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House Passes Debt Ceiling Vote
And like that the Congressional circus is over 269 to 161. Market reaction? ES sells off 5, then rallies 3, and now is selling off again. Next up - the Senate but that is a given. So now that we know that America is not going to file for bankruptcy tomorrow on we go to the economic collapse.
More from Reuters:
The House of Representatives on Monday approved an 11th-hour deal to raise the U.S. borrowing limit, clearing the biggest hurdle to averting a potentially catastrophic U.S. debt default.
Just one day before the deadline to lift the debt ceiling, the passage by 269 votes to 161 by the Republican-controlled House paved the way for an expected approval in the Senate of a $2.1 trillion deficit-cutting plan hammered out over the weekend.
The Democratic-led Senate was expected to vote on the plan on Tuesday.
Financial markets worldwide have been rattled by uncertainty over whether the compromise plan could pass the House in the face of objections from conservative Tea Party Republicans and from liberal Democrats.
Having a deal in place by Tuesday to raise the U.S. government's $14.3 trillion borrowing limit will remove the risk of the United States not being able to borrow money to pay all of its bills.
Market response:
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Ahhh, nothing more satisfying than taking a toke while telling your delusional self that you are going to quit next week. Definitely.
Best comment on all the debt ceiling threads. Well played, sir. Well played.
I need to print money so I can buy more coke so have the energy to print more more money so I can buy more coke so I have the energy to print more money so I can by more coke so I can..........
Just flatulence in a windstorm. Behold, we've got a confirmation of impending doom:
https://sites.google.com/site/dailyspyder/
But, my homegrown short term algo went long TNA at 3:30 pm est today.
Clap as hard as you can.......Tinkerbell is dead.
Whores of Babylon
http://www.youtube.com/watch?v=uTnspbSjKVc
S & P downgrade to AA in 5...4...3...2...1...
That's what I'm wondering. Moodys sounds like they received their check from the fed, wondering if this bullshit gets the green light from S&P as well.
And our friend Mr. Krugman is really pissed. Upset we will not be printing at warp II speed.
Next up........The 2012 Budget...........
If you're surprised, you're seriously confused about what stage we are at in this meltdown. That is... past the point of no return.
Nothing is more American than bad decisions.
Man, what a great country! Here we go, another rally to short down.
Some tea party senator still could fillibuster...
Let's hope someone does filibuster. I don't think it will happen though.
Ponzi pols already have sufficient 60 votes in Senate to break filibuster. McCain, Snow, Collins, Brown, etc. would vote with Dems.
Yeah, the Blue Dog Democrats would have to break off from their party and vote against cloture.
Paging Bill Gross??? He is bound to surface any moment with advice on popcorn preference for front row seat at Timmahs auction circus....don't look behind curtain number two!!!! Its buh-buh-Benny and the Inkjets!!!
It ended with a whimper, not a bang.
I sure feel like I got banged.
What are you guys talking about? Oh nevermind....the Bachelorette is coming on, I don't have time for this right now.
Lets __ ?/ slide the whole Shuttle fleet up on the FED... STEPS!
The House was the only pitfall for the debt ceiling bill. Now it's a done deal. With the economy headed for a death spiral,
Obama will now have the money to buy votes with a plethora of rescue packages concentrated on the swing states, of course.
Any thought of raising taxes or cutting back entitlements will soon be abandoned by Washington in order to save a sinking economy.
I wouldn't be at all surprised to see more tax cuts an increase in spending on social programs. It's back to business as usual: Extend and Pretend.
I tell you this.
THe damn Market is gonna price in a default or a downgrade and keep on chugging upwards....
All this drama.
Only to do it again and again and again like someone seeking out self inflicted pain.
Default "Priced in" at Dow 12,000+ Bah Wah!!! What a stinking short memory we have, corrupted by clownbux.
'Gonna'?
Already has. That's why UST yields were dropping like rocks.
All we are saying,
Is give Peas a chance ...
- J Lennon, hero of the gimme gimme generation
"Is give Peas a chance ..."
Visualize Whirled Peas!
Why are you all complaining. Who owns these paper debts ? Foreigners mostly and then some Social Security. Foreigners can take a debt dilution and we can raise the SS payment, in such a way that foreigners will carry the burden. Wage increase via inflation/dollar devaluation can help pay for US citizen's devalued debt. What is there to worry ?
US Dollar the super parasite.
Dollar Seigniorage BITCHEZZZZZZZ.
"Who owns these paper debts ? "
Uhhmmm, how about the Stable Value Fund in my 401K? And about ten gazillion other bond funds that underwrite retirement accounts. Oh, and several banks, that use them to show that they are indeed very solvent. A downgrade may cause massive re-allocations in those funds that invest only in top tier rated debt.
Check the prospectus more carefully.
Just because the largest holdings are US treasuries does not mean that these represent a large percentage of the portfolio. You will likely find investment grade bonds, derivitives, synthetics, etc., far outweighing treasuries. If you don't ask your plan administrator about the possibility of opening an Individual Direct Account and develop your own portfolio.
The federal reserve and it's banks are buying treasuries at this time. Let them! Head the other way.
your loss of value form treasury investments will be compensated by your debt dilution(mortgage paments is easier) with your wage going up which will also compensate any price rise with a lag. Most peoples debt cancel out their assets, so the burden is mostly on foreigners. Relax.
The only problem will arise if paper Gold market gets de-coupled from physical Gold, causing Gold price rise, which cause major producers like Saudi/China to renounce dollar debts, then hyperinfaltion/war - this may take some time. If we only get Inflation we escape via Gold revalauation to 20xcurrent paper gold and Gold obsobrs all the paper debts, but if we get hyperinflation (loss of faith in currencyc) before that Gold revaluation, we are screwed.
The debt ceiling decision will not have much impact on the markets.
It is going to be the "Shock Treatment Jobs and Simulus Program" that O'Bummer is going to announce shortly in order to Stick-Save the economy before the 2012 elections.
NFP is going to be a stunner on Friday, so I expect this announcement to come out before the horrid NFP is announced.
Then gold, the CRB, and NYSE stocks will both be sent into Outer Space.
Normally I would agree. But not this time. What we have here is the last call for the vigilant.
But they're really shovel ready this time. Honest.
"But they're really shovel ready this time. Honest."
Yup. Time to bury the middle class once and for all.
Finally you've come to your senses. Probably took a good 6-7 figure loss to do so.
My stock portfolio is waiting for this moment.
I hope that you and others @ ZH are well diversified.
It is comforting.
And I don't mean just an allocation between stocks and bonds. Use every asset class and then hedge portions of it to take advantage of headline opportunities.
Oh yeah, and pray!
Time and again, Robo has provided a concise and non-embittered view. And [s]he is usually on the right side of the trade.
After all, it isn't about being right; it's about making money off it.
And it is time for the POTUS to roll out the hole card, go all-in and put stim-dollars directly into the hands of the numbed but expectant and hopeful masses.
The cynicism almost self-consumes like the Aurobouros; not that that has stopped anyone in this Administration; the most cynical ever to rule a G-7 Western nation.
Can't make this stuff up, Tyler (you mentioned Ted just now):
Al Capone's son threatened hit on Sen. Ted Kennedy weeks after Robert Kennedy's assassination: FBIAccording to a report in the FBI file, at about 9:20 p.m. on June 24, 1968, a man overheard 50-year-old Albert Capone, known as Sonny, make a call from a public payphone at the New England Oyster House, a famous restaurant in Coral Gables, Fla.
At one point during the conversation, the listeners told the FBI he said, "If Edward Kennedy keeps fooling around he was going to get it, too."
Another patron, a cashier and a waitress also heard the call, the FBI report says.
Capone identified himself when he asked the operator to bill the call to his Palm Island home and "appeared intoxicated," the report states.
The FBI alerted the Secret Service and the Miami cops, but does not appear to have investigated the call any further.
Read more: http://www.nydailynews.com/news/national/2011/08/01/2011-08-01_al_capones_son_threatened_hit_on_sen_ted_kennedy_weeks_after_robert_kennedys_ass.html#ixzz1TpAZlql7
So, Chappaquidik did not happen?
As my firnds at the Ravenite Social Club used to say: Puo cantare ma non puo volare
Volare and Cantare
http://www.youtube.com/watch?v=Z-DVi0ugelc
On occasion, I forget to give credit. I want to give credit, where credit is due. Nice post Mr. ( Beluga). Yen
My question is why China and Russia still don’t seem to understand that it’s American policy to destroy the dollar and still hanging on?
Putin Says America Is “A Parasite” Living Off The Global Economy
China To Buy More Treasurys Despite Possible Downgrade – China Economist AUGUST 1, 2011 (The Wall Street Journal)
Is China realy willing to sacrifice itself in order to provide a ‘soft landing’ or did they made a deal behind the scene somehow with the Illuminati/Rothschilds they’re not telling us?
Chen Chao “If you don’t want Treasurys, what else do you buy?”
GOLD of course you pinhead!
And down we go, all together.
We are the all-singing all-dancing lemmings walking over the cliff.
Lookout below!
How long until the next 1.5 trillion tranche is requested? That one needs the BBA sent to the States.
EURUSD!
EURUSD!
You be bad, we be baddest!
can Gartman strike out? The bases are loaded and it's 3-2 with POTUS on the mound!!!!
I am at the point of totally forgetting about voting and politics. After Tarp 1, 2,3, Obama Care, CFC, and all the other crap sandwiches shoved down my throat against my will and my calls to my elected representatives, I truly believe nothing we say will matter.
I've been very active and vocal in local politics and in support of some of these Tea Party members that have turned their backs on those that got them elected.
Someone please tell me why I should care anymore and just not stock up on ammo, food, and gold.
Name names, you DNC shill.
I have to agree with you. I see here on this forum, and just about everywhere else, utterly unfounded statements about the Tea Party. Although Menken warned us never to ascribe to mendacity that which could be explained by stupidity, frankly, it seems to be a coordinated effort designed to make voters lose their enthusiasm for voting in more Tea Party members next election.
On the other hand, if these are truly sincerely held beliefs by private individuals, I have to wonder where they are getting their information? 'Cause I sure don't see it.
Welcome to da club, Homey.
Well. Can somebody tell me EXACTLY what they "passed," because I think we all know Congress does not even know what they voted on (again).
What a complete disgrace.
America was.
They 'passed' Oweblahma's opportunity to raise billions with which to further brainwash 'Merikans.
The final pump and dump.
You cannot make this stuff up..They even rolled out poor Gabrielle Gifford to vote for the debt ceiling today. You literally could not write this stranger than fiction. And as TMZ so eloquently puts it, "Hooray America". The propaganda has now gone from ludicrous speed to plaid. I thank you brave captured politicians for solving our debt issue with more debt in order to keep the illusion that America is an economy running in place. God Forbid you had to face upto the facts that we are nation that makes nothing and exports snookis, Biebers and counterfeit cash.
Never let anyone say they did not see it coming..it has been coming from miles away and it has been pronounced for half a decade. We had the chance to course correct and allow the malinvestment to die off but instead we quintupled down. Our citizens have no conception of what is coming because you have chose to lie and manipulate them into believing that we are the only nation exempt from responsibility. Talk about hubris..You have collectively destroyed every moral fiber that has made this nation such a wonderful experiment of liberty. Incontrovertible proof that goodness and intelligence are the minority that we have converted this nation into this infantile minded and selfish class who believe who cannot even appreciate the uniqueness and the specific fundamentals of WHY our nation has been blessed with such greatness. To say the people deserve what they vote for is an understatement. We could have been saved in 08' now...we past the point of no return.
http://www.tmz.com/
Indeed, I doubt even David Lynch would have the capacity to imagine this script.
"Indeed, I doubt even David Lynch would have the capacity to imagine this script."
Wow! Cue the eerie music and dancing midget!
So who is the other missing member? Or did she miss the quorum vote?
Weiner is gone, so who is the other one? 433 total in the quorum vote.
We can't stop. It's too dangerous. We have to slow down first.
We can rectify anything we want to... Sans light speed/
Fear not my merry swain!!, The newly formed financial commission WILL KEEP THOSE FILTHY SWINE IN LINE ON OVERSPENDINGS AND OVERTAXINGS, AND UNDER DELIVERING.
LETS HOPE THE TRACK RECORD OF THIS COMMISSION DOES AS FINE A JOB AS THE CFTC HOLDING THE LINE ON SILVER AND CRUDE MANIPULATIONS. HOORAH!!!!
Fear not my merry swain!!, The newly formed financial commission WILL KEEP THOSE FILTHY SWINE IN LINE ON OVERSPENDINGS AND OVERTAXINGS, AND UNDER DELIVERING.
LETS HOPE THE TRACK RECORD OF THIS COMMISSION DOES AS FINE A JOB AS THE CFTC HOLDING THE LINE ON SILVER AND CRUDE MANIPULATIONS. HOORAH!!!!
Who wants this commission?
It's only doing the bidding for the banksters. To cut shit to pay off fraud.
That's all.
The commission shouldn't cut SHIT, except the fraudulent debt from the books. Except they won't be looking at the legitimacy of the debt...and apparently neither are you!
Yes, you want big cuts, to pay off what? Fraud?
So much so you are hoping that it actually does what it is set out to do?
Why?
The debt is fraud.
Glass-Steagall
Not unconstitutional supercongress to fuck the people over to suck the banksters cocks and fill their pockets more.
Anyone that favors this commission is a traitor, simple as that. Those people must enjoy sucking cock, they do it so effortlessly...it's like they don't even realize they are doing it. That takes some serious talent.
Well hopefully nothing bad happens till im 30, fingers crossed they can keep the bullshit going for 7 more years fucking Fascists
MSNBC reporter says Debt Limit fight will erupt this September again. Then again before 2012 elections.
If so, maybe some should have read the bill.
Well like Europe, the house now stands in recess untill after labor day.
Shocked that all that rhetoric about jobs turned out to be just rhetoric......nah!
What a load of horseshit.
Breaking News: Some bystanders said "It's a load of horseshit", some said "It's bullshit". EPA officials refused to clarify what kind of shit it is, saying only that EPA's concern is to contain the toxic shit and keep it from sickening more civilians. EPA did ackowledge that members of Congress seem to be immune, and in fact, are wallowing in this shit in both chambers of Congress.
EPA Toxic Substances Containment trucks were spotted on Pennsylvania Avenue near Congress late Monday afternoon. Metro DC officials requested emergency EPA action after hundreds of pedestrians in the neighborhoods near the Capitol building were overwhelmed by a "sickening stench". Local health officials determined the source of the stench was the debt deal package (a.k.a. House bill 666: "Stinking Pile of Shit").
No, can't be. Horseshit has a practical use as fertilizer. You couldn't fertilize nothin' with this load of crapola...
Rally on garth, Rally ON. As soon as Senate passes +++ we go!
Any bets on when the 2012 budget is taken up?
Please vote out all that have been in for 3 or more terms.
Except DeMint.
There is no substitute for Glass-Steagall
Everything else is a farce.
Is this bill Glass-Steagall cancelling the fraudulent debt?
Nope it's just a green light to borrow more against our 'name' from banksters to pay off other banksters.
We can't end the fraud, we can just perpetuate it.
This system causes us to borrow from banks, thus unless you want civilization to end, you must borrow to stay ahead of the curve. Only dogmatic idiots would say otherwise. We the People have already decided, that medicare and social security are good. It's the system it rests aside that is the problem. It's the system that wants to steal from medicare and social security. Because as decent as those systems are, as they aren't perfect, they kick the holy shit out of the current ponzi we have going. They just can't compete with it. It's making the ponzi look bad. But hey they can just raid it into oblivion, and then use dogma to say we 'can't afford it', or 'privatize it', or no one is 'entitled'. All bankster talking points used to open up the spigots so they can steal as much as they can from it.
But borrowing isn't the answer, cancelling the fraud is. America doesn't have to borrow from banks. We CHOOSE to. So the only dynamic in play in this bankster chosen path at this point is....cut civilization...or print to oblivion.
Neither way is the right way, and both are paths desired by various factions of banksters. Glass-Steagall starts to take us out of that insane dynamic.
In the meantime, now (assuming it passes senate and we all know Obama will sign it [if no changes]) we have a super congress, and our supreme congressmen will look for cuts in order to save money to pay off the fraudulent debt. Great. It's not that we can't question the debt itself. We just have to pay it off, with whatever we can cut to pay for it. It's our obligation! ROFL
"We honor our debts!" Really? By mixing fraud with legitimate debt? At least for now or up to now we did that. But when it unravels, we'll be reneging on legitimate debt, and THAT is the only thing America can't rectify so easily. It is the fraudulent debt mixing with legitimate that is the real problem when it comes to Russia, China, etc. Because in the end....THEY get screwed, because the banksters are crowding them out...before the destruction ruins everyone holding the worthless paper.
The super congress makes the recs, with 'everything on the table'. Is the debt on the table? No...okay, just everything that isn't direct flows of money to banks is on the table...in order to increase our flows of money to banks...because the bailout, mark to fantasy, all the bailouts, discount window, QE, MERS, FANNIE AND FREDDIE (that was wall street conning congress...not the other way around) and everything else wasn't enought for these assholes. Now they have to cut all this other shit to line their pockets of fraud. Greed is good. Defrauding the gov't is good...in the attempts to drown it in the bathtub. Screw it over so bad, you create a self-fulfilling prophecy of sophistry dogma bullshit. No one gets hurt, and we'll all be free.
Gov't of, by, and for the banksters. That's what this super congress is all about. If it deems social security can be raided for bankster fraud...it will be...or if mammograms aren't necessary until you're 65 because our statistical models of bullshit say so...or if it says we need to raise taxes across all levels by 25 percent....or we need to cut our space program...or anything they so choose......all in the name of bankster fraudulent debt....we will since we can't change it. The other captured congressman can vote no or yes that's it...and if it votes no, then cuts are made automatically. (meanwhile the federal reserve stands ready to provide further stimulus)
This will be the mechanism, the super congress. Because the banksters know they can find a few scumbags even worse than the normal ones to push their 'fiscally responsible' bullshit dogma. After all you only need 12. All these assholes claim to be protecting americans, when really they are just useful idiots that will ensure the money flows to banks in order to pay off our national fraud...I mean national debt. So you can borrow more, and perpetuate the ponzi until they got you by both balls, instead of just one like now.
Instead of cancelling via Glass-Steagall, they raise the debt limit and will pay off the fraud via cuts to real needs, and a small bit of pork they'll play up to obscure the fact that they are just robbing peter to pay bankster paul's fraudulent gambling debts.
We have a history of choosing otherwise. We have the laws to rid this madness immediately H.R. 1489 already here. Instead we go with the coup d'etat for the banksters, as the power of the purse now resides with bankster scum, who will steal even more of it from you. We choose to be chained....and who chooses it? Why your friendly tea partier, democrat, and republican, all three named Cletus.
Yes Cletus, you're a patriot,. Don't try to handle snakes while playing your banjo tonight...ok?
Personally I'm picturing Cletus intentionally placing themselves into one of Jigsaw's traps. You have 60 seconds to write out a check to Goldman Sachs or you lose a finger, the one down low. Think of how alive you'll feel, how righteous you will be to of done your civic duty to pay off this debt.
Cletus: "Do I have to write, or can I just mark X?"
Cue Jigsaw laugh.
Thanks for playing the game....you are all a bunch of traitors, CONgressman
Glass-Steagall (way better than default, as who is wrong in a default vs who is wrong when you wipe fraudulent debt off the books? the first the people will be blamed. the second, only the banksters and crony politicians will be blamed)
- yawn -
G-S is just another lawyer subsidy. How about a required accounting standard?
Umm it's not just Goldman, that was just an example.
Yeah, because the answer to our fraudulent debt problem is just so yawnful.
Glass-Steagall, not more bullshit
Accounting standard? Um..you do realize that Glass-Steagall is the standard that measures whether or not the debt is legitimate right?
Mark to market is one thing.
But it doesn't ask the question of whether or not the thing being created is even legitimate.
I don't think it's over yet. Doesn't the House have to decide on appropriation bills for 2012 yet? No money for you Obama.
Once upon a time, You could REPO (a) POMO.
Nice charts Tyler... Time to fire up my terminal.
Simple < ass backwards Q/A< Is AUD long or short on RBA?~ Someone is hacking ZH. My protocal ran/ and it wasn't pleasant...
We have it covered, minor distraction... Last but not least/ adhd is bought... Decending tops and tripple aud moves on a decending trendline from The Floatb say something? aud/usd...
yeah but don't expect a mega rally in stocks, Italy's yield blowout will effect UST's. It will be all gold.
Ok so now the US can issue x more dollars worth of Treasuries Wednesday... and who exactly is in the market for those anymore?
tyler had it right earlier today, fade this...everyone is long and soon to be wrong...ignore europe and economic data at your own peril...the debt ceiling limit raise has been priced in for 2 months or more
Satire. It just gets harder and harder to tell. http://www.theonion.com/articles/democrats-republicans-celebrate-pitiful-excuse-for,21052/?utm_source=recentnews
Especially after today, I'm more certain that ever that disaster this way comes!
As Dean Baker explains in the Guardian, here is the primary reason why Congress and the White House, who do nothing but serve as waterboys for Wall Street, will never, ever let the US default on its debt:
“If there were a default on US debt so that it could no longer be held on bank books as being a riskless asset, most of the major banks would likely be insolvent. It would not be just US debt that must be written down, but also debt implicitly guaranteed by the government, such as mortgage-backed securities issued by Fannie Mae and Freddie Mac, as well as a wide range of other assets held by the banks.”
http://www.guardian.co.uk/commentisfree/cifamerica/2011/aug/01/us-debt-deal-washington-unemployment
This circus will be repeated many more times as the debt ceiling aprroaches $50 trillion ...then blows through and keeps going.
By then America's economy will be a wasteland, the middle class reduced to poverty ...not by taxes, by inflation and collapsing dollar, the other way of stealing Americans' wealth, the silent way, the stealthy way.
Not to worry, there will be an endpoint. There's a rising nuclear alliance on this planet that will dwarf America's nuclear capability. When that alliance firms up and decides to act, their target will be America.
That's when this government / Fed / Wall Street circus will end.
But it'll be the end of America too.
We are still talking about this?
Oh thank god, now ya'll can borrow more debt.
How many of you think this may happen:
Tomorrow afternoon suddenly Senate doesn't pass the final bill, the whole world is in panic and Obama has to issue Ex Order to save US from default by mid-night. But damage is done, next morning all markets are selling off like the end of world. Few days later TARPIII and QE3 release. A handful of people who has power to set this agenda profits a trillion dollar from this disaster.
The drama would make for great TV but alas the Senate vote is baked into the cake. A small group of leaders huddle in a room to emerge with the deal and the serfs vote up or down. A representative government's finest hour.
"We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defence, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America."
As seen in sticky chart at blog - S&P500 monthly has been tracking sideways this year. This distribution and topping signifies that the big picture uptrend is ending and a significant downtrend will follow.
http://stockmarket618.wordpress.com
Thank goodness that common sense has prevailed. Only the doomers are unhappy with this result.
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