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US To Officially Go Over The Fiscal Cliff
As we forecast back in November, it is now official that the House will not vote on any deal out of the Senate, assuming there is one, later today, which means America will officially slide off the Fiscal Cliff. And now cue everyone being very hopeful and optimistic a deal will get done momentarily, if not sooner, in 2013. Of course, we all know just how far optimism takes America's dysfunctional Congress. The biggest irony in all of this is that the only winners today were the much hated "1%"-ers, whose taxes may or may not go up, who just got to book major year end profits on this last minute ramp. The remainder of America's population can quietly look forward to 2013 with "hope" and "optimism" that in 2013 Congress will finally stop being dysfunctional. Good luck. Oh, and before we forget, America just breached its debt ceiling: now the pillaging of various government retirement funds begins.

Finally, since the US is now officially over the cliff, does this mean that Ben Bernanke can finally get to work? Recall his words:
"if the economy actually went off the fiscal cliff, our assessment, the CBO’s assessment, outside forecasters, all think that that would have very significant adverse effects on the economy and on the unemployment rate. And so, on the margin, we would try to do what we could. We would perhaps increase a bit."
Is it time to increase QE just "a bit" then?
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A good opportunity to fire the TSA, CIA and others of that ilk. Those are all entitlement organizations.
TSA has been allocated an 8 bil budget to look at naked people and make jokes about them.
This is why I get angry when ZH harps about SS, spending that actually helps citizens and people we all know. There is so much more that should be gutted first. According to youtube, the Koch brothers are the voice behind gutting SS. Makes me wonder if they're funding ZH!
No, we're not.
(Oh shit...)
Jesus Christ, Devo, that comment doesn't reflect earlier opinions. Have you started smoking crack? Or methamphetamine? You sound like my son, who I am considering throwing out of MY house, debt free, because I worked my ass off to put myself in this situation at 59 years old. Fuck you and your Koch brothers theory. They are a private business, you stupid ass.
If this headline is true, why is SPY up after hours?
A wise saying for your New Year's Eve from a professional drunk I knew:
Whisky and Beer: Have no fear.
Beer and Whisky: Mighty risky.
A good nite to all!
Once upon a time, before the internet......i learned the hard way
Beer before liquor, never sicker..... liquor before beer, never fear
Now we get to combine "fiscal cliff" and "kicking the can down the road" in one sentence ad nauseum.
Who gives a shit about a fiscal cliff if the market goes up anyway? It was a great year for me, up 44%. The can will get kicked, that you can book. The funny thing is there is no deadline when you can make retroactive decisions. So the new deadline is 2014 when people have to do their taxes.
Caterpillar
If even a single useless parasitic do-nothing govt employee loses his/her job from this, it will have been worth it.
it's called early retirement, the stuff a .gover dreams of. retirement at age 50 with full beneifts, indexed pension and lump sum payout to help them make the transition -
but it will be booked as a one time cost so it is a savings
It's not the fall that hurts its the sudden stop at the end
The most stupid people on earth here are screaming for free markets. Well you had some, in september 2008. Everything was collapsing and it's only the governement & fed, who saved your ass ! BUT NOW, since you forgot everything, you are screaming for free economy !
By-the-way, since wages are decreasing, how will you sustain demand, and economy ? Wages will nevermore be able to keep the economy running !
The guys on the fed, the keynesians untermensch, they create inflation only on assets, so you should be happy instead of moaning !
You are the most stupid people on the planet since begining of mankind, but you time is counted.
Wrong, wrong, and wrong. Nothing was "saved", just postponed which makes things worse. Now wake up and go to sleep.
This mess was started long before the Tea Party existed. To blame them totally is just stupid. Yes they are apart of the problem now. All the Tea Party desires is limited government, balanced budgets and to follow the constitution.
The liberals want to put the blame on someone for their reckless Obamnonics.
Simo Hayha.
Looks like 2013 begins with a heaping helping of bullshit. Just the way Americans like it!
Is a "little bit" just another trillion or so?(ha,ha)
A trillion here and a trillion there, and pretty soon you are talking real helicopters.
Nice! :)
Since "the cliff" has the news spotlight, the OCC has slipped one in under the New year's eve rug, namely that "Independent Foreclosure Review" who's deadline for filing was pushed back at least 3 times? It's toast and of course, we the people are once again...screwed. Here's the link:
http://www.huffingtonpost.com/2012/12/31/foreclosure-review_n_2389431.html
Funny thing is, they mention the length of time the reviewing process was taking for each review...I have correspondence from the OCC stating the reviewing process would NOT BEGIN until after the filing deadline had passed. Funny how this shit works in DC.
Irrespective of what does or doesn't come out of Congress in the next __ days/weeks/months, the U.S. is going over the cliff. Just not the one the stuffed-shirts are thinking they are preventing. The fate has been sealed for some time...these stooges in Congress are shuffling the deck chairs in an effort to look good to the masses. The fact that equities "soar" (CNBS word, not mine) on the whiff of a hope of some "resolution" is as good an indicator as any that we passed FUBAR a long while ago.
I believe that 2013 will be one of those watershed years. In hindsight - maybe 5 or 8 years out, I think we will look back at 2013 as the year when the many of the teetering, wobbling buttresses that are holding up the illusory economy truly break down. The effects will be felt much more tangibly in '14, '15 and '16, but I believe the veil is going to fall away in the next 365 days.
@ mayhem, I have been a municipal elected official in illinois since may,2011. I can appreciate your sentiment. There is no hope and I am waiting for the end. A time when there is no more money to waste from the "people" It will soon be over, no matter what we do, or how proficient our finance director is. It's over, it's only a matter of when? Arm yourself
and these mother fuckers got a raise for this shit. Hang the bastards in 2013 Best choice. Don't spare the families
With the debt and defecit numbers as they are, the tea party acknowledges that taxes must go up substantially along with Federal spending cuts. The tea party tax plan is taking the approach suggested by Marx and thus provides for a "Progressive Tax" plan that will cure the country's ills by taxing progressives out of the country.
Further imput is welcome.
The Tea Parrty's Progressive Tax System:
100% tax on the Tax Free Foundations ( The retroactive Estate tax)
98% tax on multi-millionaires whom state that the rich should pay more tax. ( The Buffet tax)
96% tax on Hollywood actors and actresses that are narcissists.(Cruise Control tax)
88% tax on Neo-conservatives like Bill Kristol (Peace through Strength War tax)
87% tax on Californian’s because… they will vote for it anyway.(MoonBeam tax)
86% tax on Ethicists that push Euthanasia.(The new Death tax)
85% tax on climate activists. (The Skyfall Tax)
84% tax for scientists that knowingly commit scientific fraud. ( The Hockey Stick tax)
83% tax on rich college sluts to pay for free contraceptives for the poor GED whores. (Equal Opportunity tax)
82% tax on firms that make domestic drones and TSA airport x-ray machines. ( Peep Show tax)
83% tax on Teacher Unions with a 5% increase each year - for 5 years. ( No Teacher Left Behind tax)
72% tax on the Twinkee- stuffing employees that fire themselves before the holidays (The Ding-Dong tax)
69% tax on Pornography industry to augment the sin-tax on…. cigarettes, high energy drinks and fat foods.
64% tax on cities in the East to purchase FEMA tents to protect African marathon runners should it rain.
64% tax on cities in the West to purchase ATF guns to protect Mexican drug runners should it rain bullets.
63% tax on all TSA employees. ( Entertainment tax)
62% tax on congressperson’s net worth increase while in office. ( Capitol Gains Tax)
Capitol Gains Tax
LOL
Exactly. Esp. the Tax free tax. Who are those bitchez? Are they working for free? No? Then pay up.
Also add a crony capitalist tax for fucking GE.
OT but critical to liberty and ultimately economic freedom....
Please contact your senators and urge them to fight Feinsteins anti-gun bill. They can put a hold on it and kill it. Any one of them can . We just need a few brave politicians, there aren't many but if you know one please urge them to protect our freedoms. This will end badly if they push for the restrictions they are calling for.
thanks to all ZHers and Happy New Year....though I seriously doubt it...
Way too many pussies. You only have yourself. Fuck every Senator and their families .
Obama: "You didn't make that, I did"
Over the Cliff Obama!
Happy New Year ZH, the best fight club on the web, even if we do disagree on detail at times.
Stay close to the Constitution, the Declaration of Independence, genuine community and friends - plus the guns, gold, silver, :-D
And do try to acquire better boating skills. We're losing too much metal in boating accidents in lakes and seas ;-)
Hey ho. Fans of political theatrics and cartoons have fallen off a cliff to their doom...Wiley Coyote style. Will the animators write another episode? Probably.
"Stay close to the Constitution"
Why? So we can make the criminal state operation even stronger?
Lets go back to the Articles of Confederation
..from Democratic Republic to Disfunctionatic Repugnant.
The USA was founded as a Republic, one for all, all for one. It was not meant to be that exremist mob rule 'democracy'.
Happy New Year.
I totally understand but I find it hard to rhyme any of that in a clever manner.
A Massive Electromagnetic Pulse Could Collapse The Economy In A Single Moment
http://investmentwatchblog.com/a-massive-electromagnetic-pulse-could-collapse-the-economy-in-a-single-moment/
Want to see the pussy inbred Iphone and Smartphone users just shrivel up and die.
If this electromagnetic pulse hit just the D.C. capital area would that hurt our economy?
Del.
This does not look good for the average joe. Going over the cliff just guarentees that the Bernanke will take another hit of qe infinite. The last thing this economy needs is rampant price inflation from the manipulator in chief.
I just heard on National Proletariat Radio that economists think Sandy was good for the economy.
$60 Billion aid package keeping people busy.
Is this the bailout we've been waiting for?
Accountants! Sabotage your spreadsheets!
Homeowners! Break some windows!
Arsonists! Burn something down!
Rioters and Looters! Rampage!
It's good for the economy! It's good for the country! It's Patriotic!
Who needs a fiscal cliff when we can tear things down to improve the economy!?!?
It's genius!!!
My God! Revolution is pro-employment!
To the streets!!!
NPR is a joke. I like to call it "homosexual recruitment radio" because anybody who listens to it long enough will turn into a fag.
That's so gay.
Can I still say that?
NPR is pro-homosexual? When did that start?
(sarc off)
Tell that to Breezy Point and Staten Islanders.
Long HAARP
"Detroit Mayor Dave Bing's administration already has demolished 4,500 "dangerous and abandoned buildings," according to press secretary Naomi Patton, and plans to tear down another 1,500 vacant structures by the end of September — part of Bing's pledge three years ago to demolish 10,000 derelict buildings by the end of his term in late 2013."
Congressonal salaries and federal staff are exempt from any fiscal cliff budget reductions.
http://en.wikipedia.org/wiki/United_States_fiscal_cliff
Congressional retirement and medical care is isolated from the rest of us as well.
Revolution and a clean-out of the whole sordid lot of treasonous public officials is so overdue it is becoming a cliche.
When a cliche becomes reality does it become an imperative eventuality or a dream of a dream?
I guess we will know once we transition through the awkward stage.
So there will be layoffs instead of paycuts.
So what?
Nancy, John, Harry, you're laid off. Now pickup your personal items and leave CONgress!
We have unlimited money,, why, we can now engage in this.
------> http://rt.com/usa/news/us-deploying-troops-order-749/
When you take over the world, everything is in our NATIONAL INTEREST...Including gun grab!! ----> http://www.youtube.com/watch?v=8EaVm3ahwec
These fucking Holywood hypocrites.----> http://www.youtube.com/watch?v=hxRlpRcorEU
My loverly DOWN ARROW LOVES
Dianne Feinstein
Dianne FeinsteinDianne FeinsteinDianne FeinsteinDianne FeinsteinDianne FeinsteinDianne FeinsteinDianne Feinstein
Show yourself you fucking asshole!! Take me on, one on one!!!!! You don't have the balls..
Down arrows should justify their actions unless they are spinless cowards,,,,,for all to see on ZH, However when you protest a down arrow you are sensitive and can't handle it!! Well fuck you ,,,show who you are ...... Let's have at it !!!!! Fucking fight club,,,,or have you frogotten the credo....
I was feeling sorry for you.
You wanted a down arrow so bad but no one would give it to you.
You are welcome.
Down arrows should be accompanied by rational discourse, not a hit and run caper!!! Just show yourself!! Whats the big deal?
Salon, is that the mag??? you are thr NPR of the....
http://rt.com/usa/news/us-deploying-troops-order-749/
Whats more interesting (to me) is that the USA no longer has the initiative, it is now now reacting to china's actions, USA appears to be playing defense to the chinese offense on the world stage.
Its certainly reacting to chinese plays in africa.
So many of the government agencies retirements are so lavish that the retirement plans alone can kill the budget if they all decided to retire.
Its all bullshit
Yep, and then some. You hire these guys to do a job and they can't cut the mustard. Too bad we can't fire them ALL.
Make sure you fire the guy with a gun who reports to these people. They say even human trained monkeys can not retain abstract fundementals after 36 months.
The Fiscal cliff, pah.. there is something far far worse.... we now have 21st century Teenagers roaming the Earth.
I can't wait until the federal retirement systems monies are all pillaged and the debt ceiling still doesn't get raised.
Here I sit, prognosticating shit! ( Harry Reid, after almost 4 years of no Senate budget/)
Oceans Infinity/ We live in the Airport, waiting for the next flight to EXILE!
$10 New Year special offer - change your investing style
http://change-in-trend.com/
So where did Allie Brosh ever end up? Galt? That one can write.
bullish, bitchez.
Somewhat off topic, but on CNN this afternoon (don't ask), Blitzer made sure that H Clinton's convenient clot got as much airtime as the cliff negotiations. Even went so far to state that she needs to rest and shouldn't attend any Senate hearings on Libya. Has anyone independently verified any of the claimed health issues she's had these past weeks?
Yes.
IF only someone had seen this coming. IF there was only someone that could have warned us this would happen!.. Oh yeah, we all saw this coming months ago.
Joni Mitchell, Go to 4:26 of this vid MIND BLOWER,,,,
http://www.youtube.com/watch?v=n3g-Wv-p_ug&list=PL632FB4757D86DCF4
The kill switch
thanks for that bit of New Years cheer
now fast backwards half a century
http://www.youtube.com/watch?v=V-d44jZADbI#t=3m28s
ZerOhead,
Fucking amazing,,,,Thanx +1000
What can I say -- can't thank you enough for the memory.
Even sweeter for me now than then, if that's even possible. Timeless really, Joni was such an old spirit in a young body. And great legs, too.
How many posters are "posting under the influence and above the legal posting limit?" Just breath into this or you will be arrested!
I am sober, too much alcohol in my youth has made me a non drinker of long standing. But sometimes dealing with the bullshit coming out of Washington DC tempts me to get fucking plowed under on cheap fortified wine!
Yes, we are going over the cliff. This is a good thing. Only if we really shake up this fuking clown show we call a government will we start to have a hope of change. But the big powers who purchase the congress with bribes are really running this show. It is THEY we should be asking about what the motive for going over is.
I hope that there is no resolution in which we get another Kick The Can plan to keep Federal Spending out of control. If finally all the hand outs from Washington start to dry up, then everybody from old Grandma drawing $1,200 a month in SS to the giant defense contractors taking 50 billion a year in cost plus defense contracts will start to feel some pain. That is GOOD!
Imagine the empire, the spy networks, the vast bloated military industrial complex, the medicare rip off medical system, the long term unemployed drawing infinite unemployment benefits, the thousands upon thousands of so called small businesses who really live off of government contracts or servicing the military. Imagine all of them seeing big cuts to their government checks!
Ditto.
The problem is the size, scope and extent of government. The only way to constrain, shrink, manage the beast is to starve it.
Cliff be a good start.
Let us seriously hope that the T's and the Dems from the Red states, the Senators and Reps from the uber liberal bastions cannot come to terms.
Period.
Let it shrink.
It's a great start.
Mao DeJong once said; "The longest journey begins with a cab ride."
knukles, you are one hell of a writer. We will need MOAR of that kind of talent as we go forward. Happy New Year to you Sir.
Well that and this...
http://www.youtube.com/watch?v=PIb6AZdTr-A
Nicely written post Jack Burton. I can't help you for your lack of ability to drink alchohol. If you ever want to do business in Eastern Europe, I would suggest that you start practicing to achieve a tolerance. It's just part of doing business there.
owwww my head...but i think i agree with everything you say....hfny
Jack,
Love your comments mate. Its 12.47pm here in bonny England and I am about to commence the news years day drinking expedition, (after having a half dozen in the house), and its folk like you who remind me how fucking important the human race is. Happy new year mate, and at the end of the day some of us are as good as salt, (as me old dad would say).
Best of luck ZHers.
Inthemix96, Thanks much for the kind words! I was a confirmed drinker in my youth and joing the Navy at age 17 really gave a 6 year indoctrination into hard drinking when we hit the beach for liberty.
I have visited the UK many times since 1982, seen a lot of changes. But I find that is one country where one can always find some good conversation and thoughtful talk. Enjoy your New Years.
No one can convince me that this "Cliff" isn't a planned event, pure theater of the insane. I mean the pictures of Obama on his Christmas vacation showed me he hasn't a care in the world and everything is going perfectly according to plan.
NDAA got passed and up graded without a peep, no telling what will be in the bill that "saves" us from the cliff.
MW is reporting a deal that kicks the can for 2 months. Tax increases on $450k and above.
It's easy for you people to dismiss the federal gov't's debt as if it was nothing, bring it on, but I live in Illinois and my community is 104 million dollars indebt and we have a couple wrongful arrest lawsuits coming down the pike which very well may force us to borrow another 30 million dollars. I can't express in words the feelings that I am experiencing right now and forever. I am debt free and stuck in Illinois. Would someone please drop an atomic bomb on us now and send us to our reward, wherever that may be?
I'm getting property in Texas before everyone else decides to move there from all the failed liberal states. I lived there in the late 70's, when half of Michigan decided to move there. It's gonna happen all over again.
Hey why not? New Orleans moved there.
ok, what if i propose a solution to the fiscal cliff, because i havent heard anything like a pragmatic solution to this yet, just lots of speculation about fuck all..
as the Democrats hate reduction of taxes and reduction in state spending, and as GOP's hate increases in taxes, or state spending.....annnnnd as how you have a huge deficit - how about you compromise and increse taxes and reduce state spending - that way, you satisfy the GOP's, reducing spending, and increase the Dem's taxes, closing the deficit..... of course... with fractional reserve lending..... if you did that, we'd get caught in an deflationary spiral... how about.... you abolish the federal reserve and then fix tax rates to ensure that money is created to meet state spening... and inflationary targets...
.... what would be wrong with that
Have you been drinking? That's the most lucid comment I've seen yet.
Nothing to see here. Moving along to 2013.
god, this is sickening , watching cnn in the uk - it's late, and I'm arseholed... but... they're hanging on the decisions about fiscal cliff - bet you, a week from now, nobody will be talking about this, and 99% of federal employees will be as happy as before and americas deficit and debt will be appaling
Gee, I feel so much better now that there's one less political conspiracy.
Bullish on conspiracy in 2013. Will be a record breaking year! All in
you know, one day, possibly, two hundred years from now, people might pick though our comments on these blogs - it will be not only a hobby, but a discipline
Wait, what??
George H.W. Bush obituary mistakenly published by German magazine...
http://www.thestar.com/news/world/article/1308487--george-h-w-bush-obituary-mistakenly-published-by-german-magazine
WTH???
https://www.youtube.com/watch?v=ycPDg2vVLtA&list=UUh0RH6wJPKs2KDcTSJWWNGA&index=1
Ah, Wiley E. Coyote going off the cliff. My old MarketWatch permabear avatar. Excellent!!!
Bye!
+1 for old MW avatar.
In other news:
How do you cover up a bank run on Britain's biggest retail bank? Call it a computer glitch, and leave mere plebs stranded on New Year's Eve with no access to their money.
http://www.telegraph.co.uk/finance/personalfinance/consumertips/banking/...
Haven't we heard this before when RBS including NatWest had extended computer glitch problems which affected the plebs - at a time when the bank was once again faced with unpayable commitments due to its own mismanagement and political shenanigans.
Financial cliff, wot! Tally ho.
Wile E Coyote awaits...
As mentioned, whether it’s caused by fiscal cliff, debt ceiling, Europe or something else, it doesn’t really matter because as noted before – another crash is guaranteed.
It’s a no brainer.
Charts don’t lie.
http://trader618.com
@grandsupercycle
Hey GENY, I am trying to track some wife trim tonight. I only flew 60000 miles to get access to it in the first place. Fuck. Two kids out of it so far but that is the reason why it is now so hard to get at. I will keep working at it though. Does it ever get any easier for males?
I got the Russian trim and it was nice.
Since a lot of the tax increases don't actually get paid out until April 15, 2014 why all of the hysteria? And, weren't the Bush tax cuts all about the rich anyway according to the Move On lib cult? Either way, the can will be kicked so simmer down.
And a reminder why the financial cliff reverberates around the world since the 2008 scare: the problems are worse, not better. Time and money have been wasted.
Here's a reminder of Lloyds, HBOS and RBS systemic importance (ZHers will understand their link to the U.S.):-
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aMfETcYI2t7Y
It didn't take long for the CONgress bull$hit to reverberate. Never let a crisis go to waste, say the politicos.
Obama signed the tyrannical NDAA at New Year's Eve 2012, and Britain's biggest retail bank's customers can't get their money New Year's Eve 2013.
No wonder they want gun control. Guns in their hands.
HAPPY NEW YEAR!
Lets tip this bitch in 2013......
Happy drop off the cliff, Americans!
DC already off Cliff, but California is 3 hours late, hangon.
HNY, friends. May your powder stay dry, your perimeter secure, and your stacks grow in 2013.
Aye Mate!
I raise my glass to you Sir.
Just because it had to be posted... Happy New Year my friends.
http://www.youtube.com/watch?v=6-eJ-t_XzOE&list=UUkOjiWEQs7ZgmAGS8kKBN_Q&index=1
NWA for the new year. Too bad Obama cause you ain't EZ-E.
http://www.youtube.com/watch?v=51t1OsPSdBc
America jumps over the cliff...from stratosphere...with QE parachute. The whole world is counting down!
Happy last New Year!
America jumps over the cliff...from stratosphere...with QE parachute. The whole world is counting down!
Happy last New Year!
America jumps over the cliff...from stratosphere...with QE parachute. The whole world is counting down!
Happy last New Year!
The whole world was screwed by its own ways, and it is a pity that the Republic of the USA was drawn into its abyss by central banksters, and the Socialist Internationale, aka the Red Terror, AshkeNAZI.
Well, I'd just like to wish each and every one of you a happy new year. Same shit different day; but more pleasant because of all you special people. Cheers!
Wait you mean like Greece?! You mean our 'bipartisan' asswipe plutocrats are doing the same greedy shit as the asswipe plutocrats in the EU?
1am EST Senate voting.
There ain't no Senate voting at 1am New Years Eve. Who they kidding. Got a couple a shills in there.
Senate approved the deal. House will approve tomorrow. Ramp ON.
Violates Constitution Article I Section 7 requiring all bills for raising revenue to originate in the House. Source: John Hussman (hussman.com)
The Constitution doesn't apply after midnight. Source: U.S. Senate
The Senate regularly sidesteps that provision by rewriting (amending) a previously passed House appropriations bill.
Presumably, that is what they have done this time.
Regrettably, there are far more worse, and clearly much less defensible violations of the Constitution and Bill of Rights
to be "outraged" about.
I'll be gone...enjoy
http://www.youtube.com/watch?v=RgZkX1hngAQ&list=WL182571F492BB7572
I think the real deadline was always January 3, since this will be when the new members of the senate and house join in. Which would in turn create more delays.
Final score: Obama loses to Boehner on penalties.
WFC
No one.
Dog + Pony => Show
yup and the market will be green
And the MSM still won't fully admit it. They keep pretending like a deal is done. Maybe JPM should hire them to run the hedging book.
Non story. A cover for institutions (like Banks) to sell to the public (retail) so that you know who gets left holding the bag.
Happy New Years ZH'ers. Now that the 2013 fiscal cliff has arrived, the bluff has been called.
So now I know what I have always suspected. Congress is worse at managing money than my wife.
I suppose they will all be shopping for yet another pair of shoes tomorrow. Just put it on the Master Card.
There goes Wile E. Bernanke, Super Genius.
Considering that two bits is 25 cents, then "a bit" should only be 12.5.
Alternatively one bit is a 1. But in which column?
More of the fucking same