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Senate Has Enough Votes To Defeat Continuing Resolution: Government Shutdown Imminent
As predicted:
- SENATE HAS VOTES TO DEFEAT HOUSE SPENDING PLAN; VOTE CONTINUES - BBG
Next up: headline risk and a push for Bernanke to print more. Why? Because when all is said and done the market will have plunged (even more) on the realization there is no fiscal stimulus coming in the next two years, despite the Chairman's clever gambit.
From Reuters:
With aid to victims of natural disasters running out, the Democratic-controlled U.S. Senate on Friday rejected a broad spending bill that had passed the Republican-controlled House of Representatives hours earlier.
As voting continued on the measure, Democrats had rounded up enough votes to defeat the bill, which would replenish dwindling disaster-aid funds and ensure the government can continue to operate past Sept. 30, the end of the fiscal year.
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Shut the entire thing down.
For every $1.42 the federal government spends, typically on rubbish at prices 280% above what any sane private company could procure the same thing for, they expend $1 of revenue they've received (i.e. forcibly extracted) and 42 cents of borrowed monies (i.e. we'll just sell some more bonds so we can keep dishing money out to FOGRF [Friends of Government Officials/Regulators/Federal Reserve Officials]).
It's insanity and graft of a epic proportion knowing no historical precedent.
Shut the sickness down.
Die Military-Industrial-FinancialIndustry-Bankster scam, Die!!!
+16.7 Trillion
I cannot believe how IRRESPONSIBLE this is. The least we can expect from our government is that they pass the necessary bills to fund CRITICAL government functions!
By 'critical gubment functions' I assume youre refering to the 50% of americans who only eat due to handouts from the gubment?
Yeah, and the Department of Education. Race To The Trough... I mean Top... needs more money, said B.O. today.
Congress has a responsibility to MAKE SURE that the government keeps running without funding delays. Do you people not realise how serious this is? We're talking about a TOTAL government SHUTDOWN.
I heart you.
He's definitely a bit more subtle than the Hamy Wanqers of old.
Ironically of course, even when the government "shuts down" a large number of services stay in place (which are probably the only ones the federal government should be doing at all). In fact it may make for a nice blueprint of what federal action SHOULD be.
REDPILL: GIVE ME YOUR NAME SO I CAN WRITE YOU IN FOR PRESIDENT.YOU WON'T WIN -- TOO INTELLIGENT FOR THE USA -- BUT IT WOULD BE FUN TO VOTE FOR YOU.
REDPILL: GIVE ME YOUR NAME SO I CAN WRITE YOU IN FOR PRESIDENT.YOU WON'T WIN -- TOO INTELLIGENT FOR THE USA -- BUT IT WOULD BE FUN TO VOTE FOR YOU.
'Total gooberment shutdown!!'
LOL whatever drama queen.
wouldn't it be funny if .gov shuts down but we all went about our business as if nothing happened and more and more people start to wake up to the idea that maybe, just maybe, we are okay without their constant meddling into our personal affairs?
Considering that 50% of the population relies on the government for SS, welfare, paychecks, medical care, food, government contracts, funding, etc, many people will notice.
Further, we are going to be unable to pay employees, ala Greece. But if we don't miss a debt payment then no default. So far it has worked for Greece, but not so well for Greek debt holders. Therefore, we better be hoping China hasn't been watching too carefully or it may start to punt its US$ Treas and other debt holdings. Could use its excess US dollars from our consumptive binges for cheap China products to buy up other US$ denominated items . . . oil and gold.
Wouldn't that screw up a lot of portfolios? It could happen and would really juice inflation once under way. Meanwhile, back to deflation for the time being.
When Bennie and the Inkjets print more to keep this dog and pony show open, they'll also print enough to float the EU.
Stop this madness now!
News flash for you, everyone on this site has been trading and preparing for a total government shutdown, end to fraud, return to sound money, and rebirth of a healthy business cycle. BRING IT.
Not everyone. Me - I'm just preparing for collapse. Good luck with that new bussiness cycle, though.
Free at last, Free at last! Thank God Almighty Free at last!
http://en.wikipedia.org/wiki/Poe's_law
What would be so bad about the government leaving me alone?
Nobody to fondle your nuts at the airport?
And, you think it's a bad thing? Shut them all down and ship them to China, for free may I add, so they can to some good there.
GREAT idea!!
Let's stop exporting so-called democracy and freedom and let's just start shipping our politicians overseas! Awesome! I'm willing to pay more taxes to pay for their airfare. Shit, I'll drive them to the airport myself!
Chinese are smarter, and they will NEVER take this kind of shipment. haha
The House did their job, but they'll get blamed anyways.
The part that kills me is this belief that we shouldn't be downgraded more. This back and forth political nonsense isn't going to end, it only gets worse with real issues. Bloated bureaucracies do not respond well to ACTUAL PROBLEMS THAT REQUIRE CRITICAL RESPONSIBLE ACTION. Break this damn beast up.
you should be more worried when all the politicians agree on something - usually to buttfuck the working class
"By 'critical gubment functions' I assume youre refering to the 50% of americans who only eat due to handouts from the gubment?"
No but things like air traffic control, satellite management, NOAA (The guys that do the actual weather predictions that everyone else just parrots), USGS volcano and earthquake monitoring, Army Corps of Engineers, basic security finctions including TSA, FCC permiting, FAA waivers and NOTAMS, stuff like that there which if did not happen would really cause problems. Problem is a lot of idiot people and congressmen think that stuff happens automatically or that the government is not responsible for it.
I bet you own an aeroplane!
They have not had a budget in two years with a single party in control why would we expect one now when there is a divided congress? This is why complex societies always collapse. None of this should be a surprise - it's the nature of the beast! Dollar cost average into FAZ and YANG over time, accumulate shares, and be patient.... The pin cometh!!
ERY
ERY may bump up against peak oil - not sure I have the courage for that one long term.... Oh, as soon as the 10yr hits 1.5% I'm going to start slowly accumulating TMV... Seems like a good chance that bubble may burst at some time as well....
Funny stuff. You're real good. You should do the Catskills circuit. Maybe move up to a gig in Vegas if it works out.
He already ran the Borscht Belt.
That's why he's here.
Hamy can always be counted upon for a spot of Friday afternoon deadpan humor. The chap lives for the red triangle.
Hillarious.
Then I take it he's not Amish.
9 Amish men in Ky. sentenced to jail in "safety triangle" casehttp://www.cbsnews.com/8301-504083_162-20106268-504083.html
If you're going to troll, at least try to be funny.
This is all planned. Benocide stoked the markets with baseless Fed statements over the summer, then pulled the rug out to get a deflationary scare.
I believe QE is coming in a matter of weeks - and in a big way. We'll see.
Oh good. Another uncomfirmed rumor that the bankrupt French, working alone, on in conjunction with other bankrupt entitities/French Banks (redundant, I know)/other bankrupt EU states/China/Zimbabwe, are going to launch the mother of all TARP Programs, and redeem every toxic asset under French Blue Skies, and while they're at it, will buy back the Louisiana Territory sold to the United States under Napoleon Bonaparte.
09-23 11:32: Market talk of French TARP like programme - unconfirmed
I agree, shut it down now while there is still some ligitamate industry left. The sooner we do, the sooner compensation returns to folks that are actually worth a shit.
Isn't QE limited by how much debt the Treasury can issue? So if the debt ceiling isn't raised significantly, the fed could only monetize up to that amount. (I guess the fed could buy equities directly)
Since price isn't really a concern for the Fed, they could really get just about anyone to unload their treasuries, or MBS, or, hell, even munis.
Why wouldn't they just collapse everything and come in off the sidelines with there private pools and offshore accounts and scarf everything up for pennies on the dollar and then maybe print after they're postioned for it?
I like where he's going with this one though. "the master
manipulator strikes again!" simply put you can't have it logically speaking "both ways." if he's "too, too, too easy" he's a toady for wall street interests whereas if he's just " too easy" he's destroying civilization itself. To me the data fits the facts: he works for the government and he's there to keep the government working. Quite elegant I might add. The theory that "a government shut down is imminent" is obviously completely ridiculous. The cops 'll still be on the highway doin' their thing. Unless of course we're the great providers of law and peace and somethin other than ad hominem attacks in these here parts. In which case I'll have to go back to emoting at the tv again.
http://www.youtube.com/watch?v=S5ZSDCvUwN8
PS I redesign/restructure it up to new realities, rather than shut it down.
there is too much govt and we should let it fail, but, we need a military.
http://covert3.wordpress.com
there's no alternative now...the government has destroyed the private economy. This is like cutting out a tumor and doing so will kill the patient.
there isn't a single industry that isn't dependent upon .gov debt growth.
Maybe Trav, but I think Monsanto could care less, people still need to eat. However, companies like this will just have to get used to accepting all kinds of things as "money". Should get damn interesting as the world deals with the burden of too much debt killing the remaining productive capital and the reality of no-growth and eventually negative growth on this finite world.
We can be sure as hell the most distructive aspects of the .gov will not shut down.
What are the chances the Drones get grounded during the shutdown? CIA Heroin/Coke/Gun Smuggling? NSA Warrantless surveillance? TSA Happy Endings? Not a fucking chance.
Doubled up
Is this where "the tough get going"?
Do it NOW!!! Right NOW! Who would notice except the parasites? Here in "Fly Over Land", it would not even represent a "rain cloud". Poof MF'S.
GO AWAY!!!
I want to edit my post up top.
I had written that:
I should have written "at prices 820% above what any sane private company could procure the same thing for..."
Sorry about that.
UNCERTAINTY - IT'S ON LIKE DONKEY KONG! sEE yOU oN mONDAY, bITCHEZ.
maybe
The problem is - it will likely re-open at some point.
You HAD to go and burst my little bubble didn't you snapperhead...ugh, where's the beer? ;)
'Market will have plunged'?
When will this happen? The non-delivery of QE3 trillions so far has resulted in the DUH industrial avg down about -250 points...big deal.
When Robotrader finally shorts.
Down votes to that? Huh, thats weird....simply asking where the 'market plunge' is...so far no plunge at all, -2% is not a market plunge in my opinion.
You got red arrows for who you are, not what you said.
So 3 people dont like me for who I am? OMFG Im destroyed....Im pulling down the curtains, turning on the Oxygen channel, and eating Oreos and a tub of ice cream all day!
;)
So you're turning into Peg Bundy now? Better update your avatar...now quit dicking around and help Robo find his shorts. God knows it's tough enough reading his posts, the thought of him sitting pantsless at the keyboard is just more than the mind can bear...
SDO,
I'm long some nasty ass OG Kush and a shitload of sci-fi action flicks on BluRay but short Oreos and ice cream. Let's hang out!
OR
I'll take the "What happens to corporate profits when the dollar rises for $500 Alex?"
Ding ding ding...Daily Double
what would 'printing' accomplish?
(last 2 days are evidence of peoples misunderstanding/equating QE w/ 'printing')
Read up on Zimbabwe's economy during the previous decade
It's been seen before, usually in Latin America, Soviet Union and other garden spots
Looks like I picked the wrong week to quit smoking.
http://www.youtube.com/watch?v=VmW-ScmGRMA&feature=related
It is times like these that make me happy that I own PM's, ammo, MRE's, etc... I shall sleep well this weekend.
MREs should never be the source of joy.
Tell that to someone who hasn't eaten in a week.
There good eating if you prepare them properly. Most people that complain about MRE's have never actually eaten them.
They're definitely not good eating... but for those of us that have been hungry and eaten one, we have a certain appreciation... which is sufficient to cause us to purchase them...
But, make no mistake about it, I'm not opening the package if a good cow is there to eat.
You should do at least a test run on your emergency food.
Actually, if you don't eat only your 'emergency' food you are doing it wrong.
It would be unfortunate if you put a bullet in your head not because of Motored Zombie Bikers and such, but because you can't stand the food.
I'm of course assuming you have a proper water supply.
No, filters won't make it. Where will you get new ones if things go really bad?
Yes, I've tasted/tested. I have Mountain House and Emergency Essentials brands. I also had a rather nice garden this year. And yes, in the event of zombies and such, my bug out local has a well and a pond.
Anyone ever tried the stuff from Efoods Direct? I bought the year supply a couple years ago, but stashed it in the closet - never tried preparing it. Decent? Edible?
Sorry, I haven't tried those.
So does this mean the wars stop dead in their tracks? Or will the chairsatan have to print some green to protect the oil?
Oil? But I thought the war was to bring stability and democracy to the middle east. I'm so naive.
You need a refresher from Clark and Dawe.
http://www.youtube.com/watch?v=USYC82K7hOQ
Where is the outrage over this story..........American taxpayers to build $100 million Prison in Afghanistan.........
the people running this country are sociopaths........
http://nakedempire2.blogspot.com/2011/09/us-to-build-100-million-afghan-prison.html
outrageous!!!!!!! that is until we start locking up all the blankfeins, rubins and summers of the world in those facilities, then i'll be all for it.
Dick Cheney's ghost: "the people running this country are sociopaths........"
Bingo!
Israel will continue to get taxpayer money.......
http://www.jpost.com/DiplomacyAndPolitics/Article.aspx?id=239174
the sun will rise in the morning and set in the evening. what else is new?
infighting among the criminals on crapitol shill. i love it!
What clever gambit?
I have no idea myself. Apparently there will be a 'gambit' where they all put on a puppet show to scare the empty markets into demanding Bernank print some more fiat debt?
I dont get it.
The Republican Party - The Party of sabotage.
The Republican Party - the party of slower hyperinflation.
party of no ideas vs. the party of bad ideas
The tax and spend party versus the spend and spend party.
same ass, different cheek
Red down pointy for you. You forgot to mention that other Party of Sabotage.
They talk about a government shut down as if it's a bad thing.
Shut it down, eliminate all the 'non-essential personnel' permanently.
Let me repeat my reply to Tyler's previous post on this matter.....
BULLSHIT !!!!!!! The Government is not about to shut down !
Between the socialists who wanted Government Control 24/7 and the ball-less Republicans who can't stand the politcal heat and the useless and marginalized Libertarians headed up by Ron Paul AND an electorate who bitch about government spending until their Medicaid, Medicare, Social Security, Food Stamps, FHA, Fannie Mae, Freddie Mac, shovel ready pork barrel project, ad infinitum, ad nauseum, are touched......
It will be shortly and always will be business as usual.....until we collapse....go full on Weimar Republic and a corn-pone Hitler comes to power.
the historical record shows that Hitler reversed the economic collapse, ordered the society, and exacted punishment upon the bankster clan for their wanton rape of the german people and nation.
If they had simply assassinated him before he led the nation into ruin in a foolish pissing match with Stalin, the outcome would have been far different.
Adolf Hitler remains one of the most misunderstood figures in all of history. Mein Kampf paints a very different picture than the Jews in Hollywood lead one to believe. It was Hitler's desire for empire that lead to his downfall and the destruction of much of the progress he made to reorder society.
"It was Hitler's desire for empire that lead to his downfall and the destruction of much of the progress he made to reorder society."
Hmmmm, why does this theme sound so familiar? Can't put my finger on it...
trav take a look at Hitler from the oil perspective.
England got it all from Iraq. No north sea production then. Hitler's generals were from a pre oil upbringing. They weren't *focused*.
If TOTAL german focus had been on interdicting England's oil influx in 1938ish, the RAF would have been grounded and Hitler would have won WWII.
China quit buying $30 billion a month in treasuries and MBS when we need them to buy at least $100 billion a month, now. Who is paying the monthly tab, now?
I have no idea man, we've gone full retard.
Never saw that one coming, just kidding SD-1.
Great question, I suspect 401Ks and index funds are doing exactly this, but it would be great to see the auction details.
Tyler, links?
I think government workers are required to get an 8% return for their retirement. So, less than 100 million "private" workers are locking in 1.7% interest for the next 10years at the rate of more that $1000 a month? I thought they couldn't pay their mortgages or school loans.
Oh that is easy.
The "household sector."
pods
Who do they plan to scare into demanding the FED print more debt....the hoardes who live only by Gooberment handouts?
Just another game of chicken with smoke and mirrors supplied by our wonderful politicians while "Burn the currency" Bernanke greases the printing presses for the next round of QE.
Good!
Mushroom cloud
Where are our leaders. Shouldn't they be telling us stuff about what to do in the case of an emergency? What radio station we should be tuning to?
If imaginary numbers crash do they make a sound?
Somebody big is getting Amaranthed in the metals market
How are you doing on your DOW 12,800 all-in long call?
RoboTard was a contributing editor to this book (published in 2000):
Dow 36000LOL I remember that book! Didnt work out so well.
Time to get your balls on the table, i just bought some scraps at 32.1 for a scalp, even happy at 2%. They say silver is a poor mans gold, he is no longer poor, hes now a tramp.
'Balls on the table'....sounds painful to me.
I have a disability, but not in the limbs.
Gov't shuts down, greece defaults, great plan. Sorry we can't help you we are closed.
There has to be a bottom in silver here, anyone planing on doing a spot of fishing, just bought some scraps 32.1 myself?
I just bought some paper silver.
Careful man, im just diping my toe in, i hope there is a bounce somewhere, but i sure as fuck wont be holding if it goes against me.
I could easily see "a little correction" in US equity bubble. Compared to the european markets US indices have made very small correction.
And yet UST are doing well! This is truly bizarro world!
'UST doing well'? I guess 0% interest is doing well, if youre a central bankster pirate.
Yes, apparently investing in "no government" is better than investing in any form of a functioning government.
Some excellent comments on this matter being made here, as usual. Can anyone define 'shutdown?' Kind of like defining 'default'. Any shutdown would likely be partial and temporary.
During a "shutdown" only essential services are maintained, of course the definition of "essential" tends to vary from government to government, but it almost certainly is not what you or I would consider essential.
During a "shutdown" every department in the government is operating on a limited basis. Ultimately this means that about 2/3 of the employees don't work.
While our gov is shut down, can we lunch few nukes to continue our expantion?
Republicans should man up and cut funding for the wars and let the democrats deal with it. Don't bring back the troops RIGHT NOW? We don't pass any spending bill and won't be until then.
They could also cut the deficit to 0$ and don't pass any spending bill till it is so.
But of course that won't be done since the republicans are shills.
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First shut down Washington
Second shut down the Fed.
To heck with angry Greeks and Germans. They should focus a little closer to home.
I'll protest taxing me so that Greeks can retire at 53. Betcha I'm not alone.
I agree, to hell with Europe! This is a cop-out, focusing on small European countries while our own house is a 100x bigger mess by far.
And the Domino Effect? If Charlie wins, the whole world is dominated by the Reds.
Oh, sorry, wrong year. Must. Fix. Blasted. Time. Machine.
Charlie already won. Just look at who runs this administration.
When the Dems had unstopable majorities, they ran things just like an occupation government would.
Meanwhile we have a presidential money scandal where the Solyndra execs arrogantly take the 5th...and the only thing people focus on is when an ass hat criminal central banker will innevitably print more fake fiat to drive worthless equities higher.
This country and the people deserve what theyre about to get, totaly.
I agree with you but the problem also sits with the media who give Obama a free pass on everything never holding the guy accountable. If this were Bush, they'd be all over it 24/7. Not defending Bush here. Just pointing out the double standard.
pleeeze- Ben nor the representitives give a rats about yer childs---its Ben for history and reps for profit and power-- any other reason to act is not in the cards--- so Ben will act on not and congress will remain(thats their unwritten charter) blut it will not(read NOT) benefit you--
Goldilicks........What an absolute dumping of the most precious asset in the world GOLD.
Just means how much Bernanke has complete control of Gold. He blinks and gold is gone. Unfortuante.
You really doubted that the "moneychangers" ever lose control over gold?
as most know the democrat controlled senate believes the republicans will get the blame for a shutdown as in the 1990's. i think they are dead wrong. washington dc is associated now with obama and the democrats. a pox on both of the elites within each party. i'll stand in the primaries with the guy who is running on the peace, prosperity and sound money platform.
It would seem that QE3 is limited to how many bonds the Treasury can issue...
Is it possible that if we have a Lehman type moment in Europe that the Fed's QE3 LSAP might be buying European debt? They could justify it by saying the US and European markets are connected at the hip and creating financial stability is essential at all costs.
Thoughts?
Also makes some sense in my eyes considering that the G-7 is meeting in Washington over the weekend, the IMF re-opened its lending facility, the Fed is set to expand its FX swap lines in October, etc.
Go home! CONgress has abrogated any authority they had. Now CONgress are nothing but criminal sucking leeches.
Used to shoot a lot but no firearms now. Guess I'll get a 12-gauge and something concealable. I'm in Florida. So sick and disgusted with the continued looting of America, the stomping of our core values, the bought politicians, the hegemony, the CIA, the Fed, corrupt cops and prosecutors and judges, for-profit prisons, drug laws, the squeezing of the middle class, the war on 'terror', Dept of Homeland Sec, Patriot Act, US Chamber of Commerce, Supreme Court conflicts of interest, an economy overseen by Goldman Sachs, the reward of financial crooks, the pardoning and tolerance of war crimes, the broken and biased tax code, the desecration of our natural treasures, the bank bailouts, the wars, the killing and maiming of hundreds of thousands for no clear reason, the hubris, the stupidity, the greed. For starters.
Look for my username on Gunbroker.com in the coming weeks. I have about 40 firearms from my dad's estate that will be going up soon. Message me and mention ZH. We're both in FL so that might mean a local pickup sale which is much easier. As for the rest of it...I agree...
I'm in Texas but I'll be watching as well. :)
Havana White: an undiscriminating equal opportunity hater...