Thursday, October 10, 2013
The whole debt ceiling situation is utter contrived bullshit.
Nothing more.. Nothing less.
And to see why, all one has to do is look at today's market day 10 of this supposedly terrible, crippling partial shutdown and 7 days to go before our debt ceiling clock ticks to zero:
As of 2:35p -- +225 pts at 15,028
The whole thing is such a contrivance.. Ugh!
Gotta also love how government picks and chooses who suffers and who gets reprieved from this semi-shutdown.
This was barely discussed on mainstream news but over past weekend, according to CNN:
"Up to 400,000 furloughed civilian employees will be brought back to work, according to two Defense Department officials...
If all are returned to work, it would represent about half the number of government civilian and contract employees at risk of furloughs during the government shutdown that began on Tuesday."
Amazing how the money for those salaries just magically turned up!
In fact, while those 400,000 civilian contractors were allowed to resume earning living as reward for their continued meddling in Iraq, Afghanistan and elsewhere, a jogger was fined $100 for jogging in Valley Forge Park.
How dare he!... The bastard ~
The President wants the Republicans to agree to a debt ceiling increase, and then according to him, he'd be open to listening to any proposed changes they may have..
Obama won't listen prior to the increase but will do so after.. Too funny..
And the chance one inch.. one little eensy-weensy millimeter of the President's crowning achievement would be compromised to the conservatives After they concede?
The President in a bit of pathetic desperation even floated the LIE... repeat: LIE that if a debt ceiling bill isn't passed that Americans would not be getting their Social Security payments in a few weeks..
Jeezus.. Here's the truth care of Reuters:
"Social Security is a stand-alone program with its own dedicated revenue stream: Workers and employers pay a combined 12.4 percent of employees' payroll.
It was designed to be a "pay as you go" program, with taxes on today's workers funding current payouts to retired and disabled workers and their dependents. Those funds can't be used for anything other than benefits.
Social Security currently has a surplus of $2.7 trillion.This year it is on track to take in $38.8 billion more in revenue than it will pay out, according to the forecast of the program's trustees. These funds sit in something called the Social Security Trust Fund (SSTF).
Social Security's managing trustee is Treasury Secretary Jacob Lew, so he actually has conflicting obligations here - to serve the president and protect the rights of Social Security beneficiaries. (So do the three other top government officials who serve as trustees - the secretaries of Health and Human Services, the Labor Department and the commissioner of the Social Security Administration.)"
To once again quote Reuters who was quite honest on the issue, "Scaring seniors and disabled people makes for good politics, considering the huge stakes of the debt ceiling battle."
And once again let's cut through all this G-D nonsense and outright LIES on this debt-ceiling line in sand...
To default, is an intentional action a debtor takes toward his/her creditor(s) so that the individual(s) or entity never receive the remainder of what is owed to them...
No one in government wants to default or is strategizing one (though they should) . Not the President.. Not Congress.. Not Wall Street.. NO ONE!! Thus.. when there is NO INTENTION, 'default' does not occur...
What you have instead potentially is the US be late on a payment to its creditors...
No different with you or we-- the Visa bill is due on the 17th.. Money isn't available until the 19th then a check is sent..
Are you defaulting? Are you leaving your creditors in the lurch?
Of course not.. you made a late payment and you may be charged a fee or see your interest rate jump and that's all..
There is NO default taking place..
And what is the government's ultimate goal here? Besides scaring the shit out of the populace and getting them mad so they'll vote the Reps out in 2014?
Keep the lines of credit open... Period.
And the creditors will profit from the monthly payments plus interest..
And we will keep printing money that's worthless and ultimately see a Dow that grows to 20,000... then 50,000 and beyond..
Because what does it all matter.. Its just manipulated numbers..
Just fear and panic..
Seems only we ever give the straight dope, as people 100 yrs ago would say..
PS 5:15p.. Seems the pieces of you-know-what pushed the Dow to close the day up 323pts at 15,126
Yep.. Wall Street is real 'scared' of the debt ceiling..
It makes any sane person who really understands what's going on wish/pray for a market crash even more..
Posted by Susquehanna at Thursday, October 10, 2013