This page has been archived and commenting is disabled.

Boehner Deficit Plan Passes: Here Is What Happens Next

Tyler Durden's picture




 

As expected, the revised revised Boehner plan has passed the Congress garnering the required 216 votes to be successful (218-210 to be precise). And now that the ball is in the Senate's court, here is was happens over the next 3 days...

Via Nancy Vanden Houten of Stone McCarthy.

Majority Leader Reid today set the wheels in motion for the Senate to begin consideration of the House bill, assuming it passes, or his own debt ceiling/deficit reduction plan.

Our understanding of the procedures in the Senate is pretty basic, but the bottom line seems to be that the soonest we would see any meaningful vote in the Senate would be shortly after midnight on Saturday (i.e. early Sunday morning.) It's not clear to us whether that initial vote would be on some version of the House bill, Reid's original proposal, or Reid's proposal modified based on recommendations from Minority Leader McConnell. Without Republican input on the legislation, the odds of filibuster go up. People with more knowledge of the workings of the Senate than we have are looking for another procedural vote on Monday morning, and a final vote on some piece of legislation on Tuesday (August 2.)

Putting the logistics of the Senate aside, Reid is going to have to make some adjustments to his bill to get enough Republican support so that Republicans don't block legislation through filibusters or other tactics.

Assuming Reid can get the Senate to pass some piece of legislation, some compromise will still have to be worked out with the House. If Speaker Boehner wants to be part of a compromise that prevents default, he's going to have to shift gears in a major way. In the last couple of days, he's been working overtime to get support for his bill from members of his own party. If he wants to push through compromise legislation, he's going to have to court some Democrats, because he'll surely lose Republican votes on any compromise with Democrats.

As we noted in our comment Monday, the original Boehner and Reid plans had enough in common to suggest grounds for compromise.

The biggest stumbling block will continue to be the House bill's provision that calls for the debt limit to be increased in two steps, with the first increase only lasting through the end of this year or early this year. We don't think Senate Democrats and the White House would concede to that. As we noted in our update Monday, both the original House and Senate bills call for a new Congressional committee to make recommendations for long-term deficit reduction. The House bill made the second increase in the debt limit contingent on Congress adopting those recommendations. There are no consequences for failing to adopt the committee's recommendations in the Senate bill.

We think Senate Democrats would agree to adding some mechanism to their bill to force the adoption of the Committee's recommendations. Indeed, President Obama said today he could support some sort of enforcement mechanism if it was "smart and balanced." We don't think Democrats would support the enforcing mechanisms in either version of the House bill -- i.e. making a debt limit increase dependent on Congress adopting the new committee's deficit reduction recommendations in the first bill, or Congress adopting a balanced budget amendment in the latest version. However, Senate Democrats do seem open to requiring a vote on a balanced budget amendment as part of a compromise.

The bottom line: To get legislation to raise the debt limit, some bi-partisan cooperation will be required. Senator Reid will need to work with Republicans to move a bill through the Senate, and House Speaker Boehner will need to start wooing Democrats because he's sure to lose Republican votes for any legislation that makes some concessions to Democrats. Given the procedures in the Senate, this isn't likely to be resolved before Tuesday. If the two sides are making progress, we think there is a good chance we would see a very short-term increase in the debt ceiling lasting for a matter of days.

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Fri, 07/29/2011 - 21:53 | 1507089 tip e. canoe
tip e. canoe's picture

is any other tinfoiler thinking that a large part of the reason for this whole drawn-out affair is to direct attention away from the GDP print/revision released today?

an odd coinkidink don't ye think?

Fri, 07/29/2011 - 22:08 | 1507103 ??
??'s picture

+1

Fri, 07/29/2011 - 22:13 | 1507110 blunderdog
blunderdog's picture

I'm a tinfoiler, but uh...nope.  I don't think they're that stupid.

That'd be like trying to distract your mom from the smell of weed by setting your house on fire.  It might work, but the cure is worse than the disease.

I think it's more likely they know the jig's up and don't want to be hanged from lampposts.

Fri, 07/29/2011 - 22:31 | 1507125 tip e. canoe
tip e. canoe's picture

 maybe...then again, they were also successful in getting the meme out that SS is pretty much a goner...and you know, kids do say the darnedest things...

Fri, 07/29/2011 - 22:46 | 1507144 blunderdog
blunderdog's picture

Well, SS *is* a goner.  Not because it should be, but just because the government that administers it is collapsing under the weight of its own mismanagement.

Philosophically, you can make a good case for SocSec and if you're going to bother with government and such, maybe it's the right thing to do. (I confess to a personal like for the idea.  I also like education and humanitarian justice, etc.)

*Practically* speaking, however: the guys in charge have already fucked things up so completely royally that we'll be lucky if we can salvage a nationwide electrical grid over the next 50 years, let alone a centralized system of retirement payments. 

Bettin' on Balkanization, myself.  I know it might suck, but describing the future is not the same as engineering it.

Sat, 07/30/2011 - 01:41 | 1507323 Peter_Griffin
Peter_Griffin's picture

My guess is, if this was orchestrated, it was to rob the pension funds.  If they end up defaulting here shortly, I won't be able to conclude anything other than that it was a ploy to make several other average American's poor.  Fight a bunch of wars, you'll end up having to pay a lot of pensions, what the fuck did they think would happen?

Fri, 07/29/2011 - 22:08 | 1507101 djCandi
djCandi's picture

In the fog of budget wars, some clarity on how it all started. Regardless of his history media whoring, da man can think straight:

How did the deficit worsen by over US$1.4 trillion between 2000 and Obama’s entry into the Oval Office? There were five main reasons:

  • First, the Bush administration dishonestly passed unsustainable tax cuts in 2001, 2003 and throughout his administration (with tax rates on capital gains, dividends and hedge fund managers’ profits lower than any paid by the average American taxpayer), circumventing budget-busting rules by pretending that the cuts would expire in 2010. These tax cuts reduced revenues by over US$1.8 trillion in 2002-09 (the fiscal period over which the Bush administration presented and passed budgets).
  • Second, Bush entered into wars in Iraq and Afghanistan that cost the U.S. over US$1.5 trillion over the 2002-09 period.
  • Third, discretionary spending literally surged—almost doubled—during the eight years of the Bush administration, increasing by over US$600 billion. Bush also proposed additional entitlements (like the Medicare drug benefit that cost US$180 billion), with bipartisan support. 
  • Fourth, after a financial crisis, the worst recession since the Great Depression—driven by a laissez-faire ideology that gutted any sensible regulation and supervision of the financial system—led to a further collapse of revenues and an increase in spending (e.g., automatic stabilizers such as unemployment benefits). It also induced the Bush administration to introduce further tax cuts in 2008 as a countercyclical stimulus. The additional 2008 fiscal stimulus and policy changes cost US$770 billion.
  • Fifth, the fiscal costs of backstopping and bailing out banks and other financial institutions that had caused the financial crisis in the first place added US$220 billion to the deficits. Remember that—among a dozen other bailout programs—the US$700 billion of the TARP program was proposed and passed under Bush and Treasury Secretary Henry Paulson.  

Overall, the policy changes legislated in the 2002-09 fiscal years over which the Bush administration had decision-making power increased the fiscal deficit by about US$5 trillion. An ideology of laissez-faire market fundamentalism, aggressive war-waging and reckless tax cuts passed under the excuse of “starving the beast” (it was an “excuse” as discretionary spending doubled under Bush rather than being reined in by the tax cuts) created this fiscal train wreck.

Fri, 07/29/2011 - 22:11 | 1507108 ??
??'s picture

you could have just said it was Bush's fault

President Obama has been saying that for years  

 

by the way if we want to PM you, what's your mybarackobama.com handle?

Fri, 07/29/2011 - 22:18 | 1507116 Central Bankster
Central Bankster's picture

Oh, I see now.  It was ONLY Bush and Free Market Capitalism that caused this.  Thanks for clearing that up.  I love when some ignorant party hack joins the discussion.

 

Or could it be that all politicians, of any stripe, are blood sucking parasites and good Ol USSA has never had ANYTHING close to free market capitalism for nearly 100 years and THAT is what caused this cluster fuck?  Get lost you one party hack.

Fri, 07/29/2011 - 22:51 | 1507147 Sathington Willougby
Sathington Willougby's picture

 

Go suck a teamster off union thieving moron.

Sat, 07/30/2011 - 00:50 | 1507294 Nostradumbass
Nostradumbass's picture

djCandi,

Posting these facts will gain you nothing here. You will likely collect more red downers than green uppers - no doubt. But good going anyway.

<Disclaimer>

I do not vote nor do I claim affiliation with any political party.

Still, I see the Republican Party at this time as The Party Of The Rich - Everyone Else Be Dammned. The Tea Party is a temporary insanity in the body politic as best I can tell. The Democratic Party seems to be the lesser of evils at this time - but I won't vote for them either - Spineless.

My own view of the best of all enslavers... oops... governments is somewhere between Social Democracy and Anarchism from the choices available to man at the current limited level of wisdom and enlightenement.

Hit those down arrows!

 

 

Sat, 07/30/2011 - 01:13 | 1507310 kwality
kwality's picture

Too bad the Democrats didn't have a majority in both the executive and legislative branches in 2009-2010, during which time they could have reversed any of those above 5 things.  Such a shame, such a pity....

Sat, 07/30/2011 - 08:54 | 1507513 j0nx
j0nx's picture

And you sir win the game. DJCandi: please take your ball and go home for you are not fit to play with the pros.

Sat, 07/30/2011 - 02:54 | 1507377 Escapeclaws
Escapeclaws's picture

I think you're missing the point. Once an administration is out of office it is no longer held accountable. Bush, Cheney, Rumsfeld, all the neo-cons like Richard Perle, Doug Feith, Wolfowitz, etc, they are now all good guys!

I don't see that you are saying anything in favor of the Obamanation administration, but the rule is that if you bring up the sins of the Bush administration, that is prima facie evidence that you agree with all the lies of the current adminstration, so shame on you!

Sat, 07/30/2011 - 08:22 | 1507491 rwe2late
rwe2late's picture

"How did the deficit worsen by over US$1.4 trillion between 2000 and Obama’s entry into the Oval Office?" - djCandi

Next, one needs to follow up by asking and answering: How did the deficit worsen by more trillion$ since Obama’s entry into the Oval Office?

Obama has advocated, continued, and magnified all the worst policies of his predecessors (including Clinton's 'free trade' exporting of the tax base). The global wars and militarism have increased, and the financial handouts since TARP (which Obama supported) have grown exponentially. And do include the big pharma/ health insurance industry give-aways and boondoggle.

Sat, 07/30/2011 - 09:00 | 1507518 j0nx
j0nx's picture

"How did the deficit worsen by more trillion$ since Obama’s entry into the Oval Office?"

Professor Bartlett on youtube can answer that question for any of the 'slower' here amongst us that don't understand wtf an exponential function is. We are without a doubt entering the metaphorical 99.9ish% timeline in the petri dish.

Fri, 07/29/2011 - 22:08 | 1507102 Central Bankster
Central Bankster's picture

OBAMA for 2012 banner ad... PUKE.  Thats what I get for visiting CNN website today.

Fri, 07/29/2011 - 23:14 | 1507188 KowPie
KowPie's picture

Try Googleing "Debt Ceiling" and you'll always get a direct link to Odumbos re-election site in the top returns. It's "Barack-O-Uflaged" as the: "Obama Debt Ceiling Plan". Fucking shameless. Not to mention the fact that a gazillion morons will hit the link and he'll get a shit load of contirbutions toward his campaign. This country is beyond doomed. My parents are rolling in their graves. If you could travel back in time 40 years and make contact with me to inform me of the future I wouldn't have believed what you told me for a million bucks. Truly sad state of affairs. Burn baby, burn; bring on the next evolution of the former USA.

Fri, 07/29/2011 - 22:09 | 1507106 lunaticfringe
lunaticfringe's picture

How'd that bail out of TBTF Banks work out? Why are we considering bailing out a government who's reckless spending is far worse than anything we have evr envisioned?

 

In life when you screw up- you pay a penalty. It's time to default and save 3 additional trillion. http://thecivillibertarian.blogspot.com/2011/07/time-to-default.html

Fri, 07/29/2011 - 22:21 | 1507118 Dakota Thunder
Dakota Thunder's picture

We will still get downgraded after the Obamacare bills come due.  Enjoy it for a few years.

 

 

Fri, 07/29/2011 - 22:22 | 1507119 tony bonn
tony bonn's picture

if anyone thinks that getting a deal done is a victory, he is a goddamned fucktard.....this bill is a fraud and any raise of the debt limit is proof that the banksters control congress and rule amerika with an iron fist....

fuck the debt limit increase; bring on the default.....as noted already, america has already defaulted and taxed the fuck out of this country to support wars of imperial aggression and blood letting, to say nothing of prupping up the bankster junta who willfully destroyed this nation for their pecuniary interests....because they couldn't help themselves because the system made them do it....

Fri, 07/29/2011 - 22:38 | 1507131 LauraB
Fri, 07/29/2011 - 22:43 | 1507136 Nostradumbass
Nostradumbass's picture

Oh shit...

14th Amendment invoked on Tuesday by Prez?

Meat grinder at the sausage making has stalled...

Fri, 07/29/2011 - 22:46 | 1507143 Manthong
Manthong's picture

What happens next?

Tee time for the "Putter-In-Chief".

Fri, 07/29/2011 - 22:58 | 1507160 Notworfa Kraker
Notworfa Kraker's picture

Why not just remove the damn debt ceiling altogether? What would have to be done to make this happen?

Then it'd be party time!

Sat, 07/30/2011 - 06:29 | 1507438 Setarcos
Setarcos's picture

Remove the debt ceiling altogether?  Oh please stop to think, before posting ... unless you happen to live on some other planet with infinite resources for exponential growth.

Fri, 07/29/2011 - 23:06 | 1507175 Sathington Willougby
Sathington Willougby's picture

 

Maybe there is a god.  Because someone's punishing the shit out of once free Americans since Abe Lincoln fucked the whole thing to bits.

Fri, 07/29/2011 - 23:06 | 1507176 bobert
bobert's picture

The US collects $200 billion a month in tax revenues and spends $300 billion.

Sooo.....we need to cut expenditures by 1/3rd if we want to correct our problem immediately. But why do that?

I think it would be better to evaluate expenses and raise the debt ceiling each month.

Force "fiscal responsibility" upon the President who is apparently not capable of originating this idea on his own.

Question is, how do we get congress to impose this sort of thing when they seem equally inept at budgeting?

Fri, 07/29/2011 - 23:27 | 1507198 KowPie
KowPie's picture

I think a better plan would be to:

A. Increase spending to $400B/mo

B. Allocate $100B/mo of that to be distributed to all citizens, tax free (sorry, natural born only)

C. Depress PM spot and encourage all citizens to purchase said PM's while maintaining artificial manipulated prices

D. Default and fuck the entire globe after 1 year

E. Sell "Debt Ceiling Negotiations Participants Tags" (similar to a deer tag during hunting season) for 1/TOz Ag immediately after default

F. Open season until all tags are filled.

Fri, 07/29/2011 - 23:43 | 1507207 bobert
bobert's picture

That would be pretty irresponsible of us albeit probably very much fun.

Good thinking!

Sat, 07/30/2011 - 12:06 | 1507741 hunglow
hunglow's picture

Ag is already depressed but I like it.

Fri, 07/29/2011 - 23:32 | 1507201 Lazane
Lazane's picture

Don't need to raise the debt ceiling, nope, it's all a ruse to keep sheeple preoccupied with circuses. goob currently collects about 175 to 180 billion per month, with that kind of cash flows just about any budget woe can be straighten out with just a wee bit of accounting. Few if any of these rubes in the congress has an accounting degree, most are cast as lawyer, and lawyers don't understand accounting and never will. take your 175 billion and pay your debt service, then pay the entitlements, and then the military, what is left is about 35 billion for the discretionary spending, probably not enough left over to keep funding the programs that could include, underwater basket weaving, local bird calls, turtle wheelchair programs , etc, etc, you know the drill. they spend to much on bull shit discretionary pork for their own districts, I am afraid it is going end badly for some who have failed to realize that the party is over.

Fri, 07/29/2011 - 23:48 | 1507216 KowPie
KowPie's picture

Holy Shit! "Turtle Wheelchair Programs"?!?! That's a +2 (and a -1 for making me spit beer all over my keyboard; you get +1 net for the humor!).

Fri, 07/29/2011 - 23:50 | 1507227 bobert
bobert's picture

You are correct.

We have a systemic problem.

Every congressperson needs to right these two words a hundred times on their white boards: Fiscal Responsibility.

Fri, 07/29/2011 - 23:58 | 1507235 KowPie
KowPie's picture

They already do that daily. The problem is the white board is composed of a huge acid test stone and the marker is solid Au. All funded by the US citizen/sucker/sheeple. When they run out of markers they order more and clean the board with nitric flushing the waste fluid down our sewer of an economic system after allowing the banking industry to drop all trace Au out of solution to be retained for Global use.

Fri, 07/29/2011 - 23:59 | 1507236 Kassandra
Kassandra's picture

Tyler...you really need to bring back "captcha".

Sat, 07/30/2011 - 00:03 | 1507242 Temporalist
Temporalist's picture
Money market investors rattled by debt ceiling stalemate

"As U.S. debt ceiling negotiations get down to the wire, fund managers are shifting out of money market funds in case a debt default creates a pressing demand for cash.

More than $62 billion has been shifted out of money market funds over the past two weeks, according to Investment Company Institute. About 60% of that, or $37.5 billion, was yanked during the week ended July 27."

http://money.cnn.com/2011/07/29/markets/bondcenter/Treasuries_debt_ceili...

 

Ouch!  I think things are not going so well.

Sat, 07/30/2011 - 00:18 | 1507259 bobert
bobert's picture

 Pretty strong correlation there between the short term rates spiking and the mid and long term rates dropping.

A flattenng yield curve!

My PST holding got hammered the last few days.

The MM freeze of 2008 is still fresh in my memory. Sub par and illiquidity and all of that stuff.

Now you've gone and  done it with your post and link.

I'm going to bed scared :)

Sat, 07/30/2011 - 00:18 | 1507258 Cabreado
Cabreado's picture

Ain't Debt Parties fun... (c'mon, they VOTED, even)
The obfuscation, distraction, manipulation make me want to celebrate, too. What's in the Pinata, I wonder?
And when does Honest Leadership start playing? (that's a band, right?)

Sat, 07/30/2011 - 01:25 | 1507293 tom a taxpayer
tom a taxpayer's picture

What's in the Pinata?

USDA-Subprime Bullshit. Or, pork rinds. Or, Reid's balls. Or, Boehner's ass. Or, Pelosi's make-up. Or, Hope and a few pennies Change. Or, nothing at all.

Sat, 07/30/2011 - 00:52 | 1507296 Bansters-in-my-...
Bansters-in-my- feces's picture

MMmmm...MMmmm Big breasted filipino womem.....

MMmmm...MMmmmmm...good.!

Sat, 07/30/2011 - 02:31 | 1507358 blunderdog
blunderdog's picture

Damn.

Filipinas are the most beautiful women in the world, but I've never seen a big-breasted one.  Neither has Google, apparently.

Sat, 07/30/2011 - 02:14 | 1507333 caerus
caerus's picture

Floyd...Sheep...take two

Uhhh..sorry for the prayer at the end of the vid...not in the original song...creepy

Sat, 07/30/2011 - 02:20 | 1507337 Neezer
Neezer's picture

I just want to say Harry Reid is a wussy for not allowing debate on not one, but two house bills to solve this manufactured crisis.

Viva la revolucion!!!

Sat, 07/30/2011 - 02:28 | 1507355 robertocarlos
robertocarlos's picture

My kitten's name is Kitler.

Sat, 07/30/2011 - 03:08 | 1507378 Escapeclaws
Escapeclaws's picture

Kute!

Sat, 07/30/2011 - 02:32 | 1507360 tellsometruth
tellsometruth's picture

http://www.youtube.com/watch?v=1YpMVoYBJzs

Ron and Rand on it all during the House vote on FBN

 

Ron saying price inflation will be hot talk by next summer...  Econ 313 a macro class is a fun back drop to this all...

Sat, 07/30/2011 - 03:20 | 1507380 i-dog
i-dog's picture

Next ... your doorbell will ring:

http://www.youtube.com/watch?v=MqoGORXAv2o

Sat, 07/30/2011 - 03:20 | 1507382 Escapeclaws
Escapeclaws's picture

Here's a great paper by Antal Fekete who exposes Keynes for the manipulator he was.

http://www.professorfekete.com/articles%5CAEFTheDeepCauseOfTheGreatFinan...

Keynesian stimulus:economics::curved space:gravitation only if you think general relativity is correct, but see

"Dirac's Equation and the Sea of Negative Energy, part 2" at the following url: http://www.zeitlin.net/OpenSETI/Docs/HotsonPart2.pdf

Sat, 07/30/2011 - 03:49 | 1507395 caerus
caerus's picture

Dirac? Very nice...I'm partial to a feynman path integral approach...principle of least price action...I guess

Sat, 07/30/2011 - 05:11 | 1507414 Escapeclaws
Escapeclaws's picture

It may or may not be fringe physics, but some of the ideas are fascinating. He wrote a third paper that gets into telepathy, cold fusion, and immortality. He's a good literate writer, but whether his physics is a genuine revolution or will go in the bin for crank theories is hard for me to tell. Definitely worth the read and nothing threatening if you are strictly standard model. I read some criticisms on a physics forum, but I'm not expert enough to judge. If he is right, it overturns the big bang theory, GR, and the standard model, leading to a flat universe that has always existed. I need to find out more about the solutions to Dirac's equation, which is a relativistic equation, so I am boning up on GR and tensor calculus.

Certainly physics has its orthodoxy, and this paper questions the orthodoxy in a big way. That's what I like are thinkers who are both original and non-orthodox, but who are also conversant with the orthodox point of view. Fekete appeals to me because he has proven himself as a mathematician and has gone over to thinking about economics in a ground-breaking way. I find what he has to say compelling.

Sat, 07/30/2011 - 06:27 | 1507417 Escapeclaws
Escapeclaws's picture

(Meant to hit the edit button--they are too close together. I was going to add that I also like Steve Keen who understands enough math to reformulate economics in terms of dynamical systems. He gives the lie to the conventional model which bases everything on equilibrium and has actually come up with a toy model on his website where you can play with the non-linear approach.

On a side note,I get sick of the ideology between left and right that you read ad nauseum on this site. These ideologies are just psychological artifacts that say nothing about reality and speak only to the groupthink of the people who cling to them. Politicians use them to "appeal to voters"--ie, they are predicated on manipulating credulous stupid people. They are also intellectually vapid. They are why the US is turning into a dump.

Sat, 07/30/2011 - 06:33 | 1507440 Pay Day Today
Pay Day Today's picture

Steve Keen's debtwatch.com is all good.

As for the Left vs Right dichotomy, we could make it easier by simply asking what kind of society and economy we would like to have for most people, and their children, to participate in.

Sat, 07/30/2011 - 06:46 | 1507442 Escapeclaws
Escapeclaws's picture

I understand the spirit of your suggestion, but these little demons are not easily banished and would enter--frothing at the mouth--into any such discussion. No, I think the only way one can be cured of this affliction is to suffer the full consequences of where these beliefs lead. They are so ingrained that it is as if a new born baby is already hard-wired to be a Marxist or a fascist. My own thought is along Freudian lines: I believe they result from the love or absence of love that a mother shows her infant child, or perhaps from the spectrum of permissiveness to authoritarianism in the natal family.

Sat, 07/30/2011 - 07:31 | 1507466 Pay Day Today
Pay Day Today's picture

***Raised eyebrows***

In that case, at your leisure you might like to take a look at this

http://www.ucl.ac.uk/news/news-articles/1012/10122301

and this

http://members.shaw.ca/jeanaltemeyer/drbob/TheAuthoritarians.pdf

Although I suspect you may already be familiar with this material...

Sat, 07/30/2011 - 08:22 | 1507490 Absinthe Minded
Absinthe Minded's picture

Absolutely correct, there are no born beliefs. They are learned behaviour. Unfortunately our culture has become one of pandering to little Johnny who can't read, so just push him along. Can't have losers in a ball game so we won't keep score. Our coddling of todays youth has resulted in a lack of drive to succeed. They're all "winners" without even trying, and look how happy they are. Today's youth will never be able to be the innovators and leaders we need them to be if we don't let them experience failure, like our government should have done with our banks. How did that work out?

Sat, 07/30/2011 - 03:46 | 1507393 caerus
caerus's picture

What are the roots that clutch, what branches grow  
Out of this stony rubbish? Son of man,   
You cannot say, or guess, for you know only  
A heap of broken images, where the sun beats,  
And the dead tree gives no shelter, the cricket no relief,  
And the dry stone no sound of water. Only  
There is shadow under this red rock,   
(Come in under the shadow of this red rock),  
And I will show you something different from either  
Your shadow at morning striding behind you  
Or your shadow at evening rising to meet you;  
I will show you fear in a handful of dust.   
                Frisch weht der Wind  
                Der Heimat zu.  
                Mein Irisch Kind,  
                Wo weilest du?  
'You gave me hyacinths first a year ago;   
'They called me the hyacinth girl.'  
—Yet when we came back, late, from the Hyacinth garden,  
Your arms full, and your hair wet, I could not  
Speak, and my eyes failed, I was neither  
Living nor dead, and I knew nothing,   
Looking into the heart of light, the silence.  
Od' und leer das Meer.  

Sat, 07/30/2011 - 05:32 | 1507422 Escapeclaws
Escapeclaws's picture

Love this poem. I used to listen to Eliot's Four Quartets read by the poet himself--indescribable!

Mein Irisch Kind,
Wo weilest du?

Stunningly beautiful.

I'm guessing you would like Goethe and von Hoffmansthal too.

Sat, 07/30/2011 - 11:33 | 1507686 caerus
caerus's picture

spot on...you sir, are intelligent...could talk forever about physics...imho I'm partial to the least action approach because it's economical...it (as I'm sure you understand) states that there is a quantity that exists in this universe and the universe proceeds in such a manner that this quantity (action) is minimized...beautiful...of course, there are other approaches...I suspect that the true theories are equivalent anyway (Heisenberg matrix mechanics & schroedingers wave theory for example)

Sat, 07/30/2011 - 07:56 | 1507475 tom a taxpayer
tom a taxpayer's picture

"the cricket no relief". What kind of relief does a cricket give? Debt relief? Tax relief?

Sat, 07/30/2011 - 03:51 | 1507396 oobrien
Sat, 07/30/2011 - 05:20 | 1507397 oobrien
Sat, 07/30/2011 - 04:49 | 1507406 caerus
caerus's picture

and here's Randy...night all

Randy Shredding

Sat, 07/30/2011 - 05:08 | 1507412 Mallenet
Mallenet's picture

What a complete mess!  But, imagine how much worse it would have been if Palin had anything to do with it!!!

Sat, 07/30/2011 - 05:51 | 1507428 Setarcos
Setarcos's picture

Just a random thought about US troubles, via Joan Baez.

Yes I am of her age:  http://www.youtube.com/watch?v=nnS9M03F-fA&NR=1&feature=fvwp

Sat, 07/30/2011 - 08:08 | 1507480 snowball777
snowball777's picture

So you're our entitlement problem in person?

And go with the best version: http://www.youtube.com/watch?v=sMHyovwX7JM

Sat, 07/30/2011 - 05:52 | 1507429 Setarcos
Setarcos's picture

Ponder the message about driving people down in any era.

Sat, 07/30/2011 - 06:09 | 1507433 Oligarchs Gone Wild
Oligarchs Gone Wild's picture

$2T in retirement 401k money sitting ripe for the milkshake straw to suck.

Yet the zombie lemming brigade remains content in their pig slop.

Sat, 07/30/2011 - 06:13 | 1507434 Setarcos
Setarcos's picture

Ponder how developed banker WMD have ground people down for a very long while and ponder how, now, sundry financial derivatives are grinding people into poverty.

About ten years ago I fondly imagined that banks only lent money from deposits on hand.

It has been a steep learning curve for me to learn what is really going on.

I am fairly intelligent and I have found it a struggle to grasp what is going on.  What hope anyone less able to grasp what has become "financialism"?

It was hard-enough to understand capitalism and mercantilism, for anyone who had the aptitude and could be bothered with Adam Smith, Ricardo, Marx and, latterly, such as Keynes and Galbraith.

Now we have financialism and who really understands manifold derivatives of the real economy?

Sat, 07/30/2011 - 07:37 | 1507470 Escapeclaws
Escapeclaws's picture

I believe a biological approach makes more sense. It is now a question of parasite and host. Take rabies, please. This disease kills its host, but acts in such a way as to keep the animal alive so that it can spread to other animals by causing the host to bite. It is optimally tuned for self-propagation. Same thing seems to be true with financial parasitism. We've become inured to suffering the slings and arrows of gotcha capitalism, which set us up for the last phase which is "biting" our opponents on the other extreme of the political political spectrum and will soon descend into knife fights at the local food depot as the parasite jumps to another host population.

Sat, 07/30/2011 - 08:10 | 1507481 oobrien
oobrien's picture

Imho, we're in a Japanese-style endless recession.

We might be talking about a couple of lost generations.

Fuck the debt.

We need growth and jobs.

http://geraldcelente.proboards.com

 

Sat, 07/30/2011 - 09:13 | 1507539 dark pools of soros
dark pools of soros's picture

'growth and jobs'   wtf that really mean?  globalization is eating US jobs, big corp is eating small biz, thus the empire is dying

 

anyone who has enough money to create jobs can just happily sit on that money... for years.   Or invest in another country.

 

Healthcare costs is what made unions look like thieves when that wasn't their fault.  Now the rest of the country is finally seeing what a beast that became from pharma and insurance racketeering 

 

Sat, 07/30/2011 - 09:00 | 1507521 dark pools of soros
dark pools of soros's picture

all this theater is just the politicians gaming for their bribes/special interests before it gets raised again...  the last few debt raises, the wars and wall street took all the new money.. so now all the beggars line up for this one

Sat, 07/30/2011 - 09:27 | 1507548 buzlightening
buzlightening's picture

What's the point of the clown freak show but to allow ameriCON'd to see how much we need the baboons banana republic.  Don't read it.  Pass it! File it with lil scamBO wealth care.  More intellectual masturbation with no potency.  It all gives birth to more self gratifying indulgent lunacy.  Lock'em up in a rubber room and let'em eternally circle jerk while we the people restore the republic & get on with true freedom.  

Sat, 07/30/2011 - 09:28 | 1507549 kito
kito's picture

where is tyler?

bad hangover leaving him unconscious in a bathtub?

rare communicable disease leaving him incapacitated in a third world hospital?

black helicopters?

 

far too many hours have passed without a post......

 

 

Sat, 07/30/2011 - 10:22 | 1507591 geno-econ
geno-econ's picture

Old Russian saying--- Better to be a drunkard then stupid.   A drunkard sobers up in the morning, a stupid person remains so forever.  Congress is akin to the latter. Soon we will all be living in a trailer parks enjoying vodka and sex of your preferance---new interpretation of Freedom and ownnership society

Sat, 07/30/2011 - 10:43 | 1507609 wisefool
wisefool's picture

True. True. Our government funds PBS which has a show called "globe trekker." the episode I caught this morning showed the russian mail order bride banquet/matchmaking events in a posh crimerian hotel.

Long story short. Russian men have little illusion about how they are valued by society. According to the CEO of the american mail order bride corporation: they drink,  smoke and work themselves into looking like 60 at age 40 and that is why these women are shopping for second (foriegn) husbands.

Where this applies to the budget debate is that the american equivelent is to go into enormous debt, to cater to people that "vote" serving the great sin of vanity required to be a politician. Men and women of america who actually do work hard are learning that the Tax code is worse than the russian mafia (communist or current) Atleast in russia, slavery keeps the nation solvent. AS opposed to america, it makes some kinda bizzaro sense that two people of any sex or sexual orientation pay less effective tax than those without the government marriage license. And if that marriage sours it is a ubiquitously accepted excuse to renig on all debts those folks had at any point in thier lives, including to thier children.

End the evils of the US tax code and good people can build commonwealth again.

Sat, 07/30/2011 - 10:22 | 1507592 geno-econ
geno-econ's picture

Old Russian saying--- Better to be a drunkard then stupid.   A drunkard sobers up in the morning, a stupid person remains so forever.  Congress is akin to the latter. Soon we will all be living in a trailer parks enjoying vodka and sex of your preferance---new interpretation of Freedom and ownnership society

Sat, 07/30/2011 - 10:26 | 1507597 ISEEIT
ISEEIT's picture

Let the Tyler's have a break.

So we ZH folks likely consider ourselves to be among the most well informed individuals within the herd eh?

I call bullshit until I see GW or CD or TD or anyone else who hits these threads man up and address this little nugget with some integrity.

It IS worse than you think and the problem is far larger than most care to admit.

http://www.americanthinker.com/2011/07/confessions_of_a_birther_evangeli...

At least have the courage to read it....

Sat, 07/30/2011 - 10:36 | 1507601 ??
??'s picture

As I read the articles conclusion I would suggest that Zero Hedge has been way out in front of all of these issues so I am not sure what you are talking about

 

In the end, Birtherism would not be a big deal at all, if it weren't for the fact that we have nearly an entire executive branch engaged in the office of running guns to drug cartels in Mexico -- arguably an act of war, starting and perpetuating a war in Libya without congressional consent, "borrowing" billions of funds from the Federal Employees Pension Fund so as not to violate a debt ceiling that is already being violated, running election campaigns out of the White House, not enforcing polling place protection laws from Panther thugs, circumventing fed fund restrictions to abortion clinics, arranging Wall Street payouts to unions for stocks created out of thin air -- and probably more.

Sat, 07/30/2011 - 10:48 | 1507611 ISEEIT
ISEEIT's picture

You are technically correct. This site hammers home the flagrant illegitimacy of our 'government' (regime). My alarm is at just how remarkably in your face it is. My challenge is simply for someone to provide a credible defense of stinkies (B.O) legitimacy. Camille Paglia started to question B.O and promptly was exiled. All the farcical 'progressive' voices are either retarded or corrupt. I personally believe though that the FACT that B.O committed felonies in order to become president needs to be put in peoples faces because once that lie is fully exposed, the rest of the farce implodes.

We could have a real 'morning in America'.

Sat, 07/30/2011 - 22:22 | 1508746 blunderdog
blunderdog's picture

What is there to "address"?  That guy says it's proven that Obama's BC is forged.  There are other guys who say it's the real article, but why does it matter?  The entire institution of the Federal government is illegitimate--even if Obama was provably a native-born citizen he'd be an illegitimate "leader."  A few years ago, people with similarly passionate theatrics waxed on about the illegitimacy of our previous President, too. 

It is ALL bullshit.  It has ALWAYS BEEN bullshit.  Obama is the latest in a long line of fictional authorities.

Looking for someone to defend Obama's legitimacy, you might try a place where there are people who like Obama.  I don't think there are any here.  The folks you called out in your initial post have never expressed any love for the guy.

If you want to pick a fight, you should make at least a token effort to find someone on the other side.  Did you mention cowardice? 

Duh.  Weak.

(As for Camille Paglia, she's been a joke for decades.  She wrote one interesting book and made a lot of noise for a college professor.  She never had anything important to say.  Which was your favorite essay from Vamps and Tramps?)

Sat, 07/30/2011 - 11:03 | 1507638 karzai_luver
karzai_luver's picture

If the sample posted is in keeping with the rest of the "article".........

Only a fool or dishonest or under 30 person could pen that outside of the Onion or some supermarket slime retardo mag.

 

If that passes for informed opinion then this country has a mess of people with no sense of history even of their own country.

 

Damn useless apes.

 

 

 

Sat, 07/30/2011 - 11:57 | 1507726 ISEEIT
ISEEIT's picture

Nice job saying nothing. I truly would like an honest, verifiable refutation. Prove your indignation to be based on confirmable reality. Get scientific. I don't like believing that America has been turned into a hoax administered by a regime. Do please offer some defense of your words. I'll even take links to someone else's defense if you personally buy into them.

I'm tempted to dismiss you with useless words/accusations and name calling...but then I truly would be an "ape" eh?

Sat, 07/30/2011 - 12:07 | 1507742 bobert
bobert's picture

WTF are you talking about?

Sat, 07/30/2011 - 12:03 | 1507733 bobert
bobert's picture

I think therefore I agree.

Sat, 07/30/2011 - 10:51 | 1507616 Jocanada
Jocanada's picture

Sorry to say....

Ya-alll need to start paying your taxes.

http://www.theglobeandmail.com/report-on-business/international-news/us/...

 

Sat, 07/30/2011 - 11:07 | 1507642 RiverRoad
RiverRoad's picture

Three cheers for Tyler.  How he reads and writes at the same time is beyond me.  He forces the sycophantic mainstream media's bumbling attempts to follow him on the issues.  No wonder Congress can't get anything done; they're glued to ZH looking for their names.

Sat, 07/30/2011 - 11:26 | 1507671 Bay Area Guy
Bay Area Guy's picture

I'm writing this Saturday morning, after the Boehner bill has already been derailed.  Here's my take on what will happen.  Nothing today (Saturday).  The Senate will take up the Reid bill on Sunday, but won't pass it until late Sunday/early Monday?  Why?  The Democrats want to be able to say they passed a debt ceiling increase, but the Republicans in the House blocked it.  It's a classic case of both parties wanting to be able to say they were the ones that did their best, but the other, evil party is to blame for Granny eating Fido's food for dinner on 8-3-11.  In other words, both parties will place the benefit of the party ahead of the needs of the nation.  Big surprise there.

As a nation, we're screwed.  We're paying for the choices that have been made since the end of WWII.  I have no problelm with a nation running a deficit in hard times.  But you have to balance that with paying that deficit off in good times.  We overspent in bad times, and we overspent even more in good times, the times we should have been putting that money away for the rainy days that have come.  And, the days we're in now aren't just rainy days, they're deluges, and we can't respond.

As others have noted on this site, I know that all the numbers coming out of DC are cooked.  That they do that to condition the population isn't as big a thing to me as it is to some of you.  What gets me is that it appears more and more that these guys are actually starting to believe their own fabricated numbers and are making policy based on those fabrications.  I don't really care if you're spouting that the unemployment rate is 9.2% when it's more like 16%.  But for the love of God, please make sure that you are developing policies based on that 16% real rate instead of the rate that's calculated by dividing the real rate by two, except if the month has an R and the moon is in Pisces (or whatever the hell the formula is).  Don't base policy decisions on a 2% rate of inflation because the price of a laptop has come down, while ignoring the fact that meat, milk, fruits and vegetables are through the roof.  But I'm pretty much preaching to the choir here.  I honestly don't see how we get out of this if denial is such a huge part of what comes out of DC these days.....on both sides of the aisle.

Sat, 07/30/2011 - 12:45 | 1507816 mr.5280
mr.5280's picture

And the political posturing won't fucking end. 

 

Picture this, late monday night Boehner, Cantor, Reid, and the decrepit bitch walk out arm in arm acting like fucking heros.  Then the markets rally 200 points Tuesday.

 

 

Oh, then S&P and Moody's still have the US on a negative outlook.

Sat, 07/30/2011 - 13:13 | 1507866 Sathington Willougby
Sathington Willougby's picture

 

This nation is going to explode.  All the back woods boys are cleaning their guns out in the open.  No kidding I'm seeing signs everywhere.  People building up AR's in feed stores and stuff like that.  

They're real pissed about the ATF smuggling guns that kill Americans on the border. 

My powder's dry and I'm ready.  If they think we'll back down their mindfucks have only worked on themselves.

The population is seething.  Watch the fuck out and vote for Liberty. 

 

Sat, 07/30/2011 - 21:59 | 1508697 longontents
longontents's picture

Let it burn...

Wed, 09/14/2011 - 04:08 | 1667201 chinawholesaler
chinawholesaler's picture

Wholesale Bag
Giveaway Material

Solar Products
Computer Accessories
Wholesale Poncho

Automotive Products
Wholesale Cooler
Automotive Products

Wholesale Carabiner
Wholesale Glasses
Wholesale Bookmark

Silicone Products
Wholesale Bag
Promotional Gifts

Promotional Gifts
Wholesale Lanyard
Wholesale Toys

Wholesale Tellurion
Wholesale Halloween Gift
Wholesale Tie

Muslim Products
Wholesale Camera
Arts Crafts

Electroluminescent
Wholesale Jewelry
Eye Mask

Wholesale Playing Card
Baby Products Suppliers
Wholesale Cooler

Wholesale Cooler
Wholesale Tie
Wholesale Umbrella

Wholesale TelePhone
Wholesale Stationery
Wholesale Waterproof Case

Wholesale Poncho
Name Card Holder
Money Clip

Electrical Gifts
Men Beauty Care
Book Light

Pen Holder
Money Bank
Wholesale Album

Christmas Gifts

Do NOT follow this link or you will be banned from the site!