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All That Matters Part 2: Today's DC Agenda
The melodrama is not over yet. Here is what we have to look forward to out of DC on the debt ceiling crisis today, one day ahead of the Treasury running out of cash. The market assumes the deal is done. The market did the same with the "3 page termsheet" Tarp 0. Perhaps a real market flush is what is needed to really generate a "grand compromise."
Morning -- Details of agreement released, CBO score published. We are likely to get the various details of the deal over the next few hours. The text of the agreement has been published on the House Rules Committee website: http://rules.house.gov/Media/file/XML_112_1/WD/DEBT_016.XML. The Congressional Budget Office is also likely to release its estimate of the budgetary effects of the deal this morning.
10:00 am – Senate Republicans meet. Senate Republicans seem likely to broadly support the package. A few senators aligned with efforts to include a balanced budget amendment (BBA) in the bill had last week indicated they might want to draw out the debate using procedural tactics if a BBA was not included, but several of them have indicated over the weekend that they are unlikely to do this.
11:00 am – Senate Democrats meet. Democrats may be less enthusiastic about the compromise, in light of the desire that many had to include revenue measures more explicitly in a deficit reduction package. Still, enough of them are likely to support the deal that Senate passage should not be a problem.
12:30 pm – Senate debates debt limit package? The schedule is still unclear regarding the legislative timetable. That said, it looks fairly likely that the Senate is likely to vote on final passage today. Senate rules normally call for a two-stage process, first with a “cloture” vote to end debate, followed by 30 hours of debate and then a final vote on passage. This timetable can be expedited, with a vote on final passage potentially coming as soon as Monday afternoon or evening, if Sen. Reid and McConnell are able to get unanimous consent (i.e., agreement from all 100 senators) to waive the normal Senate rules. If even one senator objects, the Senate will have to follow the normal course of 30 hours of debate. At this point, unanimous consent looks likely, following comments from some of the most ardent supporters of the balanced budget constitutional amendment that they will not try to hold up passage as some had indicated they might do a few days ago. Assuming UC is reached to hold the final vote, it is likely to be subject to the same 60 vote requirement normally needed in the Senate for major legislation. The bill looks likely to get the 60 votes, and Senate passage seems likely.
Late or tomorrow – House votes on debt limit package? Whether the House will vote on a debt limit package today is unclear, and there is a chance that the House will go first. This would make sense from one perspective, since the House is the source of greatest uncertainty. On the other hand, House leaders may want to let the Senate produce a strong bipartisan vote of support in order to create some momentum for the bill, and some pressure on House members to vote for passage.
via Goldman Sachs
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Fucked up agenda Bitchezzzzzz!!!!
Here comes the revolt....grab some popcorn.
It's quiet.....tooooooooo quiet.
But I fear the revlot is going to have to come from us and not from some Congressman...unless Paul pere et fils decide to hold some things up. Please Ron and Rand, do this for the people. We the people don't want Uncle Sammy to keep spending like a drunken sailor on our dime (except my dimes are silver ones and you can't have them)...
Yet another long winded bill with buried treasure that no one will be allowed to read prior to voting. Stampede the congress critters (bitchz!).
There's a bit of hope though, last night on the news a young man responded when asked about the debt crisis. "If your borrowing 40% of what you spend isn't that already a crisis?".
Off topic?
Not really, because war is a massive part of the debt ... so to Libya, where I lived for a while:
http://www.mathaba.net/news/?x=627797
exactly, and without a FED buying T-Bills and keeping rates low all these wars (5 now if I count correctly) and overseas empire would not be possible. Our wars are funded by printing press money.
It is really quite amazing the rest of the world lets us get away with it.
Thats what I dont get, why does the rest of the world just stand by and allow the 4th Reich to march over the world? China a year ago was doing some sabre rattling, but seems to have gotten a memo from someone to knock it off. How the US can just print to fund invasions of sovereign nations and no one does a thing I have no idea.
How come baby_BLYTHE and I get negatives, for the blindingly obvious that wars cost money? Trillions of borrowed money.
Obviously those who vote negative (to any anti-war) comment, do not give a stuff about millions being killed, maimed and displaced; but one might think they would care about the dollar.
Apparently not.
Because in the left/right paradigm you are supposed to pick between socialism and fascism, and the fascist position is all if favor of smaller government, fiscal responsibility, and individual rights (except when it comes to blowing up primitive people, stealing the marrow out of the economy to fund one undeclared war after another, spying on citizens and feeling them up in airports, allowing a single man to issue death sentences on citizens without any due process, and supporting without question central economic planning by a private banking cartel under cover of the government gun, and a few other things like that).
This criticism of fascism is not to be construed as support for the socialist position, either, btw.
The core issue is freedom vs slavery. The mindset you are supposed to implicitly accept allows you to choose the color of the whip you will strive under.
The charade going on in Washington is all about compromise, both sides battling over disposal of your life and the lives of your offspring, forever. It's your future, your savings, your career that have been bargained away.
So enjoy the pie-fight, and cheer for your side. You've allowed them to eat your seed corn for next year and lay claim to every single kernel you might ever come across in the future. Good luck with that.
Nothing amazing about it baby. You see, the Chinese have been in no hurry to unwind their massive stash. In fact, the opposite. T-bonds are the new opium. One slave nation gets replaced by another.
This schedule is really pushing it way too close to the deadline. Downside risk seems immense if there is just one little foul up. Time for some idealistic little freshman to "make their career" and push us into default?
A little disappointed GS is not broadcasting the risk here. Are they that smug? Must have been alot of phone calls from the Hamptons to DC last weekend--but still.
All a sideline show - this "debt crisis" - to distract muppets from what is really going on.
Lest you muppets had not noticed, Washington and its satraps are virtually into WW3.
The faux fight in DC is just a circus ... albeit minus bread (well cake will suffice) ... to mask the terminal decline and fall of the Washington Empire.
Afghanistan is symbolic ... "The graveyard of empires."
And do not under-estimate Libya.
Ask the latter-day 'Roman Empire' of Mussolini.
Despite killing at least two million Libyans and despite the battles of WW2 taking more toll, Libya survived.
I will go out on a limb and predict that Libya will be the end of the Washinton Empire and its Nato satraps (combined with other over-stretch of empire, of course).
Right, and its not going well at all already. Obamas famous 'This will take days, not weeks' line now 4 months later as Libya declares victory over bankrupt NATO.
?LIBYA DECLARES VICTORY OVER NATO? - YouTube
Just wait and see.
my suggestion for obamas 2012 new slogan after "yes we can" - (bob the builder) worked so great is "ask why (asshole)" - worked great for enron
Next up.......
Congressional Reform Act of 20111. No Tenure / No Pension.
A Congressman collects a salary while in office and receives no pay when they are out of office.
2. Congress (past, present & future) participates in Social Security.
All funds in the Congressional retirement fund move to the Social Security system immediately. All future funds flow into the Social Security system, and Congress participates with the American people. It may not be used for any other purpose.
3. Congress can purchase their own retirement plan, just as all Americans do.
4. Congress will no longer vote themselves a pay raise. Congressional pay will rise by the chain deflated CPI .
5. Congress loses their current health care system and participates in the same health care system as the American people.
6. Congress must equally abide by all laws they impose on the American people.
7. All contracts with past and present Congressmen are void effective 1/1/12.
8. Congressmen are not allowed to trade securities while in office. Black-out period begins once in office, and ends once out.
Now that's some legislation I think a lot of Americans could get behind.
Congress was never intended to be a permanent position. You would elected to go there and perform for a term and then return to your prior job.
No second tranche over 1.5 tril without a BBA? Can't wait to see the weaseling on that one in 6 months.
.... Hmmm,
A real market flush in rigged martket?
I dont think they can flush markets for scare tactics anymore, they'd have to write all new algo's. And for all the pundit talk about how last week was so scary and all with the 'precipitous dropping' and all, no day was even 1% down, and DOW is still right in its 6 month avg range so wheres any big event? As the market now runs totaly on printed up imaginary fiat. OH but they got a deal, and we'll cut spending sometime far off in the future, or 'save spending' by not invading Mars.
agreed that they're out of bullets to "scare" anybody BUT, they might just lose control. Am wondering who the genius was that bought every share in sight (399,749) of TVIX at 8:11, gladly paying a 10% prmium over prevailing price......
I hope youre right.
How many balanced budget amendments 'BBA's' as they now call them have we had before? May as well call it 'The Whimpy Budget'...I'll gladly pay you $4 trillion in a decade for a market crack party today sir.
I guess they believe this fools someone.
BTW, muppets, the war against Libya is EVEN MORE a beat-up than the war against Iraq.
Yes I HAVE lived there for a while and YES I know the history and FAR more than O'Bomber, Cameroon, Sarky and (probably) everyone reading this, let alone those sucking on the teat of the MSM.
Libya where theyre calling NATO defeated? LIBYA DECLARES VICTORY OVER NATO? - YouTube
Glenn Beck said that the US will quietly be in Libya for a lot longer than we all know.
I dont listen to people on the radio who cried and supported bankster bailouts. Glenn Beck? You can have the Mormon asshole.
Glenn Beck is on our green light list. He and his entourage do not need to be screened.
You are the type of suspect who will never be on the green light list.
If you have not been keeping up with our new training. We are going all Israel. I cannot wait to go to Israel to be with our brothers and hear them cheer Glenn Beck as he brokers a humanitarian deal with them and Restores Courage!
http://newsfeed.time.com/2011/08/01/tsa-could-adopt-israeli-style-behavi...
I resemble that remark.
That's what I always say. Pentagon and war fanatics
responsible for most US Debt and obviously Republicans
are more aggressive war fanatics. Since they don't like
"spending" I'd suggest Obama to cut all Reps, especially
Tea Party supporters off Medicare/Medicate and SS benefits,
to save some $$$ this way.
how would you like to be the guy who is the last holdout vote......he is going to be able to name his price
ya like Landrieu and the Louisiana purchase during health care
Funny how these things always come down to 1 hold-out guy who always 'sees the light' at the last minute. What a bunch of crap.
I'd like any of them to explain to me where these trillions are expected to come from. We're going to 'borrow' it? Pure BS, no one has trillions to lend and we already cant pay the interest on the debt.
I hope today's debating of the bill remains unexciting as a "passionate" debate of the bill with the consequent uncertainty over the vote would have the capacity for very serious market consequences. You can probably tell where my book is talking here.
The pols voting for this can not possibly miss the loopholes the size of barn doors. If they vote for it they can not, with any credibility, state that they did not know. They should also be aware that they are also voting for self-imposed term limits.
Who's the grumpy junker this morning?
How can anybody still be grumpy now that dept crisis is no longer a crisis? .... Wake up and smell the ponzi, all you junksters.
Wasn't Rand Paul gonna filibuster something? Seems like a GREAT time to take the stage.
Recipes or Shakespear?
A lot of them huff and puff in interviews, but then dont do anything, the amount of hot air coming from DC could power the nation with a giant steam turbine.
one more relief rally after the vote is approved, and then we can focus on data again?
I heard yesterday that the Congressional Black Caucus and the Progressive Caucus will be holding a press conference this morning as well. I expect that they'll announce they cannot support this POS/POTUS.
ES RISK divergence in full effect.
Debt ceiling charade designed - and destined - to fail.
Prepare for crash landing.
I'm wondering who its supposed to fool? 'Hooray, we have much more debt now, so its all good'? This is all nothing but Banana Republic extreme.
Agree, lets get this nothing progress over with. Leave the markets alone for a couple of days and wait until reality sets in. Nothing is solved and by Christmas next year we will be looking at close to 16T in debt with no hope of payback.
HSBC firing 30,000 world wide. Car sales tomorrow? Look out. Friday report, Hmmmm.
Not doing a thing today except adding a little to miners at end of day if they dump. Sell my gold. That is good.
Nobody seems to have done the arithmetic here.
The debt ceiling raise is about 20% of the current admitted national debt. We worked hard to gain that national debt, took us 235 years to do so despite Old Hickory being the president once and well...umm...ok, the rest spent like drunken sailors. But now the Spendthrift in Chief and all the dumb asses in Congress want to throw money out of helicopters at this ridiculous rate. We want to spend 20% of the national debt in 18 months? In 18 months, really? If we assume that same rate, we double the national debt in 90 months. Yes, boys and girls, in 7.5 years. DAMN!
And I wouldn't even assume the same rate. Remember W's budgets? There was going to be a surplus in 2012. So much for that. We'll dig the hole another $1.6trillion deeperin that one "surplus" year. I wish I had veto power on this bill, and my Reps and Sens will know how I feel.
Morning -- Morning bullshit.
10:00 am – Morning bullshit re-cap.
11:00 am – Bullshit on the morning bulshit.
12:30 pm – Intro to afternoon's bullshit.
Late or tomorrow - Bullshit forecast.
Stay tuned.
Well,
We know what that sycophantic piece of s**t Mark Zandi over at Moody's thinks. But I have not heard from S&P yet. Could they really and truly have the balls to downgrade the US? Because according to their early rants this deal does not warrant keeping our AAA rating.
But they probably won't....oh, well.
Yep they were all blustering over serious and immediate cuts, this 'We'll deal with that sometime down the road' should have them flipping downgrades right away then. I expect it was all just about the money spiggot to the banks vaults. 'AAA' rating, that alone is the biggest farce in world history.
Eric Cantor is my Rep and I sent him the message to vote against it. I feel he is no different than the rest. They are all at the public trough trying to steal as much as they can...How come all these guys retire multi-millionaires??
This deal is the typical DC qucik step, kicking the can and they let that Obama moron off the hook....Folks we deserve what we get....
If Moody's is going to leave the bankrupt US at AAA then I will have to do the downgrade myself. Done, CNBC call me.
They will be dropping billion dollar bills from helicopters before this is over.
YO YO YO!!! Biniss as usually!! House of Representin' WORD UP!! JP Mordor to the MAX!
Here's the Shalls take for the RECORD:
The debt ceiling vote misses by one vote. The ceiling is not raised and the unwind commences at once. The whole thing has been theatre (read: facade, as in "intentional").
This would support the luminary, Mr. High's work.
I feel extremely confident in this outcome now. It all makes sense. Epiphanic moment? Not sure if it even falls in the category.
Prepare accordingly.
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