The White House is requesting a (get this) $1.6 Trillion tax hike. AND, to boot, they want $50 billion in stimulus spending.
In summary, the democrats are shitting on the faces of republicans. They want to raise taxes and spend EVEN MOAR. There is NO FUCKING WAY this deal gets done. Zero percent chance, unless of course the GOP sells out.
The deal is dead.
UPDATE: Republicans have called the President’s offer as a “complete break with reality.”
UPDATE II: The fuckheads in govt put out some data, suggesting that by extending long term unemployment benefits the economy will produce an additional 300k jobs next year through spending. In summary, they want to create new jobs by paying some fucktard at home, who will go out and spend $60 at GME for a new video game, so that he can waste away at home–living for free. WTF?
84 Responses to Update on THE FISCAL CLIFF
…….running sideways, with sand!
Additionally, the “stimulus spending” = more welfare extensions and other bullshit that won’t boost the economy.
I’m most worried about some of the rumors I’ve heard re the AMT, loss of mortgage interest deduction, and screwing over everyone making over $250k by not letting them get lower tax rates on the lower portions of their income (e.g., not letting them take the lower tax rate on the first, say, $125k of income, all the way up to $250k and above, where they’d get fucked with the other rich guys). This latter folly would, of course, cause the guy making $250k to take home about $20k less than the guy making $249k, which would kill most incentives for any senior-level worker, knowledge worker, doctor, lawyer, or other professional type out there. Why work your ass off to get promoted or to get a bonus when you’ll make *less* than you would otherwise? It’s fucking insane.
All of this shit has the potential to hit me in six or seven different ways. I’m sure as fuck not “rich,” despite making enough cash to get hit by this $250k/above nonsense. Student loans, routine 90-hour weeks, huge paper losses on house, etc. It’s fucking bullshit.
It is their plan to take away your ability to save money. Pure and simple.
Fly is now positioned well inside the bubble. Outside the bubble lies reality.
Ottott cannot explain, because atop the bubble lies the Ivory Tower.
Clueless folks who have never dealt with reality (never mind signing someone’s paycheck) and yet are certain that THIS time, socialism will work out! *
*(Cloud-based Marxism! It’s the technology you see!)
You have taken a dive into a pool of bogus information and misinformed opinions. You are convinced that what you are hearing is real, because the info sources and all those around you are in agreement. That agreement is instead a sign that you are in the bubble.
The bubble is a place where minor tax increases are viewed as total destruction of the incentive to save or invest, where those on unemployment in a shitty economy are laughing at you while living a life of ease and comfort, where reducing a portion of the perversity and cruelty of our health insurance system by government is nothing less than the end of American freedom, and where a President who surrounds himself with economic advisors with Wall Street ties is the biggest Marxist north of Venezuela.
Inside the bubble, polls were skewed, the media were lapdogs of the Democrats, and America was going to come out in force to throw Obama into the gutter.
The election results were a shock to those in the bubble, because they had isolated themselves from reality. Investing while living in the bubble might lead to similar shocks when reality intrudes. Just ask those who bet that a massive increase in money supply would mean massive inflation in 2009 (and 2010, 2011, 2012, etc.). Reality would have informed them that, with the occasional exception of some commodities, demand was weak, capacity utilization was low, and employers were getting more out of employees without increasing pay.
Are you confident that your trading results won’t suffer from your forays into the bubble?
You sound like a gubbermint employee Ott. Without a doubt you are employed by the student loan debacle in one way or another.
The disaster that I speak of has nothing to do with jobs or economic growth. It is a bankrupt treasury, because your intelligent party feels they can spend to infinity.
Inside the bubble, only Dems spend more than revenue, counter-cyclical spending will continue for eternity, more tax cuts will bring deficits down, and austerity accelerates economic recovery.
Tax cuts do bring revenue growth though. Are you familiar with the math? One can only sustain increasing debt if one has increasing revenue to pay for it.
Growth at 1% doesn’t cut it… and all your little “government helps” only serve to bolster that growth rate.
Again, it’s just math…
Really? They mayl do away with marginal tax rate? Holy shit !!
In two years the whip will come down on all of those who can’t pull their own weight. We know who they are and what they look like. They will be dealt with in due time. Right now let them gorge themselves on our dime, it’ll make the payback even sweeter.
Agreed. There never was a deal. The leftards do not want one. The money grab is on.
You should leave your mother out of it, although true, she is retarded. The evidence-her offspring.
The Fed will just print more.
https://www.youtube.com/watch?v=lu_VqX6J93k “The Creature From Jekyll Island” should be made mandatory reading for every US citizen. Fly Please endorse this. there are shorter versions but this is the greatest.
Stop watching Faux News. Those right wingers are stupid. Watch MSNBC and get the facts. President Obama won by mandate and the economy will be roaring and everybody will have a job. You will see. Obama has a mandate and everything is Bush’s fault. Right wingers should not be listened to because they are stupid. Listen to people like me. I am smarter and so is Obama. Praise to Him.
I only watch MSNBC. It makes for great entertainment.
Rachel Maddow is one hot mama. And she drives the stupid right wingers crazy. She sends a shiver up the spine of Chris Matthews and a tingle in his groin.
A person holding the opinion that R. Madcow is hot has a very low standard of “hotness”.
That is all.
Whoever is doing Comrade Frog….
Now, please… “Comrade-Professor Ottnott?”
ok i agree (dead voiced)
All a mandate means is that there are more dumb people than smart people in America. Bush had a mandate his second term and look how that turned out.
Stop watching Faux news you stupid right winger.
And you probably think FSU will beat Georgia Tech.
You don’t? You are dumber than I thought.
USSR forever oh shit they are a basket case… nvm
Kerry got more votes than Bush in 2004.
62 million for bush 59 million for Kerry. Sorry.
You are retarded
carry on men. this is negotiating, most likely you get pulled to the cliff edge and both parties come away feeling compromised. I would be surprised if it was anything less.
All just posturing…. In the end, the they can alldomple math and everyone knows the basic outline of the deal that will be signed. Prior to that, just some theatrics that present buying opps.
There will be no collaboration.
U R right there. Republicans think compromise means getting their way on everything, depsite the fact that the public does not want what they want. And despite the fact that they lost the presidential election plus some seats in Congress.
So does that justify putting the country on a fiscal course to Armageddon?
Its about doing what’s best for the country friend, it’s not about getting what they want. It’s about cutting spending which means less Obama phones for you and your friends. But your sacrific will make this country stronger and we thank you for it.
your on a site where most of the readers are aware of Greece and you are so partisan that you are clearly turning a blind eye to the social programs that need to be deleted. Republicans are just as bad with the ear marks as dems. I think we can all agree to that. So cut the umbilical cord and think for yourself and stop defending people who you do not and never willl know, for the love of freedom justice and liberty for all.
Comrade Frog thinks Obama’s win means “shut up and eat your peas.”
Despite the peas being made of Cesium 109.
The overall complacency that a deal will definetly get done is somewhat worrying. If you had to cut your dick off to make a deal would you do it?
BBG poll issued today said 70% of people think deal will get done.
Just look at the VIX.
Thinking about getting bent over for the upteenth time and buying some VXX calls.
I’m buying stock in KY jelly tomorrow. If I’m going to be bent over I’d rather not take it dry. Betting a lot of others will feel the same.
Take that money to the casino and put it on red or black or evens or odds or 1-18 or 19-36. Your odds are much better to win and, if not, at least you won’t have to watch your money die a slow death.
loss of mortgage interest deduction = max pain for most people out there. So many rely on that tax return check to pay off their credit cards. sad
Fuck that. It is sad for the mid class peeps that did not want this. The ones that did deserve all the fruits of their labor, fucking fools.
I stopped putting cash in my IRA and Keogh three years ago, because I knew they wanted that cash. I’m a long way from 59.5 years old to withdraw it without penalty. My brother is ready to leave the country for Panama. It’s hard to know what to do at this point. The Democrats are now going to get what they all voted for, the rest of us will suffer through association.
The Gov’t technocrats know better than you do what is in your own best interest. You are lucky to have that big house to live in without having some extra homeless people installed in there with you.
Where did U learn that Obama plans to do that? No, don’t tell me. I’ll guess. Faux News, right? Don’t U people get it? Faux News is a joke– It’s just like The Onion.
It is the truth, dunce. Do a little reading.
CNN, msnbc, cnbc, fox news its all the same. get a grip fool. take your head out of Krugman’s ass. The problem is debt and guess who wants moar. There is no solution until people like magically become intelligent. But that would take an act of Zeus. Not likely!
Frog – You sound like a realy giving soul, what are some of the charities you’re involved with? How do YOU make the world a better place?
He advocates for redistribution of your treasure of course.
Who could be MORE of a humanist than that?
ummm Doctor Zhivago ended badly
Obviously, there is a difference between government assistance for episodic hunger, poverty or emergency health care, and continuous support of an unemployed lifestyle.
Many people will live whatever life they can, as long as whatever they get is given to them (for free). They are not incentivised as long as they have something. The choice is to put up with it, or cut them off and see what happens. They either wake up and become productive, or riot and create havoc until they are run off, killed or incarcerated.
There is only 1 thing left to do – move out of the US for the next 4 years and move back when Romney or Ryan or Rubio, maybe Rush become Potus.
I am curious. Mr. Le Frog spouts ejaculates incessantly about the Right and the Left, politically speaking. I have a pretty good idea what the so called right is after or at least what its goals used to be. i.e. smaller government, pro business, pro investment etc etc.
I do not however have a clear understanding about the goals or “end game ” if you will, of those leaning left or forward or what ever it is called.
Perhaps Mr Frog could enlighten me and also others on what exactly the liberals are aiming for.
What are their goals for our nation?
Excellent question Heaterman.
Notice that there is no answer……
Comrade Frog’s chief goal, is to have you, Heaterman, shut the eff up, in any way possible.
But if he can knit some “Faux News” invective into it, more’s the better.
We are fucked because our media wants to suck Obama’s cock. Had we a media that was reporting on the true dire nature of our fiscal predicament, things would be different. We are very very close, if not already there, to a situation that leads to dictatorship or totalitarianism. That would not be possible if the media were not all Democrat cocksuckers.
Agreed. The degree of bias they show for him is ridiculous. And no, don’t bring up the tiny number of right-leaning outlets (Fox News, WSJ, maybe Investor’s Business Daily). The latter two don’t matter and nobody takes Fox News seriously.
Epic Wood. Nice to see the Ibankcoin braintrust telling it like it fucking is. The scariest part of this socialist take over of America is the silence. Time to get fucking mad and tell the dicksuckers to fuck off.
Similarly, the Democrats are truly the only party that is able to fix and reform our entitlement problem. This is because if they choose to do, the media will cover for them, meaning they will not be portrayed as those who hate poor people, black people, women, college students, animals, and trees. Instead the democrat media will portray as heroes for solving the problem.
Don’t believe me? See Canada, circa late 1990s.
agreed but… again watch https://www.youtube.com/watch?v=lu_VqX6J93k “the creature from Jekyll Island and you will come at the problem with a different solution
I have a reasonable chance of surviving manipulated market action, inflation, crashes, booms, etc. With good trading and wise decisions, that can probably be navigated.
I could not survive if the millions of people receiving entitlements went on a destructive rampage of anger after being cut off. It would be a civil war that makes previous world civil conflicts look like a walk in the park.
My concern is the social structure, order and survivability of life in America.
I’m not saying that you have to watch this, but if you have not heard about this then enlighten and entertain you conspiratorial side. https://www.youtube.com/watch?v=lu_VqX6J93k
Isn’t the current rally really an end of month phenomenon for big money managers pushing for their bonus and looking good on the customer’s statements? I’d expect if we are about to have a close call with falling off the cliff, then the market should be diving, no? What happens come December? Dip…then rise for the X-mas Santa Claus rally?
Here’s an idea for all the time wasting O haters:
focus on getting an electable candidate to beat his successor.
Here are some facets of a potential winning Republican in 2016:
not wall street
not necessarily female
not batshit crazy
not a goddamn lyin’ cocksucker
Nice fascist take on a candidate. Should they wear any relgious symbols or must they be raised by a mammy?
Is being raised in sec 8 while choking down Top Ramen everyday a clincher? How about never seeing or knowing your daddy?
Jesus Christ what the hell happened to this site? Sounds like slope of hope. You guys are nuts spouting all of this bullshit about Marxism and civil war. Good luck living with all your fear and anger. I’ll be checking back in when talk is more constructive.
When we are all aligned with Dear Leader Obama’s Vision, Linda shall return.
God speed Linda!
i hope we do a “fiscal cliff”
from boehner to BONER
Suggested reading for some of those here with socialistic tendencies. Also available as an audio book if you are unable to read.
Obama orchestering the Grand Finale of le US.
Make it a V.King day, every day.
You can’t trade the world you want, you have to trade the world you’ve been given. Mr Fly is only pointing out reality, which is the debt service cost on an unsustainable debt load. The US is on the same path Argentina has taken (repeatedly). And look how far that got them. Next up: US Treasuries get downgraded, and, eventually, default / restructuring of the debt.
Which is exactly what Oboingo wants…
Who says lurking does not pay…
VHC – EXK – SWHC
To Hell and Back.
Bankruptcy is when your debts are far greater than your assets. The U.S. govt as a whole is worth +- a $QUADRILLION!! Yes 1,000 Trillion.
It owns 48.5-49% of all land in the country. The ultimate peacekeeper of our time The Ronald Reagan nuclear powered carrier (which can destroy a country) is kept on the books @ zero! Entitlements were paid into but Medicare is the cancer right now. A fat diabetic welfare mooch is sipping on a few 100K a year while me and you bust ass at work while leaving our kids with others by day. Reform should come through tax code simplification and cutting the big three (Medicare/SS/Defense) down by some small % annually. Why is this so hard for the DC meth heads to work out ?