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Senate Deal "Apparently Short Of Needed Support"
Update: U.S. Senate will attempt to vote on fiscal cliff Monday night, but still work to be done - Sen. Kyl. So the deal is done, but there is "hope" it passes. Should be good for another 10 ES points.
* * *
Everyone's worst nightmare has come true: the endless Greek bailout has now shifted to D.C., where deals are leaked, rumored, preannounced, and priced in, long before they are discovered to never have been there in the first place. The winners, as in Europe: hedge funds, and caterers. Everyone else is a bystanding loser.
From Reuters:
Skeptical U.S. Senate Democrats requested a meeting on Monday with Vice President Joe Biden about the tentative deal on the "fiscal cliff" that he is forging with Senate Republican leader Mitch McConnell, a Democratic Senate aide said.
With the deal apparently short of needed support, Democrats are hopeful that Biden will meet with them, but have not yet received a commitment, the aide said. Some Democrats complain that Biden went too far to find common ground with McConnell. Congress and the White House face a midnight deadline (0500 GMT Tuesday) to avert the fiscal cliff of tax hikes and spending cuts.
And now we look forward to tonight's Senate vote on the deal which "passed"... It passed right? The market said so.
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Turtle head McConnell needs to be made into soup.
McConnel's a terd. I agree.
But we should go over the cliff.
We need to get the ticks (Wall Street, London) off our backs.
It'll be painful. But such is life.
http://www.angrysinner.blogspot.kr/2012/12/yesterday-i-hiked-ten-miles.html
And over the cliff we go....
This is the doom you are looking for....
the best part of kotus talking to supporters as the bit about shrinking the debt while expanding the economy
which in the nunormal means expanding the debt while shrinking the economy
and they said it couldn't be done!
Every time I hear Senator Rand Paul I think to myself, Oh my poor dear boy, God Love him, Do you not know what the game plan and end game is?
123112 - Sen. Rand Paul speaks on fiscal cliff negotiations
http://www.youtube.com/watch?feature=player_embedded&v=Ht_qjv54iB8
"God bless his heart" -Nana.
*same Nana that said "who's tryin' to break my balls?" if the phone rang during Magnum, P.I. and "don't try to psychologize me".
.
They did it for the lulz....
Well fuck me with a stick... And all along I thought it was the Tea Partiers in the House who were holding the whole thing up.
Man, so we got some recalcitrant commies on the left facing off against the unrepentant libertarians on the right (or whatever the who they the we and them be these days....)
Jeeeeez
And I thought that Democrats were so amenable to bipartisanship....
(Don't shoot me, I'm just takin' it as I been told...)
It hasn't gotten to the House yet. The TPers will get their chance later... maybe.
Tax and spending bills must originate in the House.
That was in another life....
Just my luck, I was reincarnated as a constituent.
You thought we're still a nation of laws?
That's so December 23, 1913...
You know, just knowing that date will land you in a FEMA Freedom & Liberty Camp.
While I'll personally be paying a bunch more in taxes, at least we'll be actually cutting some of the graft for the federal government parasites.
I feel like Robert Downey Jr. in the latest Sherlock Holmes movie: I'll willingly go over the Reichenbach falls, as long as I can take Moriarty with me...
Actually, since I have no choice but to go over the falls, I'm grateful some bastard is along for the ride.
(And just to let you all understand what I'm talkin' about, just the other night I sat in the passenger seat next to Elvis when he was flyin' the UFO)
The criminal scum in govt follow the (slightly altered) words of Patton: Make some other poor, dumb bastard go over the cliff.
parenthetically, knukles said:
So Elvis was flyin' it this time? He must have cashed in some of his frequent flyer miles if they were actually letting him fly it. Next time you see him on a flight, ask him about the time he had a few too many drinks at a saucerport bar with one of the bigfoot stewardesses.
L-o-l-a Lola, Lo-Lo-Lo-Lo-Lola ...
Knukles was drunk at that time, it was Mcconnell, not Elvis, and Reid was the bigfoot stewardess giving him top notch service.
Don't be so sure. Obama will start issuing executive orders to keep the parasites well fed. You wait and see.
open a vein, bitchez
He already did. Pay raise anyone?
.. deservedly so, I might add. We can't have Repub levels of taxation and Dem levels of spending. Just doesn't work. In fact, Dem levels of spending won't work with any level of taxation.
Too many ppl riding in the wagon, no longer enuf pulling the wagon ... the wagon stops & all hell breaks loose.
ding ding ding ding
We got a winner!
Math, the New Inconvenient Truth.tm
John Adams once said
Facts are stubborn things
And Ronald Reagan once said
Facts are stupid things
And Donald Rumsfeld once said:
Facts are known knowns
fact is, happy (as if) fucking new year to ZH'erz all
13. a lucky fucking number
"In fact, Dem levels of spending won't work with any level of taxation."
I'm no Dem but this myth is not backed up by the facts. From all indications thus far Dems tax and spend while Repubs borrow and spend. Note that spend is part of both sentences.
Just look at any government spending chart and it'll show the reality. From 2000 to 2006 when Bush had a Republican Congress (veto proof in some years), government spending still went up. It's just a amtter of what they spend the money on and who gets the the bigger piece of pie.
Here's just one of many sources that'll help debunk this myth for anyone who actually cares to see beyond the myths: http://www.usgovernmentspending.com/charts
Convenient facts...how much did Barryborrow in the last 4 years? Dems spend, borrow, spend, tax, spend, borrow, spend, tax....They can't win an election without buying the votes and playing the class warfare game, even though their hearts are as black as any conservative. Do yo think Buffet or Soros give a shit? They get their cocks polished by whomever is in office. Get real!
Please step outside the box for a bit. Note that the folks who control both parties are making boatloads of money both on the spending side and the borrowing side. What's not to like about that eh?
Republican is the flip side of Democrat and the entire coin belongs to the "bankster elites".
.
What's the use of having a one party system if you're not playing all sides for the big grift?
They're like the American League and the National League of the War Party.
That's what I was trying to say, but not so bluntly. Both parties exist to milk the sheople for their owners.
"Everyone takes, nobody makes, work doesn't pay, indulgence doesn't cost, money is free, and money is worthless."
~ Canadian MP Pierre Poilievre
FORWARD SOVIET!
The cliff cuts are way too small to do anything but cause a slight delay of a few months before the day of reckoning.
The additional taxes paid by the rich are inconsequential, the brownie points Obama scores with the masses are immense. What's ironic and amusing is he is so willing to raise taxes but won't close loopholes...you can increase my tax rates all day long if you give me loopholes and write offs. The ignorant masses don't understand their glorius and adored leader is fucking them in the ass while he dirnks 25 year old scotch with Dimon and Blankfein.
Ole Mitch
Too many spending cuts for big spending Dems. Boehner is like dealing with Fredo.
http://confoundedinterest.wordpress.com/2012/12/31/lets-make-a-deal-rais...
Commence the Obama Depression
Obegin the Obeguine.
Well played sir.
[golf clap]
Needed Govie Theme Song: Where the Frauds Are... music overdub on all Tyler coverage of Greeceamerica.
http://youtu.be/BQTLs4QCSB4
lolmao500 said:
Urrggh! I wouldn't even feed that to AnAnonymous or Max Fischer.
Alas, alas, three inches alas, McConnerr turtlehead soup not being known in pseudo-scientific traditional 'medicine' of Chinese lore of fabled past with making big and strong the weak oriental pee-pee. For that with needing much the rare and endangered tiger penis, bear gall bladder and ground dragon bones.
.
Preparingness diligently the best with overnights rhinoceros umbilical cord broth marination the ingredients giving much so the extended benefits propitiously.
what difference does it make. they make this up as they go along.
No, no. They follow the ancient Greek script. It always has the same ending.
The Hudson Brothers had the lowdown on zombies long ago:
What difference does it make?
http://www.youtube.com/watch?v=rP61X8HqAZ8
Listen to Rand Paul's senate speach this morning and tell me how this matters at all. The American people are simply uninformed and that's the way they like it, just keep sending me my check so I can pay my bills until I die, that's all they care about.
http://www.youtube.com/watch?v=Ht_qjv54iB8
Let the spending cuts begin. Hope Congress starts cutting spending by passing a balanced budget and forcing idiot-in-chief's hand.
Reps just surrendered to idiot-in-cheif - 2 month delay on sequestration... Kicking can one more time
"Let the spending cuts begin. Hope Congress starts cutting spending by passing a balanced budget and forcing idiot-in-chief's hand."
Spending cuts. You said spending cuts........
BBWWWWWWWWWWWWAAAAAAAAAAAAAAHAHAHAHAHAHAHAHAHHAHAHAHAHAHAHAHAHAHAHAHAHHAHAHAHAHAHAH!!
There won't be any spending cuts. They will all be so far in the future, that they will never happen. When will you people learn?
The market went up because they knew it would fail. This moves the probability of QE-infinity to 100%.
Don't we already have QE-infinity? I guess we need QE-infiniter and QE-infinitest, to borrow some Tylerisms.
Yes, but infinity is only the time dimension; they can still increase the quantity per month.
QE infinity to infinity I believe is the term.
Also known as the Weimar Infinity(R).
QE Infinity Squared (R)
Question: How many times can you announce QE infinity? Answer: Apparently, numerous times.
Deal or not futures are "limit up" +250....
And then Mccain announces delay of sequestration....
I'm short this marked and I'm f%^d
You are not alone. I've been waiting for "reality" to resume for four years. I don't feel pain anymore.
In fact I feel happier every day now! Soooo happy that I'm going to buy triple long ETFs first thing Wednesday morning! Yes, that's the ticket! It will be so much better than reality! Long live the Bernank; long live fiat!
down middle 6 digits for the year. oh my aching short a-hole
My middle digit is up more and more often these days.
Hopefully you count 2 as the middle. Because 4-8 are some serious figures to lose.
middle of 4-8 was down 7 figures at one point. clawed my way back
there is no market
Today was very good evidence of that.
What?
Market is a little tweeting bird chirping in meadow. Market is a wreath of pretty flowers which smell bad. http://www.youtube.com/watch?v=wlMegqgGORY
"Norman, Norman, please coordinate!"
Every time I see or hear a conformist, hopelessly brainwashed sheepizen whose status-quo power-structure paradigms are challenged or refuted, I think of that scene from Star Trek.
In a similar vein, I see "Landru ! Landru ! Help us !"
For so very many in this nation, completely dependent upon the "gratuity" of the Archons, self-reliance is a concept wholly alien.
Wasn't he the Scientologist guy who put the atomic bombs in the volcanoes next to which he'd just settled his chosen ones from Nibru or something like that? I may have a few details wrong, but....
L. Ron is Xenu
Season 1, Episode 21. ( Nibru is actually the classified, pre- programmed destination of Voyager 2. -- But you didn't hear it here. )
Every tick chasing broker says "passed" so it must be so...right?
Look forward to the divorces.
$400k individual, $450k filing joint.
Or $800K total, filing separately... :)
No shit...the fucks in Washington love socially engineering via free abortions and paying folks not to work, but they've slapped a healthy penalty on marriage. Perhaps it motivation for 1%ers to cross breed with crack whores?
The market "said"/knows nothing is going to change materially in the new year. They don't care about the details.
The "market" is a circle jerk of primary dealers which will cease to exist in the not too distant future.
I assume your forecast was for a parallel universe that none of us have the science to visit (and where, for example, a perfect copy of Timmay Geithner frolics, only with smaller ears and a personality).
No, it seems far more likely that the following sequence, already in nascency, fed to CNBC by their sponsors, the primary dealers, will play out, goosing equities further before an ultimate 18-20% plunge:
a) continue to push the rotation from bonds angle: ("old people don't realize how dangerous bonds can be"/"2013 may exhibit the first signs of wage inflation"/"China will boost growth and hence energy stocks"/"worlld leaders are finally tackling problems, business uncertainty will naturally fade, and Bernankus may need to act before 2017 on rates", etc.)
b) Squeeze shorts further to produce a few 300+ point up days in Jan to spark panicky 401(k) re-allocations to stocks, plus use the same hedgie trick that worked in 2012 to get AAPL back to 675, dumping heavily a few times each day at, per Tyler, yesterday's closing VWAP, and at daily VWAP after 2:00
c) While a) and b) are occuring, use friendly neighborhood algo bots to unload the primary's holdings onto Joe Public, largely through institutional retirement buying to honor customer allocation shifts (and make money selling them them bogus algos that will lead to heavy buying at precisely the VWAP levels the dealers wish to sell at, first to unload inventory, then again to short naked at prime levels for the final planned plunge)
d) Lather, repeat, continue to hedge this scheme with VIX magic
e) On April 9th (or thereabouts), begin daily 2-part "operation fuckem": a) goose shorts with wicked spikes at 9:45 each day (or at 10:03 on days of important economic releases), then engineer slow, steady, alligator/sawtooth plunges from 10:30-12;30, fucking shorts with odd spikes thereafter until 2:45, then a final 3:12 - 3:52 p.m. flush (stopping, of course, at 3:29 for a fake "rebound" to enrage tag-along shorts), but not ignoring the daily 3:52 march back to VWAP (old habits die hard, don't they?)
In this manner, I suspect primary dealers wiill still exist, because they hold all the cards, but will be short these same cards by mid-year as the truth of "austerity" or playing "chicken cliff" becomes apparent to Average Joe, who will use Q3 to reverse the allocation again, after which they'll use low summer volume to squeeze shorts and entice Joe back, then prepare for their final fake "Christmas rally, then . . . you get the picture.
But, damn, I'll just bet Joe Terranove already beat me to every detail of this forecast ...
Have you been hurt going short in 2012?
Just wondering.
Sorry, but I got sick this week, and when I take too many decongestants I write like Thomas Pynchon with an intravenous triple espresso (only a bit less liberal and with a lot less talent).
Still, I stand by my forecast, which seems, at the moment, eminently reasonable (now I know the real reason Sudafeds are controlled -- take two of these little babies with a Chai latte and off you go ....)
Perhaps you've discovered the remedy for the fiscal cliff.
The best to you!
Across the nation, Sudafed sales to investors skyrocket after they see the wisdom of my above 2013 prediction (300+ point days, AAPL goosing) happening on Day 1 :)
Unfortunately, I was still too sick to trade, and missed all the fun (and even worse, I'm a TNA/TZA trader, and missed today's Russell ejaculation !).
Are we still talking about this? I thought we went over the cliff..... Damn..... poor me another shot. Yes the spelling and the pun was intentional.
The tough economy is even effecting the congressmen, having to work through the holidays. Gotta give credit where credit is due, they're hanging in there to fight difficult problems and not giving up.
You are kidding I hope
Yes, they are it was a joke.
Good one!
I believe "the congressmen" just got an Obama raise so they are likely getting double time as well for their glorious work for their country on the holiday.
do your country a favor and fire a politician! time to clean house!
Do we have to stop at firing them? These slugs are like a veneral disease. You have to eradicate it or they come back.
Now that'd be a winner. Post on Google maps the name and location of all federal employees with social diseases.
If its good enough to do to the gun owners then it's even better to do it to the political inbreds.
Hoo hoo...Long, Pigs in the Blankets and hot mustard and hot catering servers!
Well...it is a good thing President Zero's clean energy tax credits will be preserved...and mandated sequester cuts can be "back end loaded" until never.
I'm sure the Republicans can't wait to vote for a plan that calls for tax hikes now, and moar tax hikes later too, and spending cuts never. Exactly what the people have been clamoring for.
And I'm sure the economy will jump to life after all of this.
Same shit as all the other plans.
Raise taxes now, worry about expenditures, sometime never down the road.
There has been so much anti House GOP hatred that very quietly certain Senate realities have been forgotten.
Namely, there are 6 Democrat Senators from RED STATES who are up for re-election in 2014. They are not going to vote lockstep with the party. They can't.
Those 6 Dems would be enough to impeach Obama for Fast & Furious plus Benghazi. It needs to happen.
So when do the 800K DOD furloughs begin? Can't wait to see Fed employees take it up the ass the way we in the private sector have for years.
Furlough...
Will continue to accrue salary and benefits but not collect such until either rectification law passes or executive order issued.
aka: Paid extra bonus vacation time.
Can't make this shit up...
That's how this state public pigs did it. They got weeks off and paid back retro , best of both worlds.
Yeah, but I'll have a seat to myself on the train to DC! who hoo!
But when the DOD furloughs begin, there will also be a lot of "private" sector employees, who are dependent on DOD contracts, that will soon be laid off too.
So don't count on them losing many days of pay.
It will pass Tyler...
Greatest Country in the WorldTM!
So who is the lucky Senator naming his price for holding out for that last vote ?
+1 ... they'll be lining up for that pork.
If, for example, Saudi Arabia wanted to secretely bankroll the US after falling off the cliff, how long could they afford to do so?
House adjourned until tomorrow.
Over the cliff we go!
See ya at the bottom...
This shit is better than watching a Chinese pingpong tournament..
+1. Totally agree Yen.
Reality TV
truTv series; Fuck the Public and the Art of Logrolling
Happy 2013 Knuckles. I hope you do more articles in 2013. You're a talented writer. :-)
Thank you, Yen. I appreciate it, that's very kind.
When the spirit moves me, I quite enjoy it.
And a very Happy New Year to you and yours, also.
Blessings
K
Knuckles, I'm humble when there is something to learn. You, I suspect are a Tenured teacher. ;-)
Everyone else is a bystanding loser. Greek Style, 1 billion vieuws bitchez!
Ain't seen nottin yet! Records are to be broken, the Beard said.
This style of holding up the market by any means possible is why I believe it will be late 2013 before my SPX target of 1080 is reached.
Totally off topic, but the lady cohost on CNBC right now looks like she could be Erin Burnett's little sister. Awesome. First encouraging sign I've seen for the impending dismal new year. Totally improves the scenery as we go off the cliff...
Happy 2013,
Roscoe
Erin has the physique of a male model, which I guess is awsome depending on your perspective
I thought his name was Ernie ? no ?
Ow. 0head. Ok, now I feel sad again. Maybe the purple sweater blinded me... I don't want to go over the cliff with mylast thoughts doubting my masculinity. (Spoken in my best extra-baritone voice.)
I couldn't care less. If it's female and walks upright....
time to spend New Years Eve with the interns
and we so much wanted to spend it with the Mrs.
(thanks joe)
Especially that young fella from Idaho who has the physique of Erin Burnett and looks great in women's....
It is the same way that lawyers are taught how to screw their clients. Went through it once and won. After 5 years still trying to collect an amount equal to the lawyer fees. Nothing you can do except Revolt and throw the crooks into prisons.
2013. I don't like that number.
Among the big winners are the Mainstream Media and the owners of blogs in the financial Blogging community............
Shorts got FRIED - again!
"The tactic is to load economies (governments, companies and families) with debt, siphon off their income as debt service and then foreclose when debtors lack the means to pay. Indebting government gives creditors a lever to pry away land, public infrastructure and other property in the public domain. Indebting companies enables creditors to seize employee pension savings".
Read more at http://www.nakedcapitalism.com/#YbqWrHxAPYlquikk.99 And the war on the poor continues.Off topic -- but obviously they're laying the groundwork to protect JPM in the precious metals markets, given what just happened with copper:
http://www.tnr.com/blog/plank/111490/jp-morgan-gets-big-holiday-gift-the...
Maybe in the new year the people will truly grow tired of the lies and of being urinated upon by our self important BS leaders and a real change will occur. Until then, Make Mine A Double...
Lock "Mc Connell , Reid and Boehner", in a 6'x 10' room with an (industrial fan) at one end. Then put Barney Frank behind the fan, and make him recite [Dodd-Frank] to the three of them...
They will be begging to sign a {letter of intent} with their own "Blood dipped Quills"... {Death by Frank Phlegm}
+1 again Yen. Agree with you again.
Can you imagine how Mc Conell is doing today after having spent the night at the white house with Joe Biden???
Now that's torture.
Mc Con/ell or McConnell? Boobs like me have trouble differentiating.
Mc Connell.
Don't worry Yen I understand you. (I think.)
There is no way they will get this bill through the House. No way. Any House Republican who votes for this will get pounded in his own primary. Count on it. This is essentially the same Plan B that Boehner tried to get through the House. How did that work out?
Yes they will. I'll wager you/ The debt ceiling debate, is where Republicans will get their consessions.
The core axiom of debate is SPENDING. Even the libtards admit that.
There are no spending cuts in this bill. None. I'll bet you any day if there are no spending cuts this goes down.
Did I say anything about "spending cuts"? NO/ I clearly stated that (A) deal will be done to use the "Debt Ceiling" (March-2013) for spending cuts/
I won't waste my time junking you. Being that it's New Years Eve, I'll just take screen shot, and share it with you after you recover.
Happy New Years to you as well. I misunderstood perhaps. Either way I see no deal for conservatives. We shall see. Obama today just stated his strategy will be to go for more tax revenue next time and I think that alone kills this deal. Also, Obama has so much more to gain politically by seeing this fiscal cliff talk drag on. He can inflict more damage to republicans with the complicit media he has developed. On the other hand a conservative sees the sequestration as at least some small spending cuts albeit in defense and not maybe where they would prefer in with entitlements. And thats why we are still grappling in circles don't ya think.
Now you're getting it! Well done. Happy New Year to you as well/ "Pain for Gain".
Those sock puppets in D.C. could give 2 shits, until a rifle is pointed down their throats.
The only deal for Republicans, is to keep the Estate tax , AMT, Income tax rate as low as possible, until the debt ceiling debates in February. Then spending cuts come into the picture/
Q-4 earnings-Q1guidance, employment numbers, CPi-PPi numbers should be interesting.
The difference is timing.
In 2012, this bill would be a tax increase. In 2013, this deal would be a REALLY big tax cut since the rates reset to the Clinton rates on Jan 1.
Liberals are fuming because it's about 99% of the Bush tax cuts. I have mixed feelings, but at least it's more fiat money I can keep to buy precious metals with instead of throwing it down a black hole that is the federal government.
I agree that spending is this nation's existential problem, tax rates are like worrying about what brand of wax we have on the car as it goes over a cliff.
We simply can't "tax" our way out the problem, anyone who says otherwise is selling you a load of sh#t.
When is a vote a real vote and who will be recalled @10.30pm.
only those that are called will be the ones needed.
The J Biden compromise will rise and be passed.
A great sigh of relief will be heard as that battered can gets kicked down the hall of the people.
We and our asses remain on leather, the rest of the people can kiss our ring finger. Its good to be King
Our current situation has absolutely nothing to do with tax rates and everything to do with spendthrift politicians and printing from the central banks. If you simply confiscated all wealth above $250k you still wouldn't make a dent in our problem.