Congress Resumes Debt Limit Discussion
The soap opera has resumed in Congress. Feels a little deja vu'ish? So it should. The expectation is that Congress will pass the "amended amended" Boehner Bill around 6 pm. The same as yesterday. Will it pass? Who knows. If not, expect overnight GC to surge on Monday, yields on Bills and CMB maturing after August 2 to surge, even as the 30 Year plunges to zero, making a mockery of UST curve "market efficiency." On the other hand, Obama will likely just end up invoking the 14th amendment, and then we will have a constitutional crisis to go along with all the other drama.
Watch live streaming video from cspan at livestream.com
(2 votes)
»
- Login or register to post comments
- 6299 reads
- Printer-friendly version
- Send to friend
Similar Articles You Might Enjoy:
- Charting Q1 GDP Pre And Post The 80% Downward Revision
- Overnight General Collateral Rate Presented Without Commentary
- RANsquawk European Morning Briefing - Stocks, Bonds, FX etc. – 29/07/11
- Complete Summary Of The Fed's Meeting With Primary Dealers By Way Of A Primary Dealer
- Moody's Places Spain's Aa2 Rating On Downgrade Review
Don't they have Monday to do this again?
it's just another manic monday...
http://www.youtube.com/watch?v=lAZgLcK5LzI
Yes, this is the famous Friday cliff-hanger. Nice and soapy ;-)
Laughed while I was eating and milk came through my nose.
So is this video the budget debate or afternoon soap acting tryouts? Almost has that "revival weekend" feel to it. Can I get an "A-MEN!"
channeling Maxwell Smart, "Sorry about that Chief."
is it just me or does pelosi look like wax fruit melting?
"Do you wish to know whether that day is coming? Watch money. Money is the barometer of a society's virtue. When you see that trading is done, not by consent, but by compulsion--when you see that in order to produce, you need to obtain permission from men who produce nothing--when you see that money is flowing to those who deal, not in goods, but in favors--when you see that men get richer by graft and by pull than by work, and your laws don't protect you against them, but protect them against you--when you see corruption being rewarded and honesty becoming a self-sacrifice--you may know that your society is doomed."
Ayn Rand ~ Atlas Shrugged
And Howard Roark laughed, "I AM AWESOME!"
AYN RAND - The Fountainhead
Recent Bloomberg article estimates USA total unfunded debt exceeds $200 trillion. With 65000 people per day going on social security, 1% GDP growth, labor costs 10 times that of China/India, all wealth with be confisicated over time. All gold transactions are being tracked and individuals will be required to surrender their gold at a fraction of cost under penalty of $10,000/oz fine and/or 10 years of prison for not complying. Yea, holding gold will protect you.
Paranoid coward. I don't hold gold for protection, I hold it because I'm free. My gun is for protection.
Isn't this bill even less likely to be approved by the senate? and the president? what is the point? how many times can the algo's buy stocks on the same news? and news that doesn't even support buying stocks in the first place?
algos can just keep on buying forever on false news points. They never think, they never stop.
I'm like an algo. I'll play the game for a few ticks.
It can be amended in the Senate to look more like the Reid plan. Assuming it got enough votes, the House and Senate would have a conference to haggle over the differences. The final version would then go to both the House and Senate for a final vote. That's the way it is USUALLY done with important, complex legislation.
I just read that even if everything goes perfectly for the Reid bill, it won't be voted on until the afternoon of August 2nd. And that's before it's reconciled with the House. So basically, we're going to blow the deadline. The only thing that might mediate is if they can announce a "sure thing" deal before then, even if they don't have a chance to vote on it until the 3rd or 4th.
The House bill only requires an Amendment to the US Constitution, so that's a pretty low bar.
Ammendment to the constitution requires 75% of all states in agreement, thats an easy done deal?
This administration will probably propose a Facebook poll, so it's likely doable in time.
tweet tweet!
I was being sarcastic
I see.
Sarcasm being; a supreme illustration of subtle humour.
IMHO
SD1, yes, it's more than doable. Count the blue states. And wake up!
Here it is in all it's glory...........................I can really see them agreeing on this.
http://law2.umkc.edu/faculty/projects/ftrials/conlaw/articleV.htm
I think you missed the sarcasm in their comment. :-)
Seriously, though, the Republican/Tea Party balanced budget amendment demand only applies to getting it through Congress. That requires 2/3rds of each chamber of Congress. Even if they hammer out a deal, the amendment won't pass. It's mostly about having the vote to score political points. Only after an amendment passes both chambers of Congress does it go out to the states. Incidentally, it would have a decent chance of getting to 3/4ths of the states if it ever got that far.
It doesn't require an Amendment to the Constitution only that an Amendment be sent to the states for ratification. Think ERA.
What you need to remember is who created the August 2 deadline
and of course to a tax cheat deadlines mean squat, Aug 2 is arbitrary and will be recast to fit the script e.g. Aug 5
When you think about it, which would O rather be dealing with, the GDP number or this soap opera - lesser of two evils and if one brings out the tin foil you might even conclude that some have intentionally created/prolonged this crisis because of the looming GDP disaster
No point in even passing the Reid bill. It has no chance in the House.
None of the Congresssheeple want to have any vote on their record regarding debt, budget, etc. They'll keep sploshing around until Obama does the 14th Amendment idiocy. Can kick, rinse repeat Groundhog day until it just doesn't work anymore. As long as Dancing with the Stars and the NFL keep people occupied/distracted the charade marches on.
He cannot and he will not.
Bunch of BS is all it is, they have no money, we have no money, GDP is sub 1% which means theyre not getting any money....tempest in a teapot until they set off the false flag diversion probably nuclear attacks this time of *poof* there goes everyones pensions, 401K's, into Treasury control. Enjoy.
exactly
Best to sit on the sidelines with our Gold and watch it all burn down.
Markets are a fraud, Gold ain't buying the BS.
Im with you Blythe, sit on the deck with some umbrellas and drinks and watch them shred each other over some worthless paper.
this is bullish for bullshit
You really think this dog and pony show is that surprising?
Talk about utter and complete BS...
There aren't enough rotten tomatoes and cabbages to throw at these morons!
Shoes. Think shoes. Building a store of really smelly tennies for when Oweblahma hits Ft. Myers.
(He'd never come here.)
$5 trillion in 401K and pension ETF funds, people think that pot of gold is just going to sit there unmolested thru all this? Just sayin.
Just a statistic in the shadows of the real world
The system's failing you just the way it failed me
Hell is home on the concrete where the city bleeds
America - home of the free - land of fucking
disenchantment
SLAYER
ZZZZZZZZZZZZZZZ.....what a f'n bore! Is this democracy or what!?
I'll take "Or what"
Democracy has been lost on our goubbert for at least 50+ years..
It is disguesting.. and no one cares.. to apathetic with their starbucks, and their own little worlds filled with apple-toys and coke and hookers.
I'm apathetic without my Starbucks, coke and hookers. As far as I'm concerned, to be "apethetic" is to be right. What a joke of a process. To take this seriously is to be insane!
Actually, it IS Democracy! That's why we were suppose to fight to keep the Republic. You are witnessing pure, unadulterated Lawlessness coming at you live on national television from your elected officials...precisely because this IS a Democracy. Watch them as they sign the names of another generation yet born to the new contracts. Debt slaves, bitches.
Bonds on fire. TIP just broke out to world record highs.
Uncle Gorilla paper trading as if it were just upgraded from AAA to AAAA!!!
GDX getting absolutely smoked again. Another day where "Paper" rules over "Things"
Who the heck is actually giving you a positive rating?
Me, for one, dick.
Your 2 week life is lame.
RobotTrader is a TRADER. That's why I never junk him. He points out short-term moves. He also offered up his Moster Box of AG Eagles right up there near silver's last top. Silver then went down. But, I would bet that RobotT still has his silver...
Might be a lttle easier on us perma-bulls on gold though. Get junked less. Unless he IS a Robot too, then wouldn't care!
Robo, I know you know this but...GDX is paper too. The stuff you can use to weigh your papers down went up today.
That's just the "dead Geithner bounce".
::golf clap:: Politainment at its best!
The relevance of all this can be easily discerned from 10Y Treasury yields. Down, what, more than 10bp today? Enjoy your screen time, gentlemen.
They race headlong toward the cliff. Will they hit the brakes in time and save the world, or will they run it headlong over the edge? Stay tuned as the drama unfolds. It's just like watching a TV soap opera with a cliff hanger at the end of each episode.
You can bet that the pols all have parachutes in hand. They may send the train over the edge to the unknown but you can be sure that no pols or their finances will be harmed. As for the rest of you little people, who cares?
Enjoy the show.
Rofl, what a joke I can't watch anymore of this I'll break my monitor fucking political hacks who understand nothing about the banking system or economics....Broke system bitchez better recognize 100 years of failed economics coming to a T in a ussa state near you...
Just a puppet show to keep the Gomers entertained while false flag attacks that will make 9-11 look tiny are final prepped.
Another False flag will result in them all hanging from tall trees..
We use trees so the Envirmentalists don't scream were polluting.. "IT's enviromentally friendly!"
Go long Hemp Rope
I know that scared little boys feel like big men when they talk about hanging people etc...(which is getting tiresome)..
but, I guess my question is, "If you're all so tough, why wait?...and waiting for what exactly?"
Probably the same reason Ken Lay walked the streets with impunity for almost two years before his death (from natural causes) and Angelo Mozillo is still getting those marvelouis tans.
For all those calling these House debates BS, please notice how some popular ZH tropes pop up in some of these House discourses at times.
The 14th doesn't say you can't default. Defaults only occur on valid debt.
If understand the 1802 Organic Act of the District of Columbia and the 1871 Organic Act of the District of Columbia correctly I think America has been having a constitutional crisis for 140 years.
Groundhog Day
If Obama invokes the 14th amendment can we hold him accountable for treason? The 14th in no way says that he can bypass congress and spend money. FU Bill Clinton for even trying to bring up that load of horseshitte!!!!
If Obama sends the US military into cities to suppress a rebellion then YES THAT DEBT CAN NOT BE QUESTIONED AS PER THE 14th AMENDMENT.
To borrow money and spend it based on nothing more than political pandering to his welfare base, NO HE MAY NOT.
Who do you think Obama will pay:
Grandma and Grandpa on SS
or
His base of social welfare frauds
There is only enough tax receipts to pay for one of them. Grandma won't torch cities when her check doesn't come in the mail.
Guess it all depends on the definition and point of view of 'rebellion'.
Lawrence Tribe has already analyzed the question and said he cannot make use of the 14th Amendment to do anything.
A law which says the debt shall not be questioned does not trump other laws. Would it excuse him from committing murder in order to pay it?
The president is contrained in spending by a Debt Ceiling. It is the law of the land and he must obey it.
There is sufficient tax revenue to service the debt, so it's a moot point. Other "obligations" are the equivalent of service contracts, like the one on your fridge. Such contracts can be cancelled. They have no Constitutional protection.
Grandma and grandpa shouldn't be on social security until they are 85. Welfare is a blatant socialist scheme but old people using something intended as a safety net for the few that need it as a retirement program aren't much better in my book.
i tried to declare today & monday federal holidays, yesterday
nobody listened...
Slewie, thanks
you're a funny dude om
14th it will be.
+14, dude.
Tyler...what is this "constitution" thingy you keep referring to? I can find no clear evidence that such a document still exists other than as a historical relic at the Smithsonian. But as an article of Law...it's gone baby. Gone.
Looks like Beer Friday is starting early today - this is so painful.
In search of change that can be believed in .....
USPIGS
The white haired guy said that the "tea party" is a special interest. Hmmm. We know these guys are in LaLa Land but, they need to spend time with real folks every now and then.
Rep Van Hollen says: 'Tea Party unfit to govern'......what a crock.
Peasants aren't real folks.
Lobbyists are teh shizit crowd
Popcorns ready. Should I go with salt?
Go with sugar.
Burn it with the country?
Garlic & parmesan & beer. Party on!
Here's the latest vote tally: http://thehill.com/homenews/house/173745-whip-list-on-boehners-new-plan-...
Only 15 Republicans are still voting no. There are 28 undecided.
These are the 28 the bankers and establishment need to "buy off"
What happened to the idea they were floating of minting a trillion dollar coin? That would have been a legal and constitutional option so long as the coin was made of gold or silver. How could anybody make change for it at the at the store though?
just pass it around like a joint
Job justification and self promotion propaganda 101. Welcome to the bigtop.
Who is the kid sitting next to the speaker?
Spoiler: The 14th amendment is already in effect. There is nothing to "invoke".
Is this real?
I'm telling you guys, CoG is planned and contingencies are going to be launched. Expect ML - things are very bad. Like I said in another thread many "top" guys are bailing out and settling for early retirement.
https://www.gunsgrubandgold.com/forum
Mel Watt just screamed his head off about lord knows what. And now Fwank is on the mic, looking like he just swallowed his tongue. Name calling, name calling, name calling. And Shiela Jackson Lee urges the President to invoke a debt raise on his own, which is insane. She is insane. Repubs look just as stupid. They have not brought up one real issue on why the debt is a problem. The problem is this country has handed over all their wealth to a group of corporate banks. There is no accountability from either side. Both ignore the problem: Monetary and fiscal policy is a sham.
It is run by a private banking cartel known as the Federal Reserve System. The "Fed" and its cartel of globalist banking houses seem to be in the clear, while politicians nit pick about the crumbs that are left out of the people of the Unidted States of America's pocket.
One big circus, I tell you. One big circus.
Oh, and the US government will default. Yes they will. And then the BIS, IMF, and World Bank will swoop in and treat the situation like they do with failed 3rd world states. They will use as collateral the gold on the Fed's books, the debt/GDP of the US, and the other credits and obligations of the Treasurie and Reserve Bank. Good luck America, for we hardly knew thee.
The final paragraph is so crystalline it's worth being bolded:
Oh, and the US government will default. Yes they will. And then the BIS, IMF, and World Bank will swoop in and treat the situation like they do with failed 3rd world states. They will use as collateral the gold on the Fed's books, the debt/GDP of the US, and the other credits and obligations of the Treasurie and Reserve Bank. Good luck America, for we hardly knew thee.
I'm convinced this was the plan all along. The question remains of who will have the authority to accept the IMF's terms when most of our elected representatives will be dangling from DC lamp posts.
Grab a bag before you read my answer, you may puke.....
Jaime Dimon.
I know, I don't like it either, but maybe you will agree, the way this was set up was to have the governments bankrupt and the Banks solvent. The Major Banking Houses will make the loans from the IMF/World Bank as Private Dealers as they do now via the Federal Reserve Bank.
I understand his point, but he actually got some facts wrong. Most of the gold is on the US Treasury's books and still accounted for at $44.22/oz. The Fed has little compared to the Treasury. The Fed gave its physical to the Treasury in exchange for paper gold certificates. Then the Treasury gave some of the physical to the NY Fed for storage. Alot of people think that the US Treasury gold at the NY Fed is no longer there, but I disagree. It is still physically there but likely has multiple claims against it (fractional reserve ponzi bs). The US Treasury can, at anytime, revalue its gold in $'s to whatever price is necessary to pay its debt. What $-price is the question.
The Fed has the gold on loan to the Treasurie. The Treasurie can exercise the payment, redeemable in cash. The gold is housed by the Fed, and sits as the Fed's asset.
For anyone who wishes to email their US representative, here are the .gov links.
Send my best. ;)
http://www.house.gov/representatives/
http://www.senate.gov/general/contact_information/senators_cfm.cfm