This market is going to hell in a hand basket. If it wasn’t for the millions of dollars lost in previous VXX trades, I’d do another one right now.
These GOP congressmen are incorrigible, unbending, and outright reckless. I understand the notion to become “financially responsible”, but doing it AT THE DEADLINE is purposeful. If the GOP really wanted to right our ship, they would’ve broached this debate months ago.
This isn’t an accident. The Tea Party folks, backed by the Cock Brothers, have planned this for years. They aren’t going to blink because they want to ruin Obama’s legacy by causing an economic crisis. Their brilliant advisers put party ahead of country. They only think about votes and that’s why we are going to default.
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Cheer up mate. Yellen here: http://www.youtube.com/watch?v=IkIR6ieqAGk
Dems are just as partisan/conflicted as GOP. The whole system is antiquated.
We should replace congress with IBM’s Watson.
starting to see the light that I am seeing? yeah yea yeah i know, im partisan lol.
That doesn’t mean I agree with Obama.
He’s the leader. Ultimately, the buck stop with him. He needs to be able to cajole the GOP, not antagonize them.
He’s a terrible leader.
Actually sir you are wrong. The right wing of the the GOP doesn’t want to negotiate, they only want to redo the election they already lost and would basically disagree with Obama if he said water was wet. Wehn one side doesn’t want to negotiate, you do not go hat in hand begging to chat – you grab the biggest stick you can find and club them with it until they capitulate.
Like when the dems ramed (no homo)through health care. Nobody even knows what is in it.
Yawn.
“Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘‘the buck stops here.’’ Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.
I therefore intend to oppose the effort to increase America’s debt limit.”
– Barack Obama March 16, 2006
Nothing like having your own words shoved down your throat – except this is the part where leading means clubbing the opposition until they give up. You don’t negotiate with terrorists which is exactly what the GOP are acting like. I have no love for the left, it’s just that right now the GOP are the bigger bunch of retards.
Are people not allowed to change their minds? I mean, Bush and Cheney changed their minds about 5 different times for the reasons we had to go to war in Iraq.
Both of whom are war criminals and should be charged accordingly. But you make my point for me, the ruling class will always lie to the American people to further their agenda. What you have to come to realize is that Republican and Democrat are just two sides of the same coin.
Dont get me wrong Fly, I voted for Hillary, I hate this bastard, as he hates Israel. For that matter, I hate the Democrats ..its just that I hate the Republicans even more.
News flash, the entire Democratic party hates Israel.
Maybe you missed the DNC convention?
Who gives a shit about Israel? Unless they plan on coming over and paying off your debt, they are quite capable of taking care of themselves, there is a reason the Arabs don’t screw with them….. two words Nuclear fucking weapons (always loved Dennis Leary)
I give a shit, and that is what counts.
Your shit giving has been duly noted.
The GOP likes Israel because they want Jesus to come back and destroy it.
true
Dude, whoever you are “Fluxcapacitor” you can get fucked. I told you, you plebian ignoramous, go away. Your asinine opinions are not welcome. And no, I am sorry, that is just NOT true. I was actually in attendance at the DNC.
I hear Ted Cruz is trolling for new lady-boy friends, I’ll let him know you’re up for it.
As an outsider looking in (Canadian eh) Your politicians, especially the tea baggers are so fucked in the head it is epic. Pandering to the jesus freaks on the right a small number of whackos are basically holding the rest of the country hostage. If the mainstream (assuming there are any) GOP members had any balls, they would throw the teabaggers into Boston harbour and marvel at the irony.
Want to get a sense of what the Tea Party’s perspective is–check out Michelle Bachmann’s take on what’s happening. It’s the end times and Jesus is coming, so might as well trash everything…
http://www.salon.com/2013/10/07/michele_bachmann_obama_supports_al_qaeda_and_end_times_are_near/
GET REINCARNATED
Be careful of your “EVERYBODY” words less they come back to haunt you. 75+ percent of Israel might not be saved but a Promise has been made and will be fulfilled with or without you.
Obama’s leadership definitely lacks in several areas. But on a related note, do you believe we would have such a huge confrontation if there was a white President even if he was a democrat? For that matter, do you think would there even be a tea party? I know I will get lot of flames thrown at me. But this IS one of the big elephants in the room. Sorry to butt in.
Where I come from, skin color is never brought up. A terrible leader is a terrible leader regardless of race.
2006 Berry O is racist against 2013 Black Berry because they seem to disagree about everything.
Kapitalist and Gordie, I can see what you are saying and I kinda agree. But isn’t it a bit puzzling that we are having debt and deficit issues for the last 55 years and radically so for the last 15 years but it is only in the last 4, an outfit like tea party emerges?
Stocks Rider, you do have a point. I think the Tea Party gets a lot of their members from racists. However, the main point of the Tea Party is for the Cock brothers to get everything they want politically– and that is not about race.
They are financing this. Without them, the Tea Party would have no financing to do things like e.g.to “primary” all those Republican Congress members, resulting in the Tea Party having enough weight in Congress to get the government shut down.
The Cock brothers may be glad that many voters are racist, or are ignorant in other ways, and thus willing to vote for Tea Partiers– once the Tea Party’s political consultants figure out what vices they have to cater to, in order to get votes.
But I don’t think the Cocks are racist themselves. I don’t know if they are aware that there is anything in the world other than money.
The power of the dollar is fading. The American economy is feeble and weak. It’s easy to not care about deficits during a good economy, war-time and other distractions. But when you can’t find good work and can’t put food on the table, you start to question being 16 trillion in debt as a nation with over a 100 trillion in unfunded liabilities.
kapitalist, fair points. To marry what FROG said above, koch brothers and similar companies could be using the unrest and subtle but underlying racism to their advantage.
Do you think a white president would of been able to have this heath care law passed?
At the end of the day, not increasing the debt ceiling does NOT equate to default. It would mean for once in the last century we would actually cut government spending significantly while paying off our bills. Yes that means entitlements, defense, worthless federal agencies and departments would all be on the chopping block. But if you think government will vote to rid itself of spending power, I have a bridge to sell you.
If you think the government would vote to cut expenses because Tea Partiers do not raise the debt ceiling, then why would the government not vote to cut expenses under other circumstances. If not increasing the debt ceiling does not really equate to default, then why does it matter so much? So much that you think it is the ONLY circumstance under which the government will curtail its expenses.
BTW, the president is the one with the power to determine what debts will be paid and which ones will not, when there is not enough for all. If indeed not raising the debt ceiling does not equal default, then you must have great confidence in President Obama to choose to fund the most important areas and to defund the least important.
Upon hitting the limit, the federal government can no longer borrow. Why would they negotiate spending cuts earlier when there is still room on the credit card?
The hype around the debt limit is media and government driven. They simply want to scare the American people into believing we will default if we don’t raise it and allow them to borrow more, which is far from the truth.
The executive branch has no actual spending powers. Everything has to go through Congress. I’m not worried about Obama’s choices since he has no input.
“The executive branch has no actual spending powers” is true in the sense that the Pres can’t authorize new expenses. But these are expenses that are already approved by Congress– and just as he is the one to decide if the interest on T bills will be paid or not, he is also the one to decide which other expenditures, already approved by Congress, will be chosen to be paid, while other expenses are not paid.
It does equate to default. We might not default on interest payments, but we will default on something, which will affect credit standing.
According to Moody’s and S&P, as long as debt interest payments are maintained, we do not technically default and there will be no credit rating change. And plus, according to the 14th Amendment of the Constitution, it is unconstitutional for US to default on its debt, ergo we will have to cut spending.
There are plenty of other things that if we defaulted on them, like Social Security payments, government employee pensions and salaries etc.– that this would cause a financial crisis in the U.S. and probably world wide, that would make 2008 look like a picnic in the park by comparison. Moody’s and S& P downgrading us is not the only issue here.
Don’t have to default on any already authorized obligations. http://www.forbes.com/sites/jeffreydorfman/2013/10/03/dont-believe-the-debt-ceiling-hype-the-federal-government-can-survive-without-an-increase/
I will check out his assertions. But he has already lied in saying “Not raising the debt ceiling does not mean defaulting on the current debt, but rather that no new debt can be incurred.” That’s just a flat out lie. Something that was already authorize by Congress will have to go unpaid. In fact he admits that later in the article himself, by picking and choosing what spending that has already been authorized by Congress he prefers to make good on, and what spending that has already been authorized by Congress he prefers to not honor.
I do agree with the comment underneath: “Sounds like a prescription for Great Recession II. Let’s suddenly take over $1 trillion out of the US economy and see what happens.”
I would hate for us to “suddenly take over $1 trillion out of the US economy and see what happens.” Because it would do so much damage. OTOH, in the long run it might be a good thing, because it would be giving the Tea Party enough rope to really hang itself, which would be an excellent outcome in the long run.
Mandatory spending (permanent authorization) was only 2 trillion last year which includes our interest payments, social security, veterans, food stamps, etc. The feds took in 2.5 trillion. Everything else is always on the table.
obama will make concessions .. eventually .. as he was so bold to go to war against syria , that eventually he decided to submit himself to putin at a point.
the comedy must go on ,everyone need to preserve his sit in the parliament
I would guess that the Cocks likely do not care in the least about the government deficit as a whole. Here is what people in their positions likely want. They want their pipeline. They want no regulations on fracking or anything else to do with oil and gas. They want to not have to pay the Obamacare tax for their employees, and to not have to pay the employer’s portion of Social Security or Medicare tax for their employees.
As far as the deficit as a whole, I do not see why that would concern them. They can always find ways to evade most corporate and personal income taxes.
If they cared about deficits as a whole, they would be Democrats. They would love the only recent president who left office with a budget surplus– Clinton. And they would prefer the things that Dems spend money on– social programs– simply because they are far less expensive than crony capitalist welfare.
However, as owners of energy corporations, I suppose they must be part of the military industrial complex, which benefits greatly from unnecessary wars which can make the price of energy skyrocket. Thus, they may not care if the lower, middle, and upper classes of the U.S. are strangled to death by inflation, and by taxes that they themselves are able to evade–as long as those taxes go to pay for things like the military industrial complex, which they benefit from.
bullshit.
The only reason Clinton enjoyed surplus was because we were in the middle of a tech boom and the GOP house held him to the fire.
I love how you people make up your own history.
Also, and this is a fact, more wars have occurred under Democratic administrations than GOP.
Well you do admit that Clinton had a surplus. I think he deserves at least some of the credit for that. It’s not making up my own history to say Clinton left office with a surplus. He did.
I will have to check on wars under what administration. But the hugely expensive war based on lies about non-existent weapons of mass destruction– the most unnecessary war in our history– occurred under Bush.
I do not think the Dems are angels– just that they are somewhat less awful than the GOP is.
Here is someone who tabulated the U.S. Federal Deficits, Presidents, and Congress– for anyone interested in the numbers. Interesting.
http://home.adelphi.edu/sbloch/deficits.html
Regarding Clinton pushing through the 1993 budget bill:
http://www.factcheck.org/2007/12/clinton-and-economic-growth-in-the-90s/