Previewing This Week's Circuses... If Not So Much Bread

Tyler Durden's picture

With the US economy in free fall, European liquidity imploding, NASA on beneficially inclined and extremely solvent extraterrestrial life alert (someone has to bailout the world after all), at least we have political circuses, if not so much bread... or cake. Here is what DC has in store for us over the next five days. Luckily, we can forget our trials and tribulations tonight when 8 pm brings with it the second Republican presidential address in which Ron Paul will once again be the undisputed winner and will be largely ignored by everyone in the mainstream, financially-funded media.

Monday, September 12

  • Today/tonight – President Obama sends American Jobs Act to Congress. The President is expected to make remarks from the Rose Garden at some point today before he submits the legislation to Congress, but no time has been announced.  Over the last several days, the Republican response to President Obama’s request to extend the payroll tax cut has been fairly supportive, though there has been less said about expanding the tax cut (from $110bn per year to $175bn) or providing new tax relief for small businesses (totaling $65bn).
  • 8:00 pm – Republican presidential debate. This debate may receive a little less attention than last week’s, now that Texas Gov. Rick Perry is no longer a newcomer to the race.

Tuesday, September 13

  • Joint Committee on Deficit Reduction hears testimony on drivers of debt from CBO Director Doug Elmendorf.   Elmendorf is likely to tell the committee that the primary driver of deficits over the longer term will be health spending, but thus far there are few signs that either party’s appointees to the committee are interested in fundamentally reforming Medicare or Medicaid as part of this process, though they may consider some more technical changes to those programs, potentially borrowed from the items that were discussed in the Biden-Cantor debt limit talks but not included in the final debt limit legislation.
  • President Obama speaks on the economy in Ohio….
  • Senate begins consideration of highway bill extension. The Senate will consider a four-month extension of the highway program, which funds over $40bn per year in infrastructure spending.  The program expires Sept. 30, and expiration would mean a lapse in the gasoline tax (which funds the highway program) as well as a lapse in matching payments to states and localities.  The House is also expected to pass an extension this week.
  • Former Fed Chair Alan Greenspan testifies before the Senate Finance Committee on tax reform.  The committee has invested significant time in the tax reform issue, though it is not clear whether either it or the super committee can tackle this issue with efforts still at a preliminary stage.
  • Repeal of EPA regulations. The House Energy and Commerce Committee will vote on legislation that would delay EPA rules restricting air pollution from industrial boilers.  The committee will also consider a separate bill dealing with cement plants.  These are expected to pass the House soon, but will face opposition in the Senate.
  • Special elections in New York and Nevada.   In the New York 9th District recently vacated by former Rep. Anthony Weiner (D-NY), Republican candidate Bob Turner has held a consistent 5 to 6 point lead in polls conducted over the last two weeks.  In the last two presidential elections, the votes for Democratic candidates in this district exceeded the national average by 5%; if the Republican candidate wins in NY-9, it will be the second most Democratic-leaning district held by a Republican on this measure. In the Nevada 2nd District, which leans heavily Republican, polls suggest the Republican candidate, Mark Amodei is expected to cruise to an easy victory.

Wednesday, September 14

  • President Obama speaks on the economy in North Carolina...

Thursday, September 15

  • House Speaker Boehner speaks on the economy.  He will speak at a lunch event hosted by the Economic Club of Washington.
  • Mortgage Bankers Assoc. testifies on mortgage refinancing proposals.  David Stevens, who recently led the FHA, will testify on behalf of the Mortgage Bankers Association on "New Ideas for Refinancing and Restructuring Mortgage Loans."  While the FHFA and the Obama Administration are clearly working on a new refinancing program to increase refinancing through the GSEs, at this point it appears that the scope of the program will be fairly limited.
  • Senate Budget Committee hearing on economic policy and the President’s jobs proposal.  Private sector economists will testify.
  • SEC Chairman Mary Schapiro testifies in House Financial Services.
  • House votes on National Labor Relations Board (NRLB) rules.  The bill, HR 2597, would prohibit the NLRB from addressing issues related to where a company locates operations. It is likely to face opposition in the Senate.

From Goldman

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tahoebumsmith's picture

NASA on beneficially inclined and extremely solvent extraterrestrial life alert...LMFAO

AldousHuxley's picture

Circus without bread or music will likely to end in a riot.



Oh regional Indian's picture

How come the Super Congress is not mentioned?

Don't they "seat" today or tomorrow?

They couldn't get a ConCon so you all got a SuperCON!


Source of American Geopolitical Power

Lem Motlow's picture

It was, first bullet point on Tuesday.

Cognitive Dissonance's picture

When the beneficially inclined and extremely solvent extraterrestrial life forms eventually show it won't do us any good since the Fed doesn't believe Gold is money and that's all the space aliens use.

Dr. No's picture

extraterrestrial life forms eventually show it won't do us any good

Wrong!  Krugman would have us declare war in order to boost GDP.  If Aliens show their big heads, it is bullish - no matter what message they bring.


Cognitive Dissonance's picture

I can see how losing a war against technically advanced aliens would boost GDP...........from zero after the aliens blast us to pieces. :>)

wombats's picture

Maybe the aliens will bail out the Fed...or maybe Marvin the Martian will blast the Fed to smitherines. :)

SheepDog-One's picture

I thought the aliens wanted to kill us theyre bringing QE?

snakeboat's picture

but but QE is killing us...

MachoMan's picture

slow to the punch, beaten by 15 minutes heh...

Tompooz's picture

What aliens? Israel will bail out the Unites States. .. 

Flakmeister's picture

I didn't notice the pre-announcement of the leak for QE3

koaj's picture

Ron Paul will once again be the undisputed winner and will be largely ignored by everyone in the mainstream, financially-funded media


aint that the truth

one day more then .01% of Americans will understand his silver dime line from the last debate

or they will know that the closing comment he made was from Bastiat

i can hope...

Reform1776's picture

No doubt, the dime comment went completely over everyones heads.

Speaking of financially funded media candidates, has anyone checked out Buddy Roemer's Presidential campaign? Is refusing all PAC money, $100 max contribution per person. Is basically also stating in plain terms the current system is corrupt. Is pretty refreshing, but guess of course who's not gonna be at the debate???



LongSoupLine's picture

So true koaj...I laughed at Paul’s “silver dime” comment when he made it, while at the same time knowing the sounds of crickets were emanating in the heads of your average (see: Dancing with the Stars) American television viewing audience.

OutLookingIn's picture


Ron Paul's message and his program to 'fix' things is ignored by the powers that are because they want the status quo to continue. Recovery? What recovery? Check out Larry Edelson's article out this morning on that;

Abiotic Oil's picture

Wolf Blitzer: "Now Congressman Paul, let's get to your first question of the night, and final question of the debate.  Which do you feel is more beneficial to the average American, watching Housewives of Orange County or Jersey Shore?  You have 30 seconds, please only address the question."



Potemkin Nation's picture

Miners getting clubbed like a baby seal today.  Right on schedule for options expiration.

plocequ1's picture

Some guy pretending to run for president, Like that dude with the funny hairpiece. Whats his name? Donald something. I forget

stormsailor's picture

looks like the /es is bustin south. yee-haa

TruthInSunshine's picture

Soon, Big Sugar Daddy (the kind who pimps the less fortunate out) will ensure that nanny-state teet suckers (46 million strong) will be able to get their bread in restaurants as well as grocery stores:


Restaurants want a piece of food stamp pie -
stormsailor's picture

who is ron paul (john gault)?

stormsailor's picture

i musta read the british version

tsx500's picture

i'll tell u who he is .... he's the man u should vote for if u give a shit about the future of this country , that's who !   every other candidate = game over , R.I.P America !

LongSoupLine's picture

Hmmm,  Has anyone dusted off the Airline and/or Auto industry bailout countdown clocks lately?

Reform1776's picture

Has anyone dusted off the Sherman Antitrust Act lately?

quasimodo's picture

Faux actually had some guy on this a.m. and had RP a close third behind Romney, and mentioned something about "the media can't ignore this guy forever"

Then that fuckwad Brian Kilmeade pipes up about "yeah, but he said something about the border fence keeping us in--that was a deal breaker"

Typical fucking shill that he is, had to spit out some drivel to discredit RP.

koaj's picture

pay no attention to those nitwits. RP is the front runner. Turn off your television

wisefool's picture

Right. Killmeade will go on hannity, and throw the football around, talk about sports player de jours' 45 million a year contract as a "good deal for sports team de jour" and then get back to espousing true conservative values. sarc: not the wacky crap Ron Paul talks about.

Circuses indeed.

dwdollar's picture

LOL...  but Perry being Gore's ex-campaign manager isn't a deal breaker???  LOL...  Way to go Faux News.

Rodent Freikorps's picture

According to Perry, that experience is what led him to make the change to R.

Reform1776's picture

Cheney - Ethics + George Bush - Intelligence + Yosemite Sam - Red Beard + 70's pornostar haircut = Rick Perry

Rodent Freikorps's picture

Brave enough to admit the Ds are crazy and follow Reagan's example of moving to the light.

Dealing, personally, with the whachjobs, like Gore, and that the Ds promote at the national level will tend to do that to anyone even kinda honest, or sane.

reader2010's picture

What is happening behind the scene is that the US military will soon become a private army at your expenses. Welcome back to the USSA.  Mao famously said Political power grows out of the barrel of a gun.


Insider Report: Obama Administration Intends to Unionize U.S. Military with Executive Order



Tuco Benedicto Pacifico Juan Maria Ramirez's picture

Yes, but the peasants confronting mao were not armed!

reader2010's picture

You really think your BB guns can stand a chance facing the strongest military hardware equipment on the face of the earth?

CompassionateFascist's picture

I tire of explaining this to idiots...when entire states secede (begin w Texas) heavily armed National Guard units go with them: AFVs, A-10s, & etc. This is the stuff of which Civil Wars are made. After some initial confusion, I expect Main Force military units to stand aside and NOT support the DC regime.

ThirdCoastSurfer's picture

Jefferson County, Alabama's latest attempt to avoid it's $4+ billion default is due this week as well. 

plocequ1's picture

No bread. Fade to music.  Rock and roll Mcdonalds. Rock and roll Mcdonalds

digalert's picture



I'm not really happy about the rep 4 prez choices. However, all the dems n' reps and MSM too are afraid of Ron Paul. So my choice would be... Ron-Paul-2012

SheepDog-One's picture

Thats why the US Corporation will select Palin for us. They know whats best for us, really they ass puppet for Israel and the banksters.

Reform1776's picture

Feeling the same, but Buddy Roemer is saying/exposing some pretty strong stuff about the PAC's, corrupt campaign finances, bank bailouts, and congressional shakedowns using regulations to keep the money and system just the way it is...

This is a REAL good read:



wisefool's picture

Buddy has no chance. He was on squak a couple of months ago. He said he would make crap from china non deductable. Chapter and verse of the 60,000 page document.  When the segment ended the squak time chided him said the dumb cajun was just trying to show he really did get a harvard MBA, but not a real harvard MBA like them.