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Obama Says Debt Deal Reached, America To Avoid Default, Or "Hank Gave Us A 3 Page Term Sheet; Boehner Gives Us A 7 Slide Powerpoint"
In a much anticipated statement, Obama just announced that he has struck a deal with Boehner on the debt and the deficit, which will allow the US to avoid default. And also, as Reuters adds, Obama said that spending cuts included in deal to raise the debt ceiling will not happen so quickly that they will drag on the fragile U.S. economy. In other words, there will be no cuts for the immediate future. But there will be a single $2.4 trillion debt ceiling raise (based on a Joint Committee green light, LOL) just as Obama desired. And of course, there will be no tax hikes. Bottom line: there will be about $40 billion in actual, real spending cuts until the next, $16.7 trillion debt ceiling limit is hit some time in Q1 2013, at which point it will have to be raised to $20+ trillion. But no really, they are cutting spending and all that.
Just as Zero Hedge predicted all along.
Now comes the brief relief rally.
Then comes the hangover.
More from the AP:
Ending a perilous stalemate, President Barack Obama announced agreement Sunday night with Republican congressional leaders on a compromise to avoid the nation's first-ever financial default. The deal would cut more than $2 trillion from federal spending over a decade.
Default "would have had a devastating effect on our economy," Obama said at the White House, relaying the news to the American people and financial markets around the world. He thanked the leaders of both parties.
House Speaker John Boehner telephoned Obama at mid-evening to say the agreement had been struck, officials said.
No votes were expected in either house of Congress until Monday at the earliest, to give rank-and-file lawmakers time to review the package.
But leaders in both parties were already beginning the work of rounding up votes.
In a conference call with his rank and file, Boehner said the agreement "isn't the greatest deal in the world, but it shows how much we've changed the terms of the debate in this town."
Obama underscored that point. He said that, if enacted, the agreement would mean "the lowest level of domestic spending since Dwight Eisenhower was president" more than a half century ago.
Senate Democratic leader Harry Reid provided the first word of the agreement.
"Sometimes it seems our two sides disagree on almost everything," he said. "But in the end, reasonable people were able to agree on this: The United States could not take the chance of defaulting on our debt, risking a United States financial collapse and a world-wide depression."
As highlighted in a presentation just released by Boehner, here are the key point of the completed framework:
Emerging framework has three main features:
(1) cuts government spending more than it increases the debt limit;
(2) implements spending caps to restrain future spending;
(3) advances the cause of a Balanced Budget Amendment
Framework accomplishes this without tax hikes, which would destroy jobs, while preventing a job-killing national default.
For those who are interested, Boehner's whopping 7 slides on the proposed deal can be found here.
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Relax Youngster... I don't take aspirin. I have a jet to catch to Singapore, I'll waste your worthless be-hind before you can even find a pair of undies. Don't test my patience... I traded GBP/JPY againt AUD?USD and Broke even and added you ( Gummy Bear)
Thanks for the laugh YC and good luck with the pumpkins. PM shouldn't hurt you too bad. Try growing the giants next year, they be an interesting plant...
powdery mildew... compost teas 50 percent effective,
Milk 2% Mixed 50/50 water... Supposedly does it.. Birds, Lizards, cats , dogs ect...
Freakin nuts... The pumpkins are for Halloween, and the Apricot tree transferred the mold/fungus... Not to mention the Everbearing Strawberries... Thanks Hulk...
Effin Shite!
.
Nothing substantial will happen until Obama and this senate are gone.
When the economy is entirely hollowed out, and real cuts must be made, there will be caterwalling about the meanies who cut the turtle tunnel funding.
B'bergs chart below showing the very nice 18 year correlation between the increae in the u.s. debt ceiling and the rise in the gold price tells me we might benefit from a new DC/AU ratio chart metric: as of tonight's proposed 20%, 2.8T DC rise from 14.3T to 17.1T, the new ratio (17.1T ceiling / (gold/1000) would be 17.1T / tonight's AU last 1611/1000 = 17.1/1.611, or a current DC to AU ratio of 10.61X:
http://www.zerohedge.com/article/gold-rise-143-trillion-us-debt-limit-increase-%E2%80%93-bloomberg-chart-day
Last Friday, the ratio would have been: DC 14.3T / (AU 1627/1000=1.627) = 14.3 / 1.627 = 8.80X.
If the debt ceiling / gold price correlation continues, today's 20% DC increase from 14.3T to 17.1T, accompanied by gold's 1% decline from Friday's 1627 to tonight's 1611, with the DC / AU ratio rising in 2 days from 8.80X to tonights 10.61 may be the BTFD in AU candidate of the week, as well as the future.
But cocktail hour has set in here in the hot CA desert cities, and any conceptual or math error corrections are welcome.
http://www.realzionistnews.com/?p=648
and now. a word from kapner.
this is bullish for...uhh..nevermind...
Brilliant.
And of course everyone will be completely suprised when the first vote fails right?
Of course that annualized .8% GDP from the H1 2011, and the fact that 45 companies have issued negative guidance for Q3 2011 and 25 have issued positive, doesn't matter now does it.
We have a framework to form COMMITTEE. Mazel tov.
GO BACK TO BED AMERICA. YOUR GOVERNMENT HAS AVOIDED DEFAULT. GO BACK TO BED. YOUR GOVERNMENT IS IN CONTROL ONCE AGAIN. HERE, HERE'S AMERICA'S GOT TALENT; WATCH THIS, SHUT UP. GO BACK TO BED.
Well said.
http://www.youtube.com/watch?v=Rfd0_7BcU-0
I cleaned out the grain bins today in anticipation of a good harvest. I just might have to sit on some wheat this year.
The Banksters won, but they rule a dungheap of their own creation, an amoral hellhole glazed with ignorance. Eventually their bodyguards will abandon them or shoot them. AND THE TIME IS NOT FAR OFF.
...so ''primative'' gnomon. http://www.youtube.com/watch?v=Cso3CxWJzoM&feature=related You mean to say all this ''Whore of Babylon'' can do is ...look in the mirror at their own pathetic strip act, as their own customers?
...sounds like the prophetic strong delusion ...and they will not be reversing course on their way down. http://www.dailymail.co.uk/news/article-2019939/UFO-shoots-Texas-sky-live-breakfast-TV.html
so glad Boehner taught them all the Two-step
This mission is too important for me to allow you to jeopardize it.
watch the slow death of the DXY below 73.XX or not...im drinking with my gf...cheers
I read Timmy helped The Bernank roll in Ten New Jumbo Printing Presses in the Fed to help "resolve" the debt crisis:
"But there will be a single $2.4 trillion debt ceiling raise (based on a Joint Committee green light, LOL) just as Obama desired. And of course, there will be no tax hikes."
"Gold to $5,000" sayeth Jimmy the Geek.
LOL!! What a joke.
Implied Default manifesting in 3...2...1...
They just don't get it. Or they do and of course, this is all "intelligently designed".
Paper gold/silver being driven down again. Gee, seems contrary to natural market movements since our debt just skyrocketed and the dollar just got gutted again. Something seems amiss. :-)
Truth be told, I'm getting pretty tired of all the doom. That's not to say it isn't justified based on current events- but it'd be nice to come up with some kind of working alternative, instead of just waiting for the world to burn.
I can't say I know for certain what would work better, but these two books I recently read seem worth a look, and offer a much brighter view of the future than simply "End the Fed" or let the poor people die. Hell, Tyler even stumped the second one.
Then again, maybe I'm just tired and in need of a little hopium.
Anyhow:
H.G. Wells, The World Set Free
http://www.gutenberg.org/files/1059/1059-h/1059-h.htm
Jens O. Parsson, Dying of Money
http://www.delanion.com/main/dom.htm
I'm always somewhat enamoured of those who manage to predict with clarity those events which we are now living through, and are able to offer any kind of solution. Rand did with Atlas Shrugged as well, but in reality, I have neither the means nor the community to create a Galt's gulch, and am not really for the idea of letting anyone who is not a super-producer die off in any case. There are many "average" people in the world who cannot grasp even the basics of what is going on right now, and we are simply allowing criminal enterprise to destroy us all.
Well, fuck that. A person does not need to be tortured and starved to death because they became a garbageman or a store clerk rather than a banker or economist. A banker's vig isn't worth the malnutrition of my neighbor's children, or the accidental deaths of my friends when our infrastructure fails and a bridge collapses into a river.
There are supermen among us, and they are a real boon to humanity. The increases in production they create and provide certainly deserve to be celebrated, and not taxed to death- I want a world where the Teslas and Fords live in opulence and style, richly rewarded for work well done.
But we still need a plan that accomodates what happens to those who are not supermen, such as those who are sub-normal, or replaced by automation. I am a big fan of automation, myself- if a robot can do the things I do, that should free me up to do other things, and there's never enough time in a day as it is.
When I look around during my long commute every day, I see clean land filled with crops, clean air and nothing but abundant resources and promise. When I see the world through my eyes, it is obvious that there is enough for everyone to eat, be clothed and have a safe place to lay their heads. But then the sick psychopathic fucks that have hijacked our world open their diseased mouths, and the world is filled with filth and lies again. It's long past due for us to say enough is enough.
Yes, we need to end the Federal Reserve. Our government can and should produce our money- not purchase it at interest from a private corporation. But we need to go further. We need to take the guns from the heads of those who do the most work and provide the most value, and mitigate the implied threat of starvation and homelessness from those who simply punch a time clock and do what they can in their assigned duties.
We need to reform the tax system, so that everyone pays a simple percentage- not lower taxes for "the poor" and raise them for "the rich." And the idea of a country-wide dividend paid to every man, woman and child seperate from means testing is actually a reasonable idea in ways that our current system of "tax the guy making $50k a year so that the guy who makes $25k a year can buy a new tv" does not.
All the politicians, every single last one of them, need to be removed. Maybe we don't even need to kill them. But we do need a government that is for the people, and not a parasite that siphons off our blood and treasure to feed their vanity.
Like I said, I don't know if the plans the two books above would really work in practice- but I can tell you one thing for sure, what we have now doesn't work at all. So instead of gloating about our superior vision, let's all try to put our skin in the game, and come up with a better alternative. There's no such thing as a goal that is too noble, and there is no reason why one group must starve while another group dips thier balls in gold. I don't want a completely flat and level society- that's stupid, and removes all incentive to keep moving forward. I just want the regular people to be able to eat every day, and the ultra-rich can still flit about in private jets and sit on golden toilet seats if it makes them happy. Guys like me will probably not even be affected much- I'll still go to work, and do what I do best- though maybe the stress will ease up a little, and I'll have a couple more hours a week to take the kids to the park that aren't eaten up by manditory overtime and studying this stupid f'ing psuedo-science of lies that is the US economic system.
I'm tired and sick from this. Our society is poison, built on lies and quicksand. We're better than this, so let's make it happen. America always foils her critics, and this time shouldn't be any different.
Most of the world would trade you "sick and tired" as you maybe.
The avg J6P is a spoiled bitch.
"The avg J6P is a spoiled bitch."
Way to jump on the "class warfare" meme of the Hegelian dialectic. You make a fine serf.
way to cry like the bitch you are.
take your dialect b.s. along with your peas and pull the blow bub.
Yes, we need to end the Federal Reserve. Our government can and should produce our money- not purchase it at interest from a private corporation.
They can't end the Fed. They don't have legal authority.
The federal government defaulted / bankrupted in 1920 and was taken into receivership by the Fed.
It appears Ron Paul doesn't even know this.
Interesting. Any source material for that?
At any rate, I certainly was not around in 1920, and don't care to pay for bills incurred when my grandfather was 2 years old. Surely that is an unconstitutional situation- and if it isn't, maybe we need a new government altogether.
http://www.youtube.com/watch?v=UevH6n2u8c4&feature=related
...hey 418, no we can't dance together, that's what the flaming alter (AKA ''Earth as we have known it''") is for, dancing in the flames. These evil occult (put a pyramid in everyone's hand and an account number in their forehead) ''we own Club Med & The Fed'' freaks just get their sock puppet to talk talk talk talk, nothing is going to ''change'' them, their own judgment runs it's course at the expense life, liberty etc... http://www.youtube.com/watch?v=6hHnOBlwU3A
...get ready for sudden destruction.
"Fuck the economy, default would have had a devastating effect on our Wall Street bosses" Obama said ...
Fixed it.
But there will be a single $2.4 trillion debt ceiling raise ...
Now they get to steal another $2.4 trillion of wealth from Americans.
Try reading the 'Crash Course' by Chris Martenson. The answer: Self-sufficiency, resilience and community.
I'll check it out next, thanks.
breaking news...o has a nice purple tie...
The cheapest property, on the " Monopoly" Board! Purple and a ( Thimble)...
Hooray! Obongo saved us all! Now we can restore the economy and properity with QE3! Thank you Obongo and your puppet masters, too!
I just got off the telephone with my credit card company...they refused to raise my Debt Limit to $100,000....maybe tomorrow I'll call the Fed's Discount Wondow and ask for a half million...just to get me by for the next 18 months...I promise I'll pay it back.....
People with a lot of money believe money solves all problems. Shocking, I know.
Powder will run for president after he gets hit by lightning
This entire affair is a hoax. After pretending to work on controlling the out-of-control spending and money prinintg...what do we get? We get to see them slapping each other on the back sipping champagne congratulating themselves on accomplishing-----nothing.
No spending cuts (essentially);
No closure of tax loopholes;
More intense spending, printing and Bonusing.
How long will it take for the dollar to break below 70?
Fuck them all. --- count me out, you are all on your own.
thank god the asian markets are ok
Oh ,look mom...over there...it's the tooth fairy.....
What a pathetic exuse for a country.
It should be called "United Bankers" ...Not United States.
a found piece of missing history...
Monster: A Portrait of Stalin in Blood
Posted by Charles Burris on The LRC Blog on July 31, 2011 04:10 PM
Shortly after the fall of the Soviet Union, The Discovery Channel aired an exceptionally powerful six part series, Monster: A Portrait of Stalin in Blood. The documentaries had been produced by Alexandre Ivankin at Contact Studio in Moscow from recently released archival footage. These programs have not been seen on American television or available for purchase for almost two decades. But four episodes of the series have been posted at Youtube and are available for viewing at this site. Contemporary libertarians justly criticize the tyrannical turn America has taken over the past decade under Bush and Obama, with the egregious imperial wars, the onerous USA Patriot Act, torture and rendition, the invasive TSA, etc. But let us not forget the real face of totalitarianism. It is found in this Portrait.
http://www.lewrockwell.com/blog/lewrw/archives/92234.html
Fuck you all. ___ you are on your own!
Fuck you all. ___ you are on your own!
All you Turd Burglars got long, and I hedged!!!
I can't wait until the next election. After 39 years of voting for and supporting Republicans, in the next election and every election there after I'm voting straight Democrat. I'm not even going to look to see who is running. As I walk out through the parking lot of the polling place I'm going to aim a double bird toward my computer and shout, take that you Zero Hedge racists and fascists, screw you.
So has anyone else come to the conclusion that Obama was seriously played by the GOP in all of this, that it was masterminded from the beginning to go down something along these lines to extract concessions Obama would not otherwise provide. Our two political parties are a fucked up system and way of doing things, the more I witness what they actually do. Watching the Senate vote today on parliamentary procedures to set this thing up was a damn joke, what a stale institution the Senate is. Not a single American outside of the Senate or its staff could likely follow all the BS procedures they have to follow.
Obama may have gotten his 2.4 T but he likely lost his reelection tonight for good, selling out to the GOP in the way he did, how he marginalized Pelosi. The Senate Dems could still potentially derail all the good karma with the Tea Party in a coalition against the establishment. It will be interesting to see if these 2 groups can team up to derail Obamadebt solution. The Dems will nowhere near as enthusiastically support him now as they did in 2008, Obama threw the Dems agenda largely under the bus tonight to get his debt increase. And it only takes one Senator to filibuster and slow down the process in the Senate. A key part of Obama's stratgy now is to exert irresistible public pressure on those who oppose this in Congress, but isolating them as responsible for a potential default. This may be the last time Obama gets anything he wants through the Congress effectively until he loses his reelection. The GOP is ruling now and they will largely get their way with this new committee they are talking about, including no new taxes on the rich. It was all a charade, masterfully played by the GOP.
EPIC FAIL
Going long on paper (toilet paper) Trade algo robot engaged 4:04 am eastern
As I look back on it and read threads here from the pundits calling alot of these posters idiots, I am now laughing real hard at the pundits. Hell anyone with a smidgen of intelligence knew this was coming. Guess what they will toss this whole plan next year! Nothing new here. The stock market will go nuts and then slide down the slippery slope and QE3 will take us where no America has gone before.
The rating agencies will not do squat. They achieved what they wanted and will once again rate bad investment tools as AAA. The Fed will continue to rob folks that work and steal from our savings. More and more will start sucking from the gov't teat. The big corporations will continue to send our jobs overseas and Obama will continue to feed them hope and change. He will be re-elected and realy transform the country. This is just started as the dumb voters will kick out all the Repubs and they will finally have what they always wanted. The ability to pass anything they want. Watch out all it is a coming.
You and I will become criminals because we make money, can see thru the bullshit, and work!
If they make me a criminal/terrorist, I will act like one. Will there be enough illegal immigrants to wipe their ass when everybody worth a crap goes Galt?
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