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White House Says Treasury Will Be "Running On Fumes" Shortly
Contrary to calculations performed by Barclays and other analysts (including Stone McCarthy first presented on Zero Hedge), which speculated that the Treasury would have enough cash to last it through August 15th due to an increase in tax receipt, the White House's press secretary Jay Carney said that the Treasury will be "running on fumes" if the debt ceiling is not raised by August 2, naturally adding the traditional doomsday phrase that it is a "crisis situation." He had also added previously that tax revenues are not coming at an accelerated pace and that the cash will not last longer than Tim Geithner's original forecast of August 2. As the chart below shows the Treasury had $75 billion in cash as of last night, and will raise another $55 billion in net cash over upon settlement of this week's auctions. In other words, Geithner now predicts that the pro forma cash of $130 billion will last the US just one week. Well, at least we can see what the source of all the problems is.
From Reuters:
White House press secretary Jay Carney said that at midnight on August 2 the country will lose its authority to borrow for the first time, meaning there is no alternative for Democrats and Republicans other than to compromise over a deal to reduce the deficit and lift the debt ceiling.
"People keep paying their taxes. Revenue comes in. Money comes in. The problem is there is not enough money because we can no longer borrow money to pay all our bills. You're basically running on fumes," Carney told reporters. "It is a crisis situation."
Rating agencies warn they could downgrade the top-notch U.S. AAA credit rating if the United States misses debt payments or if it fails to take significant steps toward controlling the long-term budget deficit.
Carney said that if there is no deal by August 2, the failure of Congress to have acted would send shock waves through financial markets. "There will be assessments made by investors around the globe about what the heck is happening in Washington," he said.
We will present an updated cash burn analysts from Stone McCarthy as soon as one is available, probably in the next 2 hours.
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Looks like it's going to be 14th amendment time. They just let it out.
Are you talking the nuclear option? Or just following what the 14th sez?
They want him to invoke the 14th when he makes good on his veto threat. The problem is, the 14th does NOT give the executive the POWER to borrow, only congress can do that. The 14th was created to protect the north from losses related to slavery after the civil war.
Have a call in to a constitutional lawer buddy, will see what he says.
But neither the United States nor any State shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States
The 14th gives the authority to big sis to not pay debts that were taken by those intending to collapse .gov. Hmmm. Seems the FED falls into this territory IMO. Banksta owners guilty of collusion as well. Paulson has some blood on his hands. So does Timmay. That is at least 1.6T we can scrape up from under the couch cushions, right?
"I smoked....but I didn't inhale."
I thought the headline meant that they were 'huffing' in the oval office again.
Update:
Da man say: The prez can create the hole, it can be any number, that is all he can do.
Congress decides how much to borrow to put in the hole, check and balance.
It is up to congress to decide how much to dump into the hole. So if the prez make the hole 2T, congress doesn't have to put 2T in it, if it is not agreed upon.
If the prez ignores article 1 sec 8, he shall be considered rogue, as this will be a critical violation of the constitution.
Hell, i thought he already was rogue. I think we are about to find out.
Stop,
He can Decalre a Nat'l Emg and do it...................
Yes, i am counting on it.
Forgot to mention, the majic number is 4T, that is what S&P wants. So, for all of us metals holders, myself included, expect these to get killed when or if that comes about. The banks will be dumping their metals enmasse, and i would expect up to 1000 shaved off G and who knows about silver. The point is, this does not in any way change the dynamics of what is happening, and will strengthen the metals complex even more. So for the ones who missed out, you may have an opportunity in the near future.
Jus' sayin.
Wrong.
I have an ounce of gold and a frn for every time i have heard that word. It's nice to be wrong. ;)
Stop!
http://www.youtube.com/watch?v=otCpCn0l4Wo
Actually, the White House did pretty much just this.
http://twitter.com/#!/whitehouse/status/96291538044329985
"White House Rickrolls Twitter User Who Complains of 'Dull' Feed" in the news :)
ah, the irony of it all.
No kidding. We spend loads of money fighting communism, and it only takes two generations programmed by the Dept. of Ed to vote for it.
It is no wonder the elites despise the proles.
the 14th has very plain language in Section 4 which does NOT authorize fuckin Obama to borrow more goddamned money.
Failure to raise the debt ceiling is NOT DEFAULT. They have enough in receipts to pay interest and SS outlays, ALL bonds
A thought question: What happens if Obama does like Bush did with torture and just gets his lawyers to say it's all good then tells Timmy to start selling. The guys in Gitmo didn't get much chance to challenge the bogus lawyering but the bonds will be sold to people with lots of their own lawyers. Will people buy them? What interest rate will suspect bonds sell for? Will we have a two classes of bonds floating in the system for years? Will congress just bend over and allow it? Our Chicago thug has already shown how little he respects the constitution. Do you think they'd impeach him, call the FBI in to arrest him? I bet he'll try. I bet congress lets him but I think the foreign markets will fry him. Maybe selling suspect bonds will bring the Ponzi down.
The 14th was adopted to resolve the debt of the first civil war. If Obama uses it to ignore Article I Section 8 of the constitution and the will of the people it will be the cause of the second civil war. To arms.
Very good, therin lies the rub. Agreed.
The 14th amendment goes beyond the civil war era. Due Proces, Citizenship, Equal Protection are all inclusive.
Section 4. The validity of the public debt of the United States, authorized by law,..... shall not be questioned.
Here is what you left out Cole,
"including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion,"
Clearly address civil war debt only. Furthermore, if it was more than that it does not authorize the President to increase the debt by borrowing more, it more accurately requires him to pay the bebt incurred before he pays unemployment benefits, foreign aid, earned income tax credit and long list of other wasteful "entitlments" which are not yet debt but will be as soon as Timmy borrows more money to pay for it.
All of you stop using the word insurrection so much. Your giving people ideas.
I left it out purposely. The word "including" does not nullify the paying of debt that is lawful...The word "including is in addition too which at the time was "debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion"
It does not address civil war debt only. It addresses all lawful debt. You could argue if Timmy borrowed without Congress's aproval, it would be considered unlawful debt and may not be honored.
It is not enough to look at a few words and interpret them in the context of current events. You need to know HISTORY, why those words were written, by whom those words were written and what it took to get those words added to the constitution. I believe we agree though that the 14th does not allow the President to incure new debt without the approval of congress. Yes, past congresses have adopted programs we can not pay for. That is seperate from debt. It does not become debt until we actually borrow the money to pay for those unfunded programs. If the 14th amendment applies at all to this situation it requires the president to pay first those debts already incured, to pay the interest on our bonds and redeem all maturing bonds. He is not allowed to send the first time to those "entitled" to unemployment compensation until he has paid the EXISTING debt. We may have promised to pay entitlement benefits we do not have the money to pay for but we OWE our creditors and they have priority claim on our revenue just like in the business world. The President is not allowed to borrow another dime to pay for anything until congress authorizes it.
It is not enough to look at a few words and interpret them in the context of current events. You need to know HISTORY, why those words were written, by whom those words were written and what it took to get those words added to the constitution. I believe we agree though that the 14th does not allow the President to incur new debt without the approval of congress. Yes, past congresses have adopted programs we can not pay for. That is not yet a debt. It does not become debt until we actually borrow the money to pay for those unfunded programs. If the 14th amendment applies at all to this situation it requires the president to pay first those debts already incurred, to pay the interest on our bonds and redeem all maturing bonds. He is not allowed to send the first time to those "entitled" to unemployment compensation until he has paid the EXISTING debt. We may have promised to pay entitlement benefits we do not have the money to pay for but we OWE our creditors and they have priority claim on our revenue just like in the business world. The President is not allowed to borrow another dime to pay for anything until congress authorizes it.
Are you kidding? It sure does mean he can raise it. He can make money to pay debts, government pensions, and the ARMY/police to suppress the insurrection caused when he goes ahead and invokes that power!
Wasn't the first civil war about the Roth**hild financed side stealing the wealth of the other side? They did it again in the 1920-1930s. It seems like every 70 years or so they loot the American public.
Yep....The 14th amendment in simple terms states pay your debt. Aritcle 1, section 8 (eneumerated powers) only give congress the power to borrow. Congress has to authorize all borrowing. The President can't and neither can Timmy boy. Constitutional crisis??? The treasury can order the bureau of engraving to print although that might ruffle the feathers of the FED. I am hoping that Timmy Borrows and Congress sends in the U.S. Marshals to arrest him....That would be funny..
That would be more funny if the eagle were molesting a chicken.
even more if it was the chicken doing the molesting :)
Reminds me of the difference between kinky and perverted.
FUBAR
http://www.youtube.com/watch?v=ySK0fIGB3AA&feature=related
May i copy this image?
just name the time and date baby--i'll be there.
One sword should be cutting off the eagles head and the other should be rotisserie style from the rear.
Priceless!
has the treasury ever been audited?
Nope neither has the fed.
I'm thinking you mean an honest open book, third party no bullshit. Like the police state of america gives when a citizen or business (who doesn't bribe).
Time to start taking it to the streets people.
Street justice. Start with wall st.
I was thinking Pennsylvania Avenue myself...
K Street is where lobbysts are
Why limit yourselves? Do em all!
Let God sort them out.
The NFL season is coming along with a new season of America's Favorite Whatever Mindless Bullshit Show and hourly doses of pictures of dwarf Kim K's and her incredibly fat ass. Do not disturb the sheeple.
What a bunch of bull shit. "it's the end of the world!!! Give me all your money ... QUICK!!!"
Just send me your account details. OK?
I'll share it again for anyone with interest in not playing the role of a muppet.
http://www.youtube.com/hillsdalecollege
thanks newbee. In the words of GIJoe, "Knowing is half the battle".
Now THAT's an ass worth 130 billion a week.
At least in that miniscule resolution we get here because ZeroHedge is really stingy with the page space
and also fears what would happen if we had 120 x 120 pixel full color glossy print butt pics on here.
Pay no attention to the army/national guard/swat drills going on in your neighborhoods. They are only a drills for future deployments. Again I repeat pay no attention.....
"The problem is there is not enough money because we can no longer borrow money to pay all our bills."
And that's why we need to spend less you dumb fucker!
"STOP SPENDING!"
-Richard Santelli
Precisely, what an oxymoron, a nonsensical statement! Borrow money to pay bills? That is not paying bills, that is running bills up.
so true...and yet so few seem capable of grasping this simple fact
[Precisely, what an oxymoron, a nonsensical statement! Borrow money to pay bills?]---Kali
I cannot believe the non-sense statements I've heard these past two weeks on MSM. (The following are paraphrases, not direct headline quotes.)
If Congress cannot agree to borrow more money, our credit rating will suffer. WHAT?
The consequence of failing to increase the debt ceiling is not something we can afford. WHAT?
The US will surely default if Congress decreases spending. WHAT?
Increasing the debt ceiling is the balanced approach. WHAT?
That's the problem, no one disagrees we need to spend less, even Obama himself. It's how much less, who shares the load and who doesn't, along with who comes out looking good and who doesn't. Same old bullshit we see time and time and time again out of DC. if Obama does not invoke the 14th amendment, we're about to see what it's like when someone does not get federal money they were supposed to get when they were supposed to get it.
Dysfunctional is the operative word indeed, we have never witnessed such a dysfunctional government out of DC as we're witnessing right now. The only way this changes is if one or both groups agree to lose face and give up something they have postulated about in public. Since that is a potential embarassment, don't expect to a politician eating shit unless he is absolutely forced to based on the circumstances.
Stop talking sense dude! Why do you hate america?!
How will they get reelected if they can't buy their votes?
But, the needs of the Ponzi outweigh the needs of the many!
Does "running on fumes" refer to Jeetner's brain power?
I never trusted huffers or fluffers.
"Does "running on fumes" refer to Jeetner's brain power?"
Nah, it's the Hopium.
JUST ONE FIX!!!!!!
http://www.youtube.com/watch?v=wbXciBKcfQ8
V! ...thats one helluva fix Ministry. http://www.youtube.com/watch?v=S20z-fzDX8g
lol... talk about the gate way of Chairsatan's homium run ...puke on the NYC trading floor. http://www.youtube.com/watch?v=eP0GR0fuxMw
Quick! Hit the RESET button!
You mean the overcharged button?
http://www.breitbart.com/article.php?id=CNG.9ca28ad2530b0d0029e1304762eca18f.8c1
BAC has some great credit card deals going.
Or they could get a "bridge" loan from GS, like CA? Bizarro world!
I wanna see a debt countdown clock....and watch it count down to zero as the last 'fumes' of money are frittered away by the Jeethner.
Vote!
Who was worse?
Carney? (TU)
Or that other klown whose name escapes me, oh yeah, Robert Fibbs? (TD)
OBVIOUS SOLUTION = RAISE CASH BY SELLING THE FORT KNOX GOLD!
Anyone see any problems with this most obvious of solutions? After all if you aren't going to sell your gold when you are the verge of bankruptcy, when will you, well?
Nobody will buy Tungston.
Tungsten was used for incandescent bulbs which got banned. The only other market for it is sitting in Ft Knox under a thin layer of Gold.
The price of Tungsten has been rising the last couple of years despite the loss of the incandescent bulb market. Hmmmmmmmm
that might work...if there were any gold in fort knox
I'm willing to bet the gold IS there, but has been transferred on ledgers to other parties. If we did a physical audit, including drilling holes to check for Tungsten cores, it would show that, yes, it's physically there. But without seeing the attending ledger book you have no idea if US still truly owns it. Now, if we go pick another large scale war (guaranteed) you can be sure it will never be parsed out to the book owners.
It might say - Property of The People's Republic of China. Or Kenya.
It might say - Property of The People's Republic of China. Or Kenya.
They are going to need that gold when the dollar collapses.
FMB,
WHAT good is 400 Billion going to do for them?.
They spend that PER WEEK>
http://www.vdare.com/roberts/110725_debt_ceiling%20.htm
Here's the original, from Paul Craig Roberts...............Obama's playing games.
From a link in the link Dos, Bernie Sanders talking about the $16 trillion loaned out in the crash:
Why does Bernie not know that the FED is NOT an agency of the US Gov? Must be tough trying to keep the lie going. Cause we know Bernie knows the real answer, the FED is a private bank, and not an agency of the US Gov.
pods
Hey, didn't ya know? They already are. How else are they getting schmucks to buy treasuries? ....throw in a little bling with the deal.
Let's just 'borrow' Apple, Exxon, and Goldman Sachs cash reserves like we 'borrowed' the government retirement accounts. It's just digital love, man.
and have State Street declare it HTB! Squeeze the mofos!
Ive got a question...who the fuck believes what the White House says!!!!!
Duh. Oweblahma does.
Naaah! He just looks like he believes it because he practices that look in front of the mirror before he goes out and reads the teleprompter.
End the FED! It's time to slay that Creature from Jekyll Island and go back to sound money.
Obama does not need the 14th to stop this, thanks to George Bush, he just wants to put the ONUS on the GOP.
Damn dangerous game we be paying here...............
http://usawatchdog.com/debt-downgrade-not-default-is-the-problem/
George Washington did it!
Or was it Adams? I ferget.
firedoglake reporting that senate does not have enough time to increase debt ceiling by august 2............who knows........just throwing this out for debate......
http://news.firedoglake.com/2011/07/27/senate-doesnt-have-enough-time-to-increase-debt-limit-by-august-2/
Obamas Billions!
http://www.youtube.com/watch?v=svKq044qrYU
When do they start check kiting government payroll checks? I guess they already did it with their pensions
Tell the WH to fuck off and stop spending OPM...........
A period is required after the 3rd 'f'.
Time for the US Federal government to hit Ctrl, Alt, Delete. The economy just got the blue screen of death......
im glad ZH servers are overseas
And now BAC, the bellweather bank of doom, is trading further lower at $9.64. Another wave coming. Tulip bulbs soon?
amazing that Geithner cant follow turbo tax, but he is able to pick august 2nd, as exact date 3 months ahead of thime !!!
Seriously........ Borrow more money to pay the bills...........
Can I do that to, and have all you sheeple pay it back for me......... Or what the heck, can the sheeple's children pay it back
Didn't we already establish that Jay Carney is a lying son of a bitch?
Just like all the people he works with.
Bullshit.
The burn rate cited so frequently assumes all payments continue to be made to everybody for everyfuckingthing under the sun.
Folks, we've already been down this road before, under Reagan I believe it was. There was a formal finding for the president that stated (and was thence utilized) that by Executive Order, there would be a priority of payments scheme first directing available cash to service the debt.
The US takes in more than enough cash (monthly cash on cash basis) to pay any and all outstanding coupons and roll over maturities.
Period.
Which means that "default" is not necesary, but if experienced will have been done so as a political decision. ANd I ain't holdin' my breath. I'm not personally convinved that this miasma hasn't gone well past the point of political circus.
SS, etc., might not get paid. But that is a downgrade problem, which should be happening in any case predicated upon the absolute financial mismanagement of the whole country, by any set of rational ratings agency guidelines. Politically expedient? Another question.
The first thing we need to defund is the IMF.
That should increase freedom all across the globe. Win/win.
And then we turn the UN building into a parking lot.
Rodent,
Don't forget the most ANTI AMERICAN of all................the United Nations.
We provide the most $$, and the most expensive (used to be) real estate for them, and they vote against us 99% of the time.
dossap
I hope to god you trade with more brains than that post.
The Un backs any and everything the U.S. wants and if not who cares, I don't see France or Canada sending the drones over the WH.
Not a bad idea, but you are just spewing some third grade shit there.
Poor baby, they vote AGAINST us , really!!!
Bwhaaaaaaaaaaaaaaaaaaaaaaaaaa.
John D. Rockefeller Jr. donated the real estate to further his NWO dreams. Also, to maximize opportunities for corrupt interconnection, the UN had to be located close to America's true capitol: Lower Manhattan.
Why do you hate Israel so?
Oh, and PPSS....
If a president can at his own very self's little discretion with apparrent impunity, without anybody's "A-OK, way to go Bro"accolades or even be taken to court over "kinetic actions" (God help us all, for appears we're unable to do so ourselves.), then the prez can direct the priority of payments be made to service the fucking debt.
Period.
What is this, charades?
Look, I was kinda wondering as one does over a glass of pinot noir or three, is the Whitehouse going to get its garbage collected with things as they are
"because we can no longer borrow money to pay all our bills".....this says it all..
Screw the debt, especially interest. Haircuts! They collected enough "interest". They should consider themselves lucky to get principal back. Ass backwards, pay the SS, Vets, et al and fuck the fucking banksters.
+1
Then Merkins still get paid AND the TBTF fail.
I can't understand why they would pay investors first. Bad investment = you lose. If your bad investment magically doesn't lose, everybody else does.
If taxes are not coming in as planned than how in gods name can you pay off more debt. This has got to end and it should end now. It will be ugly but we deserve it we have been living like a productive country when we are not. If we default now and restructure, we will be better off in 10 years provided Obama is gone in 2012. If he is not, all bets are off.
And just HOW am I supposed to survive on less than 130 billion a week?
YOU TELL ME HOW!
*throws frying pan*
Running on fumes, eh? Still...can make for interesing testimony when "called to account":
http://www.youtube.com/watch?v=d-XbjFn3aqE&feature=player_detailpage
Crisis Situation.
"You keep using that word; I do not think it means what you think it does."
Feds got a lot of money, close to $3 trillion. That $3 trillion plus revenues would last a long time.
http://www.washingtonpost.com/business/economy/growth-of-federal-reserve...
So, can we make sure that Congress' paychecks are the first to bounce?
Anyone know how much $$ the treasury is supposed to kick out on Aug. 3 for social security?
$22 Billion mas or menos.
Of course, the Constitution also says only Congress can declare war. Don’t remember any Decs of War from Congress in my lifetime. Yet somehow we seem to always be fighting a war(s).
Ooo...now you're on the list.
You've confused things....we haven't been at a full scale 100% war since 1945. The President has always had the power under the US Constitution to order military forces into action, starting with the First Barbary "War" (which was not really a war) in 1801. Internally, President Washington led military forces to quell the Whiskey Rebellion in 1794. He didn't ask Congress either.
I'm pretty sure those who wrote the Constitution would classify Vietnam and Korea as wars, not “military actions.” And when it comes to Iraq, Afghanistan and wherever the hell else we are, having troops fight for the better part of a decade is quite different from putting down the Whiskey Rebellion.
I'm pretty sure those who wrote the Constitution would classify Vietnam and Korea as wars, not “military actions.”
I answered that already....no full-scale war since 1945....you know repeating your argument isn't going to change my answer.
Congress and the President(s) didn't agree with you and their actions are deemed lawful, so your opinion is irrelevant. The discussion here can be endless, and achieves nothing and you've now moved the ball. I'm not going to reply again.
Hmmm, don't seem to remember the term "full-scale war" in the Constitution. Saying Vietnam is the equivalent of the Whiskey Rebellion as a constitutionally-sanctioned military action is sheer idiocy. It wasn’t called the Vietnam War for nothing. And your "Congress and the President(s) didn't agree with you and their actions are deemed lawful" argument goes beyond moronic.
run on fumes biatchez. they wont go to rehab so they will go to the moogue moogue moogue
WH, shut the fuck up! Instead of making excuses and irrelevant statements of doom, why don't you tell us where the +200 billion dollars in monthly revenues' go????
What's wrong, nothing to say?
Better yet Obummer, why don't you just Revalue the Iraqi Dinar to $5.00 per Dinar and pay-off the debt?
If Obama wasn't such a prick, he wouldsay we no longer have resources to pay for three on going wars, and could easily cut back
I'd like comments on what dick bove talked about earlier today on CNBC.
He's 100% cash and says that a new reserve standard is needed - but was light on providing one. He says PMs are going to get crushed when the default happens.
I actually kind of agree with this scenario, I think everything gets crushed except the dollar in a default. If you have no debts, the dollar pretty much should soar. That is why default is good. It puts Wall Street back to reality, prices drop to help recovery, and the dollar gets a ton of buying power back.
From WSJ.com today
By Ian Thomson
In case you were wondering, Dick Bove is getting more worried about Debtpocalypse. In what seems less and less like a wild prediction, the Rochdale analyst says Congress will not meet the Aug. 2 deadline for raising the debt ceiling and there will be no plan that cuts $4 trillion from the US deficit over the next 10 years. Mr. Bove also sees an “increasing desire” among the DC crowd to test what will happen should a resolution not be found, and possibly a desire to force the government into a partial shutdown. “For the moment I would suggest suspending investing since all stocks are likely to fall,” Bove says. Well, that part of the prediction’s already coming true.
Disclosure: 95% Cash
End a few of the wars. Hell, end just one! And close down a few of the 700+ unneeded military bases overseas. We're not an empire anymore. And we can no longer afford the overhead of maintaining one.
Because empire building is the only export we have left that is worth anything.
The UK in Dickensian times was a complete, pardon my French, shit-hole.
They were too busy putting up a front to the world, swaggering about, to realize that they were rotting from the inside out.
Good, I hope they are penniless like they've made the rest of America. Washington losers!
Geithner himself just explained the problem, when you are burning $130 Billion in a week, then it is time to stop the spending. Period!!!
Geithner picked the wrong week to quit heroin.
Just default already...lets get this PARTY STARTED!!!!!
Were running on heriocrackspraypaintspleefquaalude fumes. I really wish we would default. Fuck everyone, get rid of all this debt BS, stop the wars overnight, and throw everyones mortgage into the trash. As long as you have guns, ammo, food, water, and a stash of precious metals....fuk em'! Lets default! Enjoy THAT SWAN, you pathetic teenie put selling self-jerking liberal fuks!
Carney said that if there is no deal by August 2, the failure of Congress to have acted would send shock waves through financial markets. "There will be assessments made by investors around the globe about what the heck is happening in Washington,"
but, but, who will represent the banksters' interests? how do we know what they say is the right thing to do?
i guess the mainstream just doesn't get this dynamic of where all the prop spin about what "must" be done is coming from.
i'm not scared. i wasn't scared the last time. i knew it was bullshit when the house defeated it before they passed it.
we just gave these guys $2 tril. now, they want more.
not just NO,
FUK NO!!!
they lied about everything and had no fuking idea what they were doing. plus. we're in a damned recession b/c of the brain-dead political grandstanding before "the people" and protecting moneyed interests while cleaning US out.
BULLSHIT!!!
THE END!!!
get these interests away from our Treasury and keep them away. tough shit if they don't fuking like it!
now is the time
knuckles remembers; so do i; it is the goobermint equivalent of the "Shut-Down Point" in microeconomics. exactly the same principle. you ride with fixed expenses and stop all the variable expenses you can.
the world does NOT end! the out-of-control bullshit has a half-life of about 1 day. then, you get the fuker under control the best you can.
keep the banksters and kleptocorporate fuking BAG MEN away from the Treasury. they are finished. trust me.
Doesn't the Treasury owe the Federal Pension Fund? How funny it is to see the rationalizations over what's Ok to plunder versus what we must remain honest about. The thing about mendacity is that you eventually get to the point where, as hard as you try, you just cannot tell the truth and then all hope is lost.
hey, t_C_S your points are well taken. but, it doesn't change the problem; nor does it solve it. yes, we're freaking doomed, but so what? we still have today. the point isn't whether we can tell the exact truth about it. rather, from a practical standpoint, to understand enough to get a better idea how to act or even reason more effectively
and then, that doesn't work any more either...
...so L0L...
the thing abt the Treasury "owing" doesn't matter as long as the pensions get paid to the pensioners. it is an accounting entry. remember the "lock box" stuff of Y2K? same deal. that pension "money" was a digital entry. still is. but the "accounting by timmah" is different. those are his accounts. that's his job. he seems to be getting a little blood from the stone, too. he's even less in control than prez0, except he's a bankster.
the congress either steps up to the plate, or not.
to tell them what the deal is
any time, now...
they are not required to raise the debt ceiling. they are required to control the purse.
steady, now. keep it simple.
http://www.youtube.com/watch?v=7avDRrjtgy0
http://www.youtube.com/watch?v=7avDRrjtgy0
http://www.moneycontrol.com/news/features/can-treasury-department-really-run-out-money-_569467.html
I guess diverting G fund contributions isn't fumes yet?
Effen joke.
Makes one want to go top shelf, and long to boot.
Just exactly how do they print fumes?
Running on fumes !
You mean the sneak fumes from Obama's cigarettes?
Or the smoke coming from the overworked helicopters belonging to Ben !
Fumes leading to spontaneous combustion ?