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Treasury Adds Another $20 Billion In Debt Overnight, Just $160 Billion Below Revised Ceiling
Ok, someone please explain this one to us because we must be a little slow. Wasn't the whole thing with the debt ceiling hike such that no more Congressional melodramas would have to be inflicted upon the population until after Obama [won|lost] the 2012 elections? Because according to the one again exponentially increasing debt balance of the US Treasury (there is another $51 billion in debt/cash coming in next week), the total US treasury balance (subject to the ceiling) is $14.54 trillion (and $14.58 trillion for total), an increase of $20 billion overnight, the Treasury will hit its latest ceiling no later than the end of September. As the latest DTS statement indicates, the debt ceiling now is $14.694 trillion: a number which Tim Geithner will hit in about a month. So if this is due to a planned expansion as part of the two step plan, we would like to understand how it works, because the $400 billion additional ceiling is barely sufficient to cover the catch up in funding for the SSN and the various governmental trust funds. And the far bigger concern is that tax receipts are about to plunge courtesy of the imminent double dip. So we wonder just based on what assumptions does the Treasury believe that its issuance needs will be met by this paltry debt ceiling.
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Tax reciepts have nothing to do with the debt ceiling. They go directly to IMF accounts.
Londonistan is burning.
The UK is the latest arab country to embrace the arab spring of revolutions.
About time the proles demanded regime change.
The queen must go.
no future for you!
http://www.youtube.com/watch?v=MeP220xx7Bs
John Lydon for President.
I'd rather the wilfully ignorant and biblically stupid went.
The proles wanted socialism, they wanted non-jobs, they didn't care about the debt. They didn't want to be told they had failed an exam or be disciplined at school. Now they're left with a feeling of entitlement, no skills, national and personal debt, an iPhone, Sky and a large bill from phoning X-Factor.
Let them riot. Let them announce to the world that they are the underclass and their desires are to be ignored.
That must of been one hell of a BBQ Obama threw for himself...
You are ignoring all those cap gains flowing into the Treas from NFLX sales.
Very bullish, as the off channels are ending their summer series.
As the exponential function kicks in we should be able to enjoy much more debt ceiling melodrama. Perhaps weekly, after General Hospital.
Damn math.
Can't goD just make math do what we want it to so we can continue to enjoy life the way hE promised us we could!?
That's why Bachmann or Perry must win the next election. They both have open lines with God and will solve the country's problems through prayer. /sarc/
Well the first part of your name can be confirmed as accurate.
in hyper-inflated dollars/digits.
Bernanke is pulling an all-nighter tonight, one Benny boy's biggest speeches of his career coming up.
"Tail Risk" is spinning out of control.
Ummm, your tail spinning.
But I digress.
so everything is fine then?
Bernanke to Ron Paul "Is Gold Money?"
http://www.youtube.com/watch?v=2Dj9v9s9buk
The DOW has crashed over 2k and Gold has risen $145 since that testimony
All is fine. TSA has the list of all TEA party members.
Did you ever notice that, if he lost the beard, the Bernank would be a dead ringer for Jim Lahey, supervisor of Sunnyvale Trailer Park?
Just sayin'...
Good point! I don't recall ever seeing them in the same room together either! Very suspicious!
Sunnyvale Trailer Park Supervisor: "He's about to enter the shit tornado to Oz."
Sunnyvale Trailer Park Weekend Trailer Park Supervisor: "That would make Bernank Dorothy, right Mr. Lahey?"
The trailer park called, they want their trash back . . .
Can't he just recycle his QE1/QE2 speech? Seems bit of a waste of taxpayer money to write a whole new speech.
i suppose he could. he'd just have to speak three times louder.
Unfortunately, they're off limits as there is a Senate probe into QE speech writing instruments and paper supplies used, to ensure efficacy of the message this next round.
Unfortunately he recycled the paper from his speech to print more dollars.
Kudos to you for not responding to the flirtation from every Tom Dick and Jeffrey. Stellar stoic baby blythe. Obviously a male dominated site.
Nice ... the old double reverse psychology approach.
Do you know the gender of Baby Blythe?? I suggest you check.
Suggest you revise yourself there, Brah
Where's all the fiat going?
Not Italy...
maybe not:
http://www.youtube.com/watch?v=Ut97fTJwhBc&feature=player_detailpage
Well, we may not know where it's going, but we know where it isn't going.
That sounds like a job for SuperCongress (tm).
I picture a crack team of flying superhumans, all dressed in different colors, with techno music in the background as they're on their way to sort of the debt ceiling problems.
They are so heroic... finally a super duper congress we can all look up to!
We've need to bring back "Reagan's Raiders"
http://thewonderfulworldofstupid.blogspot.com/2011/05/reagans-raiders-2....
Reagan, Schulz, Bush, Weinberger all in spandex!
We're converting to Log scale. The numbers will seem smaller to the sheeple.
Phase 1: inhale chloroform
Phase 2: ???
Phase 3: PROFIT!
It is, in fact the two step. Sometimes called the quick step. also the knee walk, stain em', brownies, plotchers, charcoal biscuit, fudgies.
They are popping out everywhere!
I forgot logs
I dread the WB7 spread on 'SuperCongress'. Probably will have cats and dogs living together.
WTF with silver? Should be rising much higher by now.....
Tell it to the miners. Dam.
Well, you know by now...it only costs $5.00 to dig it out of the ground so whats the problem?
Gold is the place to be. The money of Senators. Silver is for peasants. It's time will come when the dollar is too poor a currency even for peasants.
Actually I think copper is for peasants. Silver is for the middle class.
I'll bet you copper becomes money again too. Silver will be too valuable to make into small change coins.
Does anyone else here ever wonder what motivated the many ridiculous trolls we've endured over the last few years? I do.
They had a level of tenacity that I don't think could be explained by masochism or the simple fun of poking angry people with a stick. I think at least a few were finance industry workers who saw us calling out the damage their living causes to honest people and so they were here to defend their own sense of self (the Administrations reaction to S&P is a somewhat related bit of theater).
Posting online is my therapy today. Where the hell is Cognative Dissonance when we need him?
You don't need him .... I think your conclusions are pretty close to the mark. Human Nature.
Just repeat after me ... the USA is a AAA nation ... the USA is a AAA nation. If you close your eyes and repeat that phrase long enough, it'll become true!
Besides, it's like Greenspan said yesterday, the US will always be able to print enough money to cover its debt obligations. So if the chanting doesn't work, the printing press will also do the trick! And voila ...
Repeating over and over again that you are solvent only works if you click the heels of your silver slippers together.
Ommmmmmm, Denniger is a moron. Ommmmmmm, Denniger is a moron.
Just like the hero he voted for, he blames everyone else.
Goolsby looked like he threw-up in his mouth when Greenspan let that gem fly!
You must be wearing Ruby Red Shoes and click them three times while saying that.
OH! Watch out for the flying monkeys!
Do we have to click the ruby or is it the "traditional" slippers first?
Obama just raises the debt ceiling till he can't (+2.4 trillion) the only thing that can stop him is a 2/3 vote in both senate and house.
Point is, the USD is still at risk aversion buy. That won't last at all, if Bernanke does a QE3 (he has gotta do at least one trillion), and oil hasn't broken into the mid 70's (or lower). If it goes bid back to $90. He and the Fed will send a wave of oil inflation to the crippling economies of the EZ and 100% guarantee that China inflation crash. Totally doomed scenario.
As far as tax receipts, yes they will have to bring forward tax hikes very,very soon, otherwise any money printing (inflation) will eat up what's left. The US govt will be looking at broke alley again
Total FUBAR
But I hear there is not enough income to tax to plug the hole, even at confiscatory levels.
Gold only up almost $3? Trash that POS $!
$1764/Toz != $3 increase
What I don't get is, how does the market keep ending up making the dumbest possible decisions about everything. The US debt rating is downgraded, so everybody let's into... TREASURIES??! The dollar is virtually at all time lows, so let's cash hoard in USD? Even the sudden flight into gold seems kind of dumb. Why would the state of the economy, just now, be making gold rise $100USD a day? Something is going to snap pretty soon.
You must never talk to Liberals.
Well, where you gonna park billions real quick? BoA? Ha Ha...wait I have a checking account with those guys ...
Don't tell Krugman you can still use USTs as collateral. His head might explode.
I asked my wife to take our last $7K out of BoA (Her bank account, our money - Washington, community property state) last Thursday. Then I told people my wife is trying to start a bank run.
Community property is such a quaint idea.
You remind me of that naughty Mr. Appleton, from National Lampoon comic strips!
Hedge fund heaven. Missed David Goldman's interview on Bloomberg this AM. Just in time for an exclamation point on the second leg down from IOU'ville. We really will see what the government will do. Awful lot of mines and when you walk into the field and suddenly realize this fact--you don't just start running of course.
Let's see, "about a month" is right around Labor Day, with the 10th anniversary of 9/11 approaching.
Seems like as good a time as any to maximize the pain. Add in some riots and a few false-flag events, and someone might manage to spark the prairie fire.
It would be nice to have a job where you can only get fired every 4 years.
A- coming
Tea Party has eliminated any pre election year rally by closing the purse. Sweet
Dam terrorists fail to fall for the propaganda. Off with their heads!
If Odummer had a brain, he'd supply us all with hookers, though those Lib Fems are butt ugly.
Why are so many libs butt ugly? You spot them in a crowd 90% of the time. Try it, or if you're shy, just guess the affiliation of congressmen interviewed on TV before they announce who they are. It works good!
Right. That's how the Repubs snag all the hot male pages.
You must be ugly ...
Levin reading the SEC definition of a Ponzi scheme.
Now we go through all 'functions' of Goobermint.
Need more beer.
uurrrpppp
Timmah, we got your truckload of gerbils here. Open bomb-bay doors immediately!
http://www.youtube.com/watch?v=1ytCEuuW2_A
That is all.
http://yfrog.com/0wtduz
London is getting crazy...
The Dems may not be as smart as they think they look (Repugs too) - especially worrisome since most of them are the products of the same public school system that can't teach 30% (guesstimate based on inner city literacy/high school grad rates) how to read.
"because the $400 billion additional ceiling is barely sufficient to cover the catch up in funding for the SSN and the various governmental trust funds."
Debt ceiling mambo.
'DHS announces Plan to Track ATM gasoline Purchases'
- more to follow, DJ News
Link!
Oh Fuck, used cash and hording 58 gallons (28g Lincoln navigator & 30g for Lincoln Mark LT) of premium grade gas in my garage. My SPR has been found out. Must turn myself into the DHS in morning. LOL
The Tea Party is gonna go ape shit.
I luv England. Proof positive of how useful gun control is.
50 days after Obama's Aug 2 request to raise the ceiling, the debt ceiling automatically increases by another $500 billion as long as Congress does nothing. Just FYI.
Debt is being used as a weapon to destroy social spending by governments, weaken democratic instututions and enslave the masses with a heavy financial burden. It's been used that way in the 3rd world for at least a few decades now, and it's arrived to the first world (see US, Greece, Ireland, Iceland, England, and soon everywhere else). Everything else is just theatre. Problem, Reaction, Solution. Too much debt to service, financial meltdown, cut social spending by governments around the globe so that more can go to pay bankers and the "investment class".
+
Bob is not pleased.
They take our money and bail out banks who lend us back our
money and if we don't pay them back on time, they take everything else we have
or ever will have in the future making us their debt bitches.....hmmmm....
What's wrong with this picture?
+
I think the #DIV/0! error will be discovered, and the ceiling will move up to where it "should be". Still, it's fun to watch. After all, if S&P can be off by $2T, why can't the USG?
Tyler - The Budget Control Act of 2011 allows the President to request a further increase of $500 billion, according to this excerpt from Wiki. The President's request for $500 billion would stir up the hornets nest, but the path to the $500 billion would seem to be well-greased by this Act.
Debt limit:
http://en.wikipedia.org/wiki/Budget_Control_Act_of_2011
Here's a link to the Act, for those who may want to ferret out the details. I started to read the Act but puked on the sickening obfuscating text.
http://www.gpo.gov/fdsys/pkg/BILLS-112s365enr/pdf/BILLS-112s365enr.pdf
Thanks for that. No doubt the $500B will sail through. Very few will have the guts to vote against it. Tea Party Caucus should start gearing up for a battle after that though. You know the Super-De-Dooper Congress plan is going to be a complete waste (and only suitable for wiping that waste)
To expound on that amount, if you look in the 2011 budget, you will see
that.......oh.. that's right, we don't even bother having a budget anymore.
Probably because Congress doesn't have even have one stinken accountant
that could draw one up, on the other hand if you need a lawyer just make a
sound like an ambulance and stand back.
The populace is just going to LOVE the political class if this mess is brought up again in one month!!!! LOL
Ron Paul 2012, spread the word, do your portion, Jerry....
Summary of ceiling increases, this is first installment.
http://articles.latimes.com/2011/aug/01/news/la-pn-debt-highlights-20110801
Good news, our mooncricket/muslim community organizer will face the debt ceiling music during his 2012 election campaign. He will become a one term president.
This is good news because?? Are you suggesting they will let the next one improv instead of reading the prompter? Then I might have to listen :-(
Hope & Change. What could possibly go wrong?
Math is hard; so says the community organizer.
yikes, somebody is gonaa have to hit the fastcash payday lender..Or cash for gold...
this isn't fair. tyler is s'posed to explain this stuff to us. does this mean waterfallsparkles won the bet?
what the hell is going on, here?
Treasury ...full of corruption, such a peculiar sight to witness at such an unusual time. Man there are a ton of event's converging all at once. http://www.youtube.com/watch?v=_fJNnq4-dEI&feature=related
We are treading on new, uncharted thin ice
So many teachable moments; so little time
Thanks for the link, Tom! Wow! The 'pubs even got the "Joint Resolution of Disapproval"
As I read it, if the Joint Resolution of Disapproval passes within 50 days of the $500 or 15 days of the $400, then no amount beyond that $400 can be approved -regardless of what the Super Congress decides.
THE S&P 500 MONTHLY CHART THAT FORECAST THE CRASH.
Further downside expected.
http://bit.ly/x618
On what assumption you ask?
Based on the empirically proven fact that Mathamatics is Racist ;)
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