Highlights From This Morning's "Meet The Press"

Tyler Durden's picture

Below are the key clips from this morning's Meet The Press which is devoted exclusively to proponents of the status quoTM, whose entire argument boils down to the syllogistic: "cut spending yes... but not today...never today" In fact, it is best to make any cuts the next administration's problem. So assuming Obama gets reelected, and there is another debt ceiling hike, which there will have to be, it means about $7 trillion on top of the currently debated $3 trillion, whoever inherits this mess from Obama (who in turn inherited his mess from Bush, who in turn inherited his mess from Clinton, and so on), will have $24 trillion debt to deal with on day 1, with about $16-17 trillion of GDP. And that person will have to cut spending? What idiot would want that job? Anyway, we fully expect the paid government workers from the rating agencies to shortly upgrade the US to AAA+ on renewed growth prospects courtesy of 140% debt to GDP in 5 years... and that excludes the $7 trillion in off balance sheet GSE debt.

Summary highlights:

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Interview with White House advisor David Plouffe:

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Plouffe part 2:

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Plouffe part 3:

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Plouffe part 4:

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Plouffe part 5

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Brokaw, Granholme, Labrador and... Jim "Buy Bear Stearns Cramer" ???

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Brokaw, Granholme, Labrador and Cramer - part 2

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Hedgetard55's picture

Wow that David Gregory is a handsome man, and quite intelligent as well.

anynonmous's picture

Gregory is one of the best; articulate, unbiased and committed to getting at the truth.


I recall this picture of him where he looks like he was about to eat bush.



Moe Howard's picture

I found it interesting that Gregory and Kramer are both "members of the tribe". Seeing as tribal members are only 1.2% of the US population, who would have guessed that they would be so over-represented on Meet the Depressed.

Marty Rothbard's picture

What tribe is that?  The empty headed presstitute tribe, or the sold out tool of the Corporations tribe?

Jim B's picture

Come on David, quit using the alias... :}

Atomizer's picture

David Gregory is a handsome network troll who throws softball questions to hide the progressive mission.

nmewn's picture

I popped some popcorn and watched it.

Busted out laughing when Krammer was asked if treasuries were safe...Krammer almost jumped out of his chair saying yes!...absolutely.

It was like deja vu.

Theres nothing wrong with Bear Stearns!!!

Mike2756's picture

Poofee is insane. Interesting to see what the auto triggers will be, suppose there will be some type of override provision.

rubearish10's picture

I'm not a proud American today. The sham just keeps playing out and no outlook to better times for many. The BOTS will game this thing much higher now.

Hedgetard55's picture

FXF (Swiss Francs) should hit 200. They are not backed by gold anymore, but black gold - i.e Nestle's chocolate bars.

Temporalist's picture

It is suggested that because the Swiss have such a high ratio of gold (real money) to monetary supply they are "backed" without official backing.

To make that more clear, people want the Swissie because it is stable but it is stable because of Switzerland's gold; therefore, the CHF is a proxy for gold although obviously one cannot make the claim for the physical.

rubearish10's picture

Correct, which means we'll have a buying opportunity the next day or two.

Temporalist's picture

For this reason maybe Portugal, with somewhere near 80% of it's reserves in gold, will and should be the first Euro country to dump the Euro and create its own currency.  Just imagine, they could be like Switzerland in a flash with super strong currency, and not even have to officially back it.

Germany* won't be first because they are too invested in Euro, but Italy could be second and France might immediately follow.  UK, they are short on gold and not in Euro but it seems their banks have been thrown under the bus and their economy is suffering greatly.  Greece could do it too, and the CB fuckers already tried to take the Greek gold.  That would have left them completely strapped.  Perhaps Austria or the Netherlands will decide that they are too conservative to continue giving away control of their sovereign monetary policy.

       *The U.S. stores German gold and the Bundesbank double reports Gold against GAAP ( http://www.globalresearch.ca/index.php?context=va&aid=25835 ) because the IMF rules "supercede"   GAAP.  James Turk authored the article linked and it's titled "Where is Germany’s Gold?" from 7/30/11


rubearish10's picture

I suspect it'll be "risk on" tonight and tomorrow. So, Yen and CHF crosses should rally. So, maybe the other way with you ETF?? Sorry. I just can't imagine FX taking this garbage seriously as far as any kind of USD short squeeze. As far as "black gold" and chocolate goes, well, we'll see $100 WTI with wider spreads vs Brent. I like Godiva.

Caviar Emptor's picture

You mean "Ponzi On!" ....Parte!

lizzy36's picture

The best is when Jim "Bear Stearns is fine" Cramer said: "China owns the preponderance of out debt" actually jim NO that would be the Federal Reserve.

But why would a guy who works on 3 too many CNBC shows, and whose every second sentence begins with "when i ran my hedge fun (news flash Jim: $500m AUM is called being a decent broker NOT a hedge fund manager)" or "when i worked at Goldman", actually know who holds the "preponderence" of US debt?

QE2 has only been over for a month. Hopefully before the start of QE3 (in 2012 TYLER), someone will let Cramer know that the FEDERAL RESERVE owns the preponderence of US debt.

But why let fact get in the way of rhetoric?

Mr Lennon Hendrix's picture

QE is ongoing in the form of QE Lite.

A Man without Qualities's picture

Actually, the preponderance of debt is owned by the Social Security fund - IOUs that have been left in exchange for the money that workers have paid in over their careers.  These workers are led to belief that their retirement benefits will be adjusted for increases in inflation, even though the fund contains mostly fixed coupon debt. The hell bent determination of the Fed and Treasury to inflate our obligations away is going to cause massive damage to the numbers in the SSTF, and a part of the solution will be to slowly scale back the promises that have been made.  

In my view, this is the elephant in the room that nobody wants to discuss...  there's nothing the Fed can do to fix this one.

A Man without Qualities's picture

this is only marketable securities, so ignores "intragovernmental debt", esp social security.... but these are included in the debt ceiling...

nmewn's picture

Laughed at same Lizzy.

And Labrador sliced the talking points crowd into tiny pieces...even Brokaw made sense when he said they got to this point because of all sides (interests) not just one side.

I'm gonna have to go check my dosage level now after reading my Brokaw comment ;-)

Contra_Man's picture

At this rate of debt ceiling increases/deficit spending..., could eventually China/Japan boycott buying treasury bonds and reduce sovereign holdings (TIC data) to only 20% or less (down from 40%) and force feed American middle class to hold 80%+ (up from 60%) - when it all goes down the drain in one big write-off repricing event in 2013?



Temporalist's picture

This is just the most recent public figure to suggest China no longer buy U.S. debt:

Yu Yongding Says China Needs to Hold Less Treasuries as Safety a ‘Mirage’


If China, Russia and Japan (and Eurozone too perhaps) decide they don't want to gamble on an ever depreciating currency the FRN is going to shit itself.


I see the FX markets as the next big bubble to burst incidentally.  I call it the Douche Factor Meter.  Whenever a bunch of douchebags enter into a field where they do little and get big fiat rewards there is a bubble that bursts.

alien-IQ's picture

I was watching one of the morning news programs (can't remember which...they all look the same to me) and I found myself just shaking my head at something.

They were highlighting the Republican Presidential candidates. They went into detail about each and every one that is a known candidate and even went on to discuss several that are not running but "might" jump into the race. Yet, for all this coverage, the one name that was NEVER EVEN MENTIONED....Ron Paul. It was as if he didn't even exist.

And all this reminded me of the words of Josef Stalin: "Those who cast the votes decide nothing. Those who count the votes decide everything."

We are so fucked...

Temporalist's picture

And he is even more popular today than he was during the last election cycle and all of the Repukelicans are riding his coattails and stealing his rhetoric only because it will get them votes but they don't give a crap about what people want they just want power.

Fuck Bachman, Palin, Romney and all the other know nothing frauds.

r101958's picture

Good! Now that some people seem to give a schmidt, we can witness the MSM and TPTB act of marginalizing a candidate that has not agreed to play the game by their rules. The only candidates allowed on the major tickets will be those that have agreed to play along. The only way a REAL (not chosen by TPTB) candidate will have a chance is for us to ensure he/she gets elected via write in or a third party ticket. It is up to US to end this charade.

Libertarians for Prosperity's picture

Of course they're going to reach a deal today or tomorrow!  Duh!  Did you guys think they'd let the charade continue into their month-long August recess?  These guys need to "escape the summer heat" and "catch up on some summer reading"  -  that's a direct quote from their own webpage.

They must take the vacation, BY LAW!  It's part of the Legislative Reorganization Act of 1970.




Jim B's picture

Tax payer funded vacations.....  And Barry has a Brithday party planned!

Long-John-Silver's picture

The Kenyan or Hawaiian birthday?

Jim B's picture

The Ponzi staus is green, it is a sad day for the dollar. Dollar RIP!  Can't watch the videos though, I have NO tolarance for weasels and  liars. 


Mike2756's picture

The dollar may rally on this news, bonds too.

Jim B's picture

I am thinking longer term...  I am not smart enought to know what will happen tonight or tomorrow...

Mike2756's picture

Depends on the next election, if enough of the "less filling, tastes great!" politicos get thrown out, serious debt reduction might actually occur.

Mr Lennon Hendrix's picture

The debt debate is the greatest shitshow on earth.

GeneMarchbanks's picture

WAS... was the greatest and now back to regularly scheduled program: PONZI PERPETUATION.

MsCreant's picture

There is no debt, Mr. Hendrix ;-)

oldmanagain's picture

I say, I say what we have here is austerity with a capital A.  The TP is short, pushing hard for total and quick contraction. 

Medical care, education, food, air, etc. are earned. Those that perish have been justly served by Providence and the Righteous.

Pool Shark's picture

Who invited Cramer to the table???!!!

dick cheneys ghost's picture

I just upgraded the USA to AAAA 

Cdad's picture



Dear Mr. Speaker of the House,

It is Sunday, and I am led to believe that the US House of Representatives, in coordination with the Senate and the President, is about to deliver a debt ceiling hike based on promises to cut spending beyond 2012, a debt ceiling hike like never seen before in our nation, cuts to be later delivered by the instrument that has come to be known as a "Super Congress," and including only the inducement of a balanced budget amendment vote that everyone knows will be killed on the Senate floor.

These things being true, and with the House of Representatives preparing to deliver the compromise through the support of House Democrats, and in a vote demonstrating no confidence for Tea Party members in the House...the only members thus far having demonstrated a true understanding of the fiscal gravity of this mess made by decades of DC born fiscal carelessness....


 ...then I respectfully call upon you to resign in your capacity as House Speaker upon casting a vote in support of such a plan.




[yet another angry American and former Republican]


Cdad's picture




Dear Senate Minority Leader McConnell,

It is Sunday, and I am led to believe that through your leadership, and in cooperation with the President of the United States, you have crafted a debt ceiling hike to include spending cuts beyond the year 2012 by what has become known to the public as the Super Congress, a debt ceiling hike larger than any in our nation's history at a time when it is clear to the public that the US has become financially insolvent, with only the inducement of a vote on a balanced budget amendment whose fate is clearly doomed by the Senate you are part of, I hereby protest your actions.

In taking this action and advancing this plan, you will clearly undermine the effectiveness of the House of Representatives, as well as greatly damage and mitigate the effectiveness of members of the Tea Party, the only members of Congress to have demonstrated an understanding of just how destructive Washington DC's spending has been to the US economy and the fate of generations to come.

These things being true, and should you decide to vote to affirm this plan, I hereby call upon you to resign in your capacity as the Minority Leader of the Senate and, furthermore, your capacity as a US Senator representing the State of Kentucky.



[an angry American and former Republican]


CrashisOptimistic's picture

Tyler, you, and many, are ignoring some things.

This deal is not numerically positive.  It's negative, in a stimulus perspective.  There are no psychological aspects in play at all.  If there were, the 10 yr would not have cratered Friday.  

Look, guy, we got 0.4% Q1, and that's not ancient history, and more important, it was the result of STIMULUS from QE2, Bush tax cut extension and 2% Soc Sec tax cut.  All that only achieved 0.4%.  (Because of Brent, of course, but the point remains, massive stimulus only achieved 0.4%).

Now, upcoming for 2012, we're going to have expiration of the 2% SS tax cut, no QE2 (and no QE3, since the Fed sees now that 2 achieved nothing), and per your judgement with which I agree, an extraction of 20 billion from gov't spending in FY 2012.  This Is Not Stimulative.

This is not stimulative at all.  It's contractive.  It's going to reduce corporate profits.  It's going to reduce GLOBAL growth on which the $95 S&P 2011 earnings prayers depend.  The algos will read these headlines and interpret them in exactly this way.  The algos care only about what affect corporate earnings, and a successful deal is negative for them.  

No deal at all is even more negative for them.

JR's picture

It’s hardly news that Moody’s has been corrupted, if not unreliable.  But it is hardly well-known just how extensively fraudulent this company has become.

In an ongoing wealth transfer that will kill the country, Moody’s represents the self-described “too-big-to-fails” who want the U.S. debt ceiling raised so that taxpayer funds will continue to be available to the investment banks when their risk taking goes bad.

For the Congress to allow Moody’s to rate the U.S.’s ability to meet it debt obligations or to allow Moody’s to lower its credit rating “resulting in increased borrowing costs” for the government is like a farmer asking the representative of Foxes’ Chicken House Raiders just how many missing chickens he needs to replace for his hen house to regain its FCHR five-star rating. 

Never mind that Moody’s personnel such as Mark Froeba oversaw the fraudulent collateralized debt obligations that were at the root of the financial crisis that wiped out the equity and value of Americans’ homes – Americans’ primary store of wealth – while Moody’s cultivated  “lucrative relationships with the megabanks and broker-dealers whose securities it was supposed to objectively rate.”

Never mind, according to Henry Blodget, that Moody’s CEO Raymond W. McDaniel, Jr., known for globalizing Moody’s, dumped 100,000 shares of stock at $29 a share the day the Wells Notice arrived, or that Warren Buffett (BRK) sold 678,000 shares that day and another 300,000 or so in the week that followed, after both received notice of the non-public information.  (The SEC gives companies and individuals "Wells Notices" when it it is gearing up to file formal complaints against them. In this case, the SEC said the Wells Notice may be followed by a "cease-and-desist" that would revoke Moody's license to be a ratings agency. -- Blodget.)

Never mind that investors such as Buffett can buy rating protection by owning up to 20 percent of Moody’s stock.  Ten to twenty percent means Moody’s won’t target you or any of your companies.

Never mind, that “Moody's, and  McDaniel personally, were named in a civil lawsuit alleging that employees who reported such actions were subjected to "defamation, injurious falsehoods and tortious interference with business relationships" through "malicious, false and/or scandalous statements…,” according to Wikipedia.

Eric Kolchinsky, a former managing director at Moody’s Investors Service who oversaw the unit that rated subprime mortgage-backed collateralized debt obligations, put it like this before a panel created by Congress to investigate the roots of the financial crisis:

“The failure of the rating agencies can be seen as an example of ‘regulatory capture’ – a term used by economists to describe a scenario where a regulator acts in the benefit of the regulated instead of the public interest.  In this case, the ‘quasi’ regulators were the rating agencies, the ‘regulated’ included banks and broker/dealers and the public interest lay in the guarantee which taxpayers provide for the financial system.”

In addition to spending 8 years at Moody’s, Kolchinsky also worked at Goldman Sachs, Merrill Lynch, Lehman Brothers and MBIA.

Said Kolchinsky:  “Driven by an insatiable lust for ever-increasing market share and profits, which ramped up during the housing boom, Moody's questionable ratings of exotic financial securities caused it to nearly commit securities fraud.”

Temporalist's picture

The rating's agencies themselves say that they are nothing more than "opinion" about debt rating.

So why should anyone give a shit about what Moody's or any other rating agency says?  Who is rating the agencies?

trav7777's picture

they were all part of the pretend game.  Without someone "authoritative" blessing the unmitigated dogshit that were CDOs and other ABSs, the cronies in the funds with the cash could not have "invested" their members' hard-earned savings in this crap (and gotten kickbacks).

I mean, it boggles the mind...senior tranches of CDO^2s were rated on par with sovereign debt.  Just asinine

Contra_Man's picture

Sure hope Warren McGraw's employees don't benefit from trading this on again/off again "Deal"...

karzai_luver's picture

Nice seeing ya around JR.

Now off to the fukin camp for you and yours.


Stay out of the shower and don't ever again look behind the curtain!

wrs's picture

There is no deal and there won't be one before Tuesday, that is why the house voted down the Reid bill.  The Senate Republicans signed a letter saying they would vote against the Reid bill.  The vote on the Reid bill isn't going to happen until much later today and it has already failed in the House.

Lindsey Graham has said this stuff being proposed isn't going to get conservative support and that means it's dead in the House.  I don't think it's going to pass in the Senate either.

This is the same kind of nonsense that was on TV last Sunday and how did that turn out?

Jim B's picture

I think they are counting on getting D and Rino votes to push it through the house... Ponzi on! 

Pool Shark's picture

It might have a chance in the House if they can bamboozle enough 'moderate' Republicans to cross the aisle and join a solid block of Dem's who want to ensure (perceptually) a second term for Obama.