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(Huffington Post)   If this guy is our only hope for this fiscal mess we're in then somebody needs to turn out the lights on their way out   (huffingtonpost.com) divider line 27
    More: Interesting, Federal Reserve Chairman Ben Bernanke, SAC Capital Advisors, a.m. ET, Tim Geithner, Federal Reserve, Securities and Exchange Commission, quantitative easing  
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4476 clicks; posted to Business » on 29 Nov 2012 at 12:35 PM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-11-29 10:46:02 AM  
1.bp.blogspot.com
 
2012-11-29 12:43:08 PM  
Isn't the only hope hoping that a few congress critters stop being douchebags for a few days?
 
2012-11-29 12:46:38 PM  
There is no painless -- or should I say searing agony-free -- way out at this point. When the fed stops the presses and interest rates start rising, that's when these policies come home not to roost but to claw thru the front door and eat us alive.
 
2012-11-29 12:57:07 PM  
wht inthe hell did i just read...
 
2012-11-29 01:04:07 PM  

Cinaed: Isn't the only hope hoping that a few congress critters stop being douchebags for a few days?



oh god...then there is no hope
 
2012-11-29 01:32:46 PM  

jjorsett: There is no painless -- or should I say searing agony-free -- way out at this point. When the fed stops the presses and interest rates start rising, that's when these policies come home not to roost but to claw thru the front door and eat us alive.


There is if we start playing the long game again.

We can have the budget balanced more easily if we take a century to do it, versus taking 10 years. (Though it should be pointed out that no one's going to eliminate the total debt in 10 years - not Obama, not Congressional Republicans, not Romney. Maybe shrinking the yearly deficit relative to years past, some even claiming a surplus in the out-years [years 11, 12, 13...]).

If the GOP is dead-set on forcing these showdowns every year or two, it's going to be painful every time - ask your boss what business would be like if all of your clients flirted with not making payments once a year. So long as things are in that way uncertain (i.e. no one knows if the GOP will suicide-pact itself every year from now until eternity), businessphincters will be tighter than Joan Rivers' face.
 
2012-11-29 01:37:09 PM  

Dr Dreidel: jjorsett: There is no painless -- or should I say searing agony-free -- way out at this point. When the fed stops the presses and interest rates start rising, that's when these policies come home not to roost but to claw thru the front door and eat us alive.

There is if we start playing the long game again.

We can have the budget balanced more easily if we take a century to do it, versus taking 10 years. (Though it should be pointed out that no one's going to eliminate the total debt in 10 years - not Obama, not Congressional Republicans, not Romney. Maybe shrinking the yearly deficit relative to years past, some even claiming a surplus in the out-years [years 11, 12, 13...]).

If the GOP is dead-set on forcing these showdowns every year or two, it's going to be painful every time - ask your boss what business would be like if all of your clients flirted with not making payments once a year. So long as things are in that way uncertain (i.e. no one knows if the GOP will suicide-pact itself every year from now until eternity), businessphincters will be tighter than Joan Rivers' face.


Which is why we should only elect Republicans to office. It's the only way to guarantee they won't kill us all. And by "US", I mean the entire world
 
2012-11-29 01:42:14 PM  

Lost Thought 00: Which is why we should only elect Republicans to office. It's the only way to guarantee they won't kill us all. And by "US", I mean the entire world


"There's the right way, the wrong way, and the GOP way."
"Isn't that just 'the wrong way'?"
"Yes, only faster!"

// instead of hyperventilating about the debt every year, they'd just explode it and claim the savings will show up tomorrow
// like the IBD piece a few threads down illustrates
 
2012-11-29 01:48:10 PM  
Was the article headline a reference to this?

www.theraddonreport.com
 
2012-11-29 02:27:35 PM  
Science has determined that people need to know 7.5 things per day, on average, about the world of business. You can't argue with science.

Did anyone read that in JK Simmon's voice?
 
2012-11-29 02:54:35 PM  
TFA: President Obama has apparently indicated some "flexibility" on that whole thing about raising tax rates on the wealthiest Americans, the Wall Street Journal writes. That popular platform plank on which Obama won convincing re-election is just so three weeks ago, you guys.

Did anyone seriously believe the guy who protected the banks from prosecution after their rampant felony level fraud destroyed the economy was going to do anything but fight again to extend the "temporary" Bush tax cuts???

Hell, in his first election campaign Obama claimed that the Bush tax cuts offended his conscious. Right up until the time they were due to expire in 2010, whereupon he fought his own party to renew them.

Now, here we are two years later and once again Obama got elected pretending to oppose an another extension of the Bush tax cuts for the rich and once again it was all bullshiat.
 
2012-11-29 03:20:15 PM  

BullBearMS: TFA: President Obama has apparently indicated some "flexibility" on that whole thing about raising tax rates on the wealthiest Americans, the Wall Street Journal writes. That popular platform plank on which Obama won convincing re-election is just so three weeks ago, you guys.

Did anyone seriously believe the guy who protected the banks from prosecution after their rampant felony level fraud destroyed the economy was going to do anything but fight again to extend the "temporary" Bush tax cuts???

Hell, in his first election campaign Obama claimed that the Bush tax cuts offended his conscious. Right up until the time they were due to expire in 2010, whereupon he fought his own party to renew them.

Now, here we are two years later and once again Obama got elected pretending to oppose an another extension of the Bush tax cuts for the rich and once again it was all bullshiat.


I will be pissed off if this turns out to be true. I know politics and governing demand compromise but he won another term by saying those cuts should expire. The first time in 2010 he didn't have much of a strong position and horse traded some positions to get some things done. I can understand why he did what he did.

But this time he is dealing from a position of strength and the people are watching to see how this all plays out. He better not screw this up
 
2012-11-29 04:43:32 PM  

ltdanman44: But this time he is dealing from a position of strength


No he's not. He had 2 years of control with both houses in D control and wasted them on Obamacare.

He's not in any postion of strength. He's moderately popular and the house was just re-elected republican
 
2012-11-29 06:37:43 PM  

MugzyBrown: ltdanman44: But this time he is dealing from a position of strength

No he's not. He had 2 years of control with both houses in D control and wasted them on Obamacare.

He's not in any postion of strength. He's moderately popular and the house was just re-elected republican


Those tax cuts expire all by themselves.

You don't need the House to make them expire. You only need the House if you want to renew them. Again.
 
2012-11-29 06:58:35 PM  
Their only plan is to keep using more debt to prop up the economy. Borrowing our prosperity from the future is what got us into this mess. Continuing it will only make the inevitable crash worse. The least painful thing to do would be to fire all government employees who aren't producing anything that has an economic value equal to or greater than the cost to produce (this would be about a 90% reduction in the number of government employees) and balance the budget (a real, no-debt-increase balanced budget, not the phony, we'll-call-it-a-balanced-budget-even-tho-the-debt-is-going-up Clinton balanced budget). As far as existing debt goes, we can either screw the taxpayer who has to pay for it or screw the debt holders who bought the bonds. The fairest thing to do would be to screw the bond holders... cancel the debt.

If this sounds like the prequel to a Mad Max-type movie, I guarantee you that it's the least painful option. Watch Japan... they're a decade or so ahead of us down the same path. What happens to them will happen to us, eventually. And they've got more per capita debt and an aging population that will live longer than ours; they're totally screwed in the long run.
 
2012-11-29 08:02:30 PM  

BullBearMS: TFA: President Obama has apparently indicated some "flexibility" on that whole thing about raising tax rates on the wealthiest Americans, the Wall Street Journal writes. That popular platform plank on which Obama won convincing re-election is just so three weeks ago, you guys.

Did anyone seriously believe the guy who protected the banks from prosecution after their rampant felony level fraud destroyed the economy was going to do anything but fight again to extend the "temporary" Bush tax cuts???

Hell, in his first election campaign Obama claimed that the Bush tax cuts offended his conscious. Right up until the time they were due to expire in 2010, whereupon he fought his own party to renew them.

Now, here we are two years later and once again Obama got elected pretending to oppose an another extension of the Bush tax cuts for the rich and once again it was all bullshiat.


You can fool some of the people all the time... also, everyone believes in Santa....
 
2012-11-29 10:00:17 PM  
Has anybody considered the opposite option? Weakening the usd and exporting your way out of trouble?
 
2012-11-29 10:31:28 PM  

justaguy516: Has anybody considered the opposite option? Weakening the usd and exporting your way out of trouble?


How does that work exactly? Don't you basically flood the economy with money and drive down interest rates? Seems to me that's what they've been trying to do, except China's currency is pegged to the dollar, Japan keeps weakening to stay ahead of us and the EU is in a mess and can't afford our exports.
 
2012-11-30 03:47:40 AM  
I'm do outraged about ... something.
 
2012-11-30 04:15:08 AM  
My mantyhose! I've been short-changed!!!
 
2012-11-30 08:21:00 AM  

BullBearMS: Those tax cuts expire all by themselves.


Lots of things happen by themselves including killing the middle class with the AMT
 
2012-11-30 09:07:36 AM  

MugzyBrown: BullBearMS: Those tax cuts expire all by themselves.

Lots of things happen by themselves including killing the middle class with the AMT


Ahh yes.

The defense of the extension of the "temporary" Bush tax cuts begins.

Olbermann had this nailed the last time these sorts of excuses rolled around:

This President negotiates down from a position of strength better than any politician in our recent history. It is too late now to go back and ask why the President, why the wobbly Democratic leadership, whiffed on its chance to force John Boehner to put his money where his mouth was. In September Boehner said if he had no other option, of course he would vote to extend tax breaks only for the middle class.

So the President and the Democrats gave him another option, naturally. But didn't extending the Bush Tax Cuts for the wealthy became necessary to get Republican support for extending the jobless benefits? Nonsense.

Five times in the last two years, the Republicans have gone along with extending those jobless benefits, and they've done it without being bribed with tax cuts for the rich. Even now Boehner's September confession, and the GOP's unwillingness to take the blame for killing off jobless benefits, offered an alternative blueprint for this President:

Let the law expire as scheduled in 24 days. Let all the tax breaks go, and when the Republicans take over the House and try to pass them anew, if they somehow are not stopped in the Senate, veto anything that does not keep tax cuts for the middle class and unemployment benefits as the dog, and perks for the rich as the tail. The GOP is still terrified of being blamed for cutting off the unemployed. You take that fact and you break them with it.


Let the "temporary" tax cuts expire and we can go back to the tax rates we had when we very nearly had a balanced budget at the end of the Clinton years.
 
2012-11-30 09:08:24 AM  

BullBearMS
2012-11-29 02:54:35 PM

TFA: President Obama has apparently indicated some "flexibility" on that whole thing about raising tax rates on the wealthiest Americans, the Wall Street Journal writes. That popular platform plank on which Obama won convincing re-election is just so three weeks ago, you guys.

Did anyone seriously believe the guy who protected the banks from prosecution after their rampant felony level fraud destroyed the economy was going to do anything but fight again to extend the "temporary" Bush tax cuts???
The tax cuts that if reversed will run obama's out of control federal spending for less than 2 weeks? Yeah Great plan!

Let me say that again as you dims are pretty slow. IF/When the bush/obama "tax cuts" are repealed, the increased taxes will fund the federal government for less than 14 short days.

What's your plan for the remaining 354 days each year?

www.upl.co
 
2012-11-30 09:15:26 AM  

OnlyM3: Let me say that again as you dims are pretty slow. IF/When the bush/obama "tax cuts" are repealed, the increased taxes will fund the federal government for less than 14 short days.


Don't worry, the Capital Gains tax also pops back up, as does the inheritance tax and several others former taxes on the rich that Bush cut and Obama extended.
 
2012-11-30 09:19:17 AM  
However, how familiar is it to hear partisans from both sides making excuses for why the rich should keep their "temporary" tax cuts forever? It just so reminds me of two years ago when they last did this.

It's almost as if the rich own both parties. Oh, wait. They do.

/Fiscal Cliff!!!1!!1
//Oooga Booga!
 
2012-12-01 03:32:58 AM  

DrPainMD: The least painful thing to do would be to fire all government employees who aren't producing anything that has an economic value equal to or greater than the cost to produce


It just fels really weird when fiscal conservatives start arguing for socialism.
 
2012-12-01 09:02:12 AM  

OnlyM3: BullBearMS
2012-11-29 02:54:35 PM

TFA: President Obama has apparently indicated some "flexibility" on that whole thing about raising tax rates on the wealthiest Americans, the Wall Street Journal writes. That popular platform plank on which Obama won convincing re-election is just so three weeks ago, you guys.

Did anyone seriously believe the guy who protected the banks from prosecution after their rampant felony level fraud destroyed the economy was going to do anything but fight again to extend the "temporary" Bush tax cuts??? The tax cuts that if reversed will run obama's out of control federal spending for less than 2 weeks? Yeah Great plan!

Let me say that again as you dims are pretty slow. IF/When the bush/obama "tax cuts" are repealed, the increased taxes will fund the federal government for less than 14 short days.

What's your plan for the remaining 354 days each year?


365 - 14 = 354?

Maths. How the fark do they work?
 
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