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Santelli & Stockman Blast "Festering Fiscal" Budget Deal "Betrayal"
Former OMB director David Stockman rages to none other than Rick Santelli that the budget deal is a "betrayal and a joke" and "the final surrender of the House Republican leadership to beltway politics." The dismal reality - that little to no one in the mainstream media will dare utter - the budget adds $70 billion to spending this year and next year, and "then they're going to pretend to save it in '22 and '23." Stockman blasts, "they've not only kicked the can down the road, but kicked it into low-earth orbit." The only hope of getting our fiscal house in order was if House Republicans stand up, and Stockman warns "will trigger an enormous negative reaction from Tea-Party Republicans." The truth hurts...
Santelli "we're not talking about kicking the timeline can til the mid-terms, " - "this is a two-year vacation on the fiscal budget."
"Just from the momentum built-in, our debt load will be $25 trillion by the end of the next Presidential cycle."
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Rant on all you want, guys. Jamie and Lloyd are drinking the good stuff tonight! Okay, so they drink the good stuff every night, but you get my meaning.
MINE was your first green LTER! More to come I'm sure...
Thanks! I see I've offended a banker already, though.
Didn't the fed need moar debt, lest QE wither for lack of bonds to monetize?
"they've not only kicked the can down the road, but kicked it into low-earth orbit."
That's not a half-bad idea, actually. If we could put the debt in orbit we could avoid dealing with it indefinitely. Out of sight, out of mind.
Just sell some Millenium bonds. Why stop at 30 years? Amortize it over a million years. That will make the payments nice and small. How's that for a can kick?
Yeah and the FED could buy them all forevah and hold to maturity.Problem solved - again
Its not real money anyway so what does it matter? When all savings are destroyed and no one can afford to own a home, only rent, money valuation can change radically every month. I mean would we all like to get a raise once a month? With endless money printing we can and will! The raises will never be enough to cover our growing rents and growing our own food will be illegal (for our own protection of course), but what a great feeling! Monthly raises! I love it! Who said we couldn't have it all? Certainly not Obama, he just said we would have to share (our two bedroom cardboard box that was made in China).
Wow that sounds like those billion year contracts with $cientology to pay for "auditing" to "clear" thetans. El-Ron Hubbard for Prez.
No problem. You can still claim with complete honesty: "No humans were harmed making this comment."
Well, today's Myth was confirmed. Markets do work when you put a big enough gun to their head. People generally do understand the best names of 2013 in Finance/Media & Tech were boosted on carry-trade MOMO & EPS was juiced on financial leverage vs. operating execution in most of the interest sensitive sectors.
Now to see if this sticks or if we levetate back up towards 1800 next week.
And now, back to your TV show where two guys will blow up a dummy filled with dry ice. And get paid to do it.
Levitation in 3...2....1. They can't miss out on a Santa Clause rally after the big run up this year. No way. The PPT is probably already on the Hotline.
REVOLUTION BITCHES!!!!
Here's a simple idea I call the 'Percentile Reduction Budget'.
Take last years expenses and figure out what the percentages are for each category of the whole amount paid. Then take tax revenue for last year and figure out how much should have been spent on each category to have balanced the budget. That's next years budget and the way it should be figured in each subsequent year. If they want to pay down the debt, add that as a category and subtract it as a percentile just like all the other expenses.
Sorry people, I just had to write something down that made sense rather just playing political shuffle board like they do on Capital Hill.
FSA says 'ain't gonna'
"Mr. Clapper, we've identified another terrorist on ZH."
"Sigh, you mean they aren't ALL terrorists?"
I completely agree w/ Stockman and Santelli (here anyway). They will NOT stop spending.
Buy gold, have some CA$H, guna & ammo, all the usual... Even some BTC! Even a foreign company!
Diversification is more important than ever now that we see that the R-Team is just another bunch of DC pussies who will not fight for a smaller .gov.
Grr....
The logical conclusion: Not much difference between the two parties.
They missed it.
<rant>
Mofos! Stop the Spending! Mofos! Stop the Spending!
Mofos! Stop the Spending! Mofos! Stop the Spending!
Mofos! Stop the Spending! Mofos! Stop the Spending!
Mofos! Stop the Spending! Mofos! Stop the Spending!
Mofos! Stop the Spending! Mofos! Stop the Spending!
</rant>
(Thank you for your patience dealing with my rant)
Stop being such a pussy. You bought your ticket. Now just sit back and enjoy the ride.
http://www.youtube.com/watch?v=MYtjpIwamos
I wish I had twice the gold and 50 times the BTC I have now.
EDIT:
Nice video, short and to the point. An excellent metaphor.
AS long as we have a controlling central government with an all-seeing NSA intelligence network, no assets will be safe from seizure. We may not want to admit it but they own the internet and they control a substantial portion of commerce to where they can easily control the use of metals in trade. Their goal is no private ownership of anything that could be perceived as an asset. Interest doesn't pay enough anymore. Its not just government backing that induces them to loan money to people who cannot pay. Payments are temporary while rent lasts forever. Everything belongs to the "State" and their agents. There is no "long" position on anything anymore and that is why the economy is dying, and we all damn well know it!
I always wish that,
I agree. Once you go all fatalistic there really isn't anything left to do but enjoy the ride.
Once you go all fatalistic there really isn't anything left to do but dig a hole and jump in when TSHTF.
Glad to see you got it off your chest. I hate it when you're peeved.
You know, that the money we have is only there if debt is created? Reducing the debt anywhere, means the money is vanishing, too. And since we also have a nice interest slavery, there must always be paid back more, than is available.
And you shout "Stop the spending!"?
You should inform yourself about the scam and lie this monetary system is!
"Reducing the debt anywhere, means the money is vanishing, too."
You should inform yourself first.
Money vanishes only when debt is paid back to the bank where the money was created.
If debt is written off without being paid back, that money is still out there.
If Fed sells securities for less than it paid for them, the difference is still out there in the money supply. Only the money paid to the Fed for those securites disappears.
It might not disappear even then. Fed might use that money to buy other securities.
When money can be created by writing a number on a ledger sheet (or the computer equivalent), it's not money obviously. It's a fantasy, a game. It's not money any more than writing a number on a chalkboard.
It's an accounting game. Our whole monetary system is just an accounting game. Numbers on ledger sheets (or the computer equivalent).
We don't have money anymore. We have credits. Credits in an accounting system. A score on a scoreboard. That's all it is.
The only differences between the Republican and Democratic leadership are the lies they tell their supporters.
Right, just keep telling yourself that. Dems are much more clever at getting elected because they are shameless demagogues. Repubnicants are rather idiotic. But to their mainstream the only thing to think about is can they take the gavel from Herr Reid this coming November, which means they need to keep the narrative focused on Obamacare, if they can keep any narrative at all, which they usually have great trouble doing if they can even identify a coherent narrative. Personally I would like to see them succeed in neutering the lying scumbag from Nevada and cancelling Obummers last 2 years or forcing him to do everything through executive orders which will be quite controversial. They may do it even if they screw up, obamacare is so bad. But they will undoubtedly try to snatch defeat from the jaws of victory for their party. That is just what they do.
That's kind of cute, that you still believe that one party is better than the other. They both only give a crap about one thing, they just tell different lies.
Say hello to Santa Claus for me, I'm sure you believe in him, too.
Republicans are the resistance party. They have no other platform other than to resist. They can't sell their idea of hard work for advancement because corruption is too rampant for anyone to believe it. You can't have the level of theft we have witnessed and expect to inspire people to hard work. Republicans are very comfortable in their resistance role. No responsibility and no pressure to perform. Just keep duckin and dodgin, stamping their feet loudly while proclaiming great victories to be celebrated in the coming decades of unfulfilled promises. The corruption of Americans is "progressing" nicely while republicans stand to take notice and proudly claim "we told you so" at some irrelevant moment in the future. To act takes courage of which most have none and those that do are labeled as dangerous radicals by their own party. You can bet that there were plenty of Jews in Nazi Germany screaming words of warning while many others were marginalizing them as radicals and trouble makers, desperately trying to hang onto what they had, but ultimately it was all lost, except for Soros of course. He did OK.
I know dozens or hundreds of folks that believe raygun was a fiscal conservative that shrunk gov. LOL.
SHOW THE PEOPLE THESE HISTORIES!!
The Public Be Suckered
http://patrick.net/forum/?p=1230886
Two Party Clusterfuck
Everybody's kicking the can hoping they can stuff their own pockets and get out before the can can't be kicked anymore. It's really that simple.
Looting the Treasury = Busting out the joint
The Great Santelli.
Can someone please ask David how interest rates will normalize if the fed owns the entire bond market.
(It's stock that matters now. Not flow)
.
"(It's stock that matters now. Not flow)"
Excellent observation. The Fed holdings ARE that large.
Don't worry. They'll make more.
Of course they will, I agree with that. But they will be such a majority owner that no one else will be able to exert control.
They've got infinite money supply to keep interest rates on a leash, just like gold and silver.
Someone explain to the fonz that 95% of the people will refuse to pay the principle let alone any interest.
Yet I'm always amazed that the store still accepts my money as though it had value!
Because it's the flow that counts.
I seriously doubt that the " shadow puppet theatre" will be in business through 2016, let alone 22' or 23' if we keep spending the way we are...
I with you on this position and I believe the insiders in DC also know. Why put up a huge fight when they know the end game is at hand. Especially considering the shit storm they went through just in October. Why roll over 2 months later unless something is afoot.
by end of next presdential cycle Im guessing he means after the next presidents first term? ya I dont think we have that long either. Thats a pipe dream.
Young people are not gonna think about sh*t. This ain't their problem....just ask them.
/sarc
95% of the under 30 crowd don't even know that the ACA mandates their participation and these are the people that elected Obama twice. Kind of says it all.
http://www.youtube.com/watch?v=9nhRViM02Mk
I'm pretty sure that corrupt desperation and suspension of common sense are how Japan racked up a national debt of one quadrillion yen. Political humans are the absolute worst of the worst....on every continent !
moar QE thanks
LOL
"Final surrender to Beltway politics"
I thought I'd personally seen that years ago.
But then again, this is live feed on the Propaganda Channel.
The Establishment Republican Party is at War with its Own Base.
The Tea Party and Libertarians (whatever they're called) are the only ones standing between the masquerading of the neo-conservatives as conservatives when all they do is vote with the Democrats anyhow.
People are waking up to that fact.
Ain't just some of us chicken here, we been believing that all along... witness the preponderance of red/blue comments, Hegelain Dailectic analyses, etc.
The "Far Freaking Crazy Ass Tinfoil Hat Right, the Guns and Bible Folks (Obie called 'em that at a white wine and cheese deal in SF CA) the Terrorists who believe in the Constitution, equal application of the laws, etc.
They might not be perfect (a long way from it) but they're all we got right now.
The neo-con, mainline, traditional republicans are nothing more than statists along side their liberal wing of the same party.
You can make a real case that the RINO's are as bad as the Socialists, as the RINOs have no spine. Just another bunch of spenders.
Death of America = Debt of America.
Now beyond the Event Horizon... Prepare.
RINOs are socialists, facists and statists. They love the nanny state as much if not more. It just that their constituency is different.
The RINOs aren't the socialists, fascists, and statists- that is the Republican platform since its inception. The party came to life by waging a war in the name of central government uber alles backed by paper money. The people you call RINO are and always have been the true Republicans.
A Republican In Name Only is someone who thinks that the Constitution should actually be the law of the land and that the role of central government should be minimized but for reasons inexplicable to me belongs to the Republican party. It is a testament to the propaganda machine of Team Elephant that anyone actually believes that the Republican party ever actually stood for such things- it never did and never will.
Final surrender of the GOP? LOL...
You're a couple of decades late.
and this is why a GOP Congress can't be trusted either
An important question here is, how big was the bung ?
Bugger me Blind Bonehead.
this will be the straw that breaks the RINO's backs.
The key point - interest rates will NOT normalize. Its QE forever. Yellen will NEVER raise interest rates.
Everyone should read Yellen's paper's if you haven't yet. She's really would like to see a lower unemployment rate, and a WPA program. Look for the Fed to start creating .gov Worker's Programs.
Why care?
They'll just inflate it away.
Into 2015 dollar and rates goes to da moon, EURUSD to da hell = below parity.
Everybody, except the big boyz, will be whining.
2016ff another Bilderwoods - 50% dollar devaluation for the sake of the planet = debt cut in half.
Everybody will be happy.
Especially the 1% which will own roughly 50% (sarc) of the planet at that time - including zillions of debt slaves.
So enjoy this ongoing cabaret as long as it lasts.
Coming to get you 2014 rinos. TEA!
What is sad..is this is a two year deal...I think Obamacare will add two trillion more in that time...how are they going to do that...
I have this mental image of the entire Congress, both parties, engaged in a huge circle jerk in the House Chamber.
Yeah, and pelosi has the biggest wang
"Former OMB director David Stockman rages to none other than Rick Santelli that the budget deal is a "betrayal and a joke" and "the final surrender of the House Republican leadership to beltway politics."
"Former OMB director David Stockman rages to none other than Rick Santelli that the budget deal is a "betrayal and a joke" and "the final surrender of the House Republican leadership to sucking bankster cock."
There, I fixed it for ya.
kids song - puff the magic dragon
http://www.youtube.com/watch?v=U0PI2djoA10
Peter, Paul, And Mary ~ Live ~ Puff The Magic Dragon ~ 1965
http://www.youtube.com/watch?v=RC2tlNmz4ao
Keyser: "95% of the under 30 crowd don't even know that the ACA mandates their participation and these are the people that elected Obama twice. Kind of says it all. "
Makes no difference. The under 30 crowd is largely unemployed. Any so called penalties they would have to pay for non participation would come from a tax refund.
No Yob, no tax refund, no penalties.
It's a beautiful thing.
A thought experiment: It is time for a new "civil war" to stop the debt accumulation. See my blog "A New Civil War: No More Debt, No More Government!" at
http://gulfcoastcommentary.blogspot.com/2013/10/a-new-civil-war-no-more-...
Enjoy!
They will be kicking the can past these twos lifetimes if they can.
Everyone knows it will blow up at some point and it will be miserable.
That is just the way it is.
The "BIG LIE" is that they say everyone will suffer, like the other vast percentage of the world lives like they do (they don't) and they can somehow go lower then poverty.
So, the government gets away with it.
Till it doesn't.
Barter system for awhile.
The insiders are deciding our fate now. As long as the "faith" holds they can keep printing for now. May be time to start planning to go offline.
congress shouldn't be allowed to propose, discuss, vote on, or score any budget over 1-2 years out. first, because no future congress is bound by a prior congress. second, because estimating deficits a decade from now is so farcial it should be criminal (especially when the purported "reduction" often isn't even a rounding error). third, because multiplying any spending, taxes, or cuts by a factor of 10, and allowing for the comparison to be made against a 10 year "baseline", amounts to straight-up propaganda.
paul ryan actually had the balls to claim we'll reduce the deficit by $23B (all back-loaded of course). even on the snowball's chance that it proves true a decade from now, its freaking $2.3B a year you jackass! to put that in perspective, there's approximately $50B in known medicare fraud every year - not medicare, not even improper medicare payments, just outright medicare fraud. that we know of. to put it in further perspective, we just ran a budget deficit of $135B....in november alone.
Calamity is certainty! Plan and prepare accordingly!
i wonder what the NSA has on Paul Ryan?
This entire economic system is set up to run like a cancer or deadly parasite that kills its host while a few benefit from it. This economic beast feeds on humans and what's left of the natural world. Why is everyone so upset when it follows its natural course?
The problem is everyone grabs onto some ideology about how they think it operates, or how it should operate and they get all emotional, whiny and pissed when it doesn't work according to their mythology. ALWAYS remember that this whole system works to the benefit the upper 0.1% IN EVERYTHING...EVERYTHING. PERIOD. END OF STORY. Then it may be easier to let go of those false beliefs you're carrying around that let you get your hopes up only to have them destroyed when reality crushes what you thought was true.
These are just my observations of life on this planet in the US for the past 52 years, I am sure others will set me straight on where I am wrong.
Santelli is a shill to keep the lightly slumbering sheep in do nothing mode. No, no, nothing to see here folks, Santelli has just expressed out-rage on your behalf - go back to sleep now. Ah, that feels better......
And don't you know he invented the Tea Party movement?
Yeah, just like Al Gore invented the internet.
"How my G.O.P. destroyed the U.S. economy." Yes, that is exactly what David Stockman, President Ronald Reagan's director of the Office of Management and Budget, wrote in a recent New York Times op-ed piece, "Four Deformations of the Apocalypse."
Get it? Not "destroying." The GOP has already "destroyed" the U.S. economy, setting up an "American Apocalypse
Conservatives cannot fight the FSA with passivity. At some point we must recognize that those we hired to defend us are now our greatest threat. They tell us we must capitulate just one more time. We will see, they will show us. Just take it up the ass one more time and vote them in and they will redeam our faith in them. Fuck them! We are just as lame as the FSA marching along behind the progressives scamming for scraps along the trail. We have surrendered power to "equality" that imposed justice through affirmative action and wealth redistribution. We were told to just give a little bit, show some generosity, give them a chance. Did we get any credit for it? Fuck NO! Whites, especially men are more reviled now than forty years ago. We have done the same for the illegals. Give them legal status, look the other way when they steal identities and break laws that ANY citizen would be jailed for, because afterall, they are just looking for a better life (like a fucking thief in the night isn't). And now whites are under even more pressure to capitulate to their political pressures to provide instate education, amnesty and just about anything else they want, not because they earned it but because of justice, the need to make up for all those years they suffered under the oppresive yoke of white domination (regardless of if they came here of their own free will). We have surrendered our power and now find ourselves being pushed into a corner. Look at whites in SA to see the future. The farther we retreat the heavier the pressure is to fall back further. We now have a "black" president who is openly judged differently because he is "black". An overt racist stance, unchallenged by anyone who would defy racism. But lets just capitulate a little more, right? Pay more taxes, more for healthcare, more for everything we need, so others, less fortunate, can be provided for by an ever generous State, while those of us who must pay the tab are STILL the BAD GUYS. Fuckem all.
I guess we're about to find out which republicans have decided to capitulate to the Boehner/Obama Regime and accept a middle management position in the Free Shit Army......
Boner/McConnell work for the Fuck-Wads as the Democrats. Geeezzz, I wish the Average American would pull their collective heads out of their ass!