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Treasury Leaks Worst Case Contingency Plan: Creditors Get Priority In Case Of Technical Default
Things are getting real. After all the bluffing, huffing and puffing by Geithner, the rating agencies, and anything with a pulse and a TV or radio pulpit has failed, the last trump card is coming down. While yesterday the Treasury informed that it would not disclose any details of its contingency plan, Bloomberg has just learned via a Treasury leak that the US government will give priority to bondholders. From Bloomberg: "The U.S. Treasury will give priority to making interest payments to holders of government bonds when due if lawmakers fail to reach an agreement to raise the debt ceiling, according to an administration official. The official requested anonymity because no announcement has been made. The Treasury has said about $90b in debt matures on Aug. 4 and more than $30b in interest comes due Aug. 15. Overall, more than $500b matures in August." And so it begins: while the Treasury has not yet pushed the big red flashing button, this leak is nothing but it latest and greatest bluff. It also means that America will, indeed default, next week, as the absence of a contractual payment is a default. And then we get into the fine print with the rating agencies whether or not X is default but Y is not. At that point however it won't matter: every form of intermarket liquidity will be permanently gone as Lehman will be a cherished walk in the park. Thank you Tim Geithner and your total lack of contingency plans.
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and I was getting worried
WTF are they talking about RAISING the debt cieling? They should be LOWERING it!!!
My plan -- an immediate end and withdrawal from Iraq, Afghanistan and Libya and decommission 1/2 million troops.
Completely shut, close and eliminate the Departments of Energy and Education on August 1st.
The remaiming Gov't agencies get a 25% across the board cut.
The debt ceiling is reduced to 14 Trillion amd we go from there.
bondholders get dibs.
sheeple slave taxpaying fools get thrown under the bus.
what else isn't new?
Generally in American families if the choice has to be made to buy food for aging grandma or making the credit card payments, the decision is made to buy food.
So if this is true then it is simple proof the Federal government is contrary to the wishes of Americans.
What next?
What next?
They actually do that, and we're going to have our "Norwegian" moment; probably in multiple places. We'll probably have a few assassinations of congress vermin as well--just for starters. These fucking politicians have really lost touch with reality; it's going to cost them everything if they persist, in my opinion.
Can't you just try to eat your peas? You haven't even tasted them.
we all know the common(shareholders) get ficked 1st
Of course.
Also, since government income in august is around 170billion and treasuries maturing (482 billion) + payments (300+ billion), isn't the US government about 600 billion in the red?
we all know the common(shareholders) get ficked 1st
Adjust your Federal Withholding accordingly. I have adjusted mine to assume the worst.
don't forget to eliminate TSA & Depts of ze Homeland Zecurite' and all the other redundant spy perv outfits...
leave the FBI & CIA.....Medicare part D? payback would be to nationalize the Pharmas.
Eliminate ALL CorpoRAT welfare...ALL of it
in fact, I've decided to run against Obammy as a Dem...Platform: ASAP withdrawal from Afghan/Iraqistan, closure of 70% of military bases abroad, the hiring of 2000 SEC enforcement officers overseen by Bill Black, (in fact, I'd put well known watchdogs/whistleblowers in charge of everything financial related-Head$ WOULD roll!)
I'd take just a fraction of the saved military-industrial spending and start a space race style alt energy/conservation program.
I'd means test all entitlement programs and impose Tariffs on ALL Corps, foreign and domestic, unless they MANUFACTURE in the U.S. (just like China does).
I'd sanction employers for hiring illegals, end H1B visa scams and corporate global wage arbitrage regimes.
I'd legalize pot...
But most of all, a Bananamerican admin would CLEAR the moneychangers out of the American temple....
What you gonna do about all the redundant military personnel? Blowback can be a bitch :(
given that "military personnel" are being paid to SERVE the(ir) nation, in his de-militarized scenario, those who chose to continue to be paid by the citizens taxed can be "deployed" rebuilding the crumbling infrastructure, assisting in urban farming towards local self-sufficiency, etc. - I'm sure there are MANY forms of service available, once relieved of the order to kill.
they can start by taking out the TRASH in the District.
What you gonna do about all the redundant military personnel?
We've got a southern border that needs protecting and a Great Migration of the Illegal Heard that need culling.
Duplicate
If you win the election I would request that you, by executive order, audit and wind down the FED, reinstate Glass-Steagall, and consider breaking up the TBTF banks aka hedge funds.
"I'll be back, and next time no more Mr. Nice" - Adolf
Very amusing, Bananaman. This would make a good comic strip -- satirizing the "real" politicians. You could debate Santa Clause, Easter Bunnie and Tooth Fairy. Or the evil Barney "Boner" Frank.
You forgot Commerce, FDA and DHS. Oh and FCC, SEC and CFTC.
NATO is already signalling defeat in Lybia.
Oh, and bureaucracies never die. That is one of those universal truths.
Meanwhile the rebels are being recognized as the "legitimate government" by TPTB.
This should end well...
Ok, so now that we have the debt ceiling taken care of under your plan.......Exactly what do we do with the hundreds of thousands of people that will now not have an income or a job to go to??
That's the problem with all of this.......you fix one problem and another one just pops up.
You can't fix stupid with stupid.
Families, cities, and states can figure out how to manage the disenfranchised masses. Federal gov must accept it has failed and revert back to its Constitutionally mandated scope. You can't fix stupid but you can spread it out to make it easier to slog through.
Dumping all the federal mandates and endless regulations would be the best thing that could happen for an American Renaissance.
Exactly what do we do with the hundreds of thousands of people that will now not have an income or a job to go to??
They can fend for themselves just lika all the other unemployed people.
Granted, they may not do well. But it's their problem.
LOL. I always love Social Darwinists. No. All those people will also be your problem. Or, at least, some of them. Remember, there is always someone out there with bigger guns and better training. ALWAYS. Yeah, when the come into your home looking for food, you may get a few of them. You won't get all of them. You will be dead, along with your family.
Or, you are walking down the street and someone gets the drop on you for the money in your wallet.
When people are starving, they do not care. One way or the other... the point being to avoid such a fate as death. And the first step to doing so... stop being a Social Darwinist who THINKS they are at the top of the food chain. Because you are not. You are near the bottom. Just like the rest of us... our lives are cheap.
It is cheap thinking like this among too many that doom Nations.
LOL. I always love Social Darwinists. No. All those people will also be your problem. Or, at least, some of them. Remember, there is always someone out there with bigger guns and better training. ALWAYS. Yeah, when the come into your home looking for food, you may get a few of them. You won't get all of them. You will be dead, along with your family.
Or, you are walking down the street and someone gets the drop on you for the money in your wallet.
When people are starving, they do not care. One way or the other... the point being to avoid such a fate as death. And the first step to doing so... stop being a Social Darwinist who THINKS they are at the top of the food chain. Because you are not. You are near the bottom. Just like the rest of us... our lives are cheap.
It is cheap thinking like this among too many that doom Nations.
Sorry, your scare tactics don't work. Lay off / furloguh / fire / terminate all those government leeches. Like yourself perhaps?
Ok, so now that we have the debt ceiling taken care of under your plan.......Exactly what do we do with the hundreds of thousands of people that will now not have an income or a job to go to??
That's the problem with all of this.......you fix one problem and another one just pops up.
You can't fix stupid with stupid.
This is fun! I pick DMV followed by Homeland Security!
While you're at it, raise the minimum wage to $55/hr, tax free, anyone that makes more than that is taxed 50% above $55/hr. CEO's and the like cap their pay at $1,000,000/yr... also taxed at the above rate. Tax corn for biodiesel growers at $0.01 per kernel, this will lower the jobless rate as so many more kernel kounters will be needed. Loan other counties money, just don't give it to them, if they default, we own their land! Fine American company's 1% of their gross yearly income for every illegal alien they employ. Hire Mr Trump as 1st in charge of Govt. employees and if he don't like you, guess what... "You're Fired!". If you're elected to any political position, and you're caught lying, The Donald get's to fire your ass. Ok, all this won't happen, just like the above will never happen.
Hahaha, that was pretty good!
+1 Corn Counter Barn/Subsidized Ethanol Plant
they don't have a choice...either we can slide down or crash down. Nobody is going to be doing well with a crash, so might as well slide. take as much as you can out of it for as long as you can
You know how you make a no power landing in plane at night?
You line up on what you think is an open field, and turn on the landing light. If you like what you see, you leave the light on.
so might as well slide. take as much as you can out of it for as long as you can
Yes, I believe that's the gameplan.
definitely the dept of energy. What a waste!!!
You want to see what the federal government funds, take a look at this!! http://www.usa.gov/Agencies/Federal/All_Agencies/index.shtml
I'm surprised they don't have a Dept of Everything Else to cover anything they missed
OMG! That is horrible! So MANY agencies and departments - holy CRAP!
Relax, many of those are sham agencies funded by the government. The money is then funneled to lawmaker's pet projects in their home districts. Both parties use these fake agencies to fund useless shit. Just another Demo-Republican-Tea scam. IIRC, some of those agencies have 0-1 employees.
Yeah, that worked real good last time around, too. In Iraq. A half million trained pissed off professionals betrayed by the powers that be, dumped into a shitty economy, and non job market. Prolonged a crappy little police action into 10 years of misery, and added to the ranks of the disaffected. Big time. Bring that lesson in statehood home to America, baby! Better, eliminate the top 40 percent of ALL government agencies - administrators are parasites anyway - it is always the low paid troops doing the real grunt work, so bureaucratic efficiency would improve, and budgets would go into surplus mode overnight.
400,000 pissed off ex-Iraqi troops. The moment I heard this... well, there are 400,000 more insurgents. Only a dumbass Conservative with dumbass Conservative lackeys voted into office by dumbass Conservative voters with absolutely no clue whatsoever about anything outside of their village, could have approved this monumental disaster of lameness.
Such boneheaded decisions like this thought up of in the mentally-crippled and retarded brains of those we call The Right, The Far Right, Social Conservatives, and Christians, of America are what dooms this Nation. That, and to a little less degree - Democrats.
The TeaTards? Corporate stooges. Untermensch.
More scare talk from Comrade Obama's staff
Of course.. Now repeat after me... Nothing is happening that TPTB don't want to happen.. This stuff really isn't even worth paying attention to.. Hell.. I must be bored..
OT
Can we put together a volunteer civilian force to conduct military ecercises with in the Streets of Boston?
These would be non-live fire exercises with our own guns so the military would get a better idea who they would be up against should the government enter the hot tyranny phase.
Really Max? Did the PTB expect happening their asses to be handed to them is 'sure thing' Libya? LIBYA DECLARES VICTORY OVER NATO? - YouTube
Obama IS scared, his Libya mission just fell to pieces. No gold for you Obama! LIBYA DECLARES VICTORY OVER NATO? - YouTube
Libya? The MSM stopped talking about it, so it no longer exists. That's like the nuclear disaster in Japan. Disaster? What are you talking about? That's such old news!!
I'd love to be in a poker game with all of these clowns. I'd rape them all blind.
By all means - save the bond holders!
What about the GM bond holders? No life saver there! Time for the fat cats to get a hair cut.
Yep...With this admin it's whatever is in their interest!
Fat cats get a hair cut?!?!?! Yeah and my wife's 32D tits are real on her 110 lb, 5'3" frame.
Here is the list, in order, that WILL get haircuts regardless of debt ceiling increase or not -
1. Fixed Income recipients. Checks will come, but they won't buy shit.
2. Federal Pensioners - Treasury has already raided that fund.
3. All savers of excess capital in the private sector (more fixed income recipients - 1% interest on bank savings with 10% inflation per year).
4. Anyone who buys food or gas (prices will go up as the fat cats are saved over and over again).
5. 401k IRA contributors. Nominal worth of retirement plans mean nothing, a real loses are masked by America's ignorance of true CPI and stock value.
The fat cats will keep the status quo alive and their survival is the reason for this politcal thater.
You should really visit Poland. The tits here that you describe can be seen for real... not only in Hollywood. Au naturale. One of the Polish magazines even did an issue with tits on the cover... with the caption, "Polish womens breast sizes get bigger."
Of course, some of the girls here are getting American sized. And that is in the last four years. Tesco alchemy-food.
Now, if that happens in Ukraine without the oversized weight gain? I'm there and married.
Can't leave bondholders like the Fed, who bought bonds with printed money, out to dry.
has anyone noticed the 1 and 3 mos libor creeping up?
A-UFCKING-MEN!!!!!
as mentioned before it sure is nice to have peace of mind with ye olde shiny sound investments under one's own lock and key. hat tip to those playing parlor games with paper.
they'll be coming for ya soon sonny....so make sure you wipe the drool and bodily fluids off your metal aphrodisiac.
I'm sure Webster's will have to redefine the definition man to, "how much precious metal needed to feel secure" bahahahaha
'Things are getting better, getting better all the time'
Maybe that's the long range plan: only pay interest to bondholders, and stop paying for everything else (military, homeland, agriculture, customs, border patrol, government salaries, ss/medicare, education, research). Just pay China, Saudi Arabia and others with capital loaned to the Treasury
Now that's what I call downsizing!!!
The Federal Reserve is sitting on $1.6 TRILLION as bond holders. The funything is that they bought the bond fraudulently by creating reserves on their balance sheet and then executing the trade. Ron Paul has it right, default on the Federal Reserve bond holders.
AND $5 trillion sitting fat dumb and oblivious in 401K's and pensions....anyone who thinks that wont be quickly molested is smoking a whole lot of that $20/gram sticky icky!
anyone who thinks that wont be quickly molested is smoking a whole lot of that $20/gram sticky icky!
O yeah! I know what I would do if I were Ben!!
+ 1g sticky icky for u
Just make the trillion dollar coins. That is sooo cool.
impossible it will cost more to make it then its worth
got to be paper
Give them a few years, that is what Eagles will go for.
They have already been made, just waiting for a price discovery to happen. Not long now by the looks of it.
They already exist. In the US they're called Eagles, in Canada Maples, in Austria Philharmonics, China Pandas, etc., etc., etc.
Already there!:
http://www.coin-rare.com/12-oz-silver-bars.aspx
Nothing surprises me anymore with this absurd govt. We are truly screwed.
Geithner's real contingency plan: Fake passport, suitcase of 500 Euro notes and a flight to somewhere with long sandy beaches.
I'd prefer 1000 Swiss Franc notes.
at that point, shit...maybe. Shares of Coca Cola or some other non worthless paper would work too
Cabana boys everywhere tremble in fear at the thought.
That is what American ex-pats are for... to find them. Wherever the crims may go.
:)
Joking.
Default on the Fed
HERE is whats REALLY going on behind all this hysteria and fluffery, NATO's mission to seize Gadaffi's gold is an utter *fail* as Libya declares victory, and NATO announces retreat.
Make no mistake, takeover of Libya was a HUGE part of going forward, and TPTB were just handed huge defeat. No gold for you, central banks...war defeat for TPTB and edge of collapse? This is the real story. Print up as many Trillion$ coins as you like tards, game over.
?LIBYA DECLARES VICTORY OVER NATO? - YouTube
Dang! Oh well, next stop Teheran...Booyah!
YES! Now lets pick up our wounded, bandage ourselves up from this ass beating, and take on Russia next! Buh-BOOYAAH!!
Warren Buffet sitting at Putin's desk at The Kremlin!
Mission Acc_ccc_COMplishED! BoooYAAAhaha
Whats the status of Libya's "frozen" $90 billion in foreign (US & Euro) banks? I'm thinking spent already by Timmay and Jean-Claude.
Leak my A**. Unidentified source -- yup, always is -- because the source is Claude Raines -- the invisible man -- NOBODY. This is just some *designed* 'leak' by someone like Goldman so they can encourage panic selling and scoop everything up on the cheap. And then when a deal is announced shortly thereafter, they make out like bandits.
Reporting rumors as *news* is wrong. Getting real? More like the opposite.
These D'bag politicians will eventually find there way from out of the darkness and into the light and reach a deal.
Time always marches on. How many people have called for 'the end of the world' over the years and been wrong? More times than I can count.
This is a great chance to buy the dip...then sell the news.
Your words are extremely seditious. We have your IP address: 10.10.101.2 and know your browsing behavior.
.
--You WILL Obey!
http://www.youtube.com/watch?v=dTOcAt44_QA
Figures, Glenn Beck pumper.
If you don't want to learn and benefit from the wisdom of one of the greatest Americans ever than don't read my GB posts. Simple.
When Glenn brokers the deal to have Israel backstop America I hope you are cut out of the deal as you have no interest in the greatest people on this globe helping Americans.
.
--You WILL Obey!
http://www.youtube.com/watch?v=dTOcAt44_QA
Hmm that's intersting, my IP address is the same and I didn't see the IP address conflict message!
http://www.acq.osd.mil/dsb/reports/ADA476320.pdf
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--You WILL Obey!
http://www.youtube.com/watch?v=dTOcAt44_QA
Tin foil for the microwaves. Ever put a metal pot in the microwave? You don't want to do it.
We passed the point of return a couple days ago...hell last Friday was suppose to be the last day to get this all passed by August 2nd.. Why is the financial system not in ruin as the ZeroHEdge crowd keeps screaming for?
The markets have been down everyday since friday so one could easily argue there have been consequences. On the matter of the world not ending, no payments to anyone have been missed, some sort of deal could still squeeze thru, and no one really knows what is going to happen (but it will prolly include a huge herd trying to make it thru a little door).
dup
wtf new zh layout, I only hit the button once, as old zh layout conditioned me to do.
Default or Obama raises the limit himself. My guess is the 2nd option will happen.
2nd option = instant impeachment in House, then Civil War. Carney said Zero's not going there. I believe it.
I predict if the Fed pays foreign interest and fails the US population... there will be a Huge change of names on the public payroll in DC.
I love how the American people are not considered "creditors" if all they are owed is their SS payments. Whoops.
Wake up people. There is no 'contract' with Americans when it comes to SS.
Not to worry, while the anonymous leaker from the treasury tries to placate the bond market, Mr. Presidente will be on TV Sunday explaining how the right wing extremists of the TParty will be responsible for no SS checks, everything is playing out according to the script - watch Boners bill get voted down in the next couple of hours
and while you are waiting for the results of the vote, watch the police from Fulleton CA taze and beat a mentally ill homeless person to death a couple of weeks ago:
http://www.youtube.com/watch?v=1ljYNgLnpxM (posted earlier)
Exactly. The only contract the American people have with the Federales is to pay their excessive taxes and a nice warm cup of "shut the fuck up." The American people have been collateral for the banksters. This is the status quo capital hill and the Bernanke want to be left intact.
Would you like some cheese and crackers with your whine?
.
--You WILL Obey!
http://www.youtube.com/watch?v=dTOcAt44_QA
Sorry, due to failure to give us trillions and trillions of new dollars, cheese and cracker service has been discontinued.
Ever remember 'American Cheese'? Handed out by the gub'mint from warehouses before Reagan decided to kill off the program? That is now sold at a very nice price in American supermarkets chock full of food with innovations such as chemical E-numbers, super-hydrogenated oils, fructose, glucose, and fructose-glucose mixtures, gamma-irradiated food for freshness, and other such goodies?
And just for kicks... why does everyone love that pickle in the middle of every McD's cheeseburger? Could it be McD's injects something super-sweet into it?
It all flows in one direction: either you support the banditos or we make you pay, senor.
Here is proof that the Social Security Trust really exists and look at bush doing his part to contribute. Don't worry people we are going to be fine.
http://www.ssa.gov/history/pics/20050405-1_w9w7072jpg-316v.jpg
http://frymax.typepad.com/longcut/images/cabinetmeeting.jpg
See for yourself, don't take my word for it.
Social Security was deigned an entitlement program by the courts a decade or more ago and may be terminated by Congress with the signature of the President upon repeal of the Social Security Act.
Old news.
Wouldn't this mean social security is a priority? Don't they have a trust fund filled with US Treasurys? Wouldn't that make them an official creditor?
What I hear is that they don't hold real Treasurys, just some internal fedgov IOUs. Kind of a non-marketable "Treasury Lite," which I"m sure they will have at the very bottom of the list.
A mixture of both. Congress has routinely looted S.S. many times to pay for other priorities. Kind of like Republican governors who routinely underfunded the pensions during the 'good times'. Except that both parties in Congress did it. You also have to remember that S.S. is paid into every month. That next months S.S. check is for the previous month. And that for many (especially if you are paid on the 3rd), the money has been handed over to the banks on the 15th of the prior month. Yes, most S.S. money for next month is already in the hands of the banks, awaiting to be deposited into S.S. recipient's checking or savings accounts.
Now, if that money is not deposited on time, that means the government stole the money the previous month. And that means...
Someone already stole it. 14 days ago.
Wouldn't this mean social security is a priority? Don't they have a trust fund filled with US Treasurys? Wouldn't that make them an official creditor?
Wouldn't this mean social security is a priority? Don't they have a trust fund filled with US Treasurys? Wouldn't that make them an official creditor?
So there's an automatic cut in the budget. No default.
Huge recession though.
My parents are going to be fucked if they don't send out social security payments on August 3rd. Is that really a possibility? It seems like they always come up right to the edge of these deadlines and strike a deal.
They can pass a one sentence bill and have it signed in less than an hour.
If your parents are fucked it will be entirely on purpose.
If anyone is fucked by depending on the government, they are entirely responsible. This is a bad time for anyone to be depending on the government. It is hanging on a thread and about to collapse...
Get your checkbook ready Sonny.
If it did happen I would not worry. The cascade effect would mean NOBODY will be paying their bills or debts for anything, just tell the banks to take a hike and wait until the money comes in.
If one person can pay their bills, companies and banks can pounce, but if nobody or major number of people can't, they can't do anything.
Same goes for the legal system, if everyone committed crimes, the police wouldn't have resources to catch them, and the courts couldnt process them. Heck, if cases didn't go to plea now the whole system would collapse as it is.
Wouldn't this mean social security is a priority? Don't they have a trust fund filled with US Treasurys? Wouldn't that make them an official creditor?
Morally, yes but legally maybe not. You can't have a debt without two legal persons. You can argue the right to receive the SS payments but a single enitity, the US, cannot owe itself. Now if the "SS Trust Fund" is truly a trust, set up on behalf of the participants, that's a different matter. I don't know the details so I'm not giving an opinion, just putting out some considerations.
Banks are always the priority over the little people. Never forget that!
I really hope it fails and everyones eyes are opened to the scam. USA the richest nation? How? It's all debt.
Nobody is even talking about reducing the debt, just the deficit.
Brinkmanship at its finest....or worst.....depending on how you see it. It amazes me the gaul of our elected officials to play with (I admit it's really only our perceived) our credit rating like little children. Granted.... we are insolvent.....but to blast confidence away from the holders of our fake pieces of paper before there is a plan in place to remedy some of the issues is pure insanity. I'm glad OBummer isn't, so far, getting enough room to make it through the election before the debt ceiling issue needs to be raised again, but they could have played hard ball a lot sooner to get to something that would have boxed the Prez into signing a new stop gap measure. It's crumbling.....I guess I can't understand the blatant sledge hammering.
We are not insolvent. We just don't tax the stolen wealth enough, start too many wars, and pander to the banks to the tune of $16 trillion dollars.
Think about that. Domestic and foreign banks are lent $16 trillion dollars (or given) and Social Security is not broke until 2036, at which point it will be running a $1 trillion dollar deficit. That is right.
We can give the banks $16 trillion now AND guarantee their solvency. Yet, 25 years from now, we cannot afford $1 trillion to S.S.?
WTF is wrong with that picture?
Of COURSE we pay creditors first. Because of COURSE the USA is more craven and cowardly than Greece, Ireland, Iceland etc.
Shame. Wonder who the Tea Party folks think we should pay first? Anyone think to ask them to help Timmy prioritize?
People's Bank of China...or US veterans....no brainer huh.
Geithner can puff on this...
Last time something like this went on with vets it took little Dougy McCarthur and Dwight D. Eisenhower to burn out, maim and kill the Bonus Marchers with tanks and cavalry in DC.
So in plain English:
FUCK YOU CITIZENS WHO DON'T PAY TAXES BUT DID IN THE PAST!
WE DON'T LIVE IN THE PAST! TAKE IT LIKE OLD PEOPLE!
HELLO BANKS! LOVE YOU LONGTIME!
DON'T WORRY, WE'VE GOT TAXSLAVES WORKING ARROUND THE CLOCK TO MAKE SURE YOU CASHBOOK STAYS OKIDOKI!
Leaks are done for a very specific reason.
This leak virtually advertises that the markets will tank soon.
But that's no secret.
Question is when.
Let me see if I understand this. The Tea Party freshmen are not only absolutely unwilling to consider any revenue increases, but they also insist on a Constitutional amendment which will never happen, but it's Geithner's fault that he won't be able to pay all the bills?
Exactly what contingency plan does one make for this kind of situation as Treas. Sec.? How is he supposed to avoid these things?
Come on, TD. That's bull.
Why should the Tea Party consent to revenue increases? So the Dems can waste more money?
Here's an idea: stop trying to be policeman of the world, which is not in your Constitution, pull out of Iraq and Afghanistan, cut your military spending, get rid of useless departments like Energy and Education, gut the EPA (which is on another job-killing rampage), and you'd be fine.
Or you can continue to throw your weight around all over the world, which makes people hate you while it bankrupts your country, at the same time as you let global warming alarmists and snail darter lovers trash your economy. Already, foreign countries are cutting back on Treasury purchases. Watch helplessly as your beloved greenback withers away to nothing, and Americans can't even afford vacations in Mexico. Then you can look in the mirror and say "How did it happen?!".
Try living within your means.
A little history about who wastes what money. I've encountered and had to disinfect this bullshit before.
Deficits in trillions of dollars at the end of Presidency:
Ronald Reagan: $2.2
G.H.W. Bush : $4.2
Clinton (8 years): $5.6
G.W. Bush (8 years): $11.7 <--HOLY SHIT!
Obama (Current): $14.3 <--NOT BAD for having to pay the previous Administrations bills in the middle of a rcession/depression.
Rough, but accurate. Don't forget, that as much as Obama is (I-Wall Street), he did inherit two wars, Medicare Part D, and other programs that Bush FORGOT to include in his budgets. To Obama's credit, he includes all of that in his budget (dumbass Right Wingers fail to realise this). And, the Bush tax cuts of 2001 and 2003 deprived America of roughly $2.5 trillion dollars - to be fair, Obama renewed them making them Bush-Obama tax cuts.
Okay... now onto the other parts.
Get rid of EPA - do you like poisons in your air/water that shorten your life span? By about 20 years?
FDA? - can I sell you some snake oil to cure your hemorrhoids that is absolutely (but I won't tell you this) guaranteed to kill you?
DoEducation - Okay. Fewer go to college or can afford a trade skill. Great. Intelligent Design as Science (move to China which would quickly gain technological superiority then while dumbass Americans are learning that Adam walked with dinosaurs).
NASA? - Hey, do you know how many products NASA research made possible or improved? Tens of thousands or more. Pacemakers, anyone?
DoH - ACA? - Template from the Heritage Foundation (extreme Conservatives) - boon to Health Care Corporations (who use a computer to perform a cost-benefit death panel analysis on you LOL). *Always loved the Tea-Baggers carrying signs like "Keep Government Hands Off My Medicare!" <-- dumbass douchebags with no fucking clue whatsoever still afraid of The Soviet Union that exists in their fantasy land.
DoT? - Okay, let the State's handle road repairs. And when your roads are as bad as Ukraine's (pretty much non-fucking-existent), don't go begging to The Federal Government for a handout.
I could go on, but I'll stop there. What we should be doing with all of those agencies is removing the poison and corruption from them, writing clear and sensible rules that leave little to no margin for error in what is a crime and what is not, and doing our duty as Americans to not become brainwashed sheeple.
That is all.
I stopped reading when you demonstrated you don't even know the difference between budgets and debt loads.
Why all the hysteria?
I'm sure there is secret money stashed offshore, or there are huge "black ops" Pentagon programs that can be cut off temporarily to meet the interest and maturing notes.
Gimme a break.
The U.S. is not going to default.
And there is no way the ratings agencies are going to be stupid enough to downgrade Uncle Gorilla notes to AA.
Some deal will be cobbled together eventually, in the mean time, the checks will continue to go out.
thing about black ops is the shadows don't like it when their gravy train gets threatened.
http://www.youtube.com/watch?v=_rRqeJcuK-A
http://www.occ.treas.gov/
http://www.bankinvestmentconsultant.com/news/obama-financial-appointment...
I've always wondered why this position doesn't get more coverage, and why the vast gaping vacuum that has been created in there by not filling positions doesn't get more coverage. Hell, the job was advertised and everything.
The Office of the Comptroller of the Currency (OCC) is the Federal Government agency responsible for regulating the credit card industry and has been fighting with the states for years over who has the authority to regulate usury. The OCC has fought aggressively in courts and Congress to nullify state consumer protection laws and curb enforcement actions, sparking a nationwide battle between the states and Federal Government.
The OCC’s actions have severely limited the state and local governments from investigating credit card banks and issuers. As a result, in many instances the only way a person can relieve exorbitant debt from various banking institutions is through filing bankruptcy.
http://www.betterbankruptcy.com/bankruptcy-blog/tag/the-office-of-the-co...
And my old favorite - http://www.guardian.co.uk/world/2010/dec/08/wikileaks-us-russia-visa-mas...
In an electronic age, the mechanisms to ensure that the spice must flow are of central priority.
things that make you hmmmm
"What we're trying to do is save the world from the Republican budget. We're trying to save life on this planet as we know it today."
-Nancy Pelosi, today
I think she means the life as she knows it where she's one of the richest people in Congress.
I never have to wonder why Congress consistently fails to raise taxes on the wealthy, instead preferring to give them lower rates and lucrative loopholes.
Average wealth -
House of Reps - $3 million
Senate - $13 million
You would be asking them to raise rates on themselves. And that does not happen. Or, at least, not very often.
It really is that simple.
then put your money where your huge mouth is and buy something more than widows and orphans stocks. when you look in the mirror your avatar is staring right back at you shouting wimp.
btw: gentleman jim sinclair sends the warmest of regards, and says thank you for selling your silver eagles to the smart money crowd.
Amen. Finally some common sense. Thank God for the other 99% who will be selling to create a fantastic buying opportunity.
Ever notice how fast people forgot about Greece/Europe? That's not even in the news hardly at all. Coinsidence? Probably not. Designed media circus manipulation. Intentional diversion.
Short EUR/USD. You get the best of both worlds. Short the Euro debt bomb and long the USD debt deal announcement initial pop.
+3.14159...
If the average rank-and-file of the military is not paid? While in the middle of a combat zone called Afghanistan? Or while serving in Iraq?
Military coup? The secret to a military coup against the US civilian government is not the JCS. They are by their nature, political. The Generals? No. Well, maybe a handful. Colonels? Getting closer. Lt. Colonels? Bingo... they want promotions, and are young enough not to be caught in the promotion trap as many of them will not be promoted. Ever wonder why Qaddafi never made himself a General or Generalissimo? Sure way to ensure promotion? Remove your bosses with titles like 'General'.
Now, which Lt. Colonels? Why, the military district of Washington, D.C. Still, heavily politicized, yet Lt. Colonels are a little less reliable to the civilian government. Congress is in session. The President is in. The Lt. Colonels and their loyal troops remove the Generals and Colonels, seize the Pentagon, CIA in Langley, NSA is not too far away...
and, presto. Instant military dictatorship, economic collapse of The US and, possibly, the World.
Fun for all.
For all CIA, NSA, FBI, and DHS and other creepy agencies... this is not a post advocating such. Merely a theoretical exercise, BITCHEZ.
Good question random shots. Why isnt the market more hysterical? Even gold has been relatively calm.
Maybe a lack of debt ceiling raise, and the subsequent downgrade, was already priced in?
Maybe some market participants think it is better is the US doesnt acquire more debt?
If if they do find ways to cut the deficit X amount over X amount of years, it's a pointless measure. Since the dollar is always falling and inflation is in everything, there's no account for the runaway inflation anyway over the next few years, the debt ceiling even if set 3T higher will be hit in under 2 years again.
It took Obama and company 2 1/2 years to run up as much debt as bush did in 8 years.
See my post above. A little dose of reality as to WHY Obama is fucked. I don't like the man or his policies. I fucking despise Bush and his cronies and the morons who voted for him and President Cheney.
Tyler,
When puplic services are cut, will there still be taxes collected?
Not from me.
There's no reason for anyone to pay for anything if the us doesn't mail out checks. How stupid are they for even mentioning this to try scare tactics.
No gov. Money means nobody pays and everything stops. Stop paying all debt and bills incurred.
Death & taxes...
Wait, how is this a default if treasury is stating they will prioritize bonholders?
What am I missing?
The ratings agencies will find the US govt less credit-worthy if it has to prioritize payments, as this means we do not have enough money to pay all bills. Clearly an unsustainable situation, i.e. higher risk is assessed.
AMERICA, LAND OF THE BONDHOLDERS!
Nice to see how they stiff the people he? That really shows where those fuckers have put their priorities.
Obama sold out the countries to the banks just so he would get enough contributions for his elections and a job as a posterboy after it.
Now I'm curious how the old people who depend on their pensions will react.
MOLOTOV GRANDPA AND GRANDMA GO TO WASHINGTON TO RIOT BITCHEZ!!