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Futures Plunge As Boehner Unable To Get Enough Votes, Essentially Cancelling Deficit Plan Vote, Dollar Plummets

Tyler Durden's picture


Tonight just got that Lehman Brothersy feel to it. After hours of delays, Boehner just experienced a supreme dose of humiliation after he announcing he would cancel tonight's much delayed vote on his deficit plan after apparently being unable to get the requisite 218 votes to pass his plan though the Congress (forget that it would never pass Senate or the President). Boehner has said he will instead hold an emergency meeting with members Friday morning but the damage has been done. The result: the markets are now in absolutely terrified mode, with ES just plunging by over 12 points on the news, the dollar hitting fresh post March 17th lows against the Yen following the Fukushima explosion, and overall total chaos appears to be on the horizon. And with Europe about to open, all hell is about to break loose. Something tells us that the deer in headlights will be on prominent display tomorrow, not to mention the bear cavalry.


America could soon be technically insolvent. What to do... what to do.... I know, let's buy Treasurys!



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Thu, 07/28/2011 - 23:21 | 1503170 camoes
camoes's picture


Thu, 07/28/2011 - 23:25 | 1503180 TheFourthStooge-ing
TheFourthStooge-ing's picture

Bhoaner is popping, bigtime.


Thu, 07/28/2011 - 23:41 | 1503236 FEDbuster
FEDbuster's picture

CNBS better have a fresh box of Depends available for the on air "talent" tomorrow.  Cramer better wear some rubber pants and boots, so he can clean his puke off easier.

Thu, 07/28/2011 - 23:46 | 1503258 Rahm
Rahm's picture


Fri, 07/29/2011 - 01:27 | 1503506 tahoebumsmith
tahoebumsmith's picture

Yup just like last time when Hank the Skank held a gun to congresses head and demanded 800 Billion dollars. When there was a delay the markets crashed and left all the 401k'ers holding the empty bag. Same scenerio this time for the CRONIES to steal another trillion from the markets. Their lips are wet and they can taste the meat...bring it baby, they will sell high leaving all the mom and pops with the losses and then buy low and rally the beatch back up when they strike a dea.l Nothing more then a  stealth mode robbery. They nay get the lemmings attention if they showed up with a mask on and holding a gun, however this approach is just way too easy as the past has proven.

Fri, 07/29/2011 - 01:49 | 1503541 Spirit Of Truth
Spirit Of Truth's picture

This is all symbolic of how the last thing irrationally self-interested Americans, whether on the Left or the Right, will do is engage in "shared sacrifice":

Consequently, the whole nation will soon be sacrificed.

Why?  Ayn Rand was wrong. (There's a reason her philosophy of "objective reality" had to be expressed via fictional novels.) Selfishness is not a virtue.

In fact, due to our fallen nature, this mode of individual conduct is ultimately a means to collective suicide "in the long-run".


Fri, 07/29/2011 - 02:02 | 1503558 Fish Gone Bad
Fish Gone Bad's picture

As I have said before: "Anything that can be destroyed, can be controlled."  The Tea Partiers have eaten Boehner's lunch.  They will eat everyone's lunch.  The US borrows 40 cents of every dollar spent.  It is time for this sad spending behavior to come to an end.

Fri, 07/29/2011 - 02:05 | 1503561 StychoKiller
StychoKiller's picture

Selfishness != Lack of Compassion

Go forth, and alleviate some suffering:

Fri, 07/29/2011 - 03:20 | 1503597 Michael
Michael's picture

MSNBC is like Russian propaganda.

FOX News is like NAZI propaganda.

CNN is like somewhere in between.

None of it is acceptable.

CNN is like somewhere in between.

None of it is acceptable.

Chris Mathews of MSNBC actually said this today;

"The only question is, whether certain voters out there think this is the way they want things done.

If they do, listen here closely, they are the trouble, they the voters are the danger.

It's not what they want, it's the weapon they use to get it. They threaten to blow up the country to get certain things done."

I present to you Chris Mathews Obituary;


Fri, 07/29/2011 - 03:39 | 1503627 WaterWings
WaterWings's picture

I hate that fellow Americans can't get their shit together - gladly lying to themselves.

The Bloc countries (and Ireland) have plenty of tough mofos because of all the suffering...

Get tough now. As Boston T. Party would say, "Get rugged."

Fri, 07/29/2011 - 03:41 | 1503631 Michael
Michael's picture

MSNBC Chris Matthews Obitutary 7-29-2011

Fri, 07/29/2011 - 03:58 | 1503667 WaterWings
WaterWings's picture

Nice clip. The Confoozled Sheeple of the United States are frothing and shrieking into the wind. They have no idea.

If they consider themselves smart, ask them what inflation and CPI have in common. Trick question. Next: "Where does it come from?"

Is it just me, or do they not teach Latin in public skools anymore so that the Sheeple will always be amazed by lawyers' "great understanding"?


Edit: I just found out you can self-vote, and voted all of us up one. Have a good weekend, Mikey. You da man. Always wanted to say that.

Fri, 07/29/2011 - 04:45 | 1503703 Michael
Michael's picture

Thanks WaterWings. Here's another one for you;

Senator John McCain's Obituary 7-28-2011

Fri, 07/29/2011 - 05:29 | 1503735 AldousHuxley
AldousHuxley's picture

sorry, but your fellow americans are content eating fat and watching "reality" TV. They didn't pick the blue pill. They were never even offered the choice of red pill vs. blue pill. because they were deemed too retarded to be even given the choice. Wouldn't account on idiots to be of much use.

Fri, 07/29/2011 - 06:13 | 1503758 Michael
Michael's picture

I concur.

Sun, 07/31/2011 - 16:30 | 1503775 GetZeeGold
GetZeeGold's picture would be skying if this was that critical.....and it's not.



Fri, 07/29/2011 - 08:01 | 1503840 Chuck Walla
Chuck Walla's picture

Selfishness makes the world go 'round, Rand ws only talking self interest.  I like working for myself. I hate working for Detroit and Newark and their epic fails. 


I like working for my family, I hate helping make the Congress ever richer while they use my money to buy votes and pay off friends. Then the friends recycle my earnings into campaign contributions that their politician pals convert into their personal income by paying a little tax(fee) to keep it.


Yeah, I'll share the sacrifice when the bastards who proclaim how they are "for the little guy" who only keep working solely for themselves start sharing, too.   In other words, if the needs of the masses are so great, why are there any rich Socialists?  And why are they getting richer at the working man's expense?


Fri, 07/29/2011 - 00:04 | 1503318 wisefool
wisefool's picture

It will be a rough day, but Do not ever question cramer.

Gold is tax free and women like it, And for now, cramer says it is tax free, in his tax free charity. Untill we figure out a way to enslave the mooninites with a tax code, and take thier gold.

Journalistically, CNBC's talent died when the parent tax free corp MSNBC's chris matthews compared weiner sexting to randy british scandals of the tip o'neil century, Every LLM makes more money per year than every PhD in Econ.

Bernnke >>>>>> CNBC+MSNBC



Fri, 07/29/2011 - 00:54 | 1503452 eurusdog
eurusdog's picture

I don't see the dollar plummeting. I see it moved from 74.23 to 74.02 and currently at 74.11, seems to be catching a bid as of late. As for impending DJI and SP crash, it does seem to really be catching some momentum.

Fri, 07/29/2011 - 01:14 | 1503487 Cdad
Cdad's picture

And the great irony here is...that this vote, had it passed, was sure to be killed on the floor of the Senate, anyway.

Put me down as one who believes that the market is falling because the economy is coming unglued in spite of the current fight in DC.

Fri, 07/29/2011 - 01:39 | 1503521 Missiondweller
Missiondweller's picture

Absolutely agree and a bad Q2 GDP number could accelerate it.

Fri, 07/29/2011 - 02:07 | 1503559 zhandax
zhandax's picture

Put me down that the SPU momos are having fun on the short side trying to keep up the fear angle for the sheep.  33 pips on the dollar does not a plunge make and bonds barely broke 126.

Fri, 07/29/2011 - 02:09 | 1503566 wisefool
wisefool's picture

paper gold at $1613.

Fri, 07/29/2011 - 02:20 | 1503572 zhandax
zhandax's picture

That shit can crater.  I watch the price of hookers as much as the price of paper gold.  Which is to say I pay too much attention to both of them.

Fri, 07/29/2011 - 07:32 | 1503809 GetZeeGold
GetZeeGold's picture


Wouldn't even know where to find one....let alone know the price.

.......a hooker that is.

Just buy gold.


Fri, 07/29/2011 - 01:44 | 1503530 Milton Waddams
Milton Waddams's picture

anyone who puts political considerations ahead of the interests of the American people should be tarred and feathered.

anyone who puts political interests ahead of the interests of the American people becuase they think Americans are illinformed should be tarred and feathered; as it is likely that you, and/ or your operatives,  contributed to the logical fallacies held by you and your 'quasi constituents'.   


In the end it wonk matter of course; banks, china, and other 1%'ers will receive their interest on the debt .. the rest of you can suck it up and cope.

Thu, 07/28/2011 - 23:43 | 1503244 DormRoom
DormRoom's picture

don't worry. Obama can always use the 14th Amendment. Of course it would set a very dangerous precedent, and override checks and balances in the US constitution. But he may have no other choice. And the next Republican president could use it to override Congress, if they choose to not to fund his/her next war. The death throes of Roman Empire began when Caesar  let the Army into Rome. This debt ceiling impasse is the beginning of the end of the American Empire.

Thu, 07/28/2011 - 23:52 | 1503278 CrashisOptimistic
CrashisOptimistic's picture

Doesn't work.  Spending authority expires 1 October.  If he did it, it would only work 6 weeks.

Fri, 07/29/2011 - 00:07 | 1503282 Crisismode
Crisismode's picture




The Egyptian Empire

The Persian Empire

The Macedonean Empire

The Roman Empire

The Holy Roman Empire

The Mongol Empire

The Mayan Empire

The Chinese Empire

The Spanish Empire

The Napoleonic Empire

The British Empire

. . . . . . . . .


The American Empire




Fri, 07/29/2011 - 00:59 | 1503460 Rodent Freikorps
Rodent Freikorps's picture

Next up, The Squid Empire.

Fri, 07/29/2011 - 06:31 | 1503766 AldousHuxley
AldousHuxley's picture

squid is part of US.


next is the China's Dynasties.

Fri, 07/29/2011 - 01:13 | 1503486 Killuminati
Killuminati's picture

You forgot the biggest empire of all, the founder of freemasonry- NIMROD.  Babylonian Empire.  Assyrian Empire.

Fri, 07/29/2011 - 06:53 | 1503777 Max Hunter
Max Hunter's picture

The Holy Roman Empire

Well.. I'm just a man that uses observation. I've seen a lot of Europe and live in the U.S.  I see a lot of evidence this empire might still be around in some form.

Fri, 07/29/2011 - 00:00 | 1503310 Brian
Brian's picture

If Obama used the 14th Amendment, there would never be a debt ceiling again, as it would have been found to be unconstitutional.  That result by itself should preclude Obama from considering the action.  Markets would interpret the move as meaning that America will never be able to control it's spending, since it is constitutionally prohibited from limiting its future self.  IMHO, China would puke, and the bond market would rupture.

Of course, you may think there is a potential loophole - which would be for Obama to use the 14th amendment and then have the action he took to have itself been unconstitutional, in which case, the issued debt would be canceled.  Thus, this option also would probably lead to a bond market rupture.

I think the 14th Amendment is a doomed move.  Similarly, the other "tricks" being though up, like printing $2 trillion in platinum coins ( ), or fed options all have the same ultimate failings.

Fri, 07/29/2011 - 00:24 | 1503340 Cole Younger
Cole Younger's picture

The 14th amendment only speaks to the "validity" of public debt authorized by congress. Only Congress can authorize "borrowing" 

 If Timmy does attempt to borrow, it would not be "authorized by law" nor would it be valid.

"Section 4. The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned. But neither the United States nor any State shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void."

I don't see the language that says we have to pay our debt  in the 14th amendment.

I read it in short to say "The validity of the public debt of the United States, authorized by law,.... shall not be questioned. " It does list where some debt "shall be held illegal and void."

Fri, 07/29/2011 - 00:55 | 1503453 Cdad
Cdad's picture

authorized by law

That is the key phrase.  The President has no authority to raise the debt ceiling...but I'd be willing to bet he is considering it.  Another emergency not to be wasted.

Average Joe should first be prepared for an asault on his wallet, and then his liberties.

So be it.  Why not?  Toss a Constitutional crisis on top of all the other shit burning on this heap mess.

Fri, 07/29/2011 - 01:10 | 1503476 wisefool
wisefool's picture

Satandard stuff  from the playbook.


Jethro marries a Roddam and he get gets to be president with benefits. Newt is jealous.

GWB tells us it is just a document, and the house of saud flies free on .gov airlines anytime after 9/11.

I honestly can not wait for what obamas legacy is going to to imprint on this snowball headed to hell.

Or maybe he takes every IRS agent out to the rose garden to pick vegetables, and asks them to help fetch a solar panel to the roof of the whitehouse like Al Gore would do.




Fri, 07/29/2011 - 06:43 | 1503773 nmewn
nmewn's picture

"I read it in short to say "The validity of the public debt of the United States, authorized by law,.... shall not be questioned. " It does list where some debt "shall be held illegal and void."

Correct Cole...and surely our (ahem) constitutional law professor from Chicago should know this. Without authorization from Congress, who are the peoples representatives, the bonds would be invalid, that is, counterfeits.

The only entity I know of that would buy bad debt is the Fed and they've been pretty clear they're done with it for now.

But it would be par for the course in this new bizzaro world, fraudulent currency issuance (FRN's) buying fraudulent debt, theoretically to be paid back plus interest by less than half the populations taxation of their honest labor.

Fri, 07/29/2011 - 00:25 | 1503377 AGuy
AGuy's picture

O'Bama already said he can't use the 14 Amendment to raise the debt ceiling. He Said unfortunately, only Congress has the authority.

Looks like Sept is coming early this year. Feels like Sept 2008 or Sept 1929 all over again.

As Hugh Hendry put it "I would recommend you panic."

Fri, 07/29/2011 - 00:26 | 1503381 DoChenRollingBearing
DoChenRollingBearing's picture

Already have.  Green for you!

Fri, 07/29/2011 - 04:58 | 1503622 Oh regional Indian
Oh regional Indian's picture

Sure feels like September already. In fact, to keep it interesting, they might give us an August surprise this time.



Fri, 07/29/2011 - 01:52 | 1503543 John_Coltrane
John_Coltrane's picture

He's got 2.6T$ in SS treasureies he can monitarize to write checks if he's already monitarized all the Fed retirement treasuries to run the government for the last two months.  This allows them to stay under the debt ceiling and create cash out of these IOUs.  Remember, this debt ceiling issue is only about issuing new debt.  That won't be allowed by the tea party until spending is under control.  But they can monitarize (convert to cash money) any and all of the almost 4.5T$ of intergovernmental treasury holdings which is part of the total ~14.3T$ subject to the debt limit.  So, no 14th amendment needed to pay the bills.  But eventually, they would need to pay it back (ha, ha!).  But, by then hopefully Ron Paul will be president and we'll be back on the gold standard.

Fri, 07/29/2011 - 08:06 | 1503848 Chuck Walla
Chuck Walla's picture

Zero just told La Raza how it would be much easier if he were a dictator. Its pretty obvious that, in light of Obama knowing nothing but theory, that being dictator would guarantee his success.  Killing & jailing the nay sayers beats the snot out of "compromise".

Thu, 07/28/2011 - 23:49 | 1503265 candyman
candyman's picture


Fri, 07/29/2011 - 00:12 | 1503341 Cognitive Dissonance
Cognitive Dissonance's picture

OK, who's the idiot who fired first?


Fri, 07/29/2011 - 00:28 | 1503384 UP4Liberty
UP4Liberty's picture

An unseen agent provacateur!

Fri, 07/29/2011 - 00:30 | 1503391 A Nanny Moose
A Nanny Moose's picture

False Flag

Fri, 07/29/2011 - 00:53 | 1503448 Blotsky
Blotsky's picture

Some 30 year old white guy...

Fri, 07/29/2011 - 03:41 | 1503632 WaterWings
WaterWings's picture

LOL (gallows humor - wish I could make my caps font size 72)

Thu, 07/28/2011 - 23:49 | 1503266 candyman
candyman's picture


Fri, 07/29/2011 - 09:18 | 1504082 Pchelar
Pchelar's picture

Stay on target, stay on target!

Fri, 07/29/2011 - 00:50 | 1503442 Burgess Shale
Burgess Shale's picture

I didn't see this coming: Boehner is the one who must fall on his sword.

The only solution is compromise with the dems.

Poor Boehner. Now I know why he cries.

His career is finished.

As a politician.

Fri, 07/29/2011 - 01:48 | 1503540 Bonesetter Brown
Bonesetter Brown's picture

Perhaps Tea Party trying to lose the battle, hoping to win the war?

Fri, 07/29/2011 - 06:55 | 1503779 AldousHuxley
AldousHuxley's picture

he cries to get attention.


politicians are just getting free media time over non issue year before elections. Idiots will vote who they see on TV the most.

Even if they lose, they can write a book about the whole ordeal (some bs inside story of what really happened) and make a killing.


They know that if they default then there is no election next year. Plus why would these millionares want to sink their portfolio? They are just loading up before QE3. buy some calls.


politicians = attention whore who couldn't make it in hollywood.

Fri, 07/29/2011 - 01:18 | 1503497 BaBaBouy
BaBaBouy's picture

How Fecking long can the Money Changers keep manipulating the POG down???


We should be at about $2849. right about now.

Fri, 07/29/2011 - 01:46 | 1503535 NoYouAreAnAsshole
NoYouAreAnAsshole's picture

Despite your attempt to rouse the masses into a panic, it's not working.  While, yes, the ES futures are down, you can chalk it to the bad economic data and, of course, this uncertainity.  Stock market investors hate uncertainty.  Meanwhile, if there was really panic in the streets, as you seem to indicate, the bond market yields would be pushed up.  That isn't happening.  In fact, the opposite is true.  The 5, 10, and 30 year treasuries are near their lows year to date. 

So, panic on, if you must. 

Meanwhile, Boehner failed, but because the Republican caucus couldn't stomach a bill that does nothing about the runaway spending that is the real concern here.  The debt ceiling is really the only weapon that the Republicans have to twart the Democat controlled Senate and the presidency that seemed to have made it their quest to spend the US into obvilion.  If they cave, the debt ceiling is raised, but more importantly the runaway spending continues and the rating agenices will surely downgrade our debt ratings. 

Fri, 07/29/2011 - 03:31 | 1503624 dolly madison
dolly madison's picture

The debt ceiling is really the only weapon that the Republicans have to twart the Democat controlled Senate and the presidency that seemed to have made it their quest to spend the US into obvilion.

If only the Reps would be willing to do masssive cuts to the military as well as cuts to the people, I and probably many others would be more willing to support them. 

Fri, 07/29/2011 - 07:02 | 1503781 AldousHuxley
AldousHuxley's picture

This was democrat's setup. To show the hypocritical nature of republicans that they can't cut deficits either! Nope, red states depend on federal subsidies more than blue states because they are poorer. Without farmers subsidies and military and government  and welfare what economy would some backward redstates would have?

they also played the Tea Parties strengths by using their strengths against the republicans.


I don't agree with Obama's bankster bailouts, but gotta give it to him. well played.



Thu, 07/28/2011 - 23:22 | 1503172 dolph9
dolph9's picture

It's on like donkey kong.

Got gold and silver, bitchez?

Thu, 07/28/2011 - 23:43 | 1503246 hognutz
hognutz's picture

You got that right bo!

Fri, 07/29/2011 - 06:35 | 1503767 AldousHuxley
AldousHuxley's picture

guns trump gold my friend.

Thu, 07/28/2011 - 23:45 | 1503255 DoChenRollingBearing
DoChenRollingBearing's picture

+ 1 green for you.

There is still time to get gold and silver.  But, time may be running short.

BAD things could happen at any moment.

Please get prepared.  As Chumba said yesterday, gold is cheap.

"All else will be left behind when the Gold Mothership takes off."  -- ZH-er Gordon_Gekko

Fri, 07/29/2011 - 00:22 | 1503371 Carbon Penguin
Carbon Penguin's picture

Enjoyin' my Bitcoins }:D

Fri, 07/29/2011 - 00:24 | 1503374 Cognitive Dissonance
Cognitive Dissonance's picture

Tyler, that chart looks like an upside down woodie. Does that mean it's a woodn't?

Thank you folks. I'll be here all weekend. And please don't forget to tip your waiter and waitress.

Fri, 07/29/2011 - 00:38 | 1503409 RockyRacoon
RockyRacoon's picture

I'm playing the Catskills next week, see ya there!

Thu, 07/28/2011 - 23:22 | 1503175 natty
natty's picture

Eric Weddle will now be the highest paid safety in the game, this after he and the Chargers came to terms on a deal Wednesday worth $40 million over 5 years. Eric Weddle will wear Custom NFL Jerseys and play for the San Diego Chargers next five years. The deal includes a $13 million dollar signing bonus, and $19 million of the money is guaranteed. Negotiations between the safety and the Chargers started early on Tuesday and got serious on Wednesday morning, with the deal being agreed to in just a couple hours. Weddle wore Cheap NFL Jersys and said that all along that he wanted to stay with the Chargers, though there were a few other teams that had reported interest, including the Jaguars, Houston and the Browns. He was drafted by the Chargers in 2007 and the teammates he said would be his “best buddies forever.” The 26-year-old Weddle has worn Premeir Stitched Jerseys and started 48 of the Chargers’ past 51 games. He wore Authentic NFL Jerseys and started all 16 games in 2010, a season in which he emerged as a leader on the defense.

Thu, 07/28/2011 - 23:27 | 1503190 Bolweevil
Bolweevil's picture

Patrick Willis doesn't need a jersey. Eric is lucky he plays defense.

Thu, 07/28/2011 - 23:31 | 1503207 FEDbuster
FEDbuster's picture

Unless he is going to donate his $40 mil. to reduce the deficit as part of a last minute NFL debt ceiling, deficit reduction plan, wtf does this have to do with anything?

Thu, 07/28/2011 - 23:37 | 1503225 CompassionateFascist
CompassionateFascist's picture

Lots: main function of these overpriced trained seals is socio/polit/ec anesthesia. And we're going to be needing it....

Fri, 07/29/2011 - 01:45 | 1503532 wisefool
wisefool's picture

Obama said a week ago that most americans would rather the news report contain this glorious news that the NFL strike is over, Dan rather than hear about the minutia that is a debate about a 14 Trillion dollar edebt ceiling increase.

Its not really <sarc> at this point. Truth is better than hoops.

Fri, 07/29/2011 - 00:27 | 1503376 caerus
caerus's picture

dude i respect your passion...

101 Green Bay Packers     +650 102 New England Patriots     +550 103 Pittsburgh Steelers     +1000 104 San Diego Chargers     +1000 105 Philadelphia Eagles     +1400 106 Atlanta Falcons     +1400 107 Baltimore Ravens     +1400 108 New Orleans Saints     +1500 109 Indianapolis Colts     +1500 110 Dallas Cowboys     +1400 111 New York Jets     +1400 112 New York Giants     +1800 113 Chicago Bears     +2500 114 Tampa Bay Buccaneers     +3000 115 Houston Texans     +3000 116 Kansas City Chiefs     +3500 117 Detroit Lions     +3000 118 San Francisco 49ers     +5000 119 Minnesota Vikings     +2500 120 St Louis Rams     +4000 121 Miami Dolphins     +5000 122 Oakland Raiders     +5000 123 Tennessee Titans     +5000 124 Jacksonville Jaguars     +6000 125 Seattle Seahawks     +6000 126 Cincinnati Bengals     +6000 127 Washington Redskins     +6000 128 Denver Broncos     +5000 129 Cleveland Browns     +8000 130 Arizona Cardinals     +5000 131 Buffalo Bills     +8000 132 Carolina Panthers    
Fri, 07/29/2011 - 00:45 | 1503427 caerus
caerus's picture

fine...go watch foosball you commies...

Fri, 07/29/2011 - 02:26 | 1503581 jomama
jomama's picture

holy shit who fucking cares

Thu, 07/28/2011 - 23:23 | 1503176 TaxSlave
TaxSlave's picture

It's not my debt, and I'm not going to pay it anyway.

Let the fiat markets deal with that!

Thu, 07/28/2011 - 23:23 | 1503177 chump666
chump666's picture

all we need now ZH is a rating agnecy threatening a down grade prior to the meeting.  you are right, Europe is going to get slaughtered on open. 

Thu, 07/28/2011 - 23:30 | 1503203 Advoc8tr
Advoc8tr's picture

What your tip for the best play?  Which index will cop the biggest hit percentage wise?

Thu, 07/28/2011 - 23:52 | 1503280 chump666
chump666's picture

DAX on the bund spread differential with other euro bonds, thats the arbitage play.   eveyone is trying to figure out the relief rally some say USD (duh) others s&p/dow, i think it will be dead cat bounce as UST yields climb.  gold is bid. 


Thu, 07/28/2011 - 23:36 | 1503221 Taku
Taku's picture

We need a ZH Rating Agency.

Thu, 07/28/2011 - 23:54 | 1503286 espirit
espirit's picture

Futures and Dollah down?

That's got to be bullish for the markets.

sarc on/off, I forget which.

Thu, 07/28/2011 - 23:24 | 1503178 scatterbrains
scatterbrains's picture

as a pour another scotch I'm reminded what a sick fuck I am measured by the size of the smirk on my face.


Thu, 07/28/2011 - 23:38 | 1503229 Taku
Taku's picture

Enjoy leisurely. Your single malts may be more valuable than you think.

Thu, 07/28/2011 - 23:44 | 1503251 NewThor
NewThor's picture

Nasa upgraded Elenin to a "Cluster Comet" yesterday.

I've been wondering, what type of comet has moons orbiting it?

I guess the answer is a "CLUSTER COMET!"

My smirk is bigger than yours!

Tue, 08/02/2011 - 02:43 | 1503298 cranky-old-geezer
cranky-old-geezer's picture

Comet w/moons = planet, not comet.

It has 16 times the mass of Earth.  And it's physically smaller.  That's star-level density.

Fri, 07/29/2011 - 00:14 | 1503349 nodhannum
nodhannum's picture

Is a Cluster Comet like a Cluster F**k?

Fri, 07/29/2011 - 00:19 | 1503362 Rodent Freikorps
Rodent Freikorps's picture

They give with one hand and take away with another.

They just admitted their satellite data shows the global warming computer models are total bullshit.


Fri, 07/29/2011 - 00:35 | 1503401 NewThor
NewThor's picture

You only need to have a minor understanding of celestial physics to know that 

"SOLAR WARMING" is the problem and there ain't shit we can do about it.



Fri, 07/29/2011 - 00:38 | 1503410 Rodent Freikorps
Rodent Freikorps's picture

I've often suspected that big shiny thing in the sky might play a significant role in temps.

Fri, 07/29/2011 - 01:58 | 1503553 Z Beeblebrox
Z Beeblebrox's picture

Blasphemy! The bankers can't trade "solar credits". Trying to tax the sun is not going to pay for world government. And if CO2 doesn't strike fear into the hearts of the populace, how will they believe that mankind is a cancer and what the world needs is some good ol' Malthusian depopulation? You know, to save the planet?

I guess there's always hope though... maybe Prince Philip will get his wish and reincarnate as a royal virus to help cull the herd.

Fri, 07/29/2011 - 01:17 | 1503492 zhandax
zhandax's picture

MSM simply pointing out their favored place to cut spending.....there goes NASA's funding.

Fri, 07/29/2011 - 00:40 | 1503415 Abiotic Oil
Abiotic Oil's picture

Elenin could very well be a Brown Dwarf, and I'm not talkin' porno.

We might very well get an education on gravity waves in the real world.

Thu, 07/28/2011 - 23:47 | 1503262 DoChenRollingBearing
DoChenRollingBearing's picture

I hope that my Number 13 Green one puts another smirk on!

I am off for my rasperry vodka/absinthe combo in a few...

Thu, 07/28/2011 - 23:57 | 1503300 chump666
chump666's picture

tequila with Goldslarger (gold specks) and blood orange.  it's like the perfect doomsday cocktail

Fri, 07/29/2011 - 00:19 | 1503364 Hulk
Hulk's picture

I'm drinking Coffee, vodka and  orange juice. I call it a "screw Mrs Olsen"

Gotta be old to get that one...

Fri, 07/29/2011 - 00:31 | 1503394 DoChenRollingBearing
DoChenRollingBearing's picture

Drinking coffee and vodka is like pissing into the wind!

[slightly modified Freewheelin' Franklin's line]

You have to be a "certain age" to get that one too...

Fri, 07/29/2011 - 00:42 | 1503420 RockyRacoon
RockyRacoon's picture

Stopped drinkin', don't miss it.  20 years now.   I can remember where I left my car now, and that's an improvement!

Fri, 07/29/2011 - 01:35 | 1503519 Ahmeexnal
Ahmeexnal's picture


Fri, 07/29/2011 - 00:43 | 1503422 Hulk
Hulk's picture

Disclaimer: Folgers ain't coffee...

Fri, 07/29/2011 - 01:52 | 1503544 zhandax
zhandax's picture

When I drank watered down office piss, Folgers was my preference.  Now, my idea of coffee is a double shot of home-roasted Turquino.  I am not philosophically opposed to polluting it with Bailey's after dinner.

Fri, 07/29/2011 - 03:43 | 1503644 TheFourthStooge-ing
TheFourthStooge-ing's picture

"Dope will get you through times of no money better than money will get you through times of no dope."


Fri, 07/29/2011 - 04:00 | 1503671 WaterWings
WaterWings's picture


I'm making that this weekend. I'ma gonna call it, "Sunshine Woody".

Thu, 07/28/2011 - 23:55 | 1503294 chump666
chump666's picture

what scotch you drinking?

Fri, 07/29/2011 - 00:16 | 1503355 Crisismode
Crisismode's picture

Arran Single Malt

Fri, 07/29/2011 - 00:30 | 1503392 chump666
chump666's picture

nice, Glenfiddich scotch 15yr, not drinking now.  like vodka and a strong gin, prefer Spanish Gin...and the Spanish women, in fact dutch women too.  actually dutch women are awesome! 


Fri, 07/29/2011 - 01:40 | 1503522 official_CIA-NS...
official_CIA-NSA-FBI-DIA_cointelpro_troll's picture

Yah, if you like dating BIGFOOT!

Fri, 07/29/2011 - 00:14 | 1503346 caerus
caerus's picture

you sir, are a gentleman and a scotch drinker...

Thu, 07/28/2011 - 23:25 | 1503182 tom a taxpayer
tom a taxpayer's picture

Deliberate deception? The claim that the Boehner's bill $917 billion in proposed cuts is more than the proposed $900 billion debt ceiling hike is false when measured in constant dollars. The time value of money must be considered to make a true comparison. Comparing $917 billion spread over 10 years to $900 billion in the present year, without adjusting for the time value of money, is false on its face. The present value of the cuts over 10 years needs to be discounted to the present value of the $900 billion debt ceiling hike.


I made a rough present value calculation using the CBO Table 3 figures for deficit cuts by fiscal year 2012-2021 as shown at:

For present value calculation, I used interest rates of 3% for 10 year, 1.5% for 5 year, and 0.39% for 2 year, and interpolated for intermediate years.

The result was a present value of $790 billion for the $917 billion in proposed cuts over 10 years. $790 billion is $110 billion less than the proposed $900 billion debt ceiling hike in Boehner's bill. This was just a rough calculation; other interest rates and assumptions would yield a different present value. But the present value would be much less than the $917 billions in undiscounted budget cuts. Boehner's bill is just the latest example of the tricks used by both Republicans and Democrats.

For the House of Representatives or the Senate or the White House to be presenting budget cuts and debt ceiling hike plans without showing the effects of the plans in constant dollars indicates deliberate attempts to deceive the public. 

Thu, 07/28/2011 - 23:39 | 1503233 CompassionateFascist
CompassionateFascist's picture

Yeah, uh....after Year 1, none of the cuts would actually occur anyway. So your analysis is noncupatory.

Thu, 07/28/2011 - 23:58 | 1503303 CrashisOptimistic
CrashisOptimistic's picture

You're right, but you don't understand the problem.

He can't get that much cut without going into entitlements.  It's as simple as that.  He doesn't have all 3.whatever to work with to cut.  He only has discretionary spending to work with to cut.

There is certainly an aspect of him wanting to craft a bill that can pass the Senate, but there's more to it than that.  He can't cut discretionary any deeper without shutting down airlines and things like that.

It does appear that he's going to have to.

Fri, 07/29/2011 - 00:32 | 1503395 Peak Everything
Peak Everything's picture

Since when was the military an entitlement?

Fri, 07/29/2011 - 02:24 | 1503576 Man Bear Pig
Man Bear Pig's picture


Fri, 07/29/2011 - 07:52 | 1503829 r101958
r101958's picture

Since when is anything really an 'entitlement'. Show me in the Constitution.

Fri, 07/29/2011 - 00:02 | 1503312 cranky-old-geezer
cranky-old-geezer's picture

Increase inflation to 15% and recompute !

--- Capt Marco Ramius, Hunt For Red October

Fri, 07/29/2011 - 00:22 | 1503370 Rodent Freikorps
Rodent Freikorps's picture

Ten Year Plan is bureaucrat-eze. It translates to "I am lying to your face, because I think you are all morons."

Thu, 07/28/2011 - 23:26 | 1503183 DeadFred
DeadFred's picture

Thanks for the update. I've been trying to find out what was up couldn't find any news.

Thu, 07/28/2011 - 23:26 | 1503185 Parousia
Parousia's picture

Pity the fool who believes the ones who got us into this mess will be the ones to get us out.  

Fri, 07/29/2011 - 05:09 | 1503721 underpants
underpants's picture

Mr T was waay out front with gold.  I bet he and Hannibal have that van stocked to the roof.

Thu, 07/28/2011 - 23:27 | 1503188 XRAYD
XRAYD's picture

IF GDP disappoints tomorrow, deer will get run over!

Thu, 07/28/2011 - 23:35 | 1503191 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Dow pullback to 12k.  Weak dollar.  Trends in line.  Gold and silver in tow.  Financial apacolypse, come to daddy.

Thu, 07/28/2011 - 23:49 | 1503271 DoChenRollingBearing
DoChenRollingBearing's picture

Make if four greens for you Mr Lennon.  Bad things en route.  Get prepared everyone.

Thu, 07/28/2011 - 23:28 | 1503193 oa92000
oa92000's picture

Ben knows what to do//

Thu, 07/28/2011 - 23:31 | 1503208 fuu
fuu's picture

Make it rain.

Thu, 07/28/2011 - 23:43 | 1503242 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Judging by the dollar he is doing it already.

Thu, 07/28/2011 - 23:52 | 1503277 DoChenRollingBearing
DoChenRollingBearing's picture

He may have to make it rain $100s.  Next up: Obama $1000s.  Rain, baby, rain.  A properly constructed gold shelter will keep you dry and safe.


Hey!  Watch where you point that thing!

Thu, 07/28/2011 - 23:28 | 1503194 gkm
gkm's picture

14th Amendment

Thu, 07/28/2011 - 23:28 | 1503195 GIANTKILR
GIANTKILR's picture

I predict that one month from now, it will look like one month ago.

Thu, 07/28/2011 - 23:29 | 1503197 Sylvia Plath
Sylvia Plath's picture

Something tells me not... with everyone EXPECTING Mr. Market to do something it hasn't been done~

Thu, 07/28/2011 - 23:29 | 1503198 toady
toady's picture

Be afraid.

Be VERY afraid!

Thu, 07/28/2011 - 23:29 | 1503199 Minimum Clearance
Minimum Clearance's picture

This form of government no longer can even pretend that it's working.

Thu, 07/28/2011 - 23:29 | 1503201 lolmao500
lolmao500's picture

Not only that but they are planning to suspend all the rules of congress tomorrow, also called congress martial law, to pass the bill.

It will be some kind of ``you have to pass the bill to see what's in it``... but from the republicans.


Prepare the lube as tomorrow, you will be raped.

Thu, 07/28/2011 - 23:36 | 1503222 Global Hunter
Global Hunter's picture

how does congress martial law work?

Fri, 07/29/2011 - 00:22 | 1503372 Crisismode
Crisismode's picture

The Sargeant-At-Arms walks down the aisle with a Cat-O-Nine-Tails and flails your sorry ass if you fail to vote in the proper manner.


Fri, 07/29/2011 - 00:44 | 1503425 cosmictrainwreck
cosmictrainwreck's picture

LOL on the imagery.... would pay to see that

Fri, 07/29/2011 - 00:19 | 1503361 nodhannum
nodhannum's picture

Hey, it worked for Nancy!

Thu, 07/28/2011 - 23:30 | 1503204 Stuart
Stuart's picture

How'd that go again... Change we can believe in?   Somehow I just have a feeling Obama is going to go lone wolf on this at the very last minute.  Sure it'll be spun as if he's the cavalry, the only adult in the room...   the invisible hand will sneak into the markets as always to cushion the blow.  

Fri, 07/29/2011 - 00:02 | 1503316 CrashisOptimistic
CrashisOptimistic's picture

People keep saying this and they don't understand.

Even if he found some bizarre rationale to raise the debt ceiling . . . It's Only Good Til 1 October.

FY2011 spending authority expires 1 October.  That's just 6 wks out.  He'd be risking impeachment and/or jail for a lousy six weeks.  And if he did this you know FOR SURE Congress would punish him for trespassing on their turf by cutting him off with no further Continuing Resolutions until he rescinds his act in writing.

So no, he can't do a thing about this.

Fri, 07/29/2011 - 01:41 | 1503523 Ahmeexnal
Ahmeexnal's picture

Dissolve congress.

Fri, 07/29/2011 - 07:54 | 1503833 r101958
r101958's picture

Then he'll just do it again the next day. The first time is the hardest.

Thu, 07/28/2011 - 23:31 | 1503209 Re-Discovery
Re-Discovery's picture

Paper Market Tsunami?

Who is the best surfer?  Who cares

Thu, 07/28/2011 - 23:33 | 1503213 hazenyc
hazenyc's picture

Better go to WalMart tomorrow am and buy tons of stuff cuz come next week we'll be tacking on an extra zero to every price tag :P

Thu, 07/28/2011 - 23:35 | 1503218 Bagbalm
Bagbalm's picture

Waiting for Obama's, "I have no apologies for doing what was needed to save the Fatherland." speech.

Thu, 07/28/2011 - 23:35 | 1503220 oa92000
oa92000's picture

Obama does not want his plan first place...why bother to vote..

Thu, 07/28/2011 - 23:36 | 1503223 LookingWithAmazement
LookingWithAmazement's picture

Gold and silver are heading lower.

Thu, 07/28/2011 - 23:53 | 1503283 DoChenRollingBearing
DoChenRollingBearing's picture

So what?  Buy anyway.

Thu, 07/28/2011 - 23:59 | 1503307 Hi Ho Silver
Hi Ho Silver's picture


Fri, 07/29/2011 - 00:07 | 1503328 DeadFred
DeadFred's picture

Expect it short term. RobotTrader is selling his gold to meet the margin calls on his LULU. Pick it up at one of the Fib levels from the recent rise up. I'm guessing $36 for silver. They'll have a hard time breaking the support at that level.

Fri, 07/29/2011 - 02:18 | 1503571 John_Coltrane
John_Coltrane's picture

Sometimes I wonder if anyone ever looks at real time data.  LULU is only $2.5 (4%) off its all time high and trading $9 (14%) above its 50 day moving average.  If you plot the ratio of LULU:$silver its 1.5 (that means you could have bought LULU and sold $silver and you'd be up by 50%.  This ratio has been above 1 for the last 12 months-hows that for a pairs trade with legs!   So, yes, women's Yoga clothing is more popular than Ag.  And the ratio of GMCR:$silver is currently 2.0.  Pour me another cup of joe!  Don't let confirmation bias spoil your profits.  I'll give you another, BIDU:$silver has been above 4 for most of this year.  But, of course, the best one of all would be long FOSL, short BAC  (or should I say countrywide!).  Current ratio 14.  FOSL been very very good to me!

And speaking of not being able to read a chart, the author of this article motivated me to look at the futures on FINVIZ.  US$ is up a bit and SPY is down .8%.  Hardly a panic yet!  I think everyone is relieved there won't be any more new debt issued.  Isn't $14.3T enough to have the the books  for the next year?  Makes the old debt more valuable doesn't it?  Interest rates will eventually be near zero for most maturities with only old debt to roll-over.  Get it while you can, no new debt available.

Fri, 07/29/2011 - 00:17 | 1503357 Stuart
Stuart's picture

OK,'s Tim and Ben here on the phone.. here's what I want you to do.   This precious metals markets, ya, that's them, gold and silver... we can't have them moving higher right now... makes us look bad, you capiche?   So, get them not let them rise, or we'll shoot you.  We'll shoot your wife, your kids, your dog, your neighbor's dog.... do you understand.   Like told to Hal, this is the most important message you will ever receive.  

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