The Budget Deal - Page 14

It's Bachmann now FJ! Get with the program!! Also don't forget to mix hostage, extremist and terrorist in with the racism so it isn't so obvious!

I'm sorry, but she looks psycho. WTF kind of a Newsweek picture is that? May be intentional by the editors, but honestly, my first impression is WTF?

In other news:

More on the dollar... It's starting to "correct" downwards:

http://www.dailyfx.com/forex/fundame..._08092011.html

Dollar Strength Fragile as Markets Weigh the Fed against Stability
There are many repercussions with downgrading the United States top credit rating; and it seems pretty clear through Mondays price action which concern came out on top. Despite the implications that a downgrade holds for the greenbacks primary fundamental appeal in the FX market, habit is hard to ignore. And, there is no more engrained tendency in the global capital markets than running to US Treasuries during a flight to safety. If we werent in the midst of a global unwinding of risky positioning, the greenback would likely have collapsed further and essentially struggled to perform any near-term safe haven role. Yet, this downgrade comes at a strategically beneficial time for the dollar where leverage was already being unwound at an aggressive pace; and the Standard & Poors downgrade to AA+ read more easily as a crisis point than it did as a dollar consideration. So, what we are left with here; is a market that is prioritizing its many signals not unusual. Yet, this prevailing dollar strength could fail very quickly in the near future depending on which path the markets follow.

Of course it's intentional. It's also a good example of why nobody reads Newsweek anymore.

Wow. I honestly did not know they slid so far so fast. I thought they were at least hanging on. Once the desperation kicks in like this, it's all downhill for a magazine.

Yes, they do.

We cut taxes for the richest people in America, under the promise that it would lead to increased economic activity, more jobs, and increased revenue.

It didn't work, did it?

We were also promised that the cut would be temporary.

It wasn't, was it?

We started two wars, while Conservatives declared such boners as, "It will pay for itself", and, "Weeks, not months."

That didn't happen, did it? And geez... the premise presented to Congress to start those wars was either a lie, or a gross miscalculation. Surprise, surprise. Even those of us on this board knew Bush was lying (remember the thread?) How the FUCK couldn't Congress, including the majority of Democrats, have had the wherewithal to question his motives?

Get your head out of your ass and realize that the reason we are still in a financial mess is because of conservative policies and efforts, including those of Mr. Conservative Obama.

Unfortunately, in the next election, no Liberal will be in the running.

http://www.abc.net.au/news/2011-08-0...covery/2831674

The Australian share market bottomed for the day just after 11:00am (AEST), but did not make steep gains until well after midday.

The Australian dollar bottomed out around 12:15pm at 99.28 US cents, but has since rallied to be worth 101.63 US cents by 5:54pm.

Fund managers say the dramatic mid-afternoon rally was sparked by a rumour that the US Federal Reserve will announce another round of quantitative easing when it meets tonight in a bid to stop the financial market slide turning into an economic slump.

Quantitative easing involves the Fed buying treasury bonds, effectively pumping hundreds of billions more US dollars into the global economy.

So, American ladies and gents, is QE3 coming? Or is this now the US and global stock market holding the US government hostage to some degree by "pricing in" a QE3 ... aka "Give us QE3 or we'll trash US stocks even more" ...

US sources this time:

http://www.google.com/hostednews/afp...17fdffe2aa.281

http://www.usatoday.com/money/econom...ftermath_n.htm

http://www.miamiherald.com/2011/08/0...y-options.html

(Not necessarily the best I could find, just the most recent)

And now, Mr. Tonton, I present to you... QE3... to "solve" the financial woes... Or as it will be presented, something that "has to be done or else..."

Michael Moore to Obama: Show some guts, arrest S&P head:

A 100 quintillion (100,000,000,000,000,000,000, or 1020; 100 million million million)Hungarian pengő note (when issued, it was worth about US 0.2¢):



A 100 trillion dollar Zimbabwe note (2009):



Hyperinflation in Germany, 1918-1923:



Sweeping the streets of worthless Hungarian currency (1946):



An ounce of gold (year? Who cares )



Central banks always fail.

A US default is not unprecedented. We have defaulted in the past, several times in fact.

I have a couple of these lying around:



Notice that it says "Five Dollars in Silver Payable to the Bearer On Demand" Good luck with that!

Somewhere I have some $20 gold certificates; the legend bears a slight difference - it says "this note is legal tender for all debts public and private and is redeemable in lawful money at the US Treasury or any Federal Reserve Bank".

When the Treasury defaulted upon that agreement, I decided to bypass that whole "redeeming" thing.

Yeah Obama! Show us you got some game!

Im LeBron, baby. I can play on this level. I got some game. -- Barack Obama, 7/27/2004

http://twitter.com/#!/jimgeraghty/st...05433641136128

Of course it did work. Do you not remember the recession of 2000 and the dot com bubble popping? I guess you don't because unlike qualitative easing, massive stimulus and massive government intervention, it worked.


I've never read a promise of a temporary tax cut. The first time it was passed it was limited to 10 years because of the evenly divided Senate and use of the Byrd rule which limits such items to 10 years. After the 10 years were up a Democratic President and a Congressional House and Senate controlled by Democrats extended the tax cuts but also added Obamacare, Frank/Dodd, etc to the regulatory heap.


When you say we, make sure you include every major Democrat who is not Obama in that we. Then you can add President Obama for getting boners in Libya, and for stepping on the gas in Afghanistan. You can also remember (as you noted before) that I was the guy who before he even took power told you that Pax Americana is not a Republican or Democratic policy and that Obama would do the exact same thing.

I've also noted, and will state again that whenever someone tries to end Pax Americana, the neocons and Democrats gang up on them and declare they are racist.

YOU THINK about which group right now exists in politics that would prefer to save cash, and bring the troops home and you think about what YOU and others have already been labeling them over and over. You ask yourself if a guy like Ron Paul and many others like him support these wars.


Contradictions do not exist. Whenever you think you are facing a contradiction, check your premises. You will find that one of them is wrong.
Ayn Rand

Check your premises, there isn't a contradiction. The Congress didn't check the premises because they have the same premises. Big government, centrally planned actions, nation building. If you believe you can do it at home, you believe you can do it abroad.


Get your own head out of your own ass and realize that NEO-con is old liberal. The U.N., the IMF, Korea, Vietnam, crony-capitalism, etc. are Democratic policies and that the RINO's who want to do the same are free to ignore the Libertarians/Tea Party who would reform the process because you buy into labels and caricatures rather than trying some thinking. Turn back on Jon Stewart and watch him make another 10 million making you laugh instead of think.


You find for me a healthy socialist country that, regardless of current credit rating has a sustainable financial and demographic model for the future and you have a point on which to build. If you can't then the solution cannot be that which doesn't exist.

It's worth pointing out that the US didn't start the war in Afghanistan.

Didn't really start the war in Iraq either.

What universe are you living in, Floorjack? Seriously.

Not quite.

Obama to Members of Congress: Action Versus Libya to Last "Days not Weeks"


Liberal is conservative! War is peace! Freedom is slavery! Ignorance is strength!

Eh? 9-11 didn't happen? The US invaded Kuwait? Seriously?

The 9/11 hijackers were from Saudi Arabia, with the exception of one, who was from the United Arab Emirates.

So in response, we attack, invade, and occupy Afghanistan, Iraq, and now Libya.

Huh?

Al queda is a myth right? They never recruited terrorists and trained them in Afghanistan? The invasion was the for the oil pipeline?

One thing I'm sure of though is that Libya only attacked their own people (this time around) and yet Obama started a war with them without authorization. Fascist that he is. Where are the howls of the "Imperial President"? How about a "die in" or something?

I'm so sick of the lies being propagated about the Bush tax cuts. First, we didn't just cut taxes for the wealthy...we cut taxes for everyone. The middle class and lower economic class got a significant reduction. I, as a truly middle income person, saved thousands per year. Secondly, yes...it did work. The economy recovered within a year and was practically booming by 2005. Third, yes..we did see increased revenue. Look at the fucking data, tonton.


We weren't "promised" anything. The law was written with a ten year window. Can you show me where Bush and/or the Republicans even IMPLIED that those cuts would not be extended?


It's like you have a script. I suppose one could argue that we "started" the Iraq war. In my opinion that is an incredibly simplistic and flawed analysis, but one could argue it. But Afghanistan? I think you have a tough sell there.


Let me get this straight. George Bush (professional moron in your opinion) FOOLED the entire Congress and the American people? You know full well that Congress saw the same intelligence re: WMD that Bush did. Everyone believed that Saddam had them, including foreign intelligence services. Congress not only "went along," they made the arguments that Bush did. John Kerry was claiming Saddam was a threat and had WMD as late as January 2003! Get fucking real.


What are "conservative financial policies?"

The idea that they are and always have been our mortal enemies is a myth. The State's use of war is straight out of 1984.

Much, if not most of the foreign aid we've sent to Afghanistan and Pakistan ends up in the hands of the Taliban, Al Qaeda and their supporters. Our government is well aware of this. If it has no "enemy" to fight, it cannot as easily justify its continued invasion and occupation of sovereign nations. It cannot as easily justify its continued infringement upon our rights to "keep us safe". It cannot as easily justify its continued and growing theft through taxation.

Moreover, we are fighting on the SAME SIDE as Al Qaeda in Libya.

Osama bin Laden used to be our buddy, remember? We gave him money and weapons as we meddled in the Soviet war in Afghanistan back in the 70s and 80s.

Just to be clear, does anyone on this board think that going down this road would be a good idea?

Revisionist history on your part. Certainly during the soviet occupation the US gave funds and supplies to people in Afghanistan which later became the teliban as well as the northern alliance and what not. Once the soviets left the US dropped them like a rock. So the US didn't really fund "the Taliban, Al Qaeda and their supporters". That's the leftists lie. The CIA operative in Afghanistan said he knew of bin laden but never crossed paths with him. Even then bin laden wanted nothing to do with the US he said.

Ignorance is your bliss. Blame the US early, often and with lies.

Was the ad-hom really necessary? You were doing so well until you called me an ignorant liar.

I am not revising history. We can disagree on cause and effect and what has led us here, but the fact remains that we were at one time on the same side as Osama bin Laden and supported him (and his colleagues) with money and weapons. I surmise that most Americans are not even aware of this.

The US never supported bin laden. That is a lie that you are telling because you are ignorant. If that fact feels like an attack to you then thicken your skin. Being on the same side of a goal and actions to kick the soviets out of Afghanistan is basically meaningless when the two parties never cross paths. I think it was frontline that had the interview with CIA operative that was acting in afghanistan at the time. Try and go find it.

The U.S. government supported OBL and his colleagues in the Soviet war in Afghanistan. It doesn't matter that the money changed hands a couple times before it got to them. It was our money. Of course back then they really couldn't have known the consequences of their interventionism. The results we are now witnessing are a result of blowback.

I'm so sick of the lies Conservatives tell about what Liberals say about the Bush tax cuts. No one said the tax cuts were "only" for the rich. And it's hilarious that just because you were thrown a bone in the deal, you excuse the fact that the richest people in America, people who didn't need it, and people who didn't then go and create jobs with it, were thrown a sirloin steak.

The above demonstrates three things:

1) You don't understand what the Bush tax cuts actually are.
2) You cannot accept the obvious results of them being implemented.
3) You love class warfare.

Class warfare has existed for 30 years--the rich against everyone else. And what's most insidious is they have somehow convinced half of the everyone else to fight their battle for them.

"The rich are evil because I'm not one of them."

No, the rich are evil because they don't know what 'enough' means. They can honestly say their $250k salary is not enough, yet claim the family living on 15k has plenty. It's selfish derangement.

Meanwhile, if Obama bails out BofA again, I can tell you that's most certainly a Conservative financial move.

No, the rich are not evil...at least categorically. Evil people are evil and they have paychecks and bank balances of all sizes.

I am going to have to agree with this statement 100%.

Well, I was working in the US at the time so I got about a $1,000 cheque or something like that thanks to Dubya.

I think there was some stimulation of the economy but some believe it to be fairly short term. The war in Iraq and the mortgage crisis probably wiped out most of that stimulation.

Just my two cents because I did benefit from the tax cut. Can't remember exactly what I spent it on, probably Apple stuff. Or maybe lots of Cosmopolitans at SF bars.

(Yes, I'm talking here about the initial refund, given separately from a regular IRS filing and refund). In the longer term I can't comment too much since I left the US in Jan 2003.

1) Of course I do.
2) It is you who cannot admit that any "result" was temporary.
3) Class warfare is the very motivation for trickle down theory. You've all been duped.

A whole 30 years? I guess that Karl Marx fellow was making crap up.


You choose such arbitrary numbers and who are you to decide them. I, being a man more progressive and in touch than you have decided your families salary is more than enough and if you declare it not enough then you are obviously evil and need to be dealt with accordingly.

Too big to fail is a liberal position. They scream about how the jobs will be lost. Bush as has been noted hundreds of times was not especially conservative. Being a "new" kind of conservative that resembles and old kind of liberal is not a conservative position.


When we see trickle down of features in consumer electronics, is that an area we've all been duped? When we see what used to be a machine that was $5000 now have the same work done by a machine that is $500 is that some sort of delusion? Why do I constantly see these trickled down improvements in capitalistic companies and not believe this to be true of finance as well? What jobs do people make money at now that are nothing more than services provided to well off and wealthy people?

The wonderful GOP Party gives a shit about power and making money off the backs of the middle class and poor!Unfortunately there are not any good Democrats left like FDR who stood for the people not against them like this loser Obama. It shows a Black cannot run the USA yet.This is true completely.