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Art Cashin's Take On Obama's Much Anticipated And Much-er Controversial Speech
An already ubercynical Art Cashin chimes in on Obama's much anticipated, and very controversial (recall the latest Boehner flap on the issue) speech tomorrow and comes out sounding even more jaded than usual. In a word: don't expect any imminent rise in Obama's already record low popularity rating as a result of this speech, which if recent history is an indication, will likely generate even further class animosity within US society, now well on its way to confirming some of the more violent teleological theories postulated by Karl Marx.
From Art Cashin:
Tomorrow Night’s Speech - Odd Points
Scheduling: Weekend talk shows had some observations on how a joint address by the President tends to be scheduled. Most maintained that the date is set by discussion among the White House and Congressional leaders - even for the State of the Union. If that is so, it raises real questions about last week’s flap over when the President would speak.
Since the President has addressed Congress several times, you would think his staff was aware of the scheduling procedure. That raises a question as to whether the staff’s announcement was intended as a kind of “in your face” volley at the Republicans extending the adversarial tone of the debt ceiling debate. But, if it was so intended, why would you lead with a move your adversary could so easily “checkmate”. That, in turn, raised new questions about strategists and staff. The process did not reek of polished professionalism.
Another scheduling curiosity was the movement of the Bernanke speech to before the President, rather than after, as originally planned.
Content: The other floor buzz about the speech is its possible content. The likelihood of new fiscal spending passing Congress is virtually zero in today’s environment. That raised some questions about whether the President will just choose to lecture Congress as he once did the Supreme Court.
His Detroit warm-up sounded as though he will set the 2012 campaign by taking a leaf from Harry Truman - by making the theme a “do-nothing Congress”. Here are a few quotes, courtesy of Reuters:
“We're going to see if congressional Republicans can put country before party," Obama told a campaign-style gathering of about 13,000 in a General Motors parking lot. "Show us what you got. The time for Washington games is over. The time for action is now.”
“On Thursday, we're going to lay out a new way forward on jobs to grow the economy and put more Americans back to work.”
“There is work to be done and there are workers ready to do it. Labor is on board. Business is on board. We just need Congress to get on board. Let's put America back to work.”
Also hinting that the acrimonious attitude in Washington has not changed are reports that Pelosi is miffed that Republicans won’t be doing an instant rebuttal of the speech and that the Republicans are demanding a preview to look for areas of potential compromise.
Yeah! Sure!
Traders don’t have high hopes of a passable package being produced. Curiosity grows by the hour.
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Going Bidless. Obama that is.
Increasingly by wagon pullers, yes. Wagon riders....not so much.
He only has one strategy for everything: swell the ranks of the later (corporate/financial fat cats, committed liberals and big government types, bottom rungers etc.) and let the former go pound sand.
Increasingly the path of least resistance will be to "Shake hands with government" as Bill Gross said several letters ago.
nothing is going to get done before the election in '12. The GOP has the House locked down enough to prevent much meaningful from passing. The stops Bama can pull out are consequently limited.
i read recently of the plans from tptb , either here or trader dan , just not eactly sure that they are going to try and paint a double top ...that was at least a week ago...now i am watching art cashin....and drum roll please...he said gold has to appeared to hit a double top....success suckcess...
And now we clearly see why hyperinflation is a foregone conclusion. When acting fiscally responsible is no longer patriotic and printing money to centrally plan economic activity is the political solution to unemployment.
Here is where I have a problem with that - currently our system is debt based. If the Fed/Govt wants to "print money", they do it by issuing new debt. The new cash if you will is balanced by a new debt that theoretically needs to be repaid. To my way of thinking, the new debt balances out the cash in an inflationary/deflationary sense. If the debt starts to be repudiated or even if there is a possibility of that happening, those outcomes are deflationary.
So, I think that hyperinflation is impossible in our current system unless we move away from expanding the money supply by issuing debt and move to a Weimar/Zimbabwe system of simply printing currency unbacked by any corresponding debt.
Dude!
What??
You don't understand? Then why reply?
Pretty sure the Fed (THE GOVT) buying the debt (IT'S OWN DEBT) is the same thing as printing... As well as the whole currency collapse thing in which also causes hyperinflation... Dumb comment dude...
Wow, you really need to study up a bit. The Fed is most definitely not the same as the government. The Fed is a collection of privately-held banks. The Fed may run this country, but their interests do not and will not always coincide with those of the government. They most certainly will never intentionally allow hyperinflation to occur, because they hold mostly paper assests which would be reduced to zero in the event of hyperinflation. To say that the Fed's plan is to create hyperinflation is to display your own ignorance of the way the system really works.
Cartel bitchez... :)
Your view may be changed if you have the time to read and consider this post:
http://fofoa.blogspot.com/2011/04/deflation-or-hyperinflation.html
High, then hyperinflation is the ONLY way out of this mess for the banksters, and they will get it. But please read the post, it changed me from a deflationist.
Hyperinflation is always a political choice. We just have a few more hoops for the politicians (and those dependent on politicians, like Bernanke) to jump through.
Maybe it's unlikely to happen, but it is certainly possible. All we need is for a court decision to say that the law doesn't really limit what the Fed can buy, and we are off to the races. These court decisions seem to be easy to get, when the alternative is to suggest the powers that be have broken the law.
Hyperinflation may be a political choice, but it would not be the choice of the Fed because it would destroy the value of the assets they hold. It might be the political choice of the administration and/or congress, but then it would be a situation where the Fed and the president/congress would be at odds. And Bernanke is only dependent on politicians every four years when he comes up for re-confirmation.
It would destroy the value of the assets they "currently" hold.
At least according to their balance sheet.
I'm sorry elvis dog!! That was asshole of me to just comment and then leave!!!!
The inflation/deflation arguement is most certainly one for the history books @ this point...
When Bernanke was first being groomed for the chair as far back as 01' or 02', definitely by 04'... his "helicopter speech said it all!!!
'We'll never let it happen again' was his answer to deflation!!!!
The deflationist position must accept the fact that what is 'money' (ie the USD) must be a 'limited quantity' of something that in reality is limitless..You have to accept that the Fed will just stop, in real time.
This is one of those circular arguements that you're warned about in college. It's not that your thinking is wrong per se Elvis dog! It's just not going far enough! Getting back to the political, inflation is a silent tax on the taxpayers who support the redistribution of wealth from individual to gov't...Deflation is ultimately politically impossible @ present.. Even the rich in the 30's got fucked. Inflation allows the 'have's' to receive, allocate, redistribute 'the money' before it reaches you! Everything the prechters of the world say is correct except using the USD as the metric. Substitute Au/Ag for the USD and you have the secret. Everything will go down in price vs. Gold but using the USD is where the deflationists loose the whole marble collection on the floor!!
What does all this boil down to..??? Bernanke is trying and will ultimately succeed in circumnavigating the business cycle.. how?
By never letting deflated assets as a whole to the market place. This simple trick of hand is most important.
Yes!! you are correct! We should have a huge death by deflation today but politics and central banks globally will never allow defalation period. Inflation is more palatable because it's a death by a 1000 cuts, not a hack the head off one time event that can't be reversed
Once again Man, sorry for the exit earlier..!!!!!!!!
Did I read that correctly?
"Another scheduling curiosity was the movement of the Bernanke speech to before the President, rather than after, as originally planned."
The Bernank is speaking also? Would it be too far-fetched to think that some new, improved, job creating Quantitive Easing might be sprung on us by surprise?
ok, i googled "is bernanke going to speak on thursday befroe the president"...the third response down was the zh hedge article and in it it says 'DO NOT follow this link or you will be banned from this site.......wtf...
MUST WATCH> http://www.youtube.com/watch?v=Z7w3ZEbC09k
Wow. That was definitely worth watching.
Thanks!
That's what a real American looks like.
+infinity
If thats america then fuck america. Guns are for frightened children. Anti-intellectualism is your game sir. poo on you whyte boss morons.
No no no, guns are specifically not for frightened children, which is why I'm going to go out on a limb and say you don't own any.
I'll take bait to say [DUH], and also, I don't need one, have plenty of skill and intelligence. Harmony and cooperation require neither, though, really...
MacGyver? Is that you?
By the way, nothing you said amounts to a coherent point. Harmony and cooperation certainly do require skill and intelligence. And believe it or not, not everyone on the planet wants to be all harmonious and cooperative and stuff with you. Some want to just take your shit. Some just want to watch the world burn.
Your stance amounts to: I don't keep a fire extinguisher in my house because house fires are just so awful. Plus, I don't set things on fire inside my home.
Don't be so quick to toss around the word "anti-intellectual" when you have so much trouble demonstrating even a modicum of intelligence.
Aptly named, chump.
I have 2 fire extinguishers, by the way . . . They put out fires.
Why do idiots always think they're intellectuals?
Hoffa and his thugs have bats. The Tea Party has guns.....be careful what you wish for.....we sons of bitchez don't back down.
Thanks for the link
Lt.Gen. (Ret.) W.G. Boykin was one of the elite warriors chosen in 1978 to make up the first unit in America's ultrasecretive and deadly Delta Force. He then became commander of the unit, and later still, commander of all U.S. Army Special Forces. His thirty-six years in the military included a tour at the Central Intelligence Agency and clandestine missions around the world. Jerry retired in 2007, serving his last four years as the deputy undersecretary of defense for intelligence.
We're going to see if congressional Republicans can put country before party
I SAY PARTY FIRST, PAY THE BILLS LATER!!
AND TAKE A MORNING AFTER PILL FOR HER IN YOUR WALLET WITH YOU!
IT WILL SAVE YOU A LOT OF HASTLE IN THE MORINGN!
those things are $40 a pop, which can really begin to add up
And Viagra are what, $10? That's $50 on date night even before the food and petting start...talk about inflation...
$40 is cheap - when you consider the expense of the alternative.
You sound like you work in Marketing...
Get a damn cat.
Best I ever had wasn't worth half the crap I had to put up with to get it.
(Except that one time in Juarez...but that's another story.)
Let's put America back to work.
I'm sorry. Isn't that what the American Rip-up and Re-pave Act (ARRA) was supposed to do? Doesn't "Putting America To Work" appear on every one of those freaking campaign signs I've seen popping-up around projects that are making it ever more difficult to get to my non-government job?
How'd that work out? Eh, Champ?
Oh, and as for "putting country before party"? Brilliant advice, Teleprompter. How about applying it to yourself.
Real solutions, such as phasing out Fractional Reserve Banking, and phasing Commodity money back in would require "REAL" work, which neither the Republicons or Decepticrats know how to do...
Ultimately this will be a non-event. Ultimately as in two weeks after he makes his speech.
It'll be another of a long line of finger wagging and complaining that Congress won't get on board for more stimulation.
Everything out of DC is a horrible waste of time and money. Shrink the stupid thing down to one quarter the size it is now and relieve the tax payer from having to maintain the 'queen' in her castle with the royal entourage.
It's time to haul out that Obama Stimulus/Unemployment graph again.
He omitted the part where Democrats controlled the government for almost three years, shoved through trillions in additional spending and tax increases through Obamacare, not to mention the rule by fiat through the EPA, etc.
So now, its up to Republicans, who've controlled the House a little more than 6 months to step up? Does anyone buy this bullshit? Budget bills can originate in the Senate, and I haven't seen the Senate Democrats propose a budget in oh...maybe three years.
Look, there's a subset of the voting population right now who will vote for Obama no matter what. If they found pictures of him fondling a 10 year old boy, they would still vote for him. Those people are hopeless.
I think of the majority of people who actually go out to vote, I get the feeling that they're looking for a reason NOT to vote for Obama, because at this point, who is voting for this clown again? Are they really going to re-up for 4 more years of this crap?
I think wrestling is fake.
But, he's got a folding chair. Lookout!
There is more reality in wrestling than politics, but the analogy is a good one.
Just say "black people" ya rayciss
Plenty of white liberals fall into that category too, trav - case-in-point, New England (sans, perhaps, New Hampshire).
Just saying, is all.
lot of obama 2012 stickers on the subarus around here too(portland OR), "all of the sheep have followed the spoken word"
Not really. Most whites in New Jersey and New York, for example.
Yep. It really boils down to Libs and their pets, the welfare leeches.
Your reply was the racist one.
IAmNotMark is anti-racist.
Anti-racist is code word for anti-White.
Wow! You're good! You can tell all of that about me from one sentence? Wow! I'm impressed. You're wrong, but I'm still impressed.
I get that you are an ignorant asshole from the two sentences that I've got from you. How did I do? Pretty good, eh...?
yep. one sentence is enough. let me repeat:
IAmNotMark is anti-racist.
Anti-racist is code word for anti-White.
Got it scumbag?
Wow. What an asshole you must be.
Stupid, ignorant, asshole.
Oh wait...I get it...you're a troll! I'm sorry...did school let out early little boy?
hey hasbartchick POS - go back where you came from.
IAmNotMark is anti-racist.
Anti-racist is code word for anti-White.
Hey ass bag. The racist is the douche bag who goes looking for race at every opportunity, just like you! But since YOU brought it up, let's analyze it a bit. The black pop'l by every objective means has been decimated by Obamugabe's policies, yet 95+% will still vote for him. Care to explain WHY, ass bag? Name the last time 95+% of whites voted in unison for anything.
Plus, included in that group of true believers are the envirofrauds, feminazis, union thugs, hollywierd elite, wall street, academia, the media etc etc etc. You chose one specific group which says more about you than him.
For a preview of what's to come if his constituency doesn't get theirs: http://bit.ly/r2CBYv Also, here's your CA rejects screaming about how nothing is their fault: http://huff.to/npOM24 Apparently none of them are smart enough to realize that a career in Hollywood does not await every one of them as they exit their overpaid cooking classes...
Democrats need to put country first over party and nominate someone else to run against Obama.
Don't worry. If his numbers aren't up by Christmas he is going to get the boot.
A primary Challenger will wait until the very last minute to announce.
Oh dear God, not Shillary...!
Are you kidding? A Obama/Hillary primary fight part deux would be the most entertaining thing I can imagine. I would actually start tuning in to CNN, MSNBC, and all those other crap stations just to watch the fun.
Man...if you like that stuff why don't you just watch Jerry Springer, or whatever the talkshow disaster of the moment is.
I hate to think that choosing the next leader of our country would be reduced to a reality show. Oh...wait...
Absoloutely correct, and exactly what is wrong with a two "king of the hill" party system to govern a nation of 312 Million people and 3.8 Million square miles with a government comprising/consuming 20% of GDP from a swamp on the east coast.
when does the current debt ceiling breech become an issue again?
and how about that gm stock..timmay is still waiting for that higher exit point...
"Pelosi is miffed that Republicans won’t be doing an instant rebuttal..."
Don't they need a direction in order to rebut? Obama is a dog chasing his tail. A lazy one at that. He doesn't even circle fast enough to be funny. He just stumbles around once and lays back down and goes to sleep.
The script for the televised instant republican rebuttal, as requested by madam Pelosi:
"Man....that was pretty fucking pathetic!"
I guess he got the "country before party" line from Rev. Wright of "God Damn America" infamy.
Well, I guess QE3 ain't coming after all, eh?! Or will they just make it more dramatic?!?! I think it will come, eventually, when S&P is @ 875ish?!?! Or even lessss?!?! Ahhh it's good to be Physical!
No QE3 coming, its been scrapped from all discussion...but what will fill that giant void since everything from DOW 9,800 has been priced in due to the certainly of 'QE3'?
False flag attack instead.
I refuse to allow him to screw up my football pregame shows.
Ha ha ha that is great, maybe most Americans will follow suit.
Packers, bitchez!
Lets see watch Obama lie on TV again or watch a mindless but entertaining sport. At least with one of the programs I can feel less like a sheep....
The buzz this AM in the District of Corruption was $300 billion in new stimulus. Really? $300B? That wont stimulate anything but the usual cast of grafters fighting to be first in line for a hand out of someone else's money.
What a boring and predictable puppet show.
The prep for this speech has gone full bore. I listen to a local talk radio show on the way in to work, and man is this thing beign pushed. The 4th branch of gov is starting to get a bit wrorried that things are NOT okay in Disneyland.
What is he going to actually say, and more importantly DO that will help the economy? Nothing. He is a figurehead. And one that needs to just stop going on TV everyday like a cheerleader. GM? He has poisoned that name for roughly half of amerika.
I could only imagine if he came on and told the truth. Amerika hit the debt wall and cannot take on more debt to service existing interest due, so things are collapsing.
pods
I don't think America can handle the truth.
And I don't think Obama can tell the truth.
He didn't say anything with substance.
Forget about Obama as a personality. Look behind the curtain and find all the gremlins that are pulling the levers in this national (global) controlled demolition. The Fed and its master are running the country - not Obama. The SEIU are just the crummy brown-shirted foot soldiers. The rhetoric coming out of the DNC and White House is to frame everything and anyone not aligned with "Obama" and their agenda as racist - to shut down any form of organized intelligent dissent. Anti-global warming/carbon tax , republicans, anti-union, tea party (pissed off independents), anti-big bank; question Op Fast & Furious, you name it. All branded as "racist." Absolutely desperately disgusting. Everything "Obama" is now pure poison to me because of the apathy projected onto the country and this race baiting attitude - and I voted for the guy. I now feel sorry for him because his own people have marked him. Obama's 2012 campaign is "Kill Whitey?" Unbelievable. Somehow taking a (THE) page from the Israeli lobby to call anyone that questions any Israeli motive or action as anti-Semitic is not going to end well for anyone in Amerika. But lets face it, the only play left for the South Chicago democratic party mafia that got Obama elected is to martyr Obama. Its the perfect play; role all the problems onto a dead man, blame white Amerika, sink the banks further to justify a new world currency and extra-legal central bank, get Hillary in the WH and stay in power on top of a new JFK for the 21st century.
The Chinese have a saying; 'Beware what you wish for.'
May G_d watch over our Republic.
I also have a saying... Ba'al must be appeased! Bow before him!
.
same as the old way
spend other people's money
Obama is really trying to learn to be a ventriloquist and make the teleprompter do the speech thus cutting out the useless middleman, Obama himself. Could it not be said that the teleprompter is outsourcing the speech to Obama???? Shouldn't there be a FTC investigation on this anti-union activity.
"Shouldn't there be a FTC investigation on this anti-union activity."
Sayeth the Koch sucker.
I've got his joint-session speech right here:
"Good evening. As you are no doubt aware, I will be running for a second term as president of these United States. I have come here tonight to make a campaign speech on the taxpayer's dime. As you are also no doubt aware, my approval rating sucks. Therefore, I have come before you tonight to berate you, because as luck would have it Congress's approval is lower than mine. Sucks to be you. The fact most of you didn't just give me a standing ovation for just now sliming you only goes to show how partisan our politics have become. Ladies and gentlemen, partisanship simply will not get me re-elected. There can be only one party in America. If you aren't a Democrat then you are a son-of-a-bitch teabagger and will be run out of DC. You and Lieberman. All you guys. And to that end I am announcing my new jobs program, which is to hire ten million able-bodied men and manly women folk who will be assembled into a brute squad I'd like to refer to as ACORN's OAKS who will put down any TEA party protests as rebellion against the Empire, and make sure only our people, identifiable by their Barack Obama head scarves, will be let into the voting booths come 2012."
Biden:"Brute squad, bitchez! Is Andre the Giant here tonight? Stand up Andre! Oh... sorry."
Obama is a loser and he's (thankfully) taking the entire socialist agenda and his proppaganda media down with him. The socialist democratics had the lead, the bases loaded, and they sent an angry, vindictive amateur up to the plate and they lost the game.
Not just calling names or making it up. 70 Dem members of he House are card carrying members of the Socialist Democrats of America and they threw Liberman under the bus because he wasn' commie enough for them. Obama refuses labels but he was the most liberal senator, more than the avowed socialist Sanders of VT, and Obama backed the attempted Marxist coup of Honduras in the first 90 days after he was inaugurated.
If socialism/marxism is so great, why do they hide who/what they really are?
American Socialists Release Names of 70 Congressional Democrats in Their Ranks | The Gateway Pundit
Is your congressman on the list?
Socialism/communism is an epic fail, no one learns, and history repeats itself again and again and again and again, humans are stupid.
Ohbummer is a non factor now. Just public amusement. He will pander to the same populist rhetoric of a dysfunctional DC(which it is), paritsanship (which is probably the only thing preventing more government waste and decimation of the private sector, I would rather have no laws passed than bad ones, grid lock is beneficial at this time), etc. So I am not going to even bother watching it. I will read the joking points here on ZH after the fact. Keynesian-ism is for dweebs that can not critically think and is the easy way out. Ron Paul bitchez or fail.
Perhaps the greatest message that we could send would be, for the speech to be the most un-watched speech of all time. What a message that would be.
Reminds me of my 7th grade football coach's pep talks before practice except these speeches aren't quite at the junior high level of sophistication. The average American intellect is probably hovering around the 3rd to 5th grade level when measured by normal standards. Our public schools and television programing should keep us steady at these levels. Truthfully it would be hard to fall further without going complete retard.
I'm afraid the majority of American citizens have already gone full retard.
Sesamé Street FTW!!
...and Obama is going to find $300 Billion from where? This is totally political posturing. Sorry Barry but you missed the opportunity. Instead of pouring Trillions in the bank coffers (TARP, QE1, QE2) the banks should have been left to fail and that money should have been funneled to infrastructure projects back in 2009...we would have deleveraged and been out of this mess by now imho. Now your just screwing my kids, grand-kids, and probably great grand-kids too.
I don't think the elephant needs to say anything! Just stand there and 'poddy' all over the place...
We're way past the hope and change mantra!
More like blame you/shame you!
That's all that is left!
Why are there never stories about the real Obama handler Valerie Jarrett? WTF is she untouchable?
Yes but he is expected to keep the new equipment tax writeoff which will keep certain ISM components high. There are a ton of businesses that are buying equipment they don't need because they get to write off the whole amount on their taxes. They hope to use the equipment in the future or just keep the equipment and sell it later.
The entire system is a total scam. Every single economic data point has been distorted by the government's action. Nothing is real.
Now the supporters will say that all the purchases of the equipment help the economy and creates jobs. The only problem with that argument is that buying product you don't need only harms production in the future. You are just stealing future dollars to pump up economic indicators now.
Look at housing. The homebuyer credit just moved future purchases up and made the situation two years later that much worse.
Why doesn't Obama just give every household up to a $20,000 tax credit to buy a new car. Every single 2011-2012 automobile will be sold and every factory will be running at full tilt. There are a lot of people that would still buy a $40k since it would cost them $20k. Think about the employment opportunities and the money every supplier will rake in. That will only cost a trillion or so.
The only problem is that will destroy the used car market and absolutely destroy new car sales for years afterwards. Stimulus only helps in the immediate short term and actually harms the economy in the long run. Every single policy put forth by this administration harms the real economy for short term gains and creates dependency on stimulus for the economy to move at all.
We have created the corporate welfare zombie economy. There is no difference between Bank of America and a welfare queen with 8 kids in Detroit.
Hey, delete this
Unions and entitlements will be the focus of his speech. More Handouts and Free Money. I don't expect anything less then a seasoned politican's quest for votes....oh yeah, he might just throw in somehting for the Hispanics....he desparately needs thier votes too..
The GOP...they are not here to save us either. Great article, read Taibbi's intro first.
http://www.rollingstone.com/politics/blogs/taibblog/how-the-apocalyptic-...