Boehner v Reid Proposals: A Compare And Contrast Cheat Sheet

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Wed, 07/27/2011 - 12:18 | 1498192 JustanEmotion
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What a joke.

Wed, 07/27/2011 - 12:19 | 1498195 RobotTrader
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Gold selling off, GS bouncing hard off the lows, looks like a deal is going to be announced soon.

Wed, 07/27/2011 - 12:21 | 1498205 Backspin
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Any deal they come up with will not solve the problem at a fundamental level.  Gold may sell off short term, but long term it is still the place to be, with little doubt.

Wed, 07/27/2011 - 14:32 | 1498720 caconhma
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Both political Parties are no-good liars.

It is obvious that nobody wants to cut anything at all. The only thing Democrats and Obama want is to have a blanket check for the reelection in 2012.

Consequently, regardless of an outcome of this pretend-show, the USA will go bankrupt because the entire country (politicians and citizens) is addicted to free-money. We have a runaway spending. This situation cannot continue for long anymore regardless of what China does or doesn’t do.


Wed, 07/27/2011 - 12:22 | 1498210 redpill
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$1616 is a sell off?  Get back in your trunk.


Wed, 07/27/2011 - 12:35 | 1498255 Missiondweller
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Now $1610

Huge move off today's high

Wed, 07/27/2011 - 13:15 | 1498404 redpill
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$15 is no longer a huge move for gold.

Wed, 07/27/2011 - 20:53 | 1500037 knowless
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it tracked with the nasdaq nearly word for word on the hourly. so whatever.

Wed, 07/27/2011 - 12:32 | 1498242 SheepDog-One
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Robo so desperate to announce 'Gold selling off' so he can ignore the fact he's been bashing gold since $1,000 and hypong momo losers such as NFLX.

Wed, 07/27/2011 - 12:41 | 1498282 Stoploss
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OOOOOOOOOOOOOOooooooooooo a whole dollar. Look at FX robotard. My six year old knows more about what's happening than you do.

 He says you  need a consultation, and his fee is five ounces, He can't decide if silver or gold, will let you know when i hear from him.

He's digging for info on something.

Wed, 07/27/2011 - 12:45 | 1498302 Stoploss
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Robotard, this just in, he say's now the fee is 10 oz. Five gold, and five silver, no info until the chem tests have been done, sorry, he is a tough little somebitch.

Wed, 07/27/2011 - 13:07 | 1498377 chdwlch1
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Don't futures expiration today as well.  Need to knock down gold to prove inflation is "transitory".  It's not just DC that follows the "never waste a crisis" mind set...

Wed, 07/27/2011 - 12:20 | 1498196 Segestan
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It's to late in the ponzi gig to act financially responsible, the whole system was flawed from the beginning. Like a tiger chasing it's own tail.

Wed, 07/27/2011 - 21:01 | 1500050 knowless
knowless's picture

butter bitchez.

(commentary not withstanding)


I loved that book, i of course didn't know at the time that it made me racist.

Wed, 07/27/2011 - 12:28 | 1498197 bob_dabolina
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Posted from another thread: 


Looks to me like the government did that for us all

Liability per taxpayer - $1,027, 052

Total debt per citizen (what every person owes) - $176,156 

This is with: 

Total peronal debt @ 51,440 per citizen and $45,105, 310 on food stamps. 

Good luck squeezing blood out of that rock.

If you had a 100% tax on every penny of every billionaire in this country do you know what you could pay off? Our fiscal year deficit (about 1.5 trillion) That's it, and you could never tax that again. That still leaves us with 15 trillion in debt (soon to be close to 18) and $200 trillion in unfunded liabilites.

It's a spending problem, not a revenue probem. We don't need higher taxes, we need to axe spending. Period

Wed, 07/27/2011 - 12:47 | 1498317 flacon
flacon's picture

That's a good point. Do you have any links to articles which clearly show that taxation can not ever be enough to pay off the debt? 

Wed, 07/27/2011 - 13:15 | 1498390 bob_dabolina
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How high do you want taxes to go? 

How about you do the math and find out how high we would have to raise taxes to pay off $18 trillion of debt, and fund $200 trillion in unfunded liablilites. 

Once you find the tax rate, let me know. We can talk then.

....or you can accept that we need to start spending within our means, and reign in spending we can't afford.

Wed, 07/27/2011 - 13:20 | 1498419 flacon
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I'm not disagreeing with you - I was just looking for an article to send to my pHD brother who says that we should just raise taxes on the rich as well as cutting spending and then we will be able to live within our means. 

Wed, 07/27/2011 - 13:33 | 1498469 bob_dabolina
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For your brother:

Accounts Receivable Tax
Building Permit Tax
Capital Gains Tax
CDL license Tax
Cigarette Tax
Corporate Income Tax
Court Fines (indirect taxes)
Dog License Tax
Federal Income Tax
Federal Unemployment Tax (FUTA)
Fishing License Tax
Food License Tax
Fuel permit tax
Gasoline Tax (42 cents per gallon)
Hunting License Tax
Inheritance Tax Interest expense (tax on the money)
Inventory tax IRS Interest Charges (tax on top of tax)
IRS Penalties (tax on top of tax)
Liquor Tax
Local Income Tax
Luxury Taxes
Marriage License Tax
Medicare Tax
Property Tax
Real Estate Tax
Septic Permit Tax
Service Charge Taxes
Social Security Tax
Road Usage Taxes (Truckers)
Sales Taxes
Recreational Vehicle Tax
Road Toll Booth Taxes
School Tax
State Income Tax
State Unemployment Tax (SUTA)
Telephone federal excise tax
Telephone federal universal service fee tax
Telephone federal, state and
local surcharge taxes
Telephone minimum usage surcharge tax
Telephone recurring and non-recurring charges tax
Telephone state and local tax
Telephone usage charge tax
Toll Bridge Taxes
Toll Tunnel Taxes
Traffic Fines (indirect taxation)
Trailer Registration Tax
Utility Taxes
Vehicle License Registration Tax
Vehicle Sales Tax
Watercraft Registration Tax
Well Permit Tax
Workers Compensation Tax 

"Not one of these taxes existed 110 years ago and our nation was the most prosperous in the world, had absolutely no national debt, had the largest middle class in the world and only one parent had to work to support the family."

Wed, 07/27/2011 - 14:29 | 1498701 flacon
flacon's picture

Thanks man. That's pretty good. 

Wed, 07/27/2011 - 17:21 | 1499387 sgorem
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+111 Bob. Don't forget the Senates new Tax Bill # 0U812 that will tax the air WE breathe:)

Wed, 07/27/2011 - 14:08 | 1498596 CrashisOptimistic
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The problem is what it has been for 3 years.

The Democrats had an overwhelming majority, but never passed a significant tax increase in either House.  Think about that.

In general, when the economy is teetering, a tax increase is instantly economic contraction.  It comes right out of the economy, reduces employment and presto, tax revenue declines.  The Democrats know this.  It's why they withdrew their request for tax increases.

You can fake spending cuts and defer them.  You raise taxes, they come out of the economy instantly, and result in lower overall tax revenue and worsen it all.

This is not really a political statement.  This is just pointing out that there is no solution to oil depletion causing all this and the near term end of our society.

And yes, I know that last paragraph grants you dispensation to ignore all that came before it.  I don't care.  

Wed, 07/27/2011 - 14:23 | 1498622 Astute Investor
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The federal government takes in approximately $2.8 trillion annually.  Say you could take spending down to $0 from now and that continues well into the future.  I still don't see how $2.8 trillion of annual revenue could possibly service $215 trillion of liabilities (76x).  Looks like it's game over to me unless you renege on both the debt and entitlements.  Only morons who subscribe to the "we can grow out of it" theory would say otherwise.

Wed, 07/27/2011 - 14:29 | 1498702 ZackAttack
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If you had a 100% tax on every penny of every billionaire in this country do you know what you could pay off? Our fiscal year deficit (about 1.5 trillion)


I wouldn't do it for the revenue; I just hate billionaires.


Wed, 07/27/2011 - 12:27 | 1498200 P Rankmug
Wed, 07/27/2011 - 12:21 | 1498204 williambanzai7
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Wed, 07/27/2011 - 17:32 | 1499447 sgorem
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William, is the guy on the LEFT with the Rolex, hairy reeed, or an impersonator? Thanks in advance. (ps. all of these political motherfuckers look and smell alike anymore.)

Wed, 07/27/2011 - 12:23 | 1498214 Killuminati
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Zerohedge, don't you know this is all games and tricks, they will wait until the last minute to pass.  With provisions to create a new legislative body "super congress"  



Wed, 07/27/2011 - 12:23 | 1498216 Seasmoke
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how can the word IF be in any proposal !!!!!!!!!!!

Wed, 07/27/2011 - 12:23 | 1498219 NotApplicable
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So, this is like a "who's got the biggest invisible dick" contest?

Wed, 07/27/2011 - 12:32 | 1498244 NOTaREALmerican
NOTaREALmerican's picture

It's politics, with lots of males involved.  What ELSE would it be!

Wed, 07/27/2011 - 13:06 | 1498374 espirit
espirit's picture

Heard Boners pulling out, Green Chutes Reid.

Wed, 07/27/2011 - 12:25 | 1498224 clagr
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What about the gazillion in savings from not declaring war on Mars?

Wed, 07/27/2011 - 12:43 | 1498290 Rodent Freikorps
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We spent the peace dividend building windmills on the moon.

Wed, 07/27/2011 - 17:34 | 1499463 sgorem
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We'll need those trillions to defend our dumb asses when the Martians ATTACK DAMNMIT, get with the program:)

Wed, 07/27/2011 - 12:26 | 1498230 pupton
pupton's picture

Will either of these keep the rating angencies at bay???  At least the possibility of a balanced budget amendment could stall any downgrade temporarily, until it doesn't get the required votes in the senate.  Bottom line is both of these plans end up with <AAA debt rating.

Wed, 07/27/2011 - 12:39 | 1498273 karzai_luver
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and then AA wil be the new AAA.


You are familiar with mark to fantasy,right?


If the "system" won't hold then the "rules" will be revised.


You are not one of them and never will be. Get over it, pup.


Wed, 07/27/2011 - 17:37 | 1499474 sgorem
sgorem's picture

my question has always been, "WHO RATES THE RATING AGENCIES?" and the fraudulent farce continues, until it doesn't.

Wed, 07/27/2011 - 12:27 | 1498232 vocational tainee
vocational tainee's picture

Oh, this is all politics to me..

Wed, 07/27/2011 - 12:31 | 1498233 Bard
Bard's picture

Gold is getting slaughtered now which means they already compromised.

Wed, 07/27/2011 - 13:06 | 1498375 sdmjake
sdmjake's picture

Slaughtered = Down 0.43% ??

Your choice of adjectives doesn't reflect reality.

Wed, 07/27/2011 - 13:15 | 1498406 Dr. Richard Head
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I voted you up for your comment.....and your ass.

Wed, 07/27/2011 - 13:19 | 1498417 Dr. Richard Head
Dr. Richard Head's picture

I voted you up for your comment.....and your ass.

Wed, 07/27/2011 - 12:33 | 1498247 SheepDog-One
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Each bullet point just pure fantasy.

Wed, 07/27/2011 - 12:36 | 1498250 V in PA
V in PA's picture

"Caps grow roughly with inflation"
Roughly!?! WTF

Wed, 07/27/2011 - 12:36 | 1498251 nonclaim
nonclaim's picture

Bernanke is eerily quiet these days... I wonder if he is ready to announce his "plan" also.

Wed, 07/27/2011 - 17:39 | 1499488 sgorem
sgorem's picture

to my dismay, the fuck hasn't BLOWN HIS BRAINS OUT YET........fingers crossed though.

Wed, 07/27/2011 - 12:35 | 1498253 nedwardkelly
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"Goal: Reduce deficit to below 3% GDP"

Goal: To drown in debt, just a little slower than otherwise

Wed, 07/27/2011 - 12:38 | 1498269 Missiondweller
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But tolerable if you have 3% GDP growth (long term)

We've had a deficit of 11% GDP with nearly zero GDP growth. That's a disaster.

Wed, 07/27/2011 - 12:36 | 1498256 Rodent Freikorps
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Anyone notice how badly Saab is sucking wind?

AMSTERDAM (Reuters) - Struggling Swedish car maker Saab said on Tuesday it cannot pay almost half of its workforce this month because it has not received the funds it had expected, reviving fears about its precarious finances.

Saab has lurched from one cash crisis to another in recent months, seeking funds so that it can restart production.

Car assembly was halted in April when suppliers refused to deliver parts until they were paid, and Saab only narrowly fended off a demand for one of its units to be declared bankrupt last week.

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