And After The Sky Doesn't Fall...

Via the HuffPo we learn that two different Wall Street groups (Barclays ad Nomura) studying Treasury cash flows have concluded that the real, real, really real debt ceiling deadline is August 9.  Or 10. 

Anyway, the sky won't fall on August 3rd, which may be a mixed blessing if (Heaven help us) we reach that point.  The "No Big Deal" crowd on the right will point to the ascendant sky as vindication.  The "This Time Its Serious" crowd will explain that this time, its serious. And eventually, they will be right.

Comments

[Jane says obamasucks]

The sky falls on Bambi's 50th birthday. I guess no one will be declaring it a national holiday - this year.

[cathyf]

So the financial sky falls right in the middle of Obama's creepy tasteless overdone birthday party. How brilliant is that?

[Clarice]

God's will be done, Cathy.

[hit and run]

I haven't gotten an invite.

But then again I haven't checked the mail today.

Be right back.

[Jane says obamasucks]

You don't need an invite hit. You can have a free 50 minute video of the WON to play for your friends and family.

[bgates]

The "No Big Deal" crowd...will point to the ascendant sky as vindication. The "This Time Its Serious" crowd will explain that this time, it's serious. And eventually, they will be right.

This is true as well for those who think it's no big deal for the national debt to increase exponentially forever vs those who think $14,528,435,000,000 is already a very large number.

[hit and run]

Ming Ming: This is serious!

[Ben Franklin]

The real deadline is when the markets say it is. Wasn't the GOP talking point supposed to be the 15th or 16th? I'm sure this can be dragged out until Saint Swithin's Day, but all holidays may be cancelled thereafter.......

[MayBee]

Obama set the date so he wouldn't look ridiculous having his party. That's why I wouldn't give him a darned thing before his big day.

[Ben Franklin]

No martini's for you, son.

[hit and run]

You're a prophet. Finished the vodka last night. Today it's all beers.

Seriously. How'd you know?

[Ben Franklin]

Mrs. Hit due home soon..I'm a husband too, ya know?

[hit and run]

I go to Texas week after next to collect the family and drive back.

[Ben Franklin]

Actually, I was afraid you would swoon from the heat, but beer will do it as well as vodka.

[Danube of Thought]

Here in the cruelly unbearable, sweltering heat of Pottstown, PA I have at least finally got myself outside of some of the highly-touted Tito's vodka, which I endorse without equivocation. It's made by a guy down in Austin, TX and I have been reading about it but unable to find it in the San Diego area. Now the maker has succeeded in getting the PA state package stores, and the locals are most impressed.

So am I. Got a large gourd of it on board last night, but felt like an Olympic athlete upon awakening. Gonna have me some more starting quite soon.

[hit and run]

Hmmmm. Tito's appears to be available here in NC via the states ABC site (spirits are state controlled, that's the Alcoholic Beverage Commission).

So I have a homework assignment.

I bet I do better on this one than any other I had when in school.

"Apply yourself" I always heard. Today,I answer the call.

[Jane says obamasucks]

How does it compare to grey goose?

[hit and run]

Besides being $30/bottle cheaper...

[Porchlight]

Glad you're enjoying the Tito's, DoT. I can confirm that it is reasonably hangover-free (compared to other vodkas, at any rate).

I'm sure its makers here in Austin would love it if you spread the word out in CA...maybe a distributor will pick it up.

By the way, there is a new boutique distillery here in the neighborhood to compete with Tito's - Dripping Springs Vodka. Named after the neighboring town, which the locals just call "Drippin'."

[Porchlight]

I go to Texas week after next to collect the family and drive back.

What are your dates? Maybe there is a Gourds show in the offing while you're here...

Either way,
GUAC = Give Us A Call

[Rick Ballard]

Tan Man Calls

Pelosi sounds like she's on board, Reid sounds like he's got Schumer stuck in... well, he's not on board yet. That's understandable, given the number of seats in play and public opinion.

It looks like the Krauthammer maneuver - $500 billion matched by cuts and reload in six months. I don't think that Reid/Durbin/Schumer can force their caucus to commit mass suicide. It will only take 4 defections to swing it - 2 if the Independents break away.

[Clarice]

That's what I predicted in tomorrow's column, I hope I'm right.

[Clarice]

A little more..(Insty)
BYRON YORK: GOP Readies New Debt-Ceiling Plan: BIll Set For Sunday. “House Republicans are finishing work on a new proposal to resolve the standoff over the debt ceiling. The proposal, set to be finished and crafted into the form of a bill by Sunday, will be in two parts. The first will combine a short-term increase in the debt ceiling with spending cuts. The second will lay the groundwork for a longer-term increase in the debt ceiling coupled with far-reaching deficit reduction.”

[Cecil Turner]

From de Rugy (H/T: Insty), this is brilliant.

It ought to be obvious to the average observer that if 15.6% of GDP is taken up by social spending and interest on the debt, that doesn't leave much for "investment." It also ought to be obvious that there's simply no way to balance the budget with SS and Health programs eating up 12.2% of GDP . . . and that the rising share of interest payments is equivalent to flushing money (and our nation's fiscal well-being) down a hole.

I suspect it's easier to stop a runaway train than to turn around a government handout program. But 2021 is only a decade away, and the conclusion is inescapable. #1: we absolutely have to cut spending on SS and health programs. (From the program standpoint, it'll be a "reduction in rate of growth" . . . but from an individual benefit perspective, it'll be actual "cuts" . . . and it ain't gonna be popular.) And we have to do that first. #2: we have to raise revenues to reduce the rate of debt growth. And personally, I'd resist that second part tooth and nail for as long as possible, not only because it's counterproductive in a [near] recession, but because the politicians are going to do everything in their power to resist #1 (and #2 gives 'em a great excuse to pretend it isn't an emergency and kick the can down the road).

[hit and run]

Tito's website says there are three stores in Coronado that carry it. Don't know how accurate their info is but...

Porch,I'm flying into Dallas on 8/4 and we'll be hitting the road either the night of 8/6 or early early early 8/7. I won't have the pleasure of venturing down your way,but if the Gourds are near Dallas....

[Porchlight]

It ought to be obvious to the average observer that if 15.6% of GDP is taken up by social spending and interest on the debt, that doesn't leave much for "investment."

Dude, what are you talking about, there's like 84.4% left!
/Dem voter

[Porchlight]

hit, too bad, looks like they'll be headed up to Montana/Idaho around then....boy will that be nice weather. I'm envious.

That is cool about Tito's...I wonder if the Coronado stores are a new development - I swear I looked on the site a few weeks ago when we were discussing it here and didn't find anything closer than El Cajon.

[hit and run]

Ah,yes -- I need to remind my brother they're headed that way!

[hit and run]

Heh. Can't embed image listing the stores in Coronado. Oh well.

[JeffC]

apparently Turbo Tax calculated Aug 2nd ...

[nfl jerseys]

"The sky falls on Bambi's 50th birthday. I guess no one will be declaring it a national holiday - this year." but i don't think so

[Jack Tatum Jersey]

Picture and photos are so beautifull in the above content at least I think