Here It Comes (Fiscal Cliff) in [Market-Ticker]

Posted 2012-12-30 14:39
by Karl Denninger
in Editorial

Here It Comes (Fiscal Cliff)

The latest is that Reid says that "Democrats are not in a position to make a counteroffer to Republican proposal."

But what are the details of both, and do either of the positions make a material difference in the deficit?

The answer is who cares because the second question is answered NO.

And the reason the second question is answered "no" is because if either party moves off their position of deficit spending they must admit that the Federal Government's deficits have been responsible for 8-12% of GDP for the last four years, and as much as 4-5% in the previous decade every year -- and that withdrawing that deficit spending would force reality to intrude as to where the economy actually is.

That in turn would force recognition of all the lies over the last 30 years.

Apparently Obama*****ed off everyone who cared on "Meet The Press" this morning, although I don't see how he could have done more than he had the last couple of weeks. It doesn't matter; we're cooked and done and it's equally the fault of both parties.

What I expect in the next few hours is an adjournment ("sine die") and that will be that until the new Congress meets.

Maybe you'll get a little stopgap bill on this or that, but not on anything important.

Discussion below (registration required to post)

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User Info	Here It Comes (Fiscal Cliff) in forum [Market-Ticker]
Duc888 Posts: 7368 Incept: 2008-11-06 CT, the UNconstitution State	Quote: The answer is who cares because the second question is answered NO. Ayyyup, like swatting a flea off of the swarm of black flies on an elephants ass. ---------- ...burp 2012-12-30 14:43:20 Permalink
Jubber Posts: 13936 Incept: 2007-07-05 UK	looks like I should have kept my shorts then? ---------- The problem with socialism is that, sooner or later, you run out of other peoples money. Thatcher 2012-12-30 14:44:44 Permalink
Bruceallen123 Posts: 56 Incept: 2010-02-12	Time for a Tickercon adjustment? 2012-12-30 14:47:38 Permalink
Blurtman Posts: 563 Incept: 2009-01-24 Banned	Let 'er rip! If they defund Homeland Security, perhaps an armed militia can start making some arrests on Wall Street. ---------- I have a reading comprehension problem and the owner banned me for repeatedly displaying it after being warned. 2012-12-30 14:51:57 Permalink
Billonthehill Posts: 2004 Incept: 2008-01-20 Six feet short of heaven	Who get paid? I bet Congress is first in line at the pig trough. Jubber, Most lost their shorts in 2008. ---------- "Interesting to be talking about Deeds of Trust. When there is no trust." - Anonymous Caller to KOH Reno Talk Radio 10.21.10The era of procrastination, of half-measures, of soothing and baffling expedients, of delays, is coming to a close. In its place we are entering a period of consequencesChurchill 36 " Last modified: 2012-12-30 14:59:08 by billonthehill 2012-12-30 14:55:38 Permalink
Ghopper Posts: 2297 Incept: 2011-06-11 Staten Island, NY Online	The only thing that you know will happen in the next week or so is raising the Debt limit. Even if it is by Executive Order. 2012-12-30 14:56:50 Permalink
Noodleman Posts: 2386 Incept: 2008-11-01 Online	A ruse to see where the pressure comes from once the 'fiscal cliff' is allowed to happen and then the stick save. This is a test. The DC clowns are taking good notes for coming attractions. ---------- "Ammunition beats persuasion when you are looking for freedom." Will Rogers, 4 Nov 1879 - 15 Aug 1935 2012-12-30 14:59:24 Permalink
Avianphlu Posts: 3910 Incept: 2008-12-03 Ulster NY	two new executive orders coming remove debt limit in the interest of national security ban long guns and pistols ... same reason good bye republic 2012-12-30 15:00:54 Permalink
Mortgageguymn Posts: 1561 Incept: 2009-03-09 North Coast	Sounds like good news out of DC. We can only hope that the gridlock will continue throughout the next two years. Thank God we don't have a parliamentary system or they'd be more likely to accomplish more "Scheisse". 2012-12-30 15:07:32 Permalink
Billonthehill Posts: 2004 Incept: 2008-01-20 Six feet short of heaven	Ulster, Will they be used before they are banned? Nahhhhhhh. It is football Sunday and folks are just too busy. Get in line early for your soup. ---------- "Interesting to be talking about Deeds of Trust. When there is no trust." - Anonymous Caller to KOH Reno Talk Radio 10.21.10The era of procrastination, of half-measures, of soothing and baffling expedients, of delays, is coming to a close. In its place we are entering a period of consequencesChurchill 36 " 2012-12-30 15:07:43 Permalink
Avianphlu Posts: 3910 Incept: 2008-12-03 Ulster NY	just replaced the firing pin on both my SKS's with spring loaded ones...no more slam fires for me 2012-12-30 15:11:09 Permalink
Duc888 Posts: 7368 Incept: 2008-11-06 CT, the UNconstitution State	There is no "gridlock" when the sheeple acquiesce to endless EO's. Got it? ---------- ...burp 2012-12-30 15:15:29 Permalink
Grashopa Posts: 2608 Incept: 2009-02-03 Online	If Obama can't fulfill his promises why is he making them in the first place? ---------- Theft is evil 2012-12-30 15:18:26 Permalink
Billonthehill Posts: 2004 Incept: 2008-01-20 Six feet short of heaven	Squeeze, don't pull. At least doing NOTHING is better than what they have been doing IMO. This will galvanize the "us versus them" attitude American's have been feeling. Now all that is needed is for the food cards to not work and your new firing pin could have lots of wear. Zombies R US! ---------- "Interesting to be talking about Deeds of Trust. When there is no trust." - Anonymous Caller to KOH Reno Talk Radio 10.21.10The era of procrastination, of half-measures, of soothing and baffling expedients, of delays, is coming to a close. In its place we are entering a period of consequencesChurchill 36 " 2012-12-30 15:18:27 Permalink
Jata1 Posts: 5053 Incept: 2009-03-08	The ignorant mouth breather in the white house wants to go over. He hates that the tax cuts are called Bush tax cuts. He will then get congress to pass middle class tax cuts right after the first of the year and he becomes the hero of the working man. Kabuki theatre at it's finest 2012-12-30 15:21:05 Permalink
Duc888 Posts: 7368 Incept: 2008-11-06 CT, the UNconstitution State	Quote: If Obama can't fulfill his promises why is he making them in the first place? Sheeple are gullible. Politicians lie. Scorpions sting. Monkey throw ***. Sharks bite. Did you REALLY believe him and his campaign shtick? REALLY? ---------- ...burp 2012-12-30 15:28:16 Permalink*
Bobby Posts: 2990 Incept: 2008-01-19 vermont	"the waiting is the hardest part" Tom P. has a bit of Prophet in him. bob ---------- "It was the money.You Americans, you believe money is power.""Belief, is power." 2012-12-30 15:28:36 Permalink
Iou Posts: 1023 Incept: 2009-03-16 The Twilight Zone	Quote: Apparently Obama****ed off everyone who cared on "Meet The Press" this morning... What did he say? I don't watch MSM... ---------- "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 2012-12-30 15:33:37 Permalink*
Mrbill Posts: 7840 Incept: 2008-10-19 North Carolina	How much of this will be retroactively "fixed", and what is permanent if they go over "the cliff of goodness"? Is AMT permanently f'ed for 2012, or can they go back in January and fix that? Last modified: 2012-12-30 15:37:02 by mrbill 2012-12-30 15:36:48 Permalink
Noodleman Posts: 2386 Incept: 2008-11-01 Online	Did they get a shot of Gregory licking Obama's crack on Meet the Press? I didn't watch it either. ---------- "Ammunition beats persuasion when you are looking for freedom." Will Rogers, 4 Nov 1879 - 15 Aug 1935 2012-12-30 15:38:51 Permalink
Ghopper Posts: 2297 Incept: 2011-06-11 Staten Island, NY Online	I see a software glitch shutting down the markets tomorrow. 2012-12-30 15:42:19 Permalink
Mortgageguymn Posts: 1561 Incept: 2009-03-09 North Coast	"He hates that the tax cuts are called Bush tax cuts. He will then get congress to pass middle class tax cuts right after the first of the year and he becomes the hero of the working man." You could be right, Jata, but I suspect that after years of "community organizing" he considers "sufficient" annual income to be about $40,000 and anyone over that is "bourgeois" or "petty bourgeois" and part of the "power structure" deserving of being taken down a couple of notches. His loyalty - to the extent his has any - is to the lumpenproletariat. And the non-white. 2012-12-30 15:44:41 Permalink
Jubber Posts: 13936 Incept: 2007-07-05 UK	FX still doing jack***, whys that? ---------- The problem with socialism is that, sooner or later, you run out of other peoples money. Thatcher 2012-12-30 15:53:04 Permalink*
Hogman Posts: 7874 Incept: 2008-02-18 Derby City, USA	http://www.zerohedge.com/news/2012-12-30.... Here's the Meet the Press 2012-12-30 15:58:57 Permalink

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