This page has been archived and commenting is disabled.
House Republicans Fold
Presented with little comment (via Bloomberg):
- *HOUSE REPUBLICANS ABANDON EFFORT TO ADD SPENDING CUTS TO BILL
It appears everyone grows tired of the pantomime, even the main actors. Well that was fun while it lasted...
Is this how Boehner feels?
And is Cantor warming up his gavel?
»
- 32683 reads
- Printer-friendly version
- Send to friend
- advertisements -
Fuck you, Bernanke!
Fuck you organized crime cabal running the central banking enslavement scam.
Buncha pussies.
Fold like one of my cheap azz suits!! Cowards!
obama gave everyone a raise last minute, he can even buy rebub votes, why would any of them even pretend that they were gonna try and send this back?
Kabuki Theater of The Worst Kind, Bitchez Tue, 12/11/2012 - 12:40 |
Having predicted this, as so many others did, this will be the biggest sell the news event (regardless of short term action) that most will be able to recall. The secular bear that's been on the rampage for 12+ years now is just getting warmed up (think about the Nikkei's 23 year 94% haircut in real terms). Just stay out of massively rigged casinos, save real wealth, and ignore the Ponzi, and you will see the Muppets (the ones that are left) get anally raped yet again.
This "deal" is nothing short of treason. The current elected officials are a clear and present danger to the security of the United States and its Constitution.
Constitution,did I hear constitution.
http://oi50.tinypic.com/2jseuu.jpg
empire: and now, sheep .. you will die
sheep: don't taze me, bro
MSM: actually, debt-tasers are good for you
Next up... gutting of the 2nd Amendment. Anyone still believe it isn't possible???
Your Repubicunts won't let you down!!!
I love the smell of $4 trillion bucks vaporizing in the morning.
This farce ensures the destruction of the dollar. Keep stacking your phyzz for all your worth. The "Great Reset" will hit humanity like a gigantic fiscal scyth....and there will be blood.
Government, the enemy of the people. Always has been.
Four hundred million dead at the hands of government in the 20th century. How many in the 21st?
When will people learn? Never?
They will learn when wheelbarrows start trading on the CME as the new, hot, commodity.
The NY Times, on Monday, had an editorial piece from some Constitutional law professor saying he believes the Constitution is archaic and should routinely be disobeyed. He cited examples of the founders even doing so. Stand by fellow ZHers, the groundwork is being laid for the full end of the USA as we understand it. See the piece here: http://www.nytimes.com/2012/12/31/opinion/lets-give-up-on-the-constitution.html?pagewanted=all&_r=0
That groundwork started over 100 years ago in 1875 when the first socialist party in the U.S was started.
It is like finding out that we have not repaid out debt since 1959. Shocking at first then the realization sets in that we have been trained for decades to the idea of marxism or NWO whichever term you prefer.
The groundwork was laid with the Constitution.
The left and right built the structure.
The left and right built the structure.
Parties built the structure. They weren't always denominated as left and right, as in our time.
George Washington warned about precisely that in his Farewell Address, only at that time, they said faction rather than party.
For Chrissake, look at the author gents. Need we say more?
The Constitution has been shredded so many times in the last 150 years that it's unrecognizable and now ignorable. For all intents and purposes, it doesn't exist. Complain too loudly and you can be arrested and put away forever without a trial.
Yeah, but it's only since the end of WW2 that the M.I.C. has gained control, and please spare me the Reaganisms, I just watched "Iron Lady" . High and mighty thinking only goes so far when the cheap oil runs out.
Truthinsunshine you are a lot wiser than I am but if this thing passes in it's current form and the div/cap gains rate goes to 20% only for those above 450k It's possible a huge rally happens. I am convinced at some point Bernak walked in that room and said "don't fuck with the market. You break my toy and it's game over" and walked out.
I will go even further. The 10yr could go to 2% in January. People start getting nervous that the big rate rise is finally here. If the S&P is rallying hard all through Jan the repubs make some big hardball speech about holding the line on the debt ceiling. The 10yr falls back to 1.5% in late feb. The bond shorts take it in the ding dong. They eventually punt the debt ceiling. Market rallies. Rinse, repeat.
Sounds great, until one of the ratings agencies pisses all over it and we get another downgrade. Then what?
The ratings agencies are just part of the play. They do what they are told.
This will not end well. We all agree on that. But I highly doubt it will be because a ratings agency got religious and declared us junk, which is what we are. The people that work for these agencies probably get paid in dollars and live a somewhat regular life. This would be like them blowing their brains out. We will be extremely highly rated right up till the end. Just like Lehman etc.
SEC is in the process of hiring two high-level staff accountants/ auditors to look specifically at the NRSOs ... don't worry your pretty little head over future downgrades.
Porn usage will go up at the SEC.
@fonz: Why would a rally occur because capital gains rates and tax rates on dividend income rise by 25% (from 15% at federal level now to 20% at federal level) on upper income taxpayers & remain the same on those in lower tax brackets (even assuming they do)?
The equity market is priced at nosebleed levels and has actually lost 55% in value in real terms in the last 13 years (assuming one was indexed, rather than "picking stocks"-- which very likely could have and did blow them up many times over).
So this is just my 2 cents. I believe the fact that it is going to 20% from 15% only on those who make 400k plus is a much smaller increase than what a lot of people believe O wanted. I personally (not that it means anything) figured we were going to 25-30% on anyone over 250k.
I really thought he was going to take a good whack at the market. I must be stupid to not have realized that he has been the market's best friend from day 1. As I said above I also think that is a product of Bernak getting in there and making sure nobody pissed on his sand castle.
If this passes CNBC etc. will be pounding the dividend payers tomorrow. I am not saying anything is fixed. But I think it could be good for a 10% pop to start the new year.
Anyone else feel free to chime in here. Am I wrong in thinking this was a smaller hike than expected?
- I am in no way arguing your long term point. This is a secular bear market and even with the fed in there I think we head lower over time.
I totally disagree.
The bullish meme would have been a permament extension of the "Bush tax cuts," which would have made permanent the 15% federal tax rate on both capital gains and dividend income, and the operating assumption by "those in the know" for many, many months now was this was a fait accompli.
Wow, interesting. I see that aspect totally different. Then again it is not really that interesting because all I am really making a case for here is a short lived rally. But I would not put any chips on it either way. I have no doubt that tomorrow am that monkey Cramer will be all over this as extremely bullish along with the rest of those ass clowns. The market is our last fake piece of wealth for a lot of people. I think they will push it as hard as they can for as long as they can. Interest rates cannot go up and the market cannot go down. From here on out it is just not allowed.
The inititial bullshit was about saving 1.6 trillion over a decade through smoke & mirror cuts, and that would have somehow allowed for the the Bush capital gains and dividend interest tax rates to become permanent for all but the very wealthy (e.g. a million in annual income or more), and maybe even not for those households if enough "savings" via cuts could happen.
Now, there will be tax rate hikes and loss of deductions (also known as tax hikes) on not just the upper income households, but anyone who is a net payer of taxes (think AMT, etc.).
This is now going to turn into a piecemeal, even more politicized process, laden with a ton of uncertainty, where the only thing currently known is tax rates will rise as will the debt (which is in significant part the opposite of what was supposed to have happened).
I thought the loss of deductions only applied to those over the 450k threshold and that most people avoided the amt bullet if this passes. Basically, other than the payroll tax going up, my impression is everyone under 450k won't see that big of a difference. I am confident most people above 450k will find a way around this.
I do not in anyway disagree with your larger point. I just think when you have a Bernanke, every problem can be QE'd. That can go a long way, especially with the reserve currency, until it no longer works.
Don't forget Obamacare will add an additional 3.8% to all capital gains and dividends on all tax payers as well beginning in 2013. Happy New Years btw.
Great point and happy new years to you as well.
Happy New Year to all fellow ZHers.
*I have many people on my zhchat list, but don't understand what the benefit is, as I never get insta-messages (maybe because I run with adblock+, https everywhere, ghostery and betterprivacy?).
Yeah TIS, I had the same question. Mr Miffed told me zhchat doesn't work on my iPad. Since that's all I have I'm kind of SOL. Makes it hard to contact someone unless mr miffed sets it up on his PC.
Miffed:-)
You contradict yourself, stay out of the market, you will lose. Market is going higher.
A "market" is a nexus of open and honest exchanges transparently conducted by two parties in good faith, with prices determined solely by relative supply and demand.
Where do you see any such thing today?
Thanks for saying it better than I can with less words Akak. This is not a market. It is a mechanism to perpetuate the idea that people still have some wealth. It will fail to hold up at some point. But until then people on here will continue to get skewered thinking they can profit from understanding the big picture.
You make a good point. People betting against the Fed have had their ass handed to them the last 3 years. But, the effects of each QE iteration are less dramatic and of shorter duration. We're still below the Sept 14th highs of 2 QE's ago. The market has had some ups and downs, but you can't say the intermediate term trend is up. I agree with you and Akak that this is not a market, and trying to profit from what the big picture tells you it should be doing has probably wrecked quite a few portfolios. At this point, I still think that after an initial ramp, this will be a sell the news event, but I've been wrong enough times to know that nothing is certain, and nothing is what it seems. One day, though, it's gonna be a helluva short.
You know I don't even think the bears will get their day in the sun anymore. This market is so far gone, when it drops, it will drop so fast and so hard they will basically shut it off and call it some kind of tech malfunction. At that point we enter total chaos. I know that sounds nuts.
I get it. I'm starting to feel the same way. If it happens that way, I don't think gold and silver will save you, either. I don't know what it's going to look like when it happens, but I do think it happens in my life time, and I do think it's going to be a fugly mess.
Skull and Crossbones eh? Looks like a frat pin I used to wear a hundred years ago. Yo?
How do we stop them from burning down the house if we keep paying for their gas?
I don't know where you guys grew up but where I did 250K is a boat load of money. If you can't get by on it you must be effed up. If you complain about how much you take home on 250K you are spending way too much on god knows what. If you think taxing people over 450K is going to hurt the economy, move to Alaska or Montana and be a hero tough guy. Taxing capital gains? Joe 6 chins has never received capital gains. Jane 60 inch waist doesn't know what the eff a dividend is.
I hate to agree but these money managers that are completely out of touch with the 99% will use this to rally the market probably for most of January. If you have an itchy trigger finger to go short be careful, patient and watch for the roll over. The higher the market goes the more there is to make on the short side. Yes, we will continue to get bad macro numbers as we have been but they will simply blame that on the fiscal cliff not being resolved for the month of December and continue to buy the market.
Bad payroll this Friday? Fiscal Cliff. Bad earning in a few weeks? Fiscal Cliff. Not enough iWhatever sold for Christmas? Fiscal Cliff. We all know this will end badly and deservedly so. I just hope I'm smart enough to notice and go short or at least be in all cash before it does.
+1000 if I could TIS. I knew they would pas the deal and most with any sense knew they would. Treason in my mind but what do I know.
What, you mean the summer of recovery might be put off until 2020?
No, this is good.
Now we need to start the house resignations so the fascists have to own it.
They have to own it.
Fastest way to that end is mass resignations.
Stay the course and dump the rope in their lap.
NOW...
Resign House members.
Folded like a $10 tent.
No, folding more like a three egg pudding. They are disgusting. Now Cantor votes "No" on a highly visable bill. He is all the sudden a restrained conservative. Gag me with a spoon. The American people need a leader who has balls larger than beebees. Cantor ain't it. Walter Jones for SOTH.
JENGA, JENGA, JENGA!!!
Republicans need a speech to get them back on track:
http://www.youtube.com/watch?v=Pdi_kASSsJs
Boehner, Cantor, Obama, Reid. You are the wind beneth golds wings...Who'da thought the heaviest of metals could fly so high, and run so wild and free...
I've never seen food futures turn around so fast or so hard. Time to stock up on some more stuff before this translates on grocery shelves and general availability...shit.
This does NOT tell me what the final up-or-down House vote was! Come on ZH!
It hasn't occurred yet, mornon. It's a mere formality, anyway. It's going to pass with overwhelming Republican support.
Of course it will, that wasn't in question. We knew the tap dancing and drama would keep it going to the 13th hour. The question is who breaks first.
The people or TPTB? Things are going to get so much weirder.
Gee thanks! And Happy Holidays to you too!
Just curious... what's a mornon?
singular for morans.
Morans.
Sent: "Hey pa look at those morans there!"
"shoot. That one thar is a mornon."
LOL! We all need to try to keep our sense of humor in this fiscal disaster.
Rick Moranis: "Honey, I shrunk the morons." Morans. Er, mornons. MOrmons. No, wait...............
Just as with the Whitehouse and congress. MORNON!= MORe NONsense!
Up or down votes are too transparent.
Boner clearly doesn't have as hard of a head as Denard.
"Boner clearly doesn't have as hard of a head as Denard."
No, Boner shot his wad awhile ago. Now he's looking for his car keys so he can sneak back home...
That wasn't denard... it was Vincent Smith. And that was one of the biggest hits I've ever seen. Michigan had done a great job on Clowney all day, but you kind of knew it was going to happen eventually.
Government indoctrinated trolls, are infiltrating their way in to the ZH forum, given the way negatives are distributed across the comments.
Fuck you One World Socialists!
FORWARD SOVIET! REALLY FORWARD NOW!
Fascism wins again. Buy ammo.
is everyone going to watch the discover financial national title game?
What channel is Honey Boo Boo on?
BUY FOOD
Bye Bye. Game over Bitchez...........
ES +36, DJIA +250. My new year's resolution...read less ZH..it only makes me want to short and I just can't afford to lose any more money.
I watch sports all the time and don't bet on it. You have to have some self control.
Sell the news.
those are mondays futures close *the +36/250 which were actually +39/248
Those are closing numbers. Futures do not open till the AM.
Nothing wrong with going long and making some money. I was out shortly after the elections so it looks like I'm going to feather back in starting at about the same point, minus the roller-coaster ride (was hoping for a lower re-entry point, but that's not to be). Just use some of the profits to buy gold.
Believe me when I tell you the Fed and their partners in crime WILL LOSE CONTROL OF THIS SOMEDAY. But that day will not be today or tomorrow.
Wish I could say I was wrong about the outcome on this: taxes will go up, spending will not go down, move on (I've posted that comment exactly probably 6 or 7 times in the last 2 weeks on ZH). For a few days I thought maybe I was going to be wrong, but the Status Quo did it's job, as they are paid to do, if not without some scares along the way.
No, fuck the House Republicans.
And these are the guys we're depending on to keep the left from going after our guns???
Hahahahahahahahahahahahahaha!!!!!!!!
Both sides have their marching orders from the same source.....if they want the guns then they will take them.
Cold dead hands..
No ......we are going to rely on ourselves to keep all of them from coming after our guns. The repukes have shown that they are balless bitches who can not be counted on. Don't rely on those fascist fucks for anything.
The fiscal cliff...
It was a lot of smoke without a fire.
The republicans were merely posturing.
Obama wins again.
http://www.angrysinner.blogspot.kr/2013/01/yesterday-dragon-lady-made-beef-and-egg.html
From the wire:
HOUSE DELAYS CLIFF VOTE.
It turns out that there aren't nearly enough votes to pass it--even with arm-twisting.
Progress, bitchez
Republican progressivism.
Karlus, are you a demon or just a normal looking Dem?
Read my other comments, im pretty much a Texas living, finance working, gold hoarding, ammo buying nut.
Im actually shocked you think Im a Dem....
The avatar is a Sphynx cat, and I agree, he looks absolutely demonic.
And the system wins again........................
Wall Street gets what Wall Street wants. Get all wrapped up on the party politics all you want. They are both little bitches to the 'market'.
What a joke. A money-making joke, but a joke nontheless.
Who got paid?
Well we all did!
horray. it's solved...<sigh>
Who got paid!
Who Got Fucking Paid?
Tell ya' who got fucking paid. A whole buncha Democrats telling their leaders that to vote for this shit, what with their constituency back home all worried about deficits (ha ha ha) they better be able to deliver some big ass pork soon... even if they didn't have to one Goddamned bit.
And any Republicans straight out of the same story play book.
Scratch my nuts, I'll lick yours.
My daddy and his pals used to call this "log rolling"
And the bills for it are gonna mount up so fast.... you ain't seen outta control spending, yet. No siree. The Bushies showed the Dems how the Repubs could spend, the Dems learned well, tripled down and now, there's no stopping the whole Juggernaut
We live in a one party world. Did anyone really expect anything different? Now we get some debt ceiling threats, and they will all fold again. No need for the Bernak to nudge the gas. 85 bil is fine for now. Move along, sorry shorts.
Now we know who was selling puts on monday. Good job saving the market.. i mean the US <chuckle>.
Lindsey Graham called it... Yet they wont give up so easily when it is something they want like war in every country on the globe
Lindsey Graham, LOL!
That chickenhawk neocon bastard is simply itching to march every young American male off to endless war, and yet he STILL can't even muster up the courage to finally come out of the closet.
You mean he's GAY??? No WAY!
More flames than a prarie wildfire!
WAY!
http://www.youtube.com/watch?v=FBSTGStnkbA&list=UUfjsJFaNCFpyiWzD-LFY9GQ
I'm a gay man from South Carolina and I think Lindsey Graham is a rusty cuntbucket with a military fetish.
I am long the market - why is anyone surprised? the gutless clowns can always becounted on to do the status quo; even if it leads to ultimate suicide. Just play their stupidity - how can you lose? !!!!!!!!
One of these days, and probably not long, they will pull the plug.
They won't "pull the plug" as much as they will escalate WWIII, which has already started, it just looks a little different than what we see on the History Channel. Give it time.
Like History Channel? Great, so we'll all become pickers, ice road truckers and storage squirrels. Yay.
Ha. Good point.
shocking - i seem to recall several prognosticators stating that obama wanted to go over the cliff - what happened?
FWIW (and for whomever junked me), this wasn't a loaded question, if someone felt that way, I really would like to know what happened
I'm up arrowing you. It is a great question. Look at all the theories get debunked lately. The market would hold up till just after the election, then freefall. They would keep threatening QE, and never actually do QE3. Obama wants to go over the cliff. Even the "bloodbath" article on here last week where "the market finally realizes it was the patsy all along". Only for another rally.
Maybe this is extremely simple. Maybe there is no need to complicate it. Maybe we will just plug every hole with QE until we are all rich and happy or we trash the currency to shit? Maybe that is the plan?
Great so we have 600 billion ion tax increases and no spending cuts, HEY RATINGS AGENCIES.....WHAT DO YOU THINK ABOUT THIS? Let me guess.....It's good enough.
Every hole will be plugged until we have a new global feudal order with God in his Heaven, the chosen on their thrones, and all others (who still remain) in their proper places of servitude. It may take a long time. Enjoy the ride.
There is only one play in the playbook. Our monetary system is based on debt money which requires aggregate debt to be in a state of constant expansion. When private debt can't expand, public debt is the lever that gets pulled. This was all show. There was never going to be any cuts in gov't spending.... there won't be until after the system crashes. What the "crash" looks like is anyone's guess... but if I had to guess, it looks like WWIII.
I think it maybe looks like a bit like Mad Max, but slower and more boring.
they are remaking Mad Max this year... filming now, I believe. Perhaps it will be in theaters just in time to not need to be in theaters.
Thanks for the info.
Happy New Year, kk!
And to you. All the best in 2013.
Think Russia.
No need to build any apocalyptic sets......
Man, it's the Mad Arrow! Some guy who puts a -1 on you if you post anything negative about the o-phone.
(I think it's Barry or Larry or reggie).
I still believe he wanted the cliff. He got a tax increase on 77% of the population and another stimulus spending spreed for green energy shit and another round of unemployment bennies. Anything that hastens the collapse of capitalism is what they push through.
Edit
It was a good question. This process of doing away with capitalism started somewhere around 1875.
I also believe he would have been absolutely fine with going over and starting the debt ceiling debate with people crying for help by the the millions, for the government to save them!
However, he sensed politically it seems, just how pathetic and scared and unorganized the GOP really was, and went for the kill!!
Doesn't change the premise, he wanted to over! But politically he knows now the GOP is dead forever, WITH THEIR BASE, on the issues of holding taxes down and never voting for a tax increase! That was worth more obviously!
You seem to think there's some sort of meaningful conflict between the Republicans and the Democrats?
The conflict isn't between the politicians, it's between the people who vote for republicans and there sold out, broke down, paid off, corrupt party that they convinced themselves was about: small government, low taxes, indivdual freedoms and personal liberty, and personal accountability!!
People who vote democrat, don't have the same conflictions or dillusions!
Waking up from a complete lie, is a very startling and enraging process!! Should be interesting to see what conservative folks do next out on the street??
Thank you. Very insightful and painfully honest post. I've felt that way for quite some time, just didn't know how to articulate it. Especially the part about the democrats not lying to themselves. Especially. Even though their entire doctrine is based on a lie, at least theyre truthful about it.
thanks for the responses - this whole day has been grossly 'entertaining', i'll keep doing what i've been doing, which i'm assuming is what a lot of you all are doing
Fap-fap-fap...
"...prognosticators stating that obama wanted to go over the cliff - what happened?"
Seemed he got everything that he wanted. Sure he wanted to go over the cliff and crucify the Repubs, but that was hard to do when the agreement is higher "revenue"(tax) and no cuts.
I"m so FUCKING SHOCKED!
I have unexpected irrational exuberance.....
Sigh....
Just wait a few minutes, It's transitory...........
Globalists win. I closed all shorts. Congrats. Now the real game begins, you fucking idiots.
This should bring a downgrade.
By Egan Jones most assuredly. Dude from S & P got whacked after that last downgrade. Whose else gonna do it Uncle Warren's Moody's??
Can the TD's start their own agency?
ABC Media ratings, brought to you by GS?
If they started their own country (outside of a FEMA camp) I'd apply. Hopefully they would think I seemed cool enough...........
S&P CEO learned what happens when you downgrade King Obama's debt house of cards...no downgrade coming
ES Over / Under at the open: 40 handles
Place your bets.
Under. It is already priced in.
Well, I'll take the over.
Why in the hell wouldn't they ram the shit out of it? That would be 'confirmation' that the deal is the 'right' deal.
I will take the under but keep a close eye on the fucking ram job that is going to be attempted
Under.
I agree... already priced in.
Yup. Republicans surrender and Bernanke now has to buy trillions of bonds.
http://confoundedinterest.wordpress.com/2013/01/01/fiscal-abyss-bill-pas...
Fuck Ben, I hope he runs out of ink!
OK now you are on to something! We find out who supplies the ink. WINK! WINK!
wimps
Buy the rumor sell the news? This crap is getting ridiculous....
At least the Bush tax cuts for everyone below $400K ($450K for families) is permanent now (something that the Republicans could not even do when they controlled both houses and WH) -- this is a huge victory for the Republicans (and 99% of US taxpayers).