Look! Presidential Economic Terrorism!
The Market Ticker ® - Commentary on The Capital Markets
Posted 2011-07-12 14:23
by Karl Denninger
in Editorial
Ignore this thread
Look! Presidential Economic Terrorism!
 

Gee, this is an old movie from the Bush era, isn't it?

"I cannot guarantee that those checks go out on August 3rd if we haven't resolved this issue. Because there may simply not be the money in the coffers to do it," Mr. Obama said in an interview with CBS Evening News anchor Scott Pelley, according to excerpts released by CBS News.

The disgusting part of this "interview" is that there's no follow-up with the obvious question: Why is it that you blew all the Social Security and Medicare tax revenue you took in, and thus are unable to pay the Social Security checks?

What you have is a President who has admitted to kiting checks and then borrowing to cover up the theft that previously occurred in the Treasury Department.

Oh, it's legal kiting, since the government is doing it, but it is, in fact, check kiting.

The culpable party if you don't get your check?  He's sitting in the chair in the below video.

 

Discussion below (registration required to post)
 

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Bagbalm
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No way to recover from this politically. He just*****ed off grandma. Do you remember what that was like?
Alsace
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Bag...did he***** off grandma? or did he scare grandma? The later was the goal...like Gen said, economic terrorism.
Digitlman
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Anything to get QE3! **** the little people!
Tesla
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heh, remember the "grey panthers" ?

I'm pretty sure granny and gramps can figure out there are a lot of other juicy cows to kill before SS checks get held. We might get that million (grey) march in DC if the terrorist-in-chief keeps it up.

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"Neither the wisest Constitution nor the wisest laws will secure the liberty and happiness of a people whose manners are universally corrupt." -Samuel Adams
Popothebright
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LOL. Why not just cut the checks out of the "TRUST FUND", Barry?

I mean... there *IS* a trust fund isn't there Barry?


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In America the choice of political party is little more than a choice of which corrupt management team implements the corporate agenda.
Mikek31
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Karl wrote..
The disgusting part of this "interview" is that there's no follow-up with the obvious question: Why is it that you blew all the Social Security and Medicare tax revenue you took in, and thus are unable to pay the Social Security checks?


That's true; it doesn't even faze us TF folks who've been aware of this for quite some time. But what about them old fogies? Surely some of them must be saying to themselves after hearing that, "hey, wait a minute, I've been sinking money into this damn thing for years. Where'd it go?"

smiley

Oh heck, learn the hard way, right? Boy Obammy sure is slipping up these days...

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Everyone keeps looking at the system and saying "it's not working, it needs to be redesigned somehow." It's working exactly the way the people who own it intend it to work.-Sutluc
Kylafoon
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This guy has no business being POTUS...

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"...But whenever we see things done wildly, but taken tamely, then the State is growing insane..." - Gilbert Keith Chesterton 1910

"I found a flaw in the model that I perceived is the critical functioning structure that defines how the world works." - Alan Greenspan, October 2008
Bagbalm
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I wouldn't be surprised if this caused a bank run. The August 3rd thing has an immediacy to it. And he's not talking a cut - just flat out no check. That's going to panic some people.
Asimov
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Cracks in the walls people. It's so bad the TRUTH is starting to leak out. Slowly. Painfully.

They've finally realized that they MUST make people aware of how bad it's about to get.

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If you trade based on what other people say, you will lose money. Especially what I say. I won't be held responsible. Festina lente.
Mpilar
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He want's grandma and grandpa to turn their rifles against those that don't want to "pay their fair share" of more taxes and forget who caused these problems.

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Every normal man must be tempted at times to spit on his hands, hoist the black flag, and begin to slit throats. H. L. Mencken
Workerbee
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I swear Rush is reading this forum!

You outta hear him, he said "economic terrorism" and "where are the grown-ups?"

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Genesis
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Rush is waking up eh? Well, hope springs eternal.

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What part of "shall not be infringed" was unclear?
Mortgageguymn
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I took that to be good news. It probably means they would pay the interest first (as they should) and then start haircutting expenditures. Sounds like the solution, not the problem. Even if Obama were to successfully pin it all on the republicans, I would enjoy seeing the granny battalion of the Free **** Army pushing their walkers down to the demonstration to demand more social security welfare payments.
Imustbenutz
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An example of the Audacity of Hope?

Do SS checks have priority over Welfare, Food Stamps, Military pay and Unemployment checks?

This could be a political (re-election) ploy, so that when the checks go out he can claim that he is the hero.



Genesis
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Imust: No. There is no legal priority other than salaries (including military active-duty pay.)

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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?
Vicious_cycle
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There is no doubt that the debt ceiling will be raised, and there is no doubt that this will result in POTUS taking full credit for saving the country.
Mikek31
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Asi +1

Q: How do you know when a politician is squirming in his seat?

A: When he/she starts slipping up and admitting lies.

Enjoy it while it lasts, I guess. Political free-for-alls are always good for getting to the bottom of things...

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Everyone keeps looking at the system and saying "it's not working, it needs to be redesigned somehow." It's working exactly the way the people who own it intend it to work.-Sutluc
Obsidian
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Imagine the lawsuits that are going to fly if this happens...

Sorry I take that back, The lawsuits are probably just going to be noise in all the splatter coming from the rotary device.

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Smacktle
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This whole thing is following a script.

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Drench
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BreakingNews: McConnell suggests GOP will give Obama his debt limit increase without any spending cuts - @TPM http://bit.ly/qHx6nR
Mikek31
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C'mon, that's all the other side of the aisle has? Obama just ratcheted things up in a huge way. Surely the R's must have a bazooka of their own...

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Everyone keeps looking at the system and saying "it's not working, it needs to be redesigned somehow." It's working exactly the way the people who own it intend it to work.-Sutluc
Uppity_peasant
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Is it true that the Republicans also want to pistol-whip little kids with autism, and steal their WIC milk vouchers?

I also heard that the Republicans want TAX BREAKS for puppy & kitten "crush video" producers...

/sarcasm

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Eaglewwit
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If SS is an alleged Trust Fund, shouldn't it have legal priority in spending? After all they are supposed to T-Bonds as well.

Sleepycpa
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During their working years, my folks were savers. They don't "NEED" social security. But, I sent this to them, and (despite their left-leanings) they were*****ed off. They have friends who didn't save a dime and depended on the "trust fund" to cover their retirement. There are no words to describe the complex comments I'd like to make to both my parents and their friends.


O/T - although my folks - truly intelligent people despite their political leaning - don't NEED SS, they believe they should get it since they "paid in" to the "lockbox". They know that SS is a tax. They know there's nothing there. They do thank me, however for being self-employed and paying a painful amount of FICA/MED tax every year. I take a deep breath and tell myself I am just paying them back for their costs of raising me.

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