Futures Plunge As Boehner Unable To Get Enough Votes, Essentially Cancelling Deficit Plan Vote, Dollar Plummets
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.
ES:
America could soon be technically insolvent. What to do... what to do.... I know, let's buy Treasurys!
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IS IT TIME TO CALL THEM TO SAVE US FROM THE BEAR CAVALRY??
http://farm4.static.flickr.com/3267/3600619963_0ac0952c9a.jpg
Bhoaner is popping, bigtime.
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.
11:59:58
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.
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":
http://www.youtube.com/watch?v=CMtypnoTacI
http://www.youtube.com/watch?v=qU2P6OAbevw
Consequently, the whole nation will soon be sacrificed.
http://thespiritoftruth.blogspot.com/2011/01/fate-of-union-iii-audacity-of-false.html
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.
http://thespiritoftruth.blogspot.com/2008/10/greenspan-i-have-found-flaw.html
In fact, due to our fallen nature, this mode of individual conduct is ultimately a means to collective suicide "in the long-run".
JMHO
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.
Selfishness != Lack of Compassion
Go forth, and alleviate some suffering: www.worldvision.org
http://covchurch.tv/cwr-visual-essay/
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;
http://www.msnbc.msn.com/id/3036697/#43934720
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."
MSNBC Chris Matthews Obitutary 7-29-2011
http://www.youtube.com/watch?v=flBPk1omm68
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.
Thanks WaterWings. Here's another one for you;
Senator John McCain's Obituary 7-28-2011
http://www.youtube.com/watch?v=AFSH4acF1zc
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.
I concur.
BS.....gold would be skying if this was that critical.....and it's not.
WE ARE BEING PLAYED!!!!!!
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?
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
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.
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.
Absolutely agree and a bad Q2 GDP number could accelerate it.
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.
paper gold at $1613.
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.
Wouldn't even know where to find one....let alone know the price.
.......a hooker that is.
Just buy gold.
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.
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.
Doesn't work. Spending authority expires 1 October. If he did it, it would only work 6 weeks.
.
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
http://www.youtube.com/watch?v=feIekhKuySI&feature=related
Next up, The Squid Empire.
squid is part of US.
next is the China's Dynasties.
You forgot the biggest empire of all, the founder of freemasonry- NIMROD. Babylonian Empire. Assyrian 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.
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 (http://www.cnn.com/2011/OPINION/07/28/balkin.obama.options/index.html?hp... ), or fed options all have the same ultimate failings.
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."
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.
Satandard stuff from the playbook.
<snark>
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.
</snark>
BORING.
"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.
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."
Already have. Green for you!
Sure feels like September already. In fact, to keep it interesting, they might give us an August surprise this time.
Fun.
ORI
http://aadivaahan.wordpress.com/2011/07/27/pre-cursor/
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.
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".
HOLD THE LINE. MUSKETS ARE READY.
OK, who's the idiot who fired first?
http://cdn.pastemagazine.com/www/articles/2010/03/12/han_solo.jpg?126840...
Han Solo fired first
An unseen agent provacateur!
False Flag
Some 30 year old white guy...
LOL (gallows humor - wish I could make my caps font size 72)
HOLD THE LINE. MUSKETS ARE READY.
Stay on target, stay on target!
http://www.youtube.com/watch?v=mMDV3eISLPs
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.
Perhaps Tea Party trying to lose the battle, hoping to win the war?
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.
How Fecking long can the Money Changers keep manipulating the POG down???
We should be at about $2849. right about now.
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.
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.
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.
It's on like donkey kong.
Got gold and silver, bitchez?
You got that right bo!
guns trump gold my friend.
+ 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
Enjoyin' my Bitcoins }:D
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.
I'm playing the Catskills next week, see ya there!
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.
Patrick Willis doesn't need a jersey. Eric is lucky he plays defense.
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?
Lots: main function of these overpriced trained seals is socio/polit/ec anesthesia. And we're going to be needing it....
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.
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 Panthersfine...go watch foosball you commies...
holy shit who fucking cares
It's not my debt, and I'm not going to pay it anyway.
Let the fiat markets deal with that!
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.
What your tip for the best play? Which index will cop the biggest hit percentage wise?
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.
We need a ZH Rating Agency.
Futures and Dollah down?
That's got to be bullish for the markets.
sarc on/off, I forget which.
as a pour another scotch I'm reminded what a sick fuck I am measured by the size of the smirk on my face.
Enjoy leisurely. Your single malts may be more valuable than you think.
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!
Comet w/moons = planet, not comet.
It has 16 times the mass of Earth. And it's physically smaller. That's star-level density.
Is a Cluster Comet like a Cluster F**k?
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.
http://news.yahoo.com/nasa-data-blow-gaping-hold-global-warming-alarmism-192334971.html
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.
FOR REALZ
I've often suspected that big shiny thing in the sky might play a significant role in temps.