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December 15, 2009

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Harry Pootzo

"Obama Presses Biggest Banks to Lend More."

Great, let's make bad loans to get us out of this financial catastrophe that was brought about by...er, bad loans.

Thomas Collins

Perhaps the Sulzbergers have figured out that too much conciliatory internationalism, and statism based on myths such as Climate Scientology, and general fakery at some point affects the standard of living of the elite. Enough of such nonsense to gouge the middle class and assuage the guilt of the Sulzberger class may be OK, but perhaps Pinch and crew have concluded that enough is enough.

No, most likely it's just an outlier page one.

Extraneus

They're having a lot of fun at Ace's over the B+ and the latest from Andrew Sullivan.

Panic at the Disco: Andrew Sullivan's Ghost-Bloggers Out Him

bad

Feel the gestalt shifting.

Something's shifting. Two friends, formerly in the tank for Obama, are now predicting a collapse of the US government in three years due to financial mismanagement.

Extraneus

Oh man, I just read that last link about Lieberman. Lefties are almost too funny.

Many Democrats say they have given up trying to divine the motivations of Mr. Lieberman. Some have suggested that he is catering to insurance industry interests back home. Others say he realizes that he cannot win re-election in 2012 without appealing to Republicans and independents, especially because Democrats will be energized with Mr. Obama running that year.
Not even considering the remote possibility that it's a principled anti-socialist position, fools?

Oh, and they think Democrats will be energized in 2012? lol

Steve

Thank you for posting this. No end to what the State Run Media will do...

Common Cents
http://www.commoncts.blogspot.com

Neo

Blaming Bush now seems to have gone out of style. Notice, he wasn't mentioned once in all of those stories. Obama owns this economy, this Congress and everything up to and including the kitchen sink now.

Party On Barack.

sbw

So, combining this and the next thread, Andrew Sullivan doesn't fly the plane first OR talk on the radio. But then, who reads Andrew Sullivan.

Matthew

It's STILL Bush's fault

Barry Dauphin

Reading Andrew Sullivan causes you to not see the clown on the tricycle because the column is the clown on the tricycle.

Dave (in MA)


Good and solid.

EBJ

Jeez, I bet the Times feels bad about all this. Maybe they need to find reporters and op ed writers that can look past a man's well pressed pant crease to actual policy positions and governance experience? They'll probably do better if they switch their recruiting focus from J School to Middle School.

Danube of Thought

I think the healthcare news overall is very bad. I believe they are going to pass a bill, and even without the public option or Medicare buy-in it is cataclysmically bad.

Suppose the Senate passes something and the conference committee puts the public option back in. It only needs fifty-one votes to pass, right? (I know I've raised this question before, and I think I know the answer, but yesterday I heard Juan Williams suggest it would need sixty.)

Ranger

DoT,

My understanding is that any bill except specificly designated budget reconciliation bills have to get 60 votes to open and close debate. The only difference with a conference report is that no amendments are allowed. It is take it or leave it as is. So, they would still need 60 to get to a vote. This is why the "Ping-Pong" option is being discussed. Once the Senate passes something, then the House simply votes up or down on the Sentate bill. If it passes they are done. If the Medicare buy in and been in the Senate bill, that might have worked.

At this point it comes down to if the progressive caucus in the House to swallow what ever they are given from the Senate. If they don't, then it has to go to conference, and the fun starts all over. Behind the scenes negotiations, and then debate and vote in both chambers.

Thomas Collins

Even if 60 votes were needed to close off Senate debate on the bill coming out of conference, and such bill had a public option, there might be enough toothless provisions that Snowe and Collins could tout as reforms, thus justifying their vote for cloture. This is going through, I think. I will gladly eat crow if I am wrong.

Danube of Thought

Thanks, Ranger. You refreshed my recollection, and what you say is consistent with what my understanding had been.

Pofarmer

are now predicting a collapse of the US government in three years due to financial mismanagement.

Not sure we'll make it that long.

Denninger

brucet

24/7/365 Obamessiah. He is everywhere, his face, his voice are everywhere. He has a comment, an opinion, a view on everything.

A man with a very slight record of employment is an expert on every topic. Interesting.

Can you say "cult of personality"?

Mike Myers

This minor inconvenient truth can all be solved by "more cowbell". All Obama needs to do is talk more, and it will all be okay.

Jane

SO the federal government collapses - except for the military that's not such a bad thing. Messy but perhaps an improvement.

Ranger

Feel the gestalt shifting.

I think one of the greatest parts of this is how it got Spector to show his true colors. He could have set himself up as the moderate voice of reason in the face of Obama's radical agenda, and given how things are going, he would have walked to re-election. But he decided to get as close to Obama as possible as a way to save himself, and now he is going to get blown out of the water.

BTW, this is why I don't think you will see either of the other two turncoats on Porkulus throw a vote for Obama on Healthcare. They see where things are going. They plan to be on the wright side of history when their next election comes around.

Rick Ballard

Pofarmer,

Denninger popped in another post. I assume you were linking this one, where he notes that China's purchase of US Treasury debt in October went to zero and that the TIC report shows other potential foreign debt purchasers following China's lead.

I'm surprised he didn't also note the very short average term of US Treasury debt. When Turbo Timmy has to raise rates to attract the money necessary to support the Democrat Economy Killers it's going blow the deficit right through $2 trillion.

steve in tulsa

Democrats have had majorities for three long years. Obama did not inherit this economy: he voted for it in congress. The Democrats have been writing the budgets for three years and yet they take no responsibility for their budgets prefering to blame Bush. When Bush had majorities unemployment was 4.7, then democrats took over and it has been climbing for three years to get to this point.

bad

Thanks for the link Rick.

pagar

From Rick's 01:57 PM Link

"The evidence strongly suggests that you are getting awfully close to your last chance to stop being stupid before the market hands you a lesson that has the potential to destroy both our economy and government."

I believe the healthcare fraud bill plus what ever comes out of nopenhagen will use up the last chance.

narciso

But that was back in the glorious dawn of last spring, you would think people had learned something from that time, I know hope over experience works the other way.

Thomas Collins

And from that bastion of educational excellence, the Massachusetts public schools, apparently drawing a crucifixion scene in response to a Christmas drawing assignment is a no-no. Perhaps the tyke should have waited until Easter.

Thomas Collins

Or perhaps the problem was the tyke didn't dip the crucifix in urine.

GarandFan

Could it be that ol' Pinch has finally discovered that people want NEWS, not liberal pap disguised as news.

Jane

Hey TC - did you hear about the parliamentarian move to bring the MA House to a halt until DeLeo justifies paying $300k plus in DiMasi's legal fees?

clarice

Gestalt--? You said it was the EARTH moving, TM.

Pilar

rse

Po & Rick-

That is an excellent Denninger article and prompted me to wonder if there's any site that shows the cost of interest on the aggregate debt at various anticipated future interest rates.

Wouldn't health care be impossible if the inevitable carry cost of this current load of debt weren't being masked by the current low Treasury rates?

Is it GS, JPM, and Citi et al who are stepping in to buy these bonds instead of the Chinese?

And isn't the Treasury providing that purchase money as they're all bank holding companies?

I hope I'm on the wrong track here. I'll be happy if you tell me I am. My feelings won't be hurt at all.

RichatUF

Rick-

Could it also be an indication that Chinese exports to the US are much more greatly impaired than thought and that the Chinese are bursting with raw goods bought in dollars and can't hoard any more?

Pretty bad indication all around if it continues for a couple of months.

Also, I don't recall who linked this paper but it is interesting.

Carol Herman

Heck, the NY Times, itself, just fired more than 100 people. Including watching their science guy of 20 years toodle off, as well.

It's like the blind man at the subway station reporting that no one is buying the printed material he's selling. I guess the fish wrap business, as well, has turned to plastic, huh?

Captain Hate

Could it be that ol' Pinch has finally discovered that people want NEWS, not liberal pap disguised as news.

When all else fails.....

Old Lurker

Rick: "I'm surprised he didn't also note the very short average term of US Treasury debt."

And you have seen the yield curve begin to slope toward the vertical.

Lord Whorfin

Re:

Captain Hate-

"When all else fails....."

Road trip!!

RRC

It's the bottom left story that freaked me out. Doctor Who in a doping scandal. Nooo! Then I reread the headline and breathed a sigh of relief.

Pofarmer

rse, Dennenger has had some articles. I believe the Fed has directly purchased the Majority of Treasury offerings this year.

Nothing to see here, move along.

Rob Crawford

Beat me to it, RRC.

CosmicConservative

The sad thing is that this page, with all its Obama "bad news" is still a serious white-washing of the situation with Obama as President. There is no mention of Climate-gate, no mention of Fist-gate, no mention of Michelle's apparent involvement in firing the Americorps IG, nor the apparent perjury of Obama's pick for Ambassador to Spain, no mention of Obama potentially being subpeonaed for the Blago trial, etc... I could go on and on... stuff that would have been inch-high front page headline news for Bush is routinely ignored, even with this "shift" in the gestalt.

We need a much bigger shift.

rse

Po-

I had read that, especially that it was being put back within a week to the fed so that it didn't appear quite so direct and people wouldn't focus on the lack of 3rd party demand for certain issues.

I listened to a formal presentation by a hedge fund manager about 6 weeks ago. When you pin them down there does seem to be a lot of concern of a failed Treasury auction as a genuine risk now.

Time to put the blinders back on. I'm moving, Officer, honest.

Mr. W

The satisfaction that I will feel in saying 'I told you so' to my liberal friends that put this twit in office once the economy collapses, will be tempered by the fact that I will be saying it from my new home on a steam-grate downtown.

Brown Line

Fist-gate? Huh?

Pofarmer

I will be saying it from my new home on a steam-grate downtown.

Just hope the city still has power.

wuzzagrunt

I can't believe y'all missed the biggest story of all (left hand column below the fold).

Doctor Who Treated Athletes.
Is Subject of a Doping Inquiry.

I didn't even know that Time Lords could be licensed to practice medicine.

Rick Ballard

"prompted me to wonder if there's any site that shows the cost of interest on the aggregate debt at various anticipated future interest rates."

RSE,

I'm sure there are but I don't have a link. Your point re the various Democrat Economy Killing programs being unaffordable is correct. Uncle Ben stepped in and bought the the T-bonds (a two step process involving vacuuming up MBS crap from primary dealers in exchange for fresh off the press Bambibucks that the primary dealers then use to buy rock solid Turbo Timmy guaranteed bonds).

I agree with Rich's contention that the facade on the Chinese Potemkin village has some rather gaping holes. The Chinese are spending money on Visqueen and plywood rather than US "Trust me, I'm Turbo Timmy and I guarandamntee this paper" bonds.

jgreene

The Ongoing Disaster of the Obama Administration and the Democrat Congress will force the NYTimes and Lame Stream Media to address these Real News Stories.

Then again, the Lame Stream Media newspapers are going out of business so rapidly they may never have an OPPORTUNITY to once again "report the news".

Jim Ryan

Fist-gate? Huh?

Google it. But you better have time to homeschool your kids if you do.

pagar

Another federal prosecutorial misconduct Case thrown out.

"SANTA ANA — A federal judge Tuesday dismissed fraud and conspiracy charges in the stock-option backdating case against Broadcom co-founder Henry T. Nicholas III and former Chief Financial Officer William Ruehle because of prosecutorial misconduct."

How many does this make now? When can we throw the bums out.

Bill in AZ

"Could it be that ol' Pinch has finally discovered that people want NEWS, not liberal pap disguised as news."

No - The MSM's adherence to leftwing ideology would bring a tear to bin Ladens eye if his followers had the same passion.

Pofarmer

When can we throw the bums out.

Years ago. This all just seems like business as usual now.

aaron

Heck of a job, Barry.

CosmicConservative

B+....
I think that qualifies as serious grade inflation.

Makes you wonder how he got graded in college, eh?

Person of Choler

Remind all your friends that the architect of this heap of failure is going to take charge of your health care and collect lots of your money to change the weather.

MikeS

Having some trouble with my 'rithmetic.
Before the recession started the deficit was $158 billion.

Obama projects that after the recession is over, deficits will be $1 trillion and going up forever.

He says the reason for this is, "uh, uh, we, we,..Bush did it."

Thomas Collins

No, Jane, I hadn't heard about that. I guess you just can't trust your friends in the legislature any more to fund your legal fees. Somehow, however, I think this gets resolved with most if not all of the fees paid by the taxpayers.

Thomas Collins

By the way, I wasn't trying to generate a new icon. It's just that the post wasn't going through with the email address I always use.

Jane

I no longer see avatars.

Dave (in MA)

Jane, "(AP) The state Republican Party sent bills today to the 134 House Democrats who voted to reelect Speaker Salvatore DiMasi last January, invoices for $2,820.90 each, payable to the Commonwealth."

This is shocking news.
There's a Republican Party in MA?

hit and run

Obviously,you are one of my automated trollatrons,TC.

Thomas Collins

Well, H&R, if I have to be a trollatron, I'm honored to be one of yours.

Frau Nervös

Lieberman played hard ball but now voting for Obamacare. Who really won - trusting Lieberman or the "Lies'R Us" Democrats? Or was it *all* political theater so the hidden health carp will be passed?

RichatUF

rse-

Interest Expense by month and type from Treasury Direct.

Banjo

It's just a matter of time before the Times, like the Miami Herald, asks for contributions to keep the lights on. Unless . . . unless George Soros comes through big time.

narciso

Well that corrupt Mexican billionaire Carlos Slim, spotted them for a while. But there is a limit to everything

rse

Thank you Rich.

That interest will be hard once we have to pay for money again.

What is the assumed rate of interest in the predictions of trillion dollar deficits annually going forward?

Pofarmer

What is the assumed rate of interest in the predictions of trillion dollar deficits annually going forward?

hahahahahhahhaahahahahah.

You think Barry is worrying about a little thing like paying back his debts?

RichatUF

rse-

Perhaps. If we were to head into a crisis we could slam on the breaks of the stimulus bill, which sits about 2/3's unspent, raise taxes, sell off a part of the SPR and a few million ounces of gold. Not sure what is in store for 2010, but I'm not thinking it'll be much good.

I thought that only crooks and astrologers predicted interest rates (although it's a good bet they'll start going up...eventually).

And in other good news, Abu Dhabi is upset with the dilution they are taking on Zombiebank paying back TARP.

clarice

A notd poitical ascience professor says if this dog gets passed it will take 60 votes in the next Congres to undo it and he doesn['t see that 60. I hope he's being too pessimistic.

rse

Rich-

Just read WSJ's editorial today "the Audacity of Debt".

Looks like there are a bunch of us coming to similar conclusions on the implications of both servicing the interest on that level of debt plus the ongoing costs of a greatly expanded government bureaucracy.

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