skinny irrelevant' deal - no doubt heralded by all asunder as a 'grand new' deal. Though it appears we should have no fear as McConnell and Reid are working on it and McConnell is "hopeful and optimistic." Farce!

 

For those who missed it, here is the WSJ rundown:

President Barack Obama said "the hour for immediate action is here" on a deal to avert the fiscal cliff. The president said he remains "optimistic" that an agreement can be reached in Congress before a looming year-end deadline to avoid tax increases and spending cuts.

 

If Congress can't reach a deal, the president said Congress should allow a vote on a basic package that would preserve tax cuts for middle-class Americans while extending unemployment benefits for the long-term jobless and working toward a foundation for a broader deal. Senate leaders said they hope to reach a compromise that could be presented to lawmakers by Sunday, little more than 24 hours before the deadline.

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Cdad's picture

It is not immediately clear to me just what the President intends to say to CEOs on his upcoming conference call.  

As for "the plan"...be it the new new one, or the old new one...it will be a "skinny deal" as has been apparent all along.  There is no market favorable solution here.  We've known this all along.

 

 

TrustWho's picture

How long will he keep the peasants waiting?

lakecity55's picture

as long as it takes to snort a line off larry's ass.

Esso's picture

There went dinner. Is puking allowed in Fight Club?

knukles's picture

Larry?  I thought it was either Moe or Curley's turn this week?

Milton Waddams's picture

Plan Z: meteor strike

Jayda1850's picture

Press conference starts at 5:45, obama will show up a little after 6 count on it

Jayda1850's picture

let me get my shots ready

tekhneek's picture

1/2 shot for "bi-partisan"

1 shot for "fiscal cliff"

1 shot for "looms"

1 shot for "in the balance"

2 shots for "the american people"

3 shots for "you know, mr. speaker"

5 shots for "ample"

10 shots for "the rich"

20 shots for "pay a little more"

TrustWho's picture

Wnat about the word "Fair"

Jayda1850's picture

30 shots for "uh", teleprompter is still on holiday break.

TuesdayBen's picture

We can all agree that...[insert falsehood]
No one would dispute that....[insert falsehood

q99x2's picture

Why doesn't he go head up the troops in Africa like Eisenhower.

Bawneee Fwank's picture

Because he is a pole smoking chicken shit!

TuesdayBen's picture

Cuz there ain't as many mirrors in Africa

Clowns on Acid's picture

Forward ! ...bitchez...

tekhneek's picture

Wait,

Obama got re-elected?

Fuck...

kaiserhoff's picture

I'd give him closer to 6 months than four years.  His resume is pure bull shit and there's a few millions for whoever gets a scoop on the nasty.  On to dentu-cream man. 

America often prospers under idiot rule. 

knukles's picture

Wait...
Hold on a moment...
The last 10 years been pretty bad so are you insinuating that....

kaiserhoff's picture

I see your point, knuks.  May have to check my math;)

Bawneee Fwank's picture

This is all part of the planned economic collapse.

therealmonty's picture

Preparations A through G were failures...now it's time for Preparation H!

Oldballplayer's picture

On the whole, it feels good.

--  Dr Evil

scatterbrains's picture

ew you mean "in the hole" doncha... u nasty

FishHockers's picture

Let fire them all or set them all on fire

H H Henry P P P Paulson's picture

You better not be short over the weekend. They will take advantage of Monday's low volume half trading day to agree on something and reverse today's drop.

riphowardkatz's picture

who is they? and if they are so f'ing smart why did they need a bailout?

SheepDog-One's picture

HA HA HA indeed....if 'they' are so fuckin' brilliant and all then why do they need bailout life preservers thrown to them every few months.

What people dont realize here is 'they' are lunch....'they' think they're part of the club but are lined up to be Bear Stearns-ed real soon.

XitSam's picture

They didn't need a bailout, so they got a bailout.

cranky-old-geezer's picture

 

 

How blind can you be?

You don't recognize looting the treasury (and taxpayers by extension) when you see it right in front of your freikin eyes?

It's ALL a big fucking LOOTING SPREE, they've been looting the damn country 4 fucking years now.

Almost Solvent's picture

They've been looting for a LONG time - way more than 4 years. 

 

they've been looting the damn country without trying to hide it anymore 4 fucking years now.

TrustWho's picture

70% of the Fiscal cliff will be enacted in the best case scenario. You could be right with the ALGOS in charge, but negative growth in 1st and 2nd quarter 2013 seems baked in the numbers!

scatterbrains's picture

Gold been tryin to tell yall all the while.  I mean wouldn't we be pushing 2k gold price if all they had to do was push the easy button... extend/pretend/kick the can ? Gold's not really trying to feel all the luv out there... more like it's saying duck bitchezz.. or so I'm thinking

 

 

Jayda1850's picture

A room full of journalism degrees and not a single real reporter among them. Jake Tapper excluded.

CrashisOptimistic's picture

The plan is to do what?

Is it to reduce the deficit?  Nope.  It's to . . . avoid reducing the deficit because that would be de-stimulative.

So best that there be tax increases on the rich (about $80B in tax revs for 2013 out of deficit of about 1.15T) while increasing spending 80B in 2013, to avoid damaging the "fragile economy" (in its 3rd year of recovery).

DoChenRollingBearing's picture

+ 1

Please allow me to fill in the script:

1)  They came for the AKs, and I said nothing because I did not own an AK

2)  Then they came for the hanguns, and I said nothing because I did not own one

3)  Then they came for the rest of the guns, I said nothing because I did not own any

4)  Then they came for the gold, I said nothing because I did not own any

5)  Then they came for all of my money...

dwdollar's picture

Oh yes... that fantastic "no pain" deal which has eluded everyone for years... the magnificent Obama will reveal to us right now...

SheepDog-One's picture

And now for my next trick....watch me shove this pineapple up americas ass! Don't worry, you wont feel a thing!

davidsmith's picture

Nope, there isn't going to be any agreement.  There is NO indication that Tea Party members have broken their vow of silence.  As I said before, they have formed a hedgehog defense in response to the 2012 elections.  This is the LAST opportunity they will have to break the Constitution, and they are not about to pass it by.  Probably what will happen, once we go over the cliff and the ceiling is not raised, is  that Obama will proclaim a national economic emergency.  That's just what the Tea Party wants--so they can say that the Administration has broken the Constitution, so tax strikes and any other kind of anti-Constitutional activity is permitted.

 

Just study the last days of Weimar or the Spanish Republic--same script.

EINSILVERGUY's picture

If you think the Tea Party is the bottleneck in negotiations then your an idiot. Obama does not want a deal. He wants more revenue for government spending, the rest of this is just kabuki theatre.

DoChenRollingBearing's picture

Sir, you are unfortunately right.

Prepare for more of the same, tax & spend...

knukles's picture

And somewhere, today I think it was, somebody mentioned that the problem in the House (as per drama, complexities and analysis, not them and us shit for there is no more them and us) is not just the Tea Party, but 4 or 5 Democrats from Red States up for reelection next time about... so scared shitless about loosing  their seats on the Gravy train Express.....

nmewn's picture

You got it.

Course, Reid could just bring a floor vote on the bill already sent over from the House and resolve it...up or down...but what fun would that be? ;-)

knukles's picture

Exactly.
Would eliminate all the fine political drama.

It's exactly this kinda horseshit that got us downgraded last times around, by the way.  The inability of the governing to govern.
I'm a gettin' real tired of this shit.

And just think... the second four years hasn't even begun, yet.

(think my nuts just shriveled up into my torso)

DoChenRollingBearing's picture

.

"And just think... the second four years hasn't even begun, yet."

(stop giving me nightmares...)

franzpick's picture

Nationwide NoBama-inflamed polarization has already gone disturbingly way too far: its time to prepare for the american economic and civil fragmentation that will erupt when tax and spend hits dead end.