Jump to content
Sign in to follow this  
^_^

Debt limit mood darkens as GOP muddles own message

22 posts in this topic

Recommended Posts

Filed: Timeline

By DAVID ROGERS | 7/12/11 8:00 PM EDT

Washington’s political mood darkened dramatically Tuesday, as the debt ceiling crisis showed signs of spinning out of control and Republicans began looking for an escape path from the default showdown they helped create.

...

Republicans are no longer making any attempt to hide what’s become a deep-seated distrust of the president, but, even more striking, GOP leaders continue to work at cross-purposes with one another — even at the table in front of Obama himself.

Senate Minority Leader Mitch McConnell (R-Ky.) set the day’s tone early with a blast aimed at the president but implicitly undercutting House Majority Leader Eric Cantor’s efforts to craft a $2 trillion deficit-reduction package with the administration. This followed Cantor’s role in pulling back Speaker John Boehner (R-Ohio) from pursuing a still larger, $4 trillion, 10-year deal with Obama. And McConnell in turn got his own thumping from House Republicans who quickly dissed his suggested backup plan that would allow the debt ceiling to increase this month, subject only to a resolution of disapproval from Congress.

...

“We’re certainly not going to send a signal to the markets and to the American people that default is an option,” McConnell told reporters. “What we’re not going to be a party to in the Senate, I’m pretty confident, is default.”

The two-hour White House session, while described as constructive, offered no promise of any quick breakthrough. The coolness between Boehner and his perceived rival Cantor is palpable, and Obama sometimes seems to use this to his advantage.

For example, the president and Cantor clashed again Tuesday, this time over the availability of paperwork on the administration’s savings proposals. Obama told Cantor, officials said, that he had shared information with the speaker and felt that was sharing with the House GOP. Boehner sat silently, just as he did Monday when the aggressive Cantor clashed with the president and Reid.

“Boehner has expressive body language,” said one Democratic official familiar with the talks. “He doesn’t always say anything.”

McConnell’s fallback, which he presented at the White House meeting, may prove just a clever feint. But it is a classic for him because it would allow Republicans to shift all of the political blame for the debt increase onto Obama and his fellow Democrats — and guarantee multiple votes leading up to the 2012 elections.

http://www.politico.com/news/stories/0711/58843.html

Share this post


Link to post
Share on other sites
Filed: Timeline

Boy, you and the DFH really are depressing lately.

BTW: You going to let the old people win again? The joke is not lost on me. "The Greatest Generation." #######? The "Greatest Scam Ever Told" is more like it. :rofl:

The greatest generation is rapidly dying. They're not the problem, you boomers are.

Share this post


Link to post
Share on other sites
Filed: AOS (pnd) Country: Canada
Timeline

It's funny really.

All of this talk is silly.

It's actually really simple.

Find things to cut: SS/Disability/Medicare, Military Spending, etc... and then you're set.

There is no reason to raise the debt ceiling any higher. Imagine being plum broke, credit cards maxed out and then applying for MORE credit as an individual. A bank would laugh you out of their building if you tried to do that in most cases.

It's time and it's been time for a LONG time for the Government to work like your normal every day household. If you don't have the money, you don't buy it. If you lose some money, cut back in areas that you can to make things work.

It's time for responsible government.

There are 535 people in Washington who have our fate in their hands. Unfortunately for us, they're all idiots.


nfrsig.jpg

The Great Canadian to Texas Transfer Timeline:

2/22/2010 - I-129F Packet Mailed

2/24/2010 - Packet Delivered to VSC

2/26/2010 - VSC Cashed Filing Fee

3/04/2010 - NOA1 Received!

8/14/2010 - Touched!

10/04/2010 - NOA2 Received!

10/25/2010 - Packet 3 Received!

02/07/2011 - Medical!

03/15/2011 - Interview in Montreal! - Approved!!!

Share this post


Link to post
Share on other sites
Filed: K-1 Visa Country: Thailand
Timeline

I was at this seminar yesterday. The panelists all talked about the usual HFT topics: colocation, the impact of Dodd-Frank on high frequency, the impact of the May 6 Flash-crash on regulation and markets, circuit breakers, exchange acquisitions (NYSE Euronext + Deutsche Borse), HFT in asset classes other than equities and futures (particularly FX), and HFT in new markets (particularly Asia, BRIC) etc. etc.

For 90 minutes, nobody talked about what the impact of a debt default in 3 weeks would be on trading and liquidity. It's just not something anyone believes has any chance of happening or actually affecting the markets.

At the end of the panel Dan Torre of ICAP/EBS (who is a great guy, btw) was asked if FX could gap "to a penny" the way certain stocks such as Accenture did in the Flash Crash. His answer was no, based on the fact that there is natural demand based flow in FX, that the liquidity in the big G10 pairs, particularly EURUSD and USDJPY is so deep and from so many natural liquidity providers that it was inconceivable for a disorderly market to emerge in such instruments. He noted that in Sept 2008 when Lehman and AIG collapsed, spot FX stayed liquid. On May 6 2010 when equities and S&P futures dissolved in the flash crash, spot FX stayed liquid. In March 2011 when the Japanese earthquake struck and markets held their breadth, USDJPY spot stayed liquid. Based on that precedent, he felt it inconceivable for liquidity to ever disappear, and saw no need for per-instrument circuit breaker rules in FX as we now have them in US equity markets.

After the panel, over cocktails, I talked to Dan. I told him I agreed with his assessment, but asked him what he thought would happen to the spot EURUSD market on Aug 3 in the wake of an official default on US Treasuries and a downgrade of US debt to automatic defaulted status. Would we see a gap in FX, and a sudden panic vanishing of liquidity in this deepest of markets?

Dan thought, then laughed, then answered. He said that in such an event his concern would not be about the FX markets or circuit breakers or orderly trading. His concerns would be far more basic. I.e. - and this is a quote "that's the time to round up your family, get your guns, and bolt the door."

Dan is a smart guy and knows the markets, particularly spot FX. Make no mistake about it.

A US default will be unprecedented and catastrophic and make Sept 2008, May 6 2010, and the Japan earthquake collectively look like puddles compared to the typhoon scale storm we're inviting upon ourselves.

Share this post


Link to post
Share on other sites

They need to stop the talk about cutting Soc. Sec. and end two bs wars. Why isn't anyone complaining about those wars? Do they think their free or something?


sigbet.jpg

"I want to take this opportunity to mention how thankful I am for an Obama re-election. The choice was clear. We cannot live in a country that treats homosexuals and women as second class citizens. Homosexuals deserve all of the rights and benefits of marriage that heterosexuals receive. Women deserve to be treated with respect and their salaries should not depend on their gender, but their quality of work. I am also thankful that the great, progressive state of California once again voted for the correct President. America is moving forward, and the direction is a positive one."

Share this post


Link to post
Share on other sites
Filed: Timeline
They need to stop the talk about cutting Soc. Sec. and end two bs wars. Why isn't anyone complaining about those wars? Do they think their free or something?

These wars will be part of any deficit reduction package. Some of them smoke and mirror items. CBO has them in the baseline indefinitely so any drawdown will reflect as "savings". That's a trillion dollars over a decade right there. Of course, it ain't real savings but it's gonna look great on paper.

I agree, though, that SS should be stabilized rather than cut. What I mean by that is raise the retirement age - we're all living longer these days and the system wasn't designed for that kind of longevity. No need to pay people 15 years of retirement benefits on average. And we need to revisit the whole disability thingy - there are way too many "disabled" people that are caught working while collecting.

Share this post


Link to post
Share on other sites

These wars will be part of any deficit reduction package. Some of them smoke and mirror items. CBO has them in the baseline indefinitely so any drawdown will reflect as "savings". That's a trillion dollars over a decade right there. Of course, it ain't real savings but it's gonna look great on paper.

I agree, though, that SS should be stabilized rather than cut. What I mean by that is raise the retirement age - we're all living longer these days and the system wasn't designed for that kind of longevity. No need to pay people 15 years of retirement benefits on average. And we need to revisit the whole disability thingy - there are way too many "disabled" people that are caught working while collecting.

Draw down my #######. Just get out. Screw the bs draw down talks, and just get out. When Nixon had his war funds cut off we were out of Nam lickety fcking split.

Better yet, why are we still there? To fight terror? :rofl:


sigbet.jpg

"I want to take this opportunity to mention how thankful I am for an Obama re-election. The choice was clear. We cannot live in a country that treats homosexuals and women as second class citizens. Homosexuals deserve all of the rights and benefits of marriage that heterosexuals receive. Women deserve to be treated with respect and their salaries should not depend on their gender, but their quality of work. I am also thankful that the great, progressive state of California once again voted for the correct President. America is moving forward, and the direction is a positive one."

Share this post


Link to post
Share on other sites
Filed: Timeline
Draw down my #######. Just get out. Screw the bs draw down talks, and just get out. When Nixon had his war funds cut off we were out of Nam lickety fcking split.

Better yet, why are we still there? To fight terror? :rofl:

I'm with you on that one. Just get the ** out of them shitholes. Whatever would happen there tomorrow will happen if we pull out next year or the year after that or the year after that and so on. Our being there is not going to turn those shitholes into anything but shitholes no matter how long we remain there. Whatever we build, somebody will blow up. So let's not build it in the first place. Build something here instead. I agree. Have the boys pack tonight and depart tomorrow morning. Done.

Edited by Mr. Big Dog

Share this post


Link to post
Share on other sites
Filed: Timeline

Draw down my #######. Just get out. Screw the bs draw down talks, and just get out. When Nixon had his war funds cut off we were out of Nam lickety fcking split.

Better yet, why are we still there? To fight terror? :rofl:

I am with you there. No need for troops anyplace but right here to protect us from the Canadians, the Mexicans, and a few minor countries in the Gulf of Mexico. The Navy could better spend it's resources sinking Japanese fishing boats poaching our fisheries, and the Air Force should be folded back into the Army. No new boats, planes, or weapon systems until the rest of the world catches up. That would save what, about 17% of the annual Federal expenditures?

Share this post


Link to post
Share on other sites
 

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  
- Back to Top -


Important Disclaimer: Please read carefully the Visajourney.com Terms of Service. If you do not agree to the Terms of Service you should not access or view any page (including this page) on VisaJourney.com. Answers and comments provided on Visajourney.com Forums are general information, and are not intended to substitute for informed professional medical, psychiatric, psychological, tax, legal, investment, accounting, or other professional advice. Visajourney.com does not endorse, and expressly disclaims liability for any product, manufacturer, distributor, service or service provider mentioned or any opinion expressed in answers or comments. VisaJourney.com does not condone immigration fraud in any way, shape or manner. VisaJourney.com recommends that if any member or user knows directly of someone involved in fraudulent or illegal activity, that they report such activity directly to the Department of Homeland Security, Immigration and Customs Enforcement. You can contact ICE via email at Immigration.Reply@dhs.gov or you can telephone ICE at 1-866-347-2423. All reported threads/posts containing reference to immigration fraud or illegal activities will be removed from this board. If you feel that you have found inappropriate content, please let us know by contacting us here with a url link to that content. Thank you.
×
×
  • Create New...