No, You're Not King Sir Jackass
The Market Ticker ® - Commentary on The Capital Markets
Posted 2011-07-25 22:01
by Karl Denninger
in Editorial
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No, You're Not King Sir Jackass
 

That was an absolute disaster for Obama.

Let us not forget that this President came into office and ran the credit card to the extent of more than $1,500 billion a year for the last two years.  He continued the bankrupt policies of George Bush who did the same damn thing.  He has blown money like crazy, yet has utterly refused to face the fact that there is no way he can continue to do what we've been doing with these deficits for the indefinite future.

We were told these deficits were necessary due to a crisis in 2008.  But we have also been told the crisis is over.  That our economy is recovering.  That Wall Street is "healthy."  That the banks are "ok" and "well-capitalized."

These are lies and The President knows it!  The economy is a damn wreck.  The banks are only "solvent" because they're lying about asset values.  And Wall Street is punch-drunk - again - on cheap leverage, headed for yet another utter and complete disaster.

So now, having run smack into the Tea Party and Boehner saying "no more damnit; we're going to blow up if this crap continues!" The President now turns around and throws a temper tantrum on national television threatening the old "tanks in the streets" (effectively) if he does not get what he wants - which is yet another blank check.

Well Mr. President I want to know when the blank check demands stop!

Why?  Because there's no damn money, that's why.  The US Government is unable to keep doing this crap forever. 

It has to stop! 

In fact S&P has clearly stated that if you pull the crap you intend the downgrade you claim you're trying to avoid will come

I know in advance it is going to suck when the deficit spending stops. I've been writing on it for more than four years and have been utterly consistent.  There is no escape from the mathematical facts.

So, Mr. President, if you intend to demand this crap continue, you have the affirmative obligation to tell the American people exactly when and how this is going to stop because you are not a King, you're a President and you are subservient to the people - not the other way around.

If you can't or won't then Congress has the absolute responsibility to say NO - period - and force a balanced budget right now, since you will have, by doing so, declared that you never intend to resolve the underlying problem.

It's that simple.

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User Info No, You're Not King Sir Jackass in forum [Market-Ticker]
Gates
Posts: 6274
Incept: 2008-01-29
Gold A True American Patriot!
Scottsdale
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Agree, it was a disaster. Something unseemly about seeing your emperor with no clothes...

Etz
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LA
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Dollar down, equities down, treasuries down.

Now that's change you can believe in smiley

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Legal chicanery and beneficent darkness are the banker's stoutest allies - F.Pecora.

Scrood
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There's Gold in Them Thar Hills!
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I think you forgot a couple of words.

Original: In fact S&P has clearly that if you pull the crap you intend the downgrade you claim you're trying to avoid will come.

Better: In fact S&P has clearly STATED that if you pull the crap you intend THEN the downgrade you claim you're trying to avoid will come.

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127001
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Thats the first thing I have seen tonight that makes sense. Thanks

Maybe you should have delivered the "after speech".
Publius
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He want to talk it all down, dollars, Ts, etc. He wants that to scare Boehner and the boys into caving. He wants panic in the streets to get what he wants.
Genesis
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Yeah well he just detonated some FX dealers and desks. That **** is NUTS and if you were on the wrong side of it you just got wiped out.

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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?

Ee4fire
Posts: 88
Incept: 2011-03-24

Washington, DC
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I watched both Obama and Boehner. Obama looked and sounded like the little kid who was crying because he wasn't getting what he wanted. Boehner sounded like the kid's Dad saying get over it, what you want is wrong.

Obama doesn't get what makes this country work, because if he did he would not have racked up 4.5 Trillion in usless debt.

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“(Politicians), 536 commoditized temple monkeys pawing through the ruins of America in search of bribes. (The District of Corruption) works like a vending machine. You put coins in the slot, select your law, and the desired legislation slides out." Fred Reed. Some editting by me.


Traumaboyy
Posts: 201
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Northwest Florida
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Obama Warns 'World Is Watching'
As Boehner Rejects 'Blank Check'
http://www.foxnews.com/

Fox News got it right....We are watching!!

I have been broke before....I have lost everything twice....I know all the stupid choices because I have made them. It sucks to live within your means at the beginning and hell it took me ten years to dig out....but I have NO debt and more ******ed **** now than I have ever had. Preach on Gen!!
Genesis
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Yep.

I've been there and done it. Had $20 in my car and needed $15 in the tank to get to work and back for the next four days before payday. I know what "suck" is like - been there, done that, at one point in my younger years lived in my car (and it was a piece-of-**** Vega too!) and had to mooch use of a SHOWER from friends.

**** this spend more than we make crap.

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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?

Traumaboyy
Posts: 201
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Northwest Florida
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"**** this spend more than we make crap."

AMEN!!

Jackl
Posts: 2237
Incept: 2008-01-17

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I never thought he would straight up beg the public to come out of their apathetic nature to beg their reps for more money.

I know I know the "rich" don't pay enough, bull****. The "wealthy" will be taxed to the point of shutting down business. The "rich" will bribe the government reps and agencies for backdoor loopholes and wrist slap penalties. To think otherwise is delusional with a multi-thousand page tax code.

YOU WILL BE STUCK WITH THE BILL! National Sales Tax+Current income tax is coming! VAT is coming! Elimination of deductions is coming! Maybe not this year or next, but they will once the Con-men realize OH **** THE END REALLY IS NEIGH!

End it now, eat the pain while you still can!

This is more or less the message I sent to congressman David Wu, yes the Asian Pedo. I don't expect he'll read it in between drinking binges, molesting women, and spending other people's money.

Worth a shot though.
Tinman
Posts: 211
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Traumaboyy you are still in debt.
Iou
Posts: 1025
Incept: 2009-03-16
A True American Patriot!
The Twilight Zone
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repost from Breaking thread

The last election results sent a clear message. Cut the ****ing spending NOW! Stop OBONGO at all cost! If they fail, the Republican Party is toast. They're trapped with no easy way out. I think they will hold their ground unless there is a market crisis (big red days). And even then they aren’t going to give O a blank check. Those days better be over.

Disclosure: I’ve been wrong before.

Update: I have a feeling we're about to see the Boooys create some panic.


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"When plunder becomes a way of life for a group of men living together in society, they create for themselves, in the course of time, a legal system that authorizes it and a moral code that glorifies it."- Frédéric Bastiat
Gamma
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I don't agree with the thesis here, but I REALLY wish I did. That is because we have intermittent memory. We, the Amurican people, do not remember the past 2.5 years but oh boy, do we remember the last eight years.

There is NO ACCOUNTABILITY on 0bama's part for the debt run up under his administration. None. It never happened. But oh crap, that Dubya, he really, really let spending get out of control.

The 0bama debt runup is completely unspoken. It's taken as if it was a brilliant economy-saving necessity, even if it HAD happened, but it never really happened, so he simply had to do it, even though he never did it, but if he HAD done it, it would have been necessary. But he didn't have to do it. Because, after all, he is 0bama. And everything he has been made to do is because of GW Bush. Just wait til 0bama gets to do the things he REALLY wants to do and doesn't have to clean up after G W Bush any more.


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This stuff we're going through, this is nothing compared to the Middle Ages.
They told me if I voted for John McCain, an idiot would be a heartbeat away from the presidency. Sure enough...
Phantomace
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Fair Tax... strangely absent from ANY of the discussions.
Funny that.

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"That was a little trick I call math. Oops, now I'm not emotionally invested..." - Dilbert
The only good thing I have to say about Barney Frank is at least he's not breeding...
Publius
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It's all about O's reelection. He figures that to win 2012, he has to "win" here, as he defines it, and that means forcing Boehner to take more taxes. He figures if something goes through that doesn't raise taxes (ie corporate jets and all that BS), he loses 2012.

They've been accusing the Tea Party of willing to throw away the "full faith and credit of the US" away for their ideology. Well, Obama just showed he's the one who will flush it down the toilet, and not for any ideology, just for his own reelection.

Make no mistake, he wants the markets to crash now. He figures that's the only leverage he has against Boehner and the House.
Via1
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BTFD
Eli
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This is all about his ****ing massive ego.

He told Bonner that he was 'going to take this to the people.'

But even the FSA is not paying enough attention, their food stamps are not going far enough as it is, and their government cell phone blows.

This is his ****ing masterful plan, he is taking the message to the people. But the people who are actually working for a living and pay the bulk of the taxes, namely the middle class, want him to **** off and diaf.


All he knows is he needs that blank check or he is screwed. Without a massive extension on the government credit card he is done.

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If you want a vision of the future, imagine a boot stamping on a human face - forever.
George Orwell

Themortgagedude
Posts: 8851
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saint louis
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Obama should look at this as a big chance to avoid the catastrophe that his second term will be. Why anyone wants to be President from 2013-2017 is beyond me. It will take a very brave man to do the job. And The Teleprompter is not that man.

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I'm already visualizing you with duct tape over your mouth.
Bertdilbert
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When did taxes become "pitching in?" I thought that pitching in was a voluntary decision?

"millionaires and billionaires -- to share in the sacrifice everyone else has to make. And I think these patriotic Americans are willing to pitch in. In fact, over the last few decades, they've pitched in every time we passed a bipartisan deal to reduce the deficit."


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Dear Euroland: Relax, Germany has a plan for your money!

Political Capital Defined: We are out of money but will tax our citizens for whatever it takes to "SAVE" the Euro.
Swampwoman
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NE Florida
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Yeah, I'll "pitch in" when I see him and the first bitch taking a cheap ass vacation that they paid for themselves. Until then, he can **** off.

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“A body of men holding themselves accountable to nobody ought not to be trusted by anybody." --Thomas Paine
Fraudster
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Nothing to add really, other than, ^This.

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"Let China sleep, for when she wakes, she will shake the world." - Napoleon Bonaparte

"Circulation ceases first at the outer edges [Europe and Japan]. It will take a while yet for the decay to reach the heart [America]." - Foundation & Empire by Isaac Asimov
Bighiller
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So, I remember asking what the July 22nd deadline was all about and was told it was because it would take a fair chunk of time to get legislation through (Aug 2). Well now it's Monday night and nothing seems to have happened.

What's up?

What are the processes that can be used to:
A.) Raise the debt ceiling
B.) Enact a balanced budget

Before Aug 2?

Else default, correct?

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The Earth will forget Mankind.
The play of life will go on.
Joejohns
Posts: 694
Incept: 2010-09-09
Green

Banned
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forever may not be until the end of time , but if maybe longer than many think.

I have heard nobody gets paid on a bet on the end of the world.

Perhaps we shall test that one of these days.
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