Talk Is Cheap, Abundant, And Fuels Global Conferences

Shut up, he explained - again.  Obama went to Copenhagen and told the world "the time for talk is over".  Maybe he was exhorting the delegates to get behind a second stimulus bill?  Maybe he was handed some old notes of his health care remarks.  or perhaps Obama thought he had touched down in the Middle East. 

Bold rhetoric from a guy who has done nothing but talk his entire life.  Whatever.  The Guardian hated the speech:

Barack Obama stepped into the chaotic final hours of the Copenhagen summit today saying he was convinced the world could act "boldly and decisively" on climate change.

But his speech offered no indication America was ready to embrace bold measures, after world leaders had been working desperately against the clock to try to paper over an agreement to prevent two years of wasted effort — and a 10-day meeting — from ending in total collapse.

Obama, who had been skittish about coming to Copenhagen at all unless it could be cast as a foreign policy success, looked visibly frustrated as he appeared before world leaders.

He offered no further commitments on reducing emissions or on finance to poor countries beyond Hillary Clinton's announcement yesterday that America would support a $100bn global fund to help developing nations adapt to climate change.

He did not even press the Senate to move ahead on climate change legislation, which environmental organisations have been urging for months.

The president's speech followed the publication of draft text, obtained by the Guardian this morning, that reveals the enormous progress needed from world leaders in the final hours of the Copenhagen climate change summit to achieve a strong deal. The draft says countries "ought" to limit global warming to 2C, but crucially does not bind them to do so. The text, drafted by a select group of 28 leaders – including UK prime minister, Gordon Brown – in the early hours of this morning, also proposes extending negotiations for another year until the next scheduled UN meeting on climate change in Mexico City in December 2010.

Comments

[Jane]

Mr B+ strikes again.

[MikeS]

So, leaders of 110 countries get together to talk about climate. As the meeting takes place there are a constant stream of news stories about how the science has been manipulated, faked, and corrupted.

But not a single leaders said, "Hey maybe we should review some of the science we are relying on."

Doesn't seem conscientious.

[clarice]

Time for talk is over--and let's extend the negotiations for another year. Is dementia setting in or is that inconsistent?

From Fox News:
"“I am here to make sure the 190 countries here don’t go home with the false impression,” said sen. James Inhofe, R-Okla. “The United States is not going to pass cap and trade. It just isn’t going to happen. Its chances are zero.”

Inhofe said just 25 Senators would support the type of carbon reduction bill already passed in the House.

Democratic leaders, including Sen. John Kerry, D-Mass., disagree, and predict the Senate will pass such a bill this spring."

[anduril]

As I said on the previous thread, his remarks were basically Marxist boilerplate--you, too, can surf the wave of history. Like all Marxism, an ego trip. Those who have lived under real Marxists (the Chinese, for example) will not be impressed.

[Fresh Air]

Well, why wouldn't he? The pathological narcissist has used his supply of prime-time-interrupting TV news conferences over here. He has to get his crack pipe-ful of adulation from the Leftwing Idiots in Dopenhagen. I'm sure Zero's appearance will work about as well as the speech he gave to sew up the Chicago Olympics bid.

This guy is not only profoundly ignorant and stupid, he also overestimates his abilities by about 400 percent.

[anduril]

Via Clusterstock. Voters will REALLY be unhappy with the Dems for wasting time on Obamacare and Climatescare if this turns out to be the future:

The Economist warns that the recession we just experienced is only a small taste of the pain to come.

While massive government action around the world softened this recession's blow, to the point that many in the world barely felt it, it will soon be time to deal with the repercussions of bailouts and stimulus.

These include stagnation in developed economies, asset bubbles in emerging ones, and the rise of anti-business sentiment among outraged American and European populations.

The Economist: The bad news is that today’s stability, however welcome, is worryingly fragile, both because global demand is still dependent on government support and because public largesse has papered over old problems while creating new sources of volatility. Property prices are still falling in more places than they are rising, and, as this week’s nationalisation of Austria’s Hypo Group shows, banking stresses still persist. Apparent signs of success, such as American megabanks repaying public capital early (see article), make it easy to forget that the recovery still depends on government support. Strip out the temporary effects of firms’ restocking, and much of the rebound in global demand is thanks to the public purse, from the officially induced investment surge in China to stimulus-prompted spending in America. That is revving recovery in big emerging economies, while only staving off a relapse into recession in much of the rich world.

[Fresh Air]

stimulus-prompted spending in America

Which did nothing. Furthermore, repaying TARP is hardly a sign of success. Most of the banks didn't want it to begin with.

Whoever wrote that piece is a fool. The only anti-business sentiment in this country is coming from unions and from Washington. That's the sort of tripe you get from European socialists who get their news about America secondhand from other Europeans and the BBC.

There will definitely by hell to pay for all the spending. If we succeed in re-inflating the housing bubble, that will make the hangover worse, too. But the next shoe to drop is going to be the equity market, when year-end 2009 numbers come in short. Then we have the CRE market due to collapse between now and 2012 when major refi will be required. (Assuming all property isn't confiscated by the Communists in Washington before then.)

[I Won]

Don't think I'm not keeping track of what all ya'll say about me.

[Joe Bobe]

I never thought in my 50 plus years that I would live long enough to see a bunch of clueless political parasites actually propose to legislate the weather. The fact that they do so with a straight face is truly frightening.

[Janet]

Our thug President...

“Don’t think we’re not keeping score, brother,” Obama told DeFazio during a closed-door meeting of the House Democratic Caucus, according to members afterward.

via the hill LUN

[Fresh Air]

Janet--

I'm guessing at some point the Dimocrats in Congress start keeping score, too. Zero is all curtain and no Wizard.

[Porchlight]

India and China have walked out of negotiations. How'd that fancy state dinner work out for you, Barry?

India and China have taken a united stand and walked out of the climate summit as Copenhagen talks fail.

Tensions prevailed at the climate talks at Copenhagen today, as Indian prime minister Manmohan Singh and China premier Wen Jiabao walked out of the summit along with their respective delegations, as talks failed.

Tensions prevailed as talks failed!

Good, solid B+.

[Otto Schaden]

Appreciate the report, but I am opposed to
abbreviations such as "100bn" --- using
all the zeros surely makes the point more clearly:

$100,000,000,000

Better yet:

$100,000,000,000.00

[NK]

The key development in Copenhagen was the Red Chinese Premier boycotting the US President and Secy of State. That was amusing. It will be downright hilarious when the Red Chinese boycott the next US Treasury auction. T-Bill rates will explode and the collectivist socialists in the Congress and Obama Administration will either have to cut spending or default on US sovereign debt obligations. Cap and Trade and Health Care Reform are mere sound and fury signifying nothing. Money makes the world go 'round, and the banks have the money. The Red Chinese are the Congress’s bank, the bank calls the tune, and the bank is saying to Nancy, Harry and Barry-O p@#&-off mates!! This is so sweet. That PLUS that old hag Nancy and her posse coming back from Copenhagen and having to be diverted from Andrews AFB to Offutt AFB Nebraska to avoid the massive DC snowstorm. Priceless.

[Captain Hate]

India and China have taken a united stand and walked out of the climate summit as Copenhagen talks fail.

Laura Ingraham is crushing this story with the addition of Brazil to the walking outters. Well done Nopenhagen. Btw did anybody see Laura geld O'Gasbag lastnight for his shameless sucking up to Il Douche?

[Joseph Brown]

The whole deal on the little boy going to Copendope was a free ride on his on personal Yellow Cab.
When he's finally out of office those free rides stop.
I'd really like to see what members of the ground crew, you know, the ramp rats that have to bust 'em to keep the big mutha in the air, think of the little boy.

[Porchlight]

That PLUS that old hag Nancy and her posse coming back from Copenhagen and having to be diverted from Andrews AFB to Offutt AFB Nebraska to avoid the massive DC snowstorm. Priceless.

Hadn't heard that! Love it.

[Joseph Brown]

Typing finger was faster than brain. Should have used own instead of on.

[MilitantBanana]

Up on Drudge Report Now: Iranians Seized Iraqi Oil Well.

[Joseph Brown]

Sorry, typing finger was faster than brain again. I meant to say "own".

[Janet]

My brain was faster than your typing finger Joseph Brown...I Knew you meant "own"!

[NK]

Dear Porchlight--

Nancy diverting to Offutt was in jest.
BUT as TM says-- the day is young!!

[pagar]

"The key development in Copenhagen was the Red Chinese Premier boycotting the US President and Secy of State. "

"The new left leaning Democratic Party government in Japan is moving towards Beijing."

Nothing good for the US will come of this?

[Porchlight]

Nancy diverting to Offutt was in jest.

It's so good, I'm going to pretend it happend anyway. :)

[Ignatz]

--"The key development in Copenhagen was the Red Chinese Premier boycotting the US President and Secy of State. "

"The new left leaning Democratic Party government in Japan is moving towards Beijing."

Nothing good for the US will come of this?--

Some good might. We can always hope the communists in Beijing might be able to pull Barry back far enough toward the center that he is no longer to their left.

[Sue]

Good grief. Rush is playing portions of Obama's Copenhagen speech. He sounds horrible. It sounds like he is reading it in choppy phrases.

[I Won]

Until I get my smokes back, I'm going to keep on doing it, too.

[pagar]

"We can always hope the communists in Beijing might be able to pull Barry back far enough toward the center that he is no longer to their left."

They would have to find more communists to accomplish that.

[Fat Man]

“’The time for talk is over.’ he said”

So shut up already.

[Darkmage]

Sue, apparently Obama was working without his teleprompter. For some reason they were not able to load his speech onto the existing equipment and he had to work from typed pages. Those gaps are him ducking his head down to read the next sentence.

If you head over to Ace of Spades, they have the video up.

[Darkmage]

What really gets me is the hubris of it all. These scientists, activists, true believers and world leaders have been at this conference for ten days. They've been trying to hammer out an agreement amongst themselves amidst the speeches, protests, mass arrests and blizzard without success.

What makes Obama think that showing up on the LAST day of the conference and giving a speech is going to make any difference? Does he really think they'll all go into a conference room, hash out a deal and sign the paperwork in four hours?

[bgates]

Stolen from an Althouse thread:

The time for saying the time for talking is over, is over.

[anduril]

Turns out talk ISN'T so cheap. I'm pasting this in from FR:

Obama to meet with 'offended' Chinese premier from News/Activism by The Times

UK diplomatic sources confirmed there had been a major setback after China took huge offence at remarks by President Obama over the need to independently monitor every country carbon emissions. In his speech President Obama said: "Without any accountability, any agreement would be empty words on a page" - remarks the Chinese interpreted as an attempt to humiliate them, prompting Prime Minister Wen Jiabao to return to his hotel. President Obama will now hold a second round of talks with Mr Wen in an attempt to patch up the disagreement.

Anyone who thinks the Chicoms are a "forgive and forget" buncha guys needs to think again. Barry is an idiot, supported by idiots, way in over his/their heads.

[clarice]

Looks to me like the Chinese are about to do what they can to oust this clown and get its cash cow (us) back on track.

[anduril]

Failures At Home Make Obama Powerless Abroad, And The Chinese Know It

I don't think there's any way the Chinese can be impressed by this wannabe marxist clown. The Globe and Mail notes:

The Chinese, who’ve been negotiating for a heck of a lot longer than the United States has been on the map, are fully aware of President Barack Obama’s stunning political weakness at the end of his first year in office.

and Business Insider adds:

Copenhagen is shaping up to be another Olympic disaster for Obama. There's a very good chance that he'll come home with nothing, having exposed to other world leaders that his Nobel Prize, ultimately, isn't good for much.

One problem is that the US is broke, which is not his fault.

But he's also spread his political so thin, between healthcare, climate change, saving the economy, and reforming Wall Street, it would appear there's a good chance none of it will get done.

To which I add--he owns the economy now. His fingerprints are all over it.

[Fresh Air]

The Chinese are tired of having Zero doing sex to them.

[clarice]

HEH. Fresh Air...You don't suppose there'll be an SNL Copenhagen Conference do you?

[Bruce]

Prime Minister Wen Jiabao : Do I look like Mrs. Obama?

[clarice]

Iowahawk:
"The Miming is Settled: It Is Time To Take Forceful Antics Against Climate Change"

(I'm sorry I can't link more..I'm away with a broken mouse and have to do all this manually for a few more days.)

Do you suppose the Tea Party might make "Wonderful Copenhagen" its theme song?

[PD]

"Mr. B+" -- heh, I hope that follows him around forever.

[Rick Ballard]

FA,

Are you aware of any source listing the maturity x quantity of US Treasury debt held by China and Japan? I know the totals that both hold - I'm looking for "X amount 3 month" type data. I'm wondering if they are collaborating to jerk the reins hard enough to break the Democrat Economy Killers teeth with the "we'll sit out the next few dozen auctions" bit.

[Janet]

It seems the only people that fear Obama anymore are Republicans that believe what the media tells them! Chumps.

[PD]

What makes Obama think that showing up on the LAST day of the conference and giving a speech is going to make any difference? Does he really think they'll all go into a conference room, hash out a deal and sign the paperwork in four hours?

I think it's entirely likely he thinks this. It's the outlook that you have when you have no experience actually running anything or understanding of how difficult real accomplishment is.

[clarice]

And when you are DUMB, so DUMB you have no idea what time and money wasters international conferences are--all of them really merely an opportunity to spit on the USA and demand we fork over more money to kleptocrats and the big rollers like Soros and Tata.

[Janet]

Remember...this man's opinion matters to us. He thought George W. Bush was a stupid cowboy.

I hope he likes us now that Obama is our President.

[pagar]

This is what the Obama Administration , Gore and the other global warming fraudsters have bought this world to:

Lord Monckton from the gutter of global warming fraud--"Today, as I lay in the snow with a cut knee, a bruised back, a banged head, a ruined suit, and a written-off coat, I wondered whether the brutality of the New World Order was moving closer than President Klaus – or any of us – had realized."

[Janet]

so sad Pagar...so sad.

[Fresh Air]

Janet--

We've got those globey things in Chicago, too. Commonwealth Edison paid brainwashed pupils independent-thinking, ecologically aware youngsters to make them.

[Sue]

If you head over to Ace of Spades, they have the video up.

Thanks.

[Fresh Air]

Rick B--

No, I don't where you can find out the foreign holdings of USTs. The Chinese were not enamored of the last auction, and the Japanese are rumored to be ready to sell Treasuries. All I know that if Helicopter Ben gets his way, greenbacks will be coming back from the Far East shredded and used to cushion Chinese vibrators.

Zerohedge has been all over the topic generally, but I haven't yet seen a source for holdings. I think you get some info on this based upon bond CUSIP numbers.

[DebinNC]

American Spector Blog: Yesterday Nelson elaborated on a number of his problems with the health care bill that would lead him to join Republican efforts to block the legislation by filibuster. While abortion language is the biggest obstacle, he also said he had a problem with the tax increases and the Medicaid expansion.

That Medicaid expansion will be ruinous to states already struggling to balance their budgets, since it will be mandatory but unfunded. Unless the object is to create more gov dependents, i.e. Dems, it makes no sense.

[clarice]

Also from AmSpecBLog--Reid has 34 hours to get 60 votes:

Midnight Tomorrow
By Philip Klein on 12.18.09 @ 1:37PM

If Senate Majority Leader Harry Reid hasn't secured 60 votes by midnight Saturday, he won't be able to meet the ambitious deadline of passing a health care bill on Christmas Eve.

The reason is that in order to trigger the chain of events leading to a Christmas Eve vote, Reid would have to file cloture on his "manager's amendment" -- containing all of his final negotiated changes to the bill -- by the end of tomorrow.

Once Reid files that amendment, it will set up the key cloture vote on Monday at 1 a.m., requiring the support of 60 Senators to pass. While that would technically give him all of Sunday to win over Sen. Ben Nelson or any remaining holdouts, Reid would not be able to make any further changes to the bill in order to accommodate any Senator.

While a lot of people are focusing on Christmas Eve, the key vote will be that first cloture vote on Monday. If he gets 60 votes on that, the rest of the process will be a mere technicality.

So, while it sounds dramatic, the future of the nation's health care system may be decided in the next 34 hours

[Janet]

Well I googled images COP 15 for the picture, but it might be Chicago.

[Porchlight]

Yes, if they get cloture heading into Monday then the Christmas Eve vote is just a formality. Unless things implode so badly that they can't get 51 votes for it.

Reid apparently plans to unveil the bill tomorrow.

My question - clarice's quote above says Reid has to "file cloture on his 'manager's amendment'" by the end of tomorrow. Does he need 60 votes to pass the manager's amendment, then 60 votes for cloture on debate, then 51 to pass?

[clarice]

Heritage :
" It now looks like all that will come out of this conference is a political agreement that sets out broad goals but leaves all the difficult details to be worked out next year - and even that is running into last minute difficulties.

Though the Obama administration and others will try to spin this as a breakthrough, it is important to remember that for nearly two years, Copenhagen had been hyped as that critical future meeting where everything will be hammered out. Now the can is getting kicked down the road yet again.

It won’t get any easier in 2010. The problems that derailed a major agreement here in Copenhagen are not going away. Most stem from the sky high cost of reducing emissions from fossil fuel use and the impact they would have on energy prices, jobs, and the overall economies of any nation that undertakes them. That the global recession is lingering only makes this expensive pill even harder to swallow. Most significantly, China, India and other fast developing nations still want exemptions from binding emissions reductions. However, since their emissions growth will dominate in the decades ahead (China already out-emits the US and its growth is projected to be 9 times faster than ours), leaving them out would make any agreement futile."

[anduril]

Y'know, there is a Health Bill thread available--how 'bout y'all usin' it? I might want to post some climate related stuff here.

[Porchlight]

Oh, sorry, anduril, didn't realize it was your blog.

[anduril]

And links--I wanna see links, too.

It's just common courtesy, really. If there's a thread available for your topic, use it. That's what I always do. If there's not...

[Fresh Air]

Geez, Anduril. Hop to it!

[clarice]

You should get links from me now--I've succeeded in borrowing a working mouse.

[centralcal]

How is the weather for you in the part of Florida you are visiting, Clarice? Hopefully, much better than what you left in DC, although I hear parts of Florida are quite stormy too.

Weather is misty, cloudy where I am, but still I put on my waders - anduril seems determined to flood every thread here with his nonsense.

[Ignatz]

--Y'know, there is a Health Bill thread available--how 'bout y'all usin' it? I might want to post some climate related stuff here.

And links--I wanna see links, too.

It's just common courtesy, really. If there's a thread available for your topic, use it. That's what I always do. If there's not...--

OK, those were pretty funny.

[clarice]

cc--We had some light sprinkling this morning but otherwise everything has been sunny and balmy and gorgeous.

[anduril]

Thanks, Iggy--I do work at my humor.

[PaulL]

See, ignatz, I knew you'd warm up to him. Can someone who writes "Barry is an idiot" be that bad?

[Ignatz]

I'm nothing if not a tolerant, big hearted, magnanimous kind of a guy.
Besides "It's just common courtesy, really" struck me as particularly funny as it sounded just like something I would have said to him. Maybe I did.

[Porchlight]

Okay, I put something up on the health bill thread, just for you, anduril. :)

[narciso]

It has been miserable in my neck of the woods at least till noon, thank for asking

[Ignatz]

--Weather is misty, cloudy where I am--

cc, you can call it what it is; FOG. Dense, stinking, cold, miserable, Tule fog.
Nice and sunshiny up here in the hills. Take a drive this weekend.

[Melinda Romanoff]

Rick-

I know exactly what you're looking for, as have a ton of others, if you can peel it out of this (LUN)...

I've got an inkling, perhaps seperating T-Bills (3's & 6's) but not much else.

[anduril]

I'm nothing if not a tolerant, big hearted, magnanimous kind of a guy.

See, we have more in common than you might have expected.

Hey, PaulL--I was mobying! Heh, not.

[Rick Ballard]

Mel,

Thanks Mel. The TIC reports re foreign holders don't give the detaail I'm looking for. I would be amazed if 10% of the China/Japan holdings had a maturity of more than 24 months. That suggests a roll off of around $90 billion per month. Turbo Timmy has to peddle $100 billion per month in new debt on top of the roll over this year. If Uncle Ben is really out of the monetization game then China/Japan have a real whip hand to drive short rates up.

Both countries would be wiser to buy usable commodities rather than BambiBonds.

[Melinda Romanoff]

Rick-

I agree. The jamming to the front end of the curve gives me the hint that close to 30% of the purchases by Wen & Co. are there. The problem they have is that they are making domestic loans in dollars, US ones, in bundles. This is a bit of a problem at Treas., they have NO idea how much US cash floats outside the US. NONE.

And you are not the only one who wants the breakdown. It would make trading futures so much easier....

Right to privacy, in the US markets at least, is a b****, unless you're GS.