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Geithner Unleashed: Sends Letter To Boehner, Warns Even Brief Default Would Be "Terribly Damaging", Channels Reagan

Tyler Durden's picture




 

Following up on today's relentless debt ceiling propaganda, which started with the Politico report that more than half of republicans are willing to push the US into a "temporary" default, going through Obama's "We are not a deadbeat nation", but one whose president apparently will not debate the debt ceiling (the same president who as a Senator was against rising the debt ceiling) and closing with Boehner's rebuttal to Obama, saying the GOP would raise the debt ceiling but in exchange for spending cuts, sure enough it was time to unleash the Treasury Secretary in his last days on the job, toting the party line ("extending borrowing authority does not increase government spending; it simply allows the Treasury to pay for expenditures Congress has previously approved") making it "abundantly clear" that "Even a temporary default with a brief interruption in payments that Congress subsequently restores would be terribly damaging, calling into question the willingness of Congress to uphold America’s longstanding commitment to meet the obligations of the nation in full and on time.  It should also be noted that default would increase our borrowing costs and damage economic growth and therefore add to future budget deficits, not decrease them." The unleashed Geithner then proceeds to threaten: "Threatening to undermine our creditworthiness is no less irresponsible than threatening to undermine the rule of law, and no more legitimate than any other common demand for ransom." Finally, Geithner also made it clear that the CNBC "RISE ABOVE THE DEBT CEILING" campaign is now at T-30 to T-45: "Treasury currently expects to exhaust these extraordinary measures between mid-February and early March of this year" which however should not be news to anyone.

And yes, Tim Geithner just channeled Ronald Reagan:

In an address to the nation in 1987, President Reagan said, “Unfortunately, Congress consistently brings us to the edge of default before facing its responsibility.  This brinkmanship threatens the holders of government bonds and those who rely on Social Security and veterans benefits.  Interest rates would skyrocket.  Instability would occur in financial markets and the federal deficit would soar.  The United States has a special responsibility to itself and the world to meet its obligations.  It means we have a well-earned reputation for reliability and credibility – two things that set us apart in much of the world.”

From the Treasury

January 14, 2013

 

The Honorable John A. Boehner

Speaker

U.S. House of Representatives
Washington, DC  20515

 

 

Dear Mr. Speaker:

 

I am writing to provide additional information regarding the extraordinary measures Treasury has undertaken in order to avoid default on the nation’s obligations.

 

Treasury currently expects to exhaust these extraordinary measures between mid-February and early March of this year.  We will provide a more narrow range with a more targeted estimate at a later date.  Any estimate, however, will be subject to a significant amount of uncertainty because we are entering the tax filing season, when the amounts and timing of tax payments and refunds are unpredictable.  For this reason, Congress should act as early as possible to extend normal borrowing authority in order to avoid the risk of default and any interruption in payments.

 

If the extraordinary measures were allowed to expire without an increase in borrowing authority, Treasury would be left to fund the government solely with the cash we have on hand on any given day.  As you know, cash would not be adequate to meet existing obligations for any meaningful length of time because the government is currently operating at a deficit.

 

The U.S. government makes approximately 80 million separate payments per month.  These include payments for Social Security; Supplemental Security Income; Medicare; Medicaid; national security needs, including military salaries, military retirement, veterans’ benefits, and defense contractors; income tax refunds; federal employee salaries and retirement; law enforcement and operation of the justice system; unemployment insurance; disaster relief; goods and services sold to the government under contracts with small and large businesses; and many others.  If Congress does not act to extend borrowing authority, all of these payments would be at risk.  This would impose severe economic hardship on millions of individuals and businesses across the country.

 

It is important to point out that extending borrowing authority does not increase government spending; it simply allows the Treasury to pay for expenditures Congress has previously approved.  Failure to meet those obligations would cause irreparable harm to the American economy and to the livelihoods of all Americans.  Even a temporary default with a brief interruption in payments that Congress subsequently restores would be terribly damaging, calling into question the willingness of Congress to uphold America’s longstanding commitment to meet the obligations of the nation in full and on time.  It should also be noted that default would increase our borrowing costs and damage economic growth and therefore add to future budget deficits, not decrease them.  This is why no President or Secretary of the Treasury of either party has ever countenanced even the suggestion of default on any legal obligation of the United States.

 

Protecting the full faith and credit of the United States is the responsibility of Congress because only Congress can extend the nation’s borrowing authority.  No Congress has ever failed to meet that responsibility.  It must be understood that the nation’s creditworthiness is not a bargaining chip or a hostage that can be taken to advance any political agenda; it is an essential underpinning of our strength as a nation.  Threatening to undermine our creditworthiness is no less irresponsible than threatening to undermine the rule of law, and no more legitimate than any other common demand for ransom.

 

In an address to the nation in 1987, President Reagan said, “Unfortunately, Congress consistently brings us to the edge of default before facing its responsibility.  This brinkmanship threatens the holders of government bonds and those who rely on Social Security and veterans benefits.  Interest rates would skyrocket.  Instability would occur in financial markets and the federal deficit would soar.  The United States has a special responsibility to itself and the world to meet its obligations.  It means we have a well-earned reputation for reliability and credibility – two things that set us apart in much of the world.”

 

President Obama has put forth detailed proposals to restore fiscal responsibility to the federal budget, and he strongly believes Democrats and Republicans should join together to reduce our deficits.  In the meantime we must protect America’s creditworthiness by ensuring that our government can pay the bills it has already incurred.  Therefore, I respectfully urge Congress to meet its responsibility to the country by extending normal borrowing authority well before the risk of default becomes imminent.

 

Sincerely,

 

Timothy F. Geithner

pdf link here

 

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Mon, 01/14/2013 - 18:03 | 3152245 Zap Powerz
Zap Powerz's picture

I am fucking tired of this bullshit.

Mon, 01/14/2013 - 18:05 | 3152249 THX 1178
THX 1178's picture

Terribly damaging to a bad thing is... good...

Mon, 01/14/2013 - 18:08 | 3152260 HoofHearted
HoofHearted's picture

Holy shit, just capture Geithner and make that little bastard give us the pot of gold he hides at the end of the rainbow. Debt. ceiling. solved.

Mon, 01/14/2013 - 18:09 | 3152266 Kitler
Kitler's picture

Obama: "We are not a deadbeat nation"

It’s like that old saying in the Soviet Union: Nothing can be confirmed until it’s officially denied.

Mon, 01/14/2013 - 18:21 | 3152301 Big Slick
Big Slick's picture

"Threatening to undermine our creditworthiness is no less irresponsible than threatening to undermine the rule of law, and no more legitimate than any other common demand for ransom."

Tell me the Little Timmy Tax Cheat did not just say that.

Mon, 01/14/2013 - 18:23 | 3152312 Snakeeyes
Snakeeyes's picture

Dear John, the Administration and Congress are out of control on spending and debts. But don't turn on the lights and end the drunken orgy of spending and debt. Yours, Tiny Tom

http://confoundedinterest.wordpress.com/2013/01/12/debt-star-federal-deb...

Mon, 01/14/2013 - 18:35 | 3152353 Manthong
Manthong's picture

It should also be noted that default would increase our borrowing costs”

Oh yeah, like the Fed will stop creating bogus money and buying Treasury debt or raise interest rates.

Why don’t you admit “there is NO CHANCE” of that, Timmy?

Mon, 01/14/2013 - 19:05 | 3152455 giggler123
giggler123's picture

ZH knows why it won't happen?  Algorithm's.   Computers never lie, just the people who control them do.

Mon, 01/14/2013 - 19:20 | 3152486 The Alarmist
The Alarmist's picture

No worries ... Turbo Treasury 2.0 will handle it for you!

Mon, 01/14/2013 - 20:25 | 3152636 Bicycle Repairman
Bicycle Repairman's picture

Boner to Geithner: Timmy, if I go along with "the plan" my speakership and the Republican party are finished.  We all recognize how helpful the two party illusion is.  Please provide some cover.

Geithner to Boner:  You really are a sniveler, Boner.  Well I suppose I could mention martial law, cats sleeping with dogs and other biblical plagues.  I suppose if we saved Hastaert we might as well save your worthless, sniveling ass.  I have one request.

Boner to Geithner: Anything, Timmy.

Geithner to Boner: Squirt me some tears, punk.

Mon, 01/14/2013 - 20:39 | 3152666 economics9698
economics9698's picture

Liberty bonds, 1934, FDR, default.  Repeat as needed.

Mon, 01/14/2013 - 23:31 | 3153088 knukles
knukles's picture

Waaaaaaaaaaaait...

Sumptin's wrong.  Why would Timmah send Boner a letter when Harry Reid already said he was too stooopid to be able to read?

I don't get it....

Tue, 01/15/2013 - 00:53 | 3153278 DaveyJones
DaveyJones's picture

"the same president who as a Senator was against rising the debt ceiling"

is it just me or did he object to everything he now supports and vice versa?

Mon, 01/14/2013 - 21:38 | 3152764 nmewn
nmewn's picture

lol...about right.

But I will say this, he's forcing the House and Senate members to reveal themselves as fucking pigs for larding up the Sandy Relief Bill with pork...he broke up the bill into bits...not a bad strategy.

• $33.2 million for eight projects in the state of Senate Energy and Water Appropriations Subcommittee Ranking Member Harry Reid (D-Nev.), including: $25 million for rural Nevada; $1.5 million for Truckee Meadows; and $725,000 for Tahoe Regional Planning

• $16.8 million for seven projects in the state of Senate Energy and Water Appropriations Subcommittee member Robert Byrd (D-W.Va.), including: $2.5 million for the Greenbrier River Basin; $325,000 for the Parkersburg and Vienna Riverfront Park; and $150,000 for Island Creek at Logan

• $12.9 million for 11 projects in the state of Senate Energy and Water Appropriations Subcommittee Chairman Pete Domenici (R-N.M.), including: $5 million for central New Mexico; $250,000 for Santa Fe; and $180,000 for the Southwest Valley, Albuquerque

http://www.thefiscaltimes.com/Articles/2012/12/19/Congress-Piles-the-Pork-into-Hurricane-Sandy-Relief.aspx#4dRL8QoVOiaPVc6W.99

Mon, 01/14/2013 - 21:50 | 3152819 Moe Howard
Moe Howard's picture

Isn't Byrd dead????

Mon, 01/14/2013 - 21:53 | 3152829 Encroaching Darkness
Encroaching Darkness's picture

Slight error in attribution; the original article is comparing pork in the Sandy relief bill with the Katrina relief bill (which, apparently, Byrd (now dead, the only way to get rid of incumbent Senators in some states) and Domenici (now retired) had a hand in crafting.

Yes, Senator Robert Byrd is still dead (along with Generalissimo Francisco Franco, and numerous other enemies of the sentient).

Mon, 01/14/2013 - 22:16 | 3152904 nmewn
nmewn's picture

The point was AND is...they never let a crisis go to waste, in order to get their pet projects stuffed through where they otherwise WOULD NOT in the bright light of day.

The original Sandy Relief Bill that everyone freaked becase it was not passed included...

$2 million to repair roof damage at Smithsonian buildings in Washington, D.C.

$336 million for Amtrak-related expenses.

$8 million to buy new cars for federal agencies.

$150 million for fisheries in Mississippi and Alaska.

$4 million for repairs at the Kennedy Space Center.

The storm hit the NE by the way.

At a debt accumulation rate of 150 million dollars an hour you want to talk to me about dead senators? 

Tue, 01/15/2013 - 13:39 | 3154467 Bicycle Repairman
Bicycle Repairman's picture

Byrd is an ex-parrot.

Mon, 01/14/2013 - 21:55 | 3152838 nmewn
nmewn's picture

His King of Pork legacy lives on...veiled in the Constitutionality of it all, of course ;-)

Tue, 01/15/2013 - 00:55 | 3153281 DaveyJones
DaveyJones's picture

He is dead but they take him out every now and then if they need a really good filibuster

Mon, 01/14/2013 - 18:35 | 3152354 I am more equal...
I am more equal than others's picture

Cue Wagner....

http://www.youtube.com/watch?v=Gz3Cc7wlfkI

I love the smell of napam....it smell like victory....

Burnin down the house.. you talking head

http://www.youtube.com/watch?v=u06DpcFXc4U

Mon, 01/14/2013 - 19:30 | 3152516 The Alarmist
The Alarmist's picture

More appropo, Cue the Bloodhound Gang ...

Fire Water Burn

http://www.youtube.com/watch?v=g32NYAKp48A

Mon, 01/14/2013 - 20:37 | 3152659 I am more equal...
I am more equal than others's picture

classic...da roof da roof da roof is on fire.....

Mon, 01/14/2013 - 18:36 | 3152357 boogerbently
boogerbently's picture

WHY will it be considered the GOPs fault?

They agreed to taxes, the dems agreed to spending cuts later.

The dems are just better BSers, with media backing.

Mon, 01/14/2013 - 19:32 | 3152520 The Alarmist
The Alarmist's picture

Ah, that's simple ... It's always the GOP's fault.  Everything is the GOP's fault.  We would be eating lotus fruit in Nirvanna if the GOP had simply crawled away and died four decades ago after Tricky Dick was jettisoned.

Mon, 01/14/2013 - 19:44 | 3152538 nmewn
nmewn's picture

Tonight on Piss-Ant Morgan:

Why is the House standing in the way of increasing the credit card limit of the nation? Well, obviously conservatives & libertarians are crazy gun nuts (so logically it flows) they want everyone to die either by starvation or a bullet. 

We'll discuss these neanderthals in absentia & more tonight with Nobel Prize winning economist Paul Krugman, James Carville, Tim Geithner, Robert Rubin and Sheila Jackson Lee.

Riveting TV.

Mon, 01/14/2013 - 20:11 | 3152608 Kayman
Kayman's picture

nmewn

I can't even watch that pompous ass.

K

Mon, 01/14/2013 - 20:51 | 3152698 nmewn
nmewn's picture

I never have outside of clips on the web...here's a good one of Ben Shapiro eating his lunch right out of the gate (using Morgan's own tactics).

He didn't take it so well...lol.

http://www.youtube.com/watch?v=LJdhAm_oUUs

Whats obvious is the host/moderator gets to set the timing (go to commercial break) and as a "guest" one is supposed to show deference to the host in terms of making a point.

My only regret is Ben didn't say "Piss-ant, would it have been better for society in general if the Mom in Georgia who shot the intruder while protecting her twins in a closet, had a Bushmaster with a 30 round mag or just the six shot revolver she used and he survived?" ;-)

Mon, 01/14/2013 - 18:39 | 3152365 Vashta Nerada
Vashta Nerada's picture

"Give me money to buy dope.  If you don't give me the money, I will steal it, and thus be both a drug addict and a thief, and it will be 100% your fault."

Mon, 01/14/2013 - 18:44 | 3152382 Manthong
Manthong's picture

"no more legitimate than any other common demand for ransom"

Then how about as legitimate a demand for a budget from the irresponsible Democrat Administration and  Senate which has broken the law and not produced one for three years?

Mon, 01/14/2013 - 19:58 | 3152576 nmewn
nmewn's picture

Whaaa?

Debate a budget? In broad daylight!

Why, I might have to affix my name to the printing of debt money to study the mating habits of monkeys in Bolivia and pig farts in Georgia.

I've got an election coming up to win! We can't do this out in the open!

Mon, 01/14/2013 - 18:45 | 3152393 moroots
moroots's picture

How about actually undermining the rule of law, as Timmah and his boss have done countless times over the past 4 years?  How damaging is that?

Mon, 01/14/2013 - 19:44 | 3152540 Slightly Insane
Slightly Insane's picture

Rule of law  (it is absent in the USA) ..... Rule of Law .... Ha, HA,Ha

Mon, 01/14/2013 - 21:48 | 3152811 Encroaching Darkness
Encroaching Darkness's picture

GE bondholders; Chrysler bondholders; Fast & Furious; NBPP bullying at polling places; John Corzine; Eric Holder (multiple counts); Lisa Jackson / Richard Windsor email accounts; anything Janet Napolitano has done so far; Salazar's Interior Department (all of it); SEC; CME; the Federal Reserve (in its entirety); Immigration waivers for certain folks (esp. BHO relatives); in-process violations of the Second Amendment; NDAA; ........

 

What rule of law still exists, Timmah?

Mon, 01/14/2013 - 19:25 | 3152495 ImReady
ImReady's picture

Shouldn't he have said "Only 53% of our nation aren't deadbeats."? 

Mon, 01/14/2013 - 23:35 | 3153104 knukles
knukles's picture

One in every state!

Sounds like a campaign pledge to me!

Mon, 01/14/2013 - 19:41 | 3152534 rfaze
rfaze's picture

If you have to say your not "Dead beat nation" guess what........

Mon, 01/14/2013 - 19:51 | 3152561 yogibear
yogibear's picture

Obama should know deadbeats.

Wasn't Illinois, Obama's home a deadbeat state. Always being late by months for payment?

Illinois is broke. 

Mon, 01/14/2013 - 18:11 | 3152271 THX 1178
THX 1178's picture

We don't want to solve the debt cieling, we want to destroy the system.

Mon, 01/14/2013 - 18:21 | 3152303 ZackLo
ZackLo's picture

BUT, BUT, BUT, I thought social security didn't add to the debt or deficit....or was "deficit nuetral" , what a crock of shit. Pull the ripcord and end the charade already so we can move on.

Mon, 01/14/2013 - 18:25 | 3152319 pan-the-ist
pan-the-ist's picture

Does it really matter if they raise the debt ceiling?  Really?  How many trillion are we in debt? Does another trillion really matter?

Mon, 01/14/2013 - 20:53 | 3152580 nmewn
nmewn's picture

Why don't we make it a six or a ten trillion dollar rise and cut everyone a check for the difference?

Does it really matter?

////////////

I'll take that as a no?...lol.

Tue, 01/15/2013 - 01:15 | 3153321 WTFUD
WTFUD's picture

Thumbs Up to pan-the-ist for at least throwing a new direction to the flow of traffic " yawn" regular spinning out the "tired" cliches. Too busy trashing "small cheese " minor differences/ prejudices and falling head first for the oldest trick in the book; blindsidded, gagged then shafted;

Been a trying year for me ( and probably 90% of the world ), and my greatest fear is that we should continue along in limbo ;
An unfortunate wedding couple were married for only 18 minutes yesterday when the drone hit some suss guys gathered in an adjoining building (flat3b) next to the wedding ceremony downtown Yemaan;
Look at that big fat shiny social security free dollars cashable at any micky mouse soup market liquor diner blood bank pawnshop pick n mix food stamp bounty.
Farm boys gotta gun run. We know All the gun guys are plumb crazy and gonna start shootin an' a humping an' havin a good ol' time . dont give me all that liberty bollocks yooz gun folks wanna shoot me while i'm collecting all my food stamp booty.

To end
There will be bankers out there, food stamp refugees, gubby workers, farmers, chemists, lawyers, killers, taxi drivers, shop owners, pornstars, barmen, eco communists, vagrants, piano teachers, and maybe one or two law makers who cry every day and night not to become Zombies like thpse of Japan.

Mon, 01/14/2013 - 19:48 | 3152550 Slightly Insane
Slightly Insane's picture

THX 1178

I want those that profited from this system to be included in the destruction of the system. 

Mon, 01/14/2013 - 19:48 | 3152551 Slightly Insane
Slightly Insane's picture

THX 1178

I want those that profited from this system to be included in the destruction of the system. 

Mon, 01/14/2013 - 18:11 | 3152273 kliguy38
kliguy38's picture

"Timmy unleashed".....now there's a picture I can't get out of my head. Where is Billy Banzai when you need him? I picture this little mutt chewing at my pant's leg.....get away you little bastard......

Mon, 01/14/2013 - 19:16 | 3152479 SilverIsKing
SilverIsKing's picture

Be careful, he may just decide to lift one of his hind legs.

Tue, 01/15/2013 - 07:33 | 3153545 Go Tribe
Go Tribe's picture

Is that the sound of a million Chinese MBA students rolling on the floor laughing their asses off?

Mon, 01/14/2013 - 18:09 | 3152264 The Gooch
The Gooch's picture

You are not alone.

comments on threads EVERYWHERE are reflecting this.

 

Mon, 01/14/2013 - 18:25 | 3152317 JLee2027
JLee2027's picture

What an attitude change since the summer of 2011. The public wants spending cuts. Ron Paul has killed them all.

Tue, 01/15/2013 - 06:02 | 3153499 cynicalskeptic
cynicalskeptic's picture

Yeah... they want spending cuts as long as it doesn't affect THEM.....   

 

Mon, 01/14/2013 - 19:14 | 3152476 centerline
centerline's picture

I have been watching the comments sections of all sort of websites for a few years now.  What used to cause all sorts of "crackpot" remarks, then debate, is now almost a unified voice.  Big change.  Worth noting.

Mon, 01/14/2013 - 19:28 | 3152510 ImReady
ImReady's picture

Or worth nothing? They don't care what we think. Geronimoooo! 

Mon, 01/14/2013 - 19:51 | 3152560 centerline
centerline's picture

Worth watching actually.  The bullshit we see everyday is mostly smoke and mirrors.  Do you think smoke and mirrors is for the "hood?".  Nah.  Different strokes for different folks.

Remember that this all falls into the same play... the process of shifting blame onto the policitians for what is coming.

I agree though that they don't care what we think.  They do however care what we do.  And generally, I think the public is doing exactly what they want it to do.  That is a scary thought.

Mon, 01/14/2013 - 18:25 | 3152318 AccreditedEYE
AccreditedEYE's picture

Exactly. Market only goes up anyway... what's the purpose of pretending that this means anything? To try and fool the public into thinking these people actually earn what we pay them?

Mon, 01/14/2013 - 19:36 | 3152526 CH1
CH1's picture

I am fucking tired of this bullshit.

Stop taking it seriously. Really.

Tue, 01/15/2013 - 00:46 | 3153268 Cabreado
Cabreado's picture

No, CH1.

That is not appropriate advice.

Mon, 01/14/2013 - 19:40 | 3152531 Slightly Insane
Slightly Insane's picture

I share your sentiments .....   tell me agiain what the definition is for a "deadbeat", because I'm pretty sure that they have it "dead wrong".

Mon, 01/14/2013 - 20:06 | 3152593 John_Coltrane
John_Coltrane's picture

I'd define deadbeat as someone who lives beyond his means by borrowing from future fictional earnings with no intention to ever pay back the debt.  So, the US is a deadbeat nation.  Just as Nixon was a crook despite his protestations to the contrary.  For further proof look at the frauds on Soc Sec disability.  Make the government run on cash flow.  No work, no money.  Let's just try to get back to the 2007 budget baseline.  Let evolution do its work. 

Mon, 01/14/2013 - 20:52 | 3152690 f16hoser
f16hoser's picture

Bohner needs to tell Timmy and Benny to go Fuck Themselves. Congress is taking-back the power of Money Printing. It's time to put an end to this shit. The Federal Reserve is the cause of all the worlds woes. They are public enemy number one! If there is going to be an uprising, it should start on the stairs of the FR.

Tue, 01/15/2013 - 01:17 | 3153325 Never One Roach
Never One Roach's picture

Q: Did Hank Paulson ever win an Oscar for his performance?

Tue, 01/15/2013 - 01:30 | 3153341 TraitorsHang
TraitorsHang's picture

The bullshit must flow. He who controls the bullshit, controls the Universe.

Tue, 01/15/2013 - 01:37 | 3153351 HowardBeale
HowardBeale's picture

Someone remind  me  what happens to the criminal class when  the ponzi ends...

Tue, 01/15/2013 - 11:48 | 3154080 NewAmericaNow
NewAmericaNow's picture

The US must live like the rest of us. We can not spend like millionaires when we only make a very small fixed salary. Credit will not solve the problem but only make it worse.

Mon, 01/14/2013 - 18:06 | 3152255 Payne
Payne's picture

Once again the Banks are challenging the electorate to not doubt the bullshit.  They must do everything the banks want or there is risk they will come to their senses and wake up.

Mon, 01/14/2013 - 18:37 | 3152274 Albertarocks
Albertarocks's picture

Exactly!  Translation: "They must do everything the banks want or there is risk they will come to their senses and roll out the guillotines".

 

Too late Timmay you little bastage.  The guillotines... they are coming.

Mon, 01/14/2013 - 18:54 | 3152424 Meat Hammer
Meat Hammer's picture

Farging Bastage!

Mon, 01/14/2013 - 19:23 | 3152493 CrockettAlmanac.com
CrockettAlmanac.com's picture

Ferengi Banker.

Mon, 01/14/2013 - 20:48 | 3152687 perchprism
perchprism's picture

 

I've been watching old STNG episodes, and you know this was an early attempt to shape sheep in a liberal direction.  The Ferengi were ugly capitalists, always seeking evil profit.

An episode in 1990 featured a planet about to explode because of global warming. 

Tue, 01/15/2013 - 02:29 | 3153387 CrockettAlmanac.com
CrockettAlmanac.com's picture

Yeah, I've thought so as well. The Ferengi are apparently the only major interplanetary race which still uses money which makes me wonder what motivates all those other people to sign onto dangerous five year voyages in deep space. I can understand going along for free if you get to be the Captain or if you're all about the science like Spock but what does the starship barber get out of the deal? He's below decks cutting hair for years on end with no compensation beyond what he could receive in the sheep pens back on Earth.

Nevertheless the stereotype fit with the wordplay in the posts above mine so I went with it.

Tue, 01/15/2013 - 10:45 | 3153876 odatruf
odatruf's picture

holodeck sex.

Mon, 01/14/2013 - 23:37 | 3153108 MiltonFriedmans...
MiltonFriedmansNightmare's picture

Boner is a fucking wimp and will fold kike a cheap lawn chair at the sight of the first storm cloud, that you can take to the bank.

Tue, 01/15/2013 - 01:41 | 3153354 HowardBeale
HowardBeale's picture

No guillotines for this special fuck. A dull hacksaw in the hands of someone who smells of catfood and who is now collecting 0% interest on their retirement savings... Let the games...go on...and on...and on...and on...telivise that shit and Buffet will invest...

Mon, 01/14/2013 - 21:30 | 3152748 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

The banks hold your 401k savings hostage. All they need to do is pull back the excess liquidity being pumped into the stock market that is inflating the values of them right now since bubbles are all the rage these days. That is going to be the price payed for challenging them. Your future savings get decimated assuming you haven't used them all up trying to keep your head above water for lack of a job in this economy.

Mon, 01/14/2013 - 18:09 | 3152256 Deathrips
Deathrips's picture

No shit sherlock. You fucking troll dungs.

Of course Fascism is too big to fail. Get over it ...its failed.

 

Are these people fucking retarded?

Mon, 01/14/2013 - 18:07 | 3152258 NidStyles
NidStyles's picture

The President is supposed to write the Budget, Congress is supposed to approve it.

Mon, 01/14/2013 - 18:24 | 3152275 HoofHearted
HoofHearted's picture

Congress approves spending? Can't it decide to stop spending much worse than every drunken sailor I've ever known? Or do they know have to continue in the Keynesian wet dream of handing out way too much SNAP to every ho that ever opened her legs for the EBT? Do they have to make sure Grandpa has an artificial hip three weeks before he dies? Do they need any more fucking drones to kill more people? 

Isn't this a really obvious false dichotomy set up by Obama and Geithner, Reid and Pelosi, and all the other political dingbats?

Rise above? Hell, yes, rise above. But it has to be done in concert, not me saying to you...you should be the better person and pay for dinner tonight. That;s my kind of argument right there. Might get me a position at the Goldman Sachs or with the JP Morgan. Damn. It's probably about time for some cute cartoon bears to teach the American people again.

Mon, 01/14/2013 - 18:13 | 3152276 akak
akak's picture

Um, was that sarcasm?

Because I think you have that backward.

Mon, 01/14/2013 - 18:45 | 3152373 MrSteve
MrSteve's picture

He's right: the President proposes and Congress disposes. That's an old explanation of the separation of powers delineated in the Constitution. The Speaker would introduce the President's budget. Revenue bills must originate in the House.

Vote me up for using "delineated" correctly in a sentence including "Constitution" !

Mon, 01/14/2013 - 19:26 | 3152498 CrockettAlmanac.com
CrockettAlmanac.com's picture

 

 

 

The dryer repairman was so hungry.

How hungry was he?

Delineated.

Mon, 01/14/2013 - 21:18 | 3152733 nmewn
nmewn's picture

The president proposes a budget.

The House and Senate do not have to agree with his proposal for whatever reason and can overide whatever he vetoes if the votes are there.

So far, all of O'Barry's budget proposals have been laughable even to the Senate (controlled by Dims & Reid) since ObamaCare & "shovel ready jobs stimulus" so much so, that Reid has to protect "his senators" from complete rebuke at the ballot box by not even bringing them to the floor for a vote in the Senate.

Last I checked none of O'Barry's budget proposals have garnered even one vote in the Senate...let alone the House.

Here's one...

"Obama budget defeated 99-0 in Senate"

http://www.washingtontimes.com/blog/inside-politics/2012/may/16/obama-budget-defeated-99-0-senate/

Mon, 01/14/2013 - 19:54 | 3152565 Landrew
Landrew's picture

Almost right. The Presidents office proposes a budget, the Congressional  appropriations committees meet, House and Senate vote on their respective committee resolutions, Conference committee meets a single bill is voted on by House and Senate then the President signs the bill. 

Tue, 01/15/2013 - 10:54 | 3153920 odatruf
odatruf's picture

this is so wrong, its hard to fix it.

Mon, 01/14/2013 - 18:08 | 3152261 AldoHux_IV
AldoHux_IV's picture

Useless banter-- no way these crony politicians will allow the fraud to stop-- we are a nation of deadbeats, but don't tell the creditors is the motto of this farce. Break the system and break the slavery no one in govt is willing to do so.

Mon, 01/14/2013 - 18:08 | 3152263 jeff314
jeff314's picture

and printing 85 billions a month is not dammaging....

Mon, 01/14/2013 - 18:17 | 3152290 Praetorian Guard
Praetorian Guard's picture

Exactly!!! With the fractional currency method making this at least 10 times more...

Mon, 01/14/2013 - 18:21 | 3152302 XitSam
XitSam's picture

Losing AAA rating, partially because of Timmy, wasn't damaging?

Mon, 01/14/2013 - 19:28 | 3152511 CrockettAlmanac.com
CrockettAlmanac.com's picture

Yeah. I hate having to jump my own battery.

Mon, 01/14/2013 - 18:10 | 3152269 Cult of Criminality
Cult of Criminality's picture

"Geithner Unleashed"

Now that, is a very scary title.

It definetly got my attention, even realizing he's been 'off the chain' for a while.

Sad days for America.

Mon, 01/14/2013 - 18:15 | 3152281 The Gooch
The Gooch's picture

Kinda like this- Geithner Unleashed!

Mon, 01/14/2013 - 18:47 | 3152362 CaptainSpaulding
CaptainSpaulding's picture

That is one badass mofo dawgg. He chewed through my monitor

Mon, 01/14/2013 - 18:11 | 3152270 vote_libertaria...
vote_libertarian_party's picture

I suspect we will now have the dueling press conferences starting tomorrow.  Obamas presser was the official kick-off.

 

Stock sell off starting tomorrow???

Mon, 01/14/2013 - 18:12 | 3152272 loveyajimbo
loveyajimbo's picture

Timmy has always been a cancerous 'roid, as well ass a faggot and a crook.  Not deadbeats...  but owe $17 Trillion and are debasing our currency as fast as we can...  Could Lew possibly be as craven and disgraceful as this pile of radioactive offal?  Probably.

Mon, 01/14/2013 - 18:14 | 3152283 hannah
hannah's picture

"...previously spent". why have a limit when you can just spend all you want. we have 'affirmative action' logic now in this country. i am sure it plays well with the 'obamaphone crowd'.......

Mon, 01/14/2013 - 18:15 | 3152284 Praetorian Guard
Praetorian Guard's picture

"Threatening to undermine our creditworthiness is no less irresponsible than threatening to undermine the rule of law..."

You mean sort of like the MILLIONS of illegal aliens that have comitted felonies by simply coming here ILLEGALLY, VIOLATING our RULE OF LAW, but now talk of giving them a free ride? You mean that RULE OF LAW? Well hells bells, it would be nice for me to commit a "felony" and be pardoned the following day... RULE OF LAW? Yea, I don't think that exists any longer...

Mon, 01/14/2013 - 18:16 | 3152291 ziggy59
ziggy59's picture

More evidence the inmates are running the once great country of the USA as an asyllum

These schmucks; More drama and BS...

Mon, 01/14/2013 - 18:18 | 3152296 CrashisOptimistic
CrashisOptimistic's picture

This "fulfill your obligations" BS is deceptive.

The only obligation that constitutes "default" is paying interest on the debt, and there is enough tax revenue for that.

All other expenditures can be stopped via firing personnel, who will be fired as part of the Continuing Resolution reduction to occur just a few weeks later anyway, so it's not a world shattering event.

Pay the interest on the debt.  All these other things will have to be cut anyway so this rant has no significance.

Mon, 01/14/2013 - 18:24 | 3152313 Praetorian Guard
Praetorian Guard's picture

The sad thing is that they can't fire people or reduce payouts. It would take this country into the ground. A massive decline in money going into the system either from day to day goods or other commods, needs, wants, etc. They are in a vicious circle, they are devouring their own tail. If they stop it crashes, if they continue it will also eventually crash, but could be pushed out to some unknown future date. They simply cannot stop. Much like an alcoholic that will die if they go cold turkey, body starts to shut down, etc. There simply is no "solution"...

Mon, 01/14/2013 - 18:34 | 3152355 CrashisOptimistic
CrashisOptimistic's picture

You are largely correct, but note that the Aug 2011 agreement DID cut spending and the Sequester IS likely to occur.

These are lawyers facing an unsolvable math problem.  They are likely to mess it up.  They probably are going to do some cuts.  

The summed drag on GDP will be 2+%.  Very hard to see how GDP overcomes that this year.

Mon, 01/14/2013 - 19:15 | 3152477 Freddie
Freddie's picture

They could cut everything 15% across the board.  Come back and cut another 5% until it is in balance.  Govt employees making $150,000 taking a 15% pay cut?  15% out of EBT cards and defense and everything else? 

It can and should be done but it will implode anyway. 

Mon, 01/14/2013 - 19:57 | 3152572 Landrew
Landrew's picture

Then YOU get the PHD and take the pay cuts asshole!

Mon, 01/14/2013 - 22:27 | 3152922 Richard Head
Richard Head's picture

Shoulda done better in college, Landrew.  Maybe some PHDs at the CDC are worthwhile.  The rest, I doubt it.

Mon, 01/14/2013 - 19:35 | 3152525 CrockettAlmanac.com
CrockettAlmanac.com's picture

 

The sad thing is that they can't fire people or reduce payouts. It would take this country into the ground

 

There was one trustworthy man who worked out a plan for that but he was ridiculed when he wasn't being ignored.

Mon, 01/14/2013 - 18:19 | 3152297 SheepDog-One
SheepDog-One's picture

Ramping up another round of 'fear and panic' which again won't amount to anything except your taxes raised and benefits cut, again.

Mon, 01/14/2013 - 18:19 | 3152299 Al Huxley
Al Huxley's picture

This is so fucking absurd.  So if the gov't agrees to manufacture some fresh new money out of thin air to pay the bills, that's an indication of fiscal responsibility and trust-worthiness?  Fuck, if that's all it takes, why even debate it?  Print away - maybe print a little extra for the next couple of years' deficit as well. 

 

The really sad thing is that the gov'ts creditors are basically saying "yep, that's pretty much it, print up a few more trillion and we'll be totally happy".  Someday, who knows when, but someday, this is all going to end very badly.

Mon, 01/14/2013 - 18:37 | 3152360 FinalCollapse
FinalCollapse's picture

You are so right - but in this screwed up world, who knows? It is all media driven and all media folks are fucking retards.

Mon, 01/14/2013 - 18:21 | 3152304 unwashedmass
unwashedmass's picture

 

it all falls apart when the peasants say enough of the BS, Timmy. We've had it with you and ....enough with letting the banks ream the public. Pack your knives and go, boy. 

Mon, 01/14/2013 - 18:22 | 3152308 Waterfallsparkles
Waterfallsparkles's picture

I really think that the constant Threatening of our Legislative Branch is going to far.

They are threatened by Downgrades from Rating Agencys, the President, and now Tim Geithner.

The Congress needs to do what is right for the Country.  No matter what the pressure from outside forces.

Mon, 01/14/2013 - 18:23 | 3152310 Rainman
Rainman's picture

Kleptocracy sure is a messy business. Just let it burn.

Mon, 01/14/2013 - 18:24 | 3152314 XitSam
XitSam's picture

<- Goldman Sachs

<- JPMorgan Chase

Timmy's new job.

Mon, 01/14/2013 - 19:27 | 3152505 David449420
David449420's picture

< - Lamp Post

Mon, 01/14/2013 - 18:24 | 3152316 q99x2
q99x2's picture

Look there are 300 million of us. We can do it. A 300 million man march on DC is obviously what is called for here. First Holder goes to into the holding tank then State attorneys bring crimminal suits against the WallStreet banksters and the FED. We put those F'ers in jail until trial. Then we party like no tomorrow for a week with lots of music. Oh we'll have to wait for summer if there is a summer because it is too cold out right now. But, then once the rule of law is re-established we go back to work. Good idea no?

Mon, 01/14/2013 - 18:27 | 3152329 Praetorian Guard
Praetorian Guard's picture

Circus and Bread, Circus and Bread, the new "bug light" for the modern American household... simply put, it sounds good on paper, but it will never happen...

Mon, 01/14/2013 - 19:16 | 3152483 Freddie
Freddie's picture

Sadly we probably cannot get 10 million people to pull the plug on TV and Hollywood.  If 10 million or 30 million did - sh*t would change real fast.  O would be impeached and removed in a week. 

Mon, 01/14/2013 - 19:48 | 3152553 pine_marten
pine_marten's picture

Can I have the porta--potty concession?

Mon, 01/14/2013 - 18:26 | 3152324 ShortTheUS
ShortTheUS's picture

i knew Ronald Reagan, and you, Timmay, are no Reagan

Mon, 01/14/2013 - 19:40 | 3152533 CrockettAlmanac.com
CrockettAlmanac.com's picture

Reagan hosted Death Valley Days. Geithner oversees the US Treasury. So there is some resemblance.

Mon, 01/14/2013 - 18:30 | 3152340 The Count
The Count's picture

Geithner is a biggest bungholer around. And a tax cheat to boot. Yes Mr. Geithner, the way to combat the reason we have financial problems is to just keep getting more into debt which is exactly why we have financial problems.

Mon, 01/14/2013 - 18:40 | 3152364 jwoop66
jwoop66's picture

Rolling Stone!?   Taibbi?!  Are you fucking kidding?!   You're geitner, aren't you? 

Mon, 01/14/2013 - 23:15 | 3153041 Marley
Marley's picture

Yes, Rolling Stone.  Yes, Taibbi . No, I'm not Geithner.

Mon, 01/14/2013 - 18:41 | 3152372 The Count
The Count's picture

Good articel. But I have some really bad news. The veil of deception runs much much deaper than just the bailout/financail b.s. It extends to many other areas affecting us all just as much but in an indirect way. All the intel agencies in our country are basically there no so much to protect us from our adversaries, but to insure that the public never finds out what is really going on. This includes government sanctioned drug deals, money laundering, extortion, and so on and so forth. The Matrix my friends, the Matrix.

Mon, 01/14/2013 - 23:24 | 3153071 Marley
Marley's picture

No surprises here.

Mon, 01/14/2013 - 18:43 | 3152384 Tinky
Tinky's picture

Tax evasion and plagiarism? Off with his head!

Mon, 01/14/2013 - 18:45 | 3152396 clagr
clagr's picture

We have enough tax revenues to pay for the "essentials" = interest on debt, streamlined defense, social security, slimmed down medicare, critical govt functions--but nothing else. Time to see some Triage decisions on government spending.

Mon, 01/14/2013 - 18:46 | 3152397 Downtoolong
Downtoolong's picture

Threatening to undermine our creditworthiness is no less irresponsible than threatening to undermine the rule of law, and no more legitimate than any other common demand for ransom.

Wow that’s bad. And how does that stack up Timmah with not just threatening, but conspiring and actually stealing from savers and middle class taxpayers to pay off and subsidize a bunch of Wall Street bankers, which is what you and Benny have been doing for the last four years? Where does that fall on your legitimacy scale?

Mon, 01/14/2013 - 19:36 | 3152522 ebworthen
ebworthen's picture

Exactly.

And how was bailing out banks, insurance companies, and corporations with our children and grandchildren's future not a violation of the rule-of-law and a demand for ransom "Mr." Geithner?

Fucking worthless lying scumbag piece of shit.

Mon, 01/14/2013 - 18:49 | 3152405 Everybodys All ...
Everybodys All American's picture

It's as if the US is being run by some third world dictator.

Mon, 01/14/2013 - 18:59 | 3152435 Mr. Hudson
Mr. Hudson's picture

And Americans respond like third world subjects.

Mon, 01/14/2013 - 19:09 | 3152464 otto skorzeny
otto skorzeny's picture

actually 3rd world subjects have the balls to riot and burn some shit- we just slowly boil to death

Mon, 01/14/2013 - 18:52 | 3152417 chump666
chump666's picture

Who cares.

America is post empire anyway. 

 

 

Mon, 01/14/2013 - 18:54 | 3152419 Catullus
Catullus's picture

26 years and $14trillion later, the executive branch produces the same tired rhetoric. 

Just give us the real veiled threat:  everyone's checking and savings accounts are hold in Treasuries and if the US defaults, the banks will close their doors.

Oh yeah, Geithner advised Japan on the same thing.  How's that working out, Timmy?

This guy is a real POS

Mon, 01/14/2013 - 18:59 | 3152436 knotjammin2
knotjammin2's picture

Geithner is a pimple on Bernanke's ass.  I'm tired of this crap.  

Mon, 01/14/2013 - 19:11 | 3152469 otto skorzeny
otto skorzeny's picture

what if one is smart enough not to have ones cash in a bank?

Mon, 01/14/2013 - 18:56 | 3152429 rqb1
rqb1's picture

do you think Boehner even read the letter?  i know i didn't, i just come here for the comments

Mon, 01/14/2013 - 18:58 | 3152433 Joebloinvestor
Joebloinvestor's picture

This fuckwad is gonna end up like Capt Stern, wishing his grave is secret so it isn't desecrated daily.

Mon, 01/14/2013 - 19:03 | 3152442 Waterfallsparkles
Waterfallsparkles's picture

The shame of it is that it is the Banks that got us in this mess to begin with.  How many Trillions have been printed to try to shore up Bank Balance sheets?  They were the ones that made bad bets and we all are paying for it.

Now the Congress is trying to reel in the overspending, yet,  the Fed and the Banks are Threatening the Congress if they do not continue to funnel all of American assets into their Bank accounts the world will come to an end.

Congress needs to stand up and say enough is enough.

Mon, 01/14/2013 - 19:02 | 3152444 Mr. Hudson
Mr. Hudson's picture

The only thing that is going to save us is the Anti-Christ. Anybody up for the job?

Mon, 01/14/2013 - 19:42 | 3152535 Gamma735
Gamma735's picture

Didn't Big Ben Sugar Daddy get that job?

Mon, 01/14/2013 - 19:02 | 3152448 TooBearish
TooBearish's picture

Fuk u Timmeh - is the deadline after the Superbowl and before March Madness?  Excellent....

Mon, 01/14/2013 - 19:03 | 3152450 ptolemy_newit
ptolemy_newit's picture

i dont understand, 400 million guns and the lunitics are shooting at the wrong places? what the fuck happen to your country?

Tue, 01/15/2013 - 07:26 | 3153541 Ace Ventura
Ace Ventura's picture

The answer is as simple as it is ominous.

The hundred million plus firearms owned by the tens of millions of increasingly pissed-off Americans......are all waiting for someone to start the party.

An inherent flaw perhaps in that it takes a shitload of cracks from the oligarchical slave whip to stir up the level of anger required. But once that particular event horizon is reached....holy McShizznit.

Mon, 01/14/2013 - 19:07 | 3152462 otto skorzeny
otto skorzeny's picture

does this mean the bulk HP purchases by DHS will stop?

Mon, 01/14/2013 - 19:21 | 3152487 Sun and Moon
Sun and Moon's picture

Boehner should just quote Obama's 2006 Senate speech:

The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. … Increasing America’s debt weakens us domestically and internationally. Leadership means that “the buck stops here.” Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.

In 2006, the debt was $8.5 trillion, now it has almost doubled to $16 trillion, thanks largely to BHO.

Mon, 01/14/2013 - 19:46 | 3152544 Village Smithy
Village Smithy's picture

I'm sorry but it's "We the People" who are to thank. We tolerate this shit from both parties. They only get away with what we let them.

Mon, 01/14/2013 - 20:38 | 3152661 Sun and Moon
Sun and Moon's picture

But BHO himself said that the problem was caused by a failure of leadership. Surely our Great Leader would never lie to us!

Mon, 01/14/2013 - 19:24 | 3152494 EmmittFitzhume
EmmittFitzhume's picture

A deadbeat is someone who runs the fucking credit cards up in the first place!  What an asshole piece of shit!

Tue, 01/15/2013 - 05:14 | 3153479 Colonial Intent
Colonial Intent's picture

Y'mean like bush did with two resource grab wars?

Mon, 01/14/2013 - 19:36 | 3152513 ebworthen
ebworthen's picture

Where was all this responsible fiscal policy talk when they bailed out Wall Street?

Hmmmm?

Timmy?

Ben?

CONgress?

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