The Drama Is Back: Boehner To Hold Press Conference At Market Close
For a day that was supposed to be full of drama, fury, margin calls and overall bloodshed, newsflow is so boring, for a second we wanted to demand our money back from management, or the kleptocracy, whoever it is that prints these things nowadays. However, some excitement may yet be salvaged now that Boehner has just called for a news conference precisely on the closing bell at 4pm. We assume this will be to present details of his two-tiered plan, which we touched upon earlier, and which Fox News now provides some additional details on. Suffice to say, if Obama were to accept the terms contained herein it would be complete embarrassment for the head executive, as Boehner is literally demanding everything, up to and including a balanced budget amendment, that Obama swore he would not cede.
Per Fox' Chad Pergram:
The approach was received from a senior GOP leadership aide and reads as follows:
Two-Step Approach to Hold President Obama Accountable
Republicans insisted if the President wants his debt ceiling increase, the American people will require serious spending cuts and reforms. This two-step approach meets House Republicans' criteria by (1) making spending cuts that are larger than any debt ceiling increase; (2) implementing spending caps to restrain future spending; and (3) advancing the cause of the Balanced Budget Amendment - without tax hikes on families and job creators. While this is not the House-passed "Cut, Cap, & Balance," it is a package that reflects the principles of Cut, Cap, & Balance. Here is more information on the plan:
--Cuts That Exceed The Debt Hike. The framework would cut and cap discretionary spending immediately, saving $1.2 trillion over 10 years (subject to CBO confirmation), and raise the debt ceiling by less - up to $1 trillion.
--Caps To Control Future Spending. The framework imposes spending caps that would establish clear limits on future spending and serve as a barrier against government expansion while the economy grows. Failure to remain below these caps will trigger automatic across-the-board cuts (otherwise known as sequestration).
--Balanced Budget Amendment. The framework advances the cause of the Balanced Budget Amendment by requiring the House and Senate to vote on the measure after October 1, 2011 but before the end of the year, allowing the American people time to build sufficient support for this popular reform.
--Entitlement Reforms & Savings. The framework creates a Joint Committee of Congress that is required to report legislation that would produce a proposal to reduce the deficit by at least $1.8 trillion over 10 years. Each Chamber would consider the proposal of the Joint Committee on an up-or-down basis without any amendments. If the proposal is enacted, then the President would be authorized to request a debt limit increase of $1.6 trillion.
--No Tax Hikes. The framework included no tax hikes, a key principle that Republicans have been fighting for since day one.
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stay firm boehner
Send the Boehner some Cialis for Daily Use (tm)!
+14.3 trillion
+ the same amount.
I really hope Boehner does not cave and make a horrible deal.
Read my take at my blog! Don't have the link? Send me a gmail at my name and promise you will behave. Two new articles, one a fun new xtranormal silver video (w/ robots, thx Cyndi!) and what happens if we DEFAULT (unlikely IMO, but possible). I am curious to get more views on what might happen if we DEFAULT.
Is that advice or a sort of note-to-self?
Hookers & Blow; Life is Short, Have Fun.
An Economic Treastise in Rational -vs- Rationing.
by John Maynard Keynes (Krugman Publishing House 2011)
Will Krugman Publishing pay me $40.00 for that book? And $40.00 more to read it...
LOL, TIS
Oh, I'd be soo unhappy if our chief executive was embarrassed. That would be just awful.
lol...good one!
Thats what she said.
gotta love the two step
There's no way in hell Obama will accept any of that.
of course not.
Remember this IS his re-election and nothing else.
He could really careless about the consequences otherwise
The good news is, doing nothing is even better. Debt ceiling stays in place, they are forced to make immediate cuts, and it's like a balanced budget amendment is already passed as we couldn't run deficits and issue more debt until we paid some of it off.
Come to think of it, we really don't need any legislation at all. Let's let the debt ceiling do its job.
Agreed!
It sounds like the script of a Woody Allen Movie :)
but the sad part is that Disney wrote this scrip, so this means : EVERYTHING HAS A HAPPY ENDING!! Without the Azian chick in the end that is...
And then there's the nuclear option: http://economix.blogs.nytimes.com/2011/06/28/could-obama-just-ignore-the-debt-ceiling/?partner=rss&emc=rss
There's no way in hell Obama will accept any of that.
He's trapped like a rat. Accept or Default. The Boehner squeeze!
Caught between a Boehner and a hard place.
Obama will get desperate. Howled accusations that Boehner is a racist and claims that senior citizens will be starving without their social security checks are sure to come by week's end, they'll empty the playbook on this one.
Boner has repeatedly stated that dealing with Obama was like negotiating with jello.
Caught between a boner & jello.
EXCELLENT commentary above guys!
But, we DO have a Deal worth mentioning: the Circus is on! The NFL PLayers have apparently agreed to their Deal with the owners. Party on, sheeple!
"--that Boehner is a racist--" will that be a type of O.J. Simpson defense? I don't care if they do run Sarah Palin next year; I'm not only going to vote for her I'l be a volunteer campaign worker.
Caught between a Boehner and a hard place... I hope Obama is prepared to give a deep throat.
I think the Boehner likes being squeezed.
Dr. Evil: Our early attempts went through several preparations. Preparations A through G were a complete failure. But now, ladies and gentlemen, we finally have a working tractor beam, which we shall call... Preparation H.
Number 2: Dr. Evil, I love your plan.
Dr. Evil: You do?
Frau Farbissina: Yah. It's a really good plan.
Dr. Evil: Yes Frau, on the whole Preparation H feels good.
It's not up to Obama.
Reid and Pelosi will make the decision...
Reid and Pelosi don't make decisions, they take orders.
Obama cant' cut a deal without them...
Well I'm hoping there's no deal at all, personally :)
And contrary to the talking heads, it doesn't mean default. It means prioritizing interest payments and cutting as needed. Long overdue.
Truely...
Maybe if they print it, put it in a brown enveloppe, thicking it up with a bit of more "green" paper and give it to him under the table?
Am I missing something here? How can anyone take any of this seriously when they are talking about cutting 1.5-2T over 10 years, and the annual defecit is 1.5T/year? Doesn't that fact alone make this entire thing completely pointless?
Doesn't that fact alone make this entire thing completely pointless?
Yes, and not to mention the fact that the actual deficit, due in large part to accrued SS and other obligations, is really about $5 Trillion annually.
And they can't even agree on a couple hundred billion this year.
Laughable.
Not to mention that any time any one of these a-holes mentions a 10 year timeframe, it's a guarantee they are lying to your face.
Since when does any current Congress give a shit about what promises were made 10 years earlier? It's hollow nonsense.
I have an idea, why don't we cut spending by $2T TODAY, and then we won't even need to raise the debt ceiling.
They may as well just talk about 100 year timelines.
JLee, redpill, SheepDog,
Agree with all your comments. You guys are clearly smart. :-~
We COULD always get our spending undr control (BIG CUTS). Yes, I know all the bleeding hearts will talk about suffering, and there is no doubt that some would suffer if we JUST CUT THE SPENDING. But, those (in greater part) are receiving money from .gov (that's likely me and you, guys). Cutting spending has the great advantage of being transparent too.
I have seen comments above on what may happen if we do nothing (ie, just let the Debt ceiling do the cutting for us). I ask all here (and read it at my blog): What happens if we default? So many variables involved...
Like 500 year fixed rate mortgages? Who WOULDN'T qualify? It's like 20 bucks/month! I serious no-brainer!
Well, see - first you just gotta believe in all kinds of change. Then it'll all make sense.
Maybe that's my problem. I really feel like I'm losing my mind when I watch the news. How do people talk about this with a straight face while completely ignoring the underlying issues? If I mention this to friends, they won't even acknowledge it.
And its only Monday.
The reason the newsies can keep a straight face is that they have no clue what the words scrolling across their teleprompter mean.
They are paid to look good and appear vaguely concerned.
Yup. Most of them are just vapid, pretty heads who have no idea what’s going down. However, you have to think some of them do.
What happens when a few more of them do figure it out? Will anyone have a Howard Beale moment? If so, I hope and pray it’s my boy Dom Chu…
Good call - I say these days it's gotta be BIG. Dom, Pimm, crew-cut Matt, and Maryam talking SHITE about how the system has collapsed. Butting in on each other and AGREEING what a pile of turds the politicians are and the system 'officially' went over the edge about 1.5 years ago!!
Most people are in a catatonic zombie-like state. Not just from prescription psychotropic drugs, but from the unconscious realization that their programmed-from-birth reality actually isn't real.
There is an alternative which I see you're already aware! Cheers!:
http://www.youtube.com/watch?v=wr-kn0JG5p4
Agreed, It's a joke that 10 year time frame for cuts. I know everyone here thinks they will extend prior to the deadline. But something tells me that Boner is setting him up to take the fall.
If Boner can pull that off, he's a better politician than I realized.
Boner's a poltician, show me the TEXT of a bill he wants to bring to the floor, then I can at least separate the #'s and the BS. All we have now is politicians in an agonizing slow-motion televised Pong marathon.
Umm are you new to America? Have our politicians EVER done anything that wasn't short sighted and meant to kick the can down the road? Why should this time be any different?
Trust them to be who they are and do what they do best. Don't ever trust them to put your interests first.
A firm Boner; that's the spirit!
he's probably already burned through a full pack of his Marlboros today.
Know I have....
Boehner too is posturing for re-election. He cannot deliver the votes needed for any sensible plan, so he might as well come out with a plan the Tea Baggers love but the President cannot commit to.
What a wonderful world we live in. Boehner agrees to extend (no pun intended) the tax breaks set to sunset for rich folks in exchange for handing out more unemployment benefits to ex-working stiffs, then six months later, "no new taxes" because the "job creators" (must laugh out loud while reading that overused inaccurate phrase) will somehow hire someone with $1 billion instead of $800 million in cash on their balance sheets (dont look now GE).
But then again, arent Boehners are all about posturing?
Why you knocking Boehner for his Marlboros, blythe? You did heroin. JB is a pussy compared to you.
Travel tip for you b_B:
Next time you take a real train trip, sit in the Smoking Car for awhile. Always more interesting conversations int eh Smoking Car. No, I do not smoke. But, when by myself on the train (alas, rare now), I passed the hours much more pleasantly (and informatively) in conversations with the sinners than the sheep...
Boehner: Thank you, thank you....I'll be here all week, thanks for playing "America" folks.
Don't forget to tip your waitresses!
+++
You gain when you give like that.
And give the next homeless guy you run into enough money so that HE smiles (like a $20.00)... Generosity (at least once in awhile) yields good things. Try it!
How is Obama supposed to pay my mortgage if they pass all this shit?
LOL! yes, I think that's why he can never sign a balanced budget bill; because this is the mental level of his voters.
The US of A has long become a Laugh Act, A Joke of a Country! The debt ceiling will be raised but before that we'll see all that "drama" and sell off's and the whole shebang trust me on this one! This isn't even about the US it's about who will "run" the US! It's about the money not the people! Disgust is very understated of me right now!
STAB the drama
http://www.youtube.com/watch?v=9wn6LtZJTAQ
"that Obama swore he would not cede" >>>> Call it a done deal then. Just like tax hikes, public option, gay rights, and CHANGE.
Market fear -commence!
HAHAHA!!!
GOOD LUCK WITH THE NEXT ELECTION OBUMBLE!!!
If America can't reach a agreement, HOW can this man run for a second term? HE CAN'T!!
Does this page look "different" in Belgium too? or is it just something that went wrong in Hawaii?
Here in Belgium, everything goes wrong. Wrong is the new normal so I have no Idea where you're talking about :)
Just keep the mayo off the french fries goddamnit!
Don't go there buddy!
You're walking on a very thin line there!
What? The green banners? the Big green and Red 0's with up/down arrows?
We're trying green banners to mark "new" comments, grey to mark "read", and blue to mark your personal comments (instead of just throwing the word new in there). If it's generally disliked, we'll just do grey and blue.
The up and down arrows are a replacement for the junk system. More interactive/fun.
Do it or else....we'll kill the S&P by another 2 points tomorrow!
So what happens if the US loses AAA? I suspect an immediate rise in interest rates as we've seen hinted by the bond markets. But what then? What will the FED/Treasury's responses be? If they try to cap rates won't they be forced to do another QE? I mean won't rates go ballistic? Isn't there a risk that Treasuries could be sold en masse? Wouldn't a crisis like that be exactly the precursor needed for another QE?
"Something" else will happen that takes the focus off.
Oh, like some sort of event in the Middle East or Europe. That's right, nothing to see here folks.. Check out War TV at 5.
Here in Belgium we have a kind of similiar problem. We are WITHOUT GOVERNEMT FOR 410 DAYS NOW!
Bond rates are rissing.
The economy is going down.
SO WHAT DO THEY DO?
EVERY POLITICIAN TOOK 3 WEEKS OFF TO GO ON VACATION!!!
And what do the newpapers and the rest of the media have to say about that?
THEY TALK ABOUT THE BEAUTIFULL VACATION DESTINATIONS WHERE THOSE FUCKERS GO TO!!
I fully support politicians taking permanent holidays. I just wish they would shut down all national enforcement agencies first. I think that if a country is run well, just like a datacenter or even a flight, the government/administrators/pilots should spend most of their time being bored.
The Sad part is that somebody who worked for the govenrment just can't work in a private company.
After already 10 years, they are so conditionned that they'll never be able to change to the private sectors pace.
SO:
That's the reason governments and the apparatus will never change. It would take decades and presidents only think in 4 year horizons.
Just look at Obama:
He doesn't cares what happens in 5 years. He just wants enough money to play mister popular for the next 5 years because he thinks he'll get reelected.
And the sad part of that is that if Wallstreet gives him enough money again, he'll probable air enough commercials to convince America yet again to vote on him.
Just be glad it won't be Hillary.
They are not vacations, they are work. Have a look at Bachmann's trips for example.
Tel Avid, Jerusalem, and of course Palm Springs. Look at the the most visited place is for all the reps.
http://www.legistorm.com/trip/list/by/approver/id/823/name/Rep_Michele_Bachmann_MN/submenu/all.html
Peter G. Klein writes in There Is Life After Default, posted on Lew Rockwell today, that he is “struck by the frequent claim that defaulting on public debt is unthinkable because of the ‘signal’ that would send…” that “debt instruments backed by the ‘full faith and credit’ of the United States are supposed to be risk-free – almost magically so – somehow transcending the vagaries of ordinary debt markets...”
Writes Klein: “I find this line of reasoning unpersuasive. A T-bill is a bond just like any other bond. Corporations, municipalities, and other issuers default on bonds all the time, and the results are hardly catastrophic.
“Financial markets have been restructuring debt for many centuries, and they've gotten pretty good at it. From the discussion regarding T-bills, you'd think no one had ever heard of default-risk premiums before. (Interestingly, this seems to be a case of American exceptionalism: people aren't particularly happy about Greek, Irish, and Portuguese defaults, but no one thinks the world will end because of them.)
“So, isn't it time to demythologize all of this? Treasuries are bonds just like any other bonds. There's nothing magic, mythical, or sacred about them. A default on US government debt is no more or less radical than a default on any other kind of debt.
“‘What is prudence in the conduct of every private family can scarce be folly in that of a great kingdom,’ Adam Smith famously observed. Bankrupt firms, like bankrupt families, restructure their debt obligations all the time. The notion of T-bills as sacred relics to be once and forever 'risk-free' seems more like religion than economics to me.
“At the same time, there is another option for entities struggling to make their interest payments: asset sales…”
http://lewrockwell.com/orig11/klein-p2.1.1.html
Balanced Budget Amendment / This is the 800Lb Gorilla in the room. This is where the government will levy taxes at will to balance the budget as required. STOP SPENDING MONEY YOU DON'T HAVE! Why is that so hard for politicians to understand????????
Don't you get it? Their political career is more important than the life and liberty of the next generation.
Will there be a damn Consitutional Amendment ratifyed by the States?
The Constitution is soooo last century. Why put in more prohibitions on the government? Clearly the prohibitions in there now are not being adherred to, say like.....the right against unreasonable search and seizures, say like....... the Takings Clause, say like......Due Process of Law when detained by the government. What makes anyone think this would help anything? Yes, many US states have such a prohibition in their state constitutions, that is why our state economies are so healthy and have "balanced" budgets?
A correction in gold and silver imminent?
Gold is really overbought. Silver too.
A correction in Gold and Silver is not imminent. You didn't provide any rationale or references, so I didn't bother either. We have seen recently, short covering rallys and strong overseas support; not the "weather report" for corrections.
Gold option players really wanted to cash in some above 1600. Valuable option for Silver above 40$ too.
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID3186525&cmd=show[s234051676]&disp=P
Slow STO turning south on SLV. RSI(5) and RSI(14) too, while negative divergence all over. A correction is incoming. But the magnitude of the fall is not known yet.
http://www.washingtontimes.com/news/2011/jul/24/curl-is-obama-a-patholog...
Hey Boehner, nobody gives a shit. stfu already.