Hope You're Ready To Vomit: Debt Ceiling
The Market Ticker ® - Commentary on The Capital Markets
Posted 2011-01-06 08:11
by Karl Denninger
in Politics
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Hope You're Ready To Vomit: Debt Ceiling
 

Watch this.....

That was twenty-four hours before two "Tea" Senators were installed in office.

"I can't imagine voting for the debt ceiling." - Rand Paul

"We've got to stop this" - Mike Lee

What a difference a day makes.

However, Rand is a bit more pragmatic than his father, suggesting “I’ll vote to raise the debt ceiling if we attach a balanced budget rule to it. If they say no more debt will be added and from here on out we’ll balance the budget, I’ll vote one time to raise the debt ceiling.”

Uh huh.   "Just one more time."

Just like the last time would be "just one more time."

And he wants to attach a "rule."  Not a law, not a demand for something that is essentially iron-clad (e.g. "the budget may run a deficit only in the case of declared war twelve months hence"), no just "a rule" (that can be waived with a simple vote on the floor of The Senate - and it will be.)

You hear that Tea Party folks?  You were CONNED - again.

And it only took 24 hours for it to happen.

The Judge asked "do you expect them to co-opt you?"

Yeah, despite the protests otherwise on that nice segment, it took twenty-four hours for them to fold like a cheap suit.

smiley

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User Info Hope You're Ready To Vomit: Debt Ceiling in forum [Market-Ticker]
Jake3463
Posts: 769
Incept: 2010-03-06
Green
Allentown
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I'll tip my hat to the new constitution
Take a bow for the new revolution
Smile and grin at the change all around me
Pick up my guitar and play
Just like yesterday
And I'll get on my knees and pray
We don't get fooled again
Don't get fooled again
No, no!

Blairkiel
Posts: 1344
Incept: 2009-08-25
Green
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meet the new boss....same as the old boss
Jonathanr
Posts: 3168
Incept: 2008-05-16
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I find it amusing when they talk about not stealing grandma's SS benefits in the context of taxation...

Sad, but amusing...

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Why do you complain? It's the criminals who decide how proceeds of crime are spent, not the victims.
Sooner
Posts: 236
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Ridiculous on Rand Paul's part. Unbelievable. If the Tea Party truly fails to come through then there really is no hope.
Jake3463
Posts: 769
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The Tea Party candidates got a call from their sponsors. Ironically most of their big sponsors were Barack Obama's sponsors.

There was a Murphy Brown episode a long time ago where one of Murphy's adversaries ran for congress and won. Upon winning he found out who is sponsors were and was told what to read on the air. Granted in the Murphy Brown episode his sponsors were a white supremacist group, but all you are seeing is Mr. Paul getting a kindly visit from the big donors that enabled his rise to high office. They are dependent on the debt ceiling be raised for survival as they are subsidized by .gov and Mr. Paul cutting that with a silly notion like not expanding the country's debt, is completely unacceptable.
Viper
Posts: 1064
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LOL Blair, same song I immediately thought of... *sigh*

http://www.youtube.com/watch?v=SHhrZgojY....
Themortgagedude
Posts: 8849
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saint louis
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I'm not as upset as you - but I reserve the right to be. I don't think they've broke their promises yet. But I did have two kids yelling when I was listening so I might have missed something.

They should raise the debt ceiling but cut half the defecit this year and impose a ten year freeze on total government spending. Then maybe we can grow our way out of this mess.

KD - if that's 850 billion then we should have to cut $850 billion. 10% across the board cuts in government salaries, 10% in every department layoffs, eliminate HUD, Energy, Agriculture, Interior almost entirely. Add two years to age of social security eligiblity immediately. Raise taxes on those earning over a million. Gov retirement age goes to that of social security. Bring the military home from everywhere that can't pay us to be there. SK, Japan come to mind could. 26 weeks of unemployment and you're done. I'm in favor of the Rand Pauls voting to put the new cap in at a level that forces this. How close did I come to the 850 billion?

And Medicare has to be addressed. The inflows must match the outflows. If that means a reduction in service then we have to reduce service.

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I'm already visualizing you with duct tape over your mouth.

Reason: Cause I gotta go buy me a new silver star.
Nirvan45
Posts: 4036
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Yeah ONE time
That's ok
Considering that dollar is in the ****ter
If we raise the seiling to 20 tri and that issue does not show up for the next six yrs to make a lyer out of me and help me get reelected again
I'll vote for that
Genesis
Posts: 130691
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Admin A True American Patriot!
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Quote:
They should raise the debt ceiling but cut half the defecit this year and impose a ten year freeze on total government spending. Then maybe we can grow our way out of this mess.

Never happen - that would be $850 billion in cuts.

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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
Asdqwe
Posts: 132
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I'm all outta vomit. Just dry heaves now....
Xanares
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Tickergroupie
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Quote:
You hear that Tea Party folks? You were CONNED - again.

And it only took 24 hours for it to happen.


smiley

Widgeon
Posts: 13481
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Region formerly known as the United States
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I guess Rand is mathematically challenged also ... he can't figure out that if you have a balanced budget then you don't need a debt (ceiling). What's the point of raising the debt ceiling if you have a balanced budget?

SUPREME DOUBLESPEAK.

Salt
Posts: 191
Incept: 2010-05-28

NC
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From linked article -
The debate about the debt rages on, but between the two Pauls, its interesting to see that the less alarmist, more realistic and eager to compromise Paul is the one who just started work in Washington today.

Rand the more realistic? Guess one could posit that. Ron is realistic as to what it will do. Rand is realistic as to that it will be done.

When the end result(s) come to fruition, one of them will be culpable.

Stillfishin
Posts: 159
Incept: 2010-10-04

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Yep, thats the way it works. Get elected then you find out what your job really is.... Actually I think the bastards know before their name is on a ballot.
Karlmarxghost
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Quote:

And he wants to attach a "rule." Not a law, not a demand for something that is essentially iron-clad (e.g. "the budget may run a deficit only in the case of declared war twelve months hence"), no just "a rule" (that can be waived with a simple vote on the floor of The Senate - and it will be.)


This was simple mis speak on Rands part. During his whole campaign he talked about doing a balanced budget law. Im not sure why he has been using the word rule but in this interview here he said rule, then caught himself and said law. Look 1:45 in..


So to make clear, he wants a law, not a rule.

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My views are my view and mine alone. Karl or ticker forum does not endorse or necessarily agree with my views. DO not trade on my views or take them personally.
Genesis
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Uh huh. Keep believing......

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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
Sevenup
Posts: 129
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Folks, you gotta raise the debt ceiling. See Bill Black's take on the subject, and the movie Blazing Saddles, here ...

http://www.youtube.com/watch?v=eGDZeDYr2....

In short, not raising the debt ceiling is like shooting yourself in the head, threatening to not raise the debt ceiling is to threaten to shoot yourself in the head. Funny.
Icanhasbailout
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Imaginationland
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Actually, it's more like shooting a leech**** or banker in the head. Good riddance!

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Vegasradar
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Fox just talking about the back peddling by the GOP on the cuts
they showed a clip of Michelle Bachmann saying her staff found 1/2 Trillion in cuts to make

they said the GOP signed a Contract with America and they need to stick to it

not defending Rand— but he said yesterday on Cavuto that he would prefer to just spend what is brought in and that is it— Cavuto said 'yeah, right— like that is going to happen'

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Be the change you want to see in the world. ~Mahatma Gandhi
Sharon
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Quote:
The Tea Party candidates got a call from their sponsors.


No, they're pathological liars. Has no one noticed that we live in a culture of pathological liars?

We live in an absolute sea of bull****.

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Semper ubi sub ubi.
Jeffrey_thomason
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*yawn*

Call me when some actually votes happen. hmmmkay?

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When they turn the pages of history, when these days have passed long ago. Will they read of us with sadness for the seeds that we let grow?
Karlmarxghost
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Quote:

Uh huh. Keep believing......


Lets wait to see some votes, then Ill jump on the Karl bandwagon of hating Rand if he votes for big government.

Ron has always voted against big government so no one can criticize him of being a hypocrite he has his voting record to back him up. Ron voted against things like the Dept of Homeland Security, TSA, Patriot Act, and Military Commissions Act long before it became popular to hate them. He has also been against the FED since day one, once again, long before it became popular to hate them.

On the other hand we have yet to see how Rand votes on anything or at least see bills that he submits. Ill reserve judgment till I see how Rand votes instead of jumping on him for what seems to be a mis speak.

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My views are my view and mine alone. Karl or ticker forum does not endorse or necessarily agree with my views. DO not trade on my views or take them personally.

Happycamper
Posts: 370
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Didn't Rand flop on earmarks, too? I don't get the obsession with these guys. I have a friend who, no lie, described Ron Paul as "pure". I point to this crap and he gets all defensive too.
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