Nuke The Debt Ceiling!

Joe Biden gets on board with an idea whose time is coming - use the Senate 'nuclear option' to put debt ceiling legislation beyond the filibuster. Both parties have done this with judges and Cocaine Mitch says he is fine with raising the debt ceiling as long as there are no Republican votes backing it.

Prior to the crushing defeats in the Georgia Senate run-offs that gave Sen. Schumer 50 votes in the Senate, Republicans warned that in such a scenario Democrats would end the filibuster entirely and squeeze through bills on DC statehood and an expanded Supreme Court with 50 votes plus VP Harris. Sen. Manchin has rejected that concept but he was apparently silent on nuking the filibuster:

Senate Democrats discussed carving out the exception at their weekly lunch on Tuesday. No conclusions were reached, but notably, according to participants, the two strongest opponents of filibuster changes, Senators Joe Manchin III of West Virginia and Kyrsten Sinema of Arizona, did not speak up in protest. They also did not speak up in support.

This debt ceiling stand-off will be resolved with a gimmicky trick play. My current guess ranks the nuclear option at Number One because it is quick and no more politically painful than reconciliation. Reconciliation is my second guess - its cumbersome and uses a scarce resource since per the current Senate "rules" (LOL) the Dems can only use it twice per session. (Their current plan is to use their second Reconciliation Card on the shrinking $3.5 trillion Social Justice and More bill, but they may do that next January in a new session.)

My third choice is a gadget play to be named later. The fourth choice last gasp is the Trillion Dollar Platinum coin. I don't think the coin is "legal" within the spirit of the law but in the current environment the real question is, can Treasury and Fed lawyers agree its 'legal enough', given the dire alternatives? As a recent example of this mentality, Biden extended the CDC eviction moratorium knowing the courts would eventually shoot it down (The Supreme Court did so, three weeks later.)

As to the platinum coin, I agree with this from Krugman:

Would any of these approaches basically mean using silly gimmicks to avoid catastrophe? Possibly yes. But given the stakes, who cares if the approach sounds silly?

Would using any of these gimmicks involve violating the spirit of the law even if they technically obey the letter? Of course — but Republicans are already doing that through their abuse of the debt ceiling.

Would any attempt to do an end run around the debt ceiling face court challenges? Yes. But the legal process would at the very least buy time to devise a better solution.

Well, yes - the trillion dollar coin is a terrible idea (per SecTreas Yellen!) but maybe not compared to the other terrible ideas on the menu. As to legal challenges, there is a real question about just who might have standing to sue if a coin were issued.

We should find out soon enough. My money is on nukes.

ERRATA: Rohan Grey, a young progressive professor, has a solid piece on the legal background to a platinum coin. We chatted on Twitter and I came away agreeing that the coin is legal enough that Federal Reserve lawyers could make a political decision to go either way. On the one had, I'd say that accepting the coin calls into question their independence. OTOH, rejecting it puts them in the role of refereeing a partisan Executive-Legislative showdown during a bond market meltdown. Both paths are perilous.

 

Comments

[DCSCA]

Touting good paying union jobs, Joes told cheeseheads yesterday:

“China produces more steel in one month than America does in an entire year!” – President Plagiarist – 10/5/21

Ever been to the Rustbelt, Joe? Or Pittsburgh, Joe? You know what killed the industry in Steeler Town, Joe? UNIONS, demanding high wages trying to compete w/inexpensive foreign steel production, Joe.

Went to college w/kids who were making so much $ per hour working in the J&L steel mills over the summers for just three months– that it paid for an entire YEAR of college tuition, room and board. And you know what killed the glow of the mills too, Joe? Environmental rules and regs- ‘green new deal’ crap.

Rotary phone, Chevy Vega, Ford Pinto, pet rock Joe Biden is an idiot.

[Davod]

DCSCA - No. Just greedy capitalist mega store owners wanting more profit.

[Davod]

Good series of photos of RAAF C17s flying in Brisbane.

https://www.thedrive.com/the-war-zone/42637/these-images-of-aussie-c-17s-flying-among-skyscrapers-in-brisbane-are-the-best-weve-ever-seen?utm_source=Sailthru&utm_medium=email&utm_campaign=EBB%2010.6.21&utm_term=Editorial%20-%20Military%20-%20Early%20Bird%20Brief

[DCSCA]

Daveod:

Reaganomics!

When the trick of trickledown is getting trickled on.

[henry]

OH, now “severe flu season” to double down on masks. These people have even less credibility than McTurtle.

@cnbc

CDC director warns the U.S. is at risk of a severe flu season this year

[Dave (in MA)]

The Dollar Store is now charging $1.25 and $1.50 for goods.

It was either that or compromise on quality.

[Dave (in MA)]

henry, any more word about MM ?

[henry]

All I know is she was still in the hospital yesterday, doctors still stumped. Kind of like last time.

[clarice]

https://www.wsj.com/articles/students-in-a-hostile-environment-11633557732?mod=djemBestOfTheWeb

[DCSCA]

@Dave in MA.

Quaility? A can of Campbell's Tomato Soup is what it is at $1 or $1.25/$1.50.

Your compassion for the retired; the SS recipients; America's Greatest Genertion is noted.

;-0

[Davod]

DCSCA - or $500,000 at Hunter's art show.

[clarice]

Haugen, not credible:https://www.breitbart.com/tech/2021/10/06/facebook-whistleblower-frances-haugen-claims-no-one-noticed-her-browsing-sensitive-company-documents/

[MJW]

Quality? A can of Campbell's Tomato Soup is what it is at $1 or $1.25/$1.50.

I believe Dave was making a rather droll joke.

[henry]

From the link title, I’m not sure that means anything. Silicon Valley is known for taking short cuts, not doing the hard work of securing things. (Thus regular finding of sensitive consumer data on unencrypted cloud drives). Haugen perusing sensitive internal files undetected is credible.

This is no different than IRS (contractors) perusing and releasing tax files. Or DOD / CIA contractors perusing and sending personnel files to China undetected.

Both Silicon Valley and the govt share one key cultural value: the don’t give a f about regular people… they just get rich by abusing them.

[Narciso]

it's striking how far afield, they can go with the nsa, with the company tool kit, usually ethan hunt had to go down a wire into a secure vault,

seth rich tried a short cut look what it got him,

[Narciso]

see here

https://www.nationandstate.com/2018/06/25/the-seth-rich-investigation-justice-part-5/

[Narciso]

i'm sure thats totes fine

https://www.theepochtimes.com/family-laments-loss-of-woman-who-died-of-blood-clots-following-mandatory-covid-19-vaccine_4033022.html?utm_medium=social&utm_source=twitter&utm_campaign=digitalsub

[Narciso]

not the first shambling man

https://twitter.com/Shem_Infinite/status/1445872960074567681

[Narciso]

gaslighting like this, could ignite jupiter

https://twitter.com/realchrisrufo/status/1445872146731831300

[Narciso]

not rhetorical

https://thefederalist.com/2021/10/06/can-the-supreme-court-be-trusted-on-the-second-amendment/

[DCSCA]

For those of you who were born in 1980-- welcome to the 1970s.

Thank Joe.

[Davod]

The 70s when, even in Australia, mortgage interest rates went through the roof.

[Davod]

"She convinced her cheating boyfriend they had to get matching tattoos and while he went first, she picked up her stuff and left. That’s a perfect way to ensure he’s slapped with a tattoo that will forever remind him that he’s a cheater."

[DCSCA]

'The Joe Show' is sinking in the ratings. Really makes you miss bad tweets, cheap gas, no inflation, recovering economy and Warp Speed vaccines and now a Covid pills... all look pretty good now, don't they.

Thank the NeverTrumpers and conservative ideologues who played wag the dog on the GOP for decades- like French, Kristol, Goldberg, Will, the National Review contributors and The Lincoln Project types who were toppled from party rule and went against the desires of 74 +million voters.

The rise of populism has been bubbling for several cycles as voters backed 15 weenies against a T-bone, albeit a little fatty. They read the menu and ordered the Trump steak.

Now they abandoned their party and stuck the country with a Peter Principled, incompetent imbecile; a swamp creature who was the very reason Trump won in the first place. It's turning out that Joe Biden is the best campaigner for Trump 2024.

Glorious.

[clarice]

https://www.breitbart.com/tech/2021/10/04/bokhari-this-facebook-whistleblower-wants-more-censorship-not-less/

[Narciso]

laura figured this out, and tucker has not as of yet, I'll check in later to see if his 'spidey senses' had clicked in,

[Narciso]

unpopulism, like the uncola, high fuel and food prices, rampant crime, surrender on a scale, we have never contemplated in afghanistan, having the bureau stake out the pta, of course gender confusion of an extremely high order,

[Melinda]

MM is home. Still looking into some of the bumps from the fall, but has the diagnoses for the reasons for her “nap”.

I’ll let her share, if she wishes.

[Narciso]

one of those peculiar footnotes of history,

https://al-bab.com/quiet-travels-colonel-boscawen

freya stark followed suit but not as far,

[Narciso]

good to hear, melinda

[MJW]

laura figured this out, and tucker has not as of yet,

Tucker is correct and insightful on most subjects, but his hatred of social media makes him a bit unhinged on the matter. He somehow seems to hope it will all be exposed as pernicious and just go away. I'm reminded of the workers tossing shoes into the mechanical looms in hopes of halting the industrial revolution.

[clarice]

https://www.washingtontimes.com/news/2021/oct/6/breaking-lt-col-scheller-face-marine-court-martial/

[Narciso]

sometimes it takes him a bit, sometimes ingraham misses a step

https://mobile.twitter.com/MartiniShark/status/1445806268489375746

he was a little too quick to yell lockdown at the beginning,

[Narciso]

don't they tell the charges before a courtmartial, what kind of a railroad are they running here, rhetorical?

[Pinandpuller]

I know that Rush used to have a bit akin to this, but I definitely would not trust Rod Dreher to watch any underaged boys, especially the Black ones.

[sbwaters]

Thank you for the MM update! Best wishes to her!

[Narciso]

Dreher, is a little behind the eight ball, he thinks you can isolate to a compound, the benedictine option,and they will not go after you, the first 300 hundred years of christian history is instructive,

the ones candida moss dismisses, and dan brown got completely backwards,

[Catsmeat]

JIB, that Roethke poem is perfect for an engineer.

[James D.]

Dreher, is a little behind the eight ball,

Dreher is useless. He’s Jonah Goldberg with a slightly better vocabulary and less Star Trek references.

[Catsmeat]

And thanks, Mel, for the news about MM.

[Davod]

These were sent to me in an e-mail with picturres.

"Diet Day 1. I have removed all the bad food from the house. It was delicious."

"Did you know that 14 muscles are used when you open a bottle of ine? Fitness is my passion."

"Golfer: I hit two good balls today. I stepped on a rake."

[Davod]

The spelling mistakes are mine.

[clarice]

https://redstate.com/streiff/2021/10/06/the-cia-blames-incompetence-for-losing-dozens-of-agents-but-is-that-the-real-story-n452815

[cindyk]

My Dad keeps renewing my subscription to National Review…today’s issue - from mailbox to trash!

[henry]

Excellent, Davod! 😂

[MJW]

Tucker Carlson had a mea culpa segment tonight on the supposed Facebook whistleblower.

[MissMarple2]

Hi all!

Diagnosis:

pneumonia (from inhaling something)
sepsis
fibrillation
something wrong with my rotator cuff, for which I had an MRI last night

The last thing I remember was getting up to get ready for my reunion at 10 AM and my daughter found me on the floor at 7PM. I was out and on the floor for 8 hours.

I can't type very much because my shoulder hurts like heck.

[clarice]

Oh, dear. We all hope you get better very soon,MM.

[Len]

Best wishes for a quick and complete recovery, MM.

[henry]

Miss M, hope you are home again. Get better soonest!

ps, it’s never the wrong button. Always happy to chat. 😉

[Melinda]

She is home, henry.

[MissMarple2]

I will check in tomorrow morning. Right now I am exhausted.

Good night!

[Catsmeat]

MM, so glad to hear you are home and beginning to piece things together!!

[Davod]

MM2. My. Thank heaven, your daughter came by. I am sorry to see the extent of your problems. I hope you recover quickly. Hopefully, the Medics have settled on a cure or preventative treatment.

People have been pushing me to sign up for one of those "help, I have fallen down, and I can't get up programs" I have not because I can call the fire brigade, and they will come and pick me up.

[GUS]

What's the CURRENCY KENNETH??

Now these fuckwits are messing with our very currency, and magic coins. What could go wrong?

We have arsonists at scare crow convention, and WE are being assaulted by them. And yet January 6 was supposed to be an INSURRECTION.
It was nothing compared to what is coming.
Who needs to die first???

At least there are no mean tweets anymore.

[Davod]

A trailer for the latest bond movie (2 Mins).

https://youtu.be/N_gD9-Oa0fg

[Dave (in MA)]

Hear, hear!

[Dave (in MA)]

"4-1/2 months until pitchers and catchers."

    -- A Yankee fan on another forum.

[Stephanie Nene Not Your Normal Granma]

Michael Smith
·
Most likely, shortages on store shelves beginning in December and January are inevitable now. There is just not enough time for the kinks in the supply chain to be yanked straight.
Keep your eyes on global manufacturing and transportation - what we are seeing is a test of how the global supply chain can be weaponized.
I'm ashamed I spent two decades of my career working to establish global supply chains for major companies. We were so blinded by cheap stuff and labor, we skipped the part where we should have asked just because we can do something, should we do it?
We all bought into the lie that China and emerging countries wanted to be just like America when they just wanted our money and to steal our innovation. It's bad. We made a huge Faustian bargain. Just today, I wrote about the rise of "denationalized" corporations that are also a consequence of our folly.
I'm afraid we got a boatload of hurt coming.

[Melinda]

I believe we haven’t been shared with an accurate picture of any of the supply chain issues. I KNOW steel is not one of them. Chips for computers aren’t an issue, just 1960s designed car chips are. Soooo, do you update the car designs or rely on 60 yr old chip requirements?

Where are They (automakers) on that update?

[henry]

Where is NTSA, EPA and the Karens of California that screw with our vehicles on that. I blame regs before I blame woke corps. (Given everything must pass through both, I’m shocked the planet hasn’t exploded yet).

[Davod]

"Where the Heck Is Security for Sinema?"

The Capitol police are too busy sending commissars to 50 states.

[Melinda]

Well, CA emissions rulez no longer apply country wide, so there’s that.

[Pinandpuller]

“A second front? Yes, and if necessary a third and a fourth front…The American people are bound to the people of the Soviet Union in the great alliance of the United Nations. They know that in the past year you have in your heroic combat against our common foe performed for us and for all humanity a service that can never be repaid. We are determined that nothing shall stop us from sharing with you all that we have and are in this conflict, and we look forward to sharing with you the fruits of victory and peace.”—Harry Hopkins, Russian Aid Rally, Madison Square Garden

“Romerstein responsibly, carefully, and thoughtfully concluded that Hopkins, aka FDR’s “co-president,” was both a spy and an agent of influence.
Not a dupe.”—Diana West

https://www.theepochtimes.com/downgrading-harry-hopkins-from-spy-to-dupe_2772779.html

[DCSCA]

The US Navy sold 2 obsolete aircraft carriers to scrap dealers for a cent each

'The US Navy sold two old aircraft carriers for a cent each to a ship-breaking firm. The USS Kitty Hawk and USS John F. Kennedy had been decommissioned for years. They are due to be broken up by a firm in Texas, which can make money from the scrap metal.'

https://www.msn.com/en-us/news/us/the-us-navy-sold-2-obsolete-aircraft-carriers-to-scrap-dealers-for-a-cent-each/ar-AAPcciF?ocid=msedgdhp&pc=U531

The Taliban didn’t want them for a penny a piece- they expect their Americans weaponry for free. Floating the idea of anchoring them off the coast to house illegal aliens crossing the border didn’t cross Joe or Milley’s mind either.

“Hold the presses; stop the mail; the Pentagon’s having a one-cent sale!” – ‘Barry’s Boys’ The Chad Mitchell Trio, 1964

[jim nj]

https://apnews.com/article/lifestyle-business-china-toys-f6283aba74905a5dfc83f8841210700b

Toymakers race to get products on shelves amid supply clogs

"Running out of time to get its products on store shelves ahead of the holidays, the Basic Fun toy company made an unprecedented decision: It’s leaving one-third of its iconic Tonka Mighty Dump Trucks destined for the U.S. in China.

Why? Given surging prices for shipping containers and clogs in the supply network, transportation costs to get the bulky yellow toy to U.S. soil is now 40% of the retail price, which is roughly $26. That’s dramatically up from 7% a year ago. And it doesn’t even include the cost of getting the product from U.S. ports to retailers.

“We’ve never left product behind in this way,” says Jay Foreman, CEO of Basic Fun. “We really had no choice.”

Illustrating my thought that inexpensive, bulky items won't make the boat ride to the US this year.

[jim nj]

https://cdrsalamander.substack.com/p/japan-back-in-the-carrier-game-?token=eyJ1c2VyX2lkIjo0NTI4OTUzMCwicG9zdF9pZCI6NDIyMTM1MjgsIl8iOiJyOU9JbiIsImlhdCI6MTYzMzQ1MTUyMCwiZXhwIjoxNjMzNDU1MTIwLCJpc3MiOiJwdWItMjQ3NzYxIiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.CsJUEaH7nMvLVK1TckZa4MoCASuJkKepuq0aA83oMc0

Japan Back in the Carrier Game ...

Fresh from her modifications to fly F-35B, the Izumo is bringing the Japanese Navy back in the carrier business again … with some friends via United States Marine Corps F-35B.

[Ignatz Ratzkiwatzki]

Interestingly just saw that Japan in interested in its own version of a 5th gen air superiority fighter and has asked Lockheed and Northrup to present proposals, presumably versions of their F-22s and F-23s.
Many people, including me, thought the F-23 was the superior plane when the F-22 was selected.

[Ignatz Ratzkiwatzki]

--A tax cut which reduced the percentage of people paying federal income taxes to less than 50% while increasing tax credits to the “poor”. Turning the tax code into another welfare program.--

A perfect example of how stupid the Reduhlicans are.
To the majority of people Uncle Sam is a piggy bank that really does cost zero. Even those who are irked by SS taxes think that is the Feds doing them the favor of a great pension plan and everything else is free.
Not only will no GOPe dope ever understand how that fundamentally perverts those people's attitudes toward government, they will til their dying day trumpet how many people they've pushed off the tax roles or even into the money-for-nothin-and-the-chicks-are-free, tax credit camp.
Conservatives supposedly stand for limited government. How do you effect that if you hew to a policy that makes the state the big rock candy mountain for a majority of the electorate?

[Marlene]

Good Morning! MM, thinking of you!

[Jim Eagle]

MM is back home, right?

[clarice]

Yes,JIB

I think it's time to start an impeach Merrick Garland movement

[Melinda]

Larry O'Connor
@LarryOConnor
Terry McAuliffe is in trouble.

I mean, serious trouble.

Like, Detroit-Lions-Super-Bowl-chances kind of trouble.

We're talking Urban Meyer explaining things to his wife when he gets home from Ohio kind of trouble.

townhall.com/columnists/lar…

https://twitter.com/LarryOConnor/status/1445793160584744963

https://townhall.com/columnists/larryoconnor/2021/10/06/mcauliffe-biden-is-dragging-down-my-campaign-n2597035

[Momto2]

I did not see a post stating MM was back home. The last post from henry stated they were still running tests. I messaged her son to let her know we're all thinking of her and missing her.

[henry]

Melinda confirmed Miss M is back home, as did Miss M later.

[Neo]

"Religion is a culture of faith; science is a culture of doubt." -- Richard P. Feynman

[Narciso]

re sharyl atkinson

Another problem raised is that sources say they were told President Biden refused to allow declaration of a noncombatant evacuation operation (NEO). Such a designation, widely expected by those on the ground as Afghanistan fell, would have triggered a specific military and special operations response with an adequate number of U.S. troops heading to Kabul to assist in evacuations.
For example, 10,000 NEO troops, including U.S. forces from Kuwait, could have descended quickly upon Kabul. Some would have parachuted into Bagram air field, if allowed, to secure it and use it for evacuations.

like benghazi it didn't have to be this way

[MissMarple2]

Good morning!

[Len]

Good morning, MM, and welcome back!

[Narciso]

maybe this will work

https://tinyurl.com/2u9vzewr

[MissMarple2]

https://nypost.com/2021/10/07/plane-piloted-by-romanian-billionaire-crashes-in-italy/

The guy owned a bunch of big box stores.

[MissMarple2]

Going to watch War Room. Back later.

[Narciso]

we had a lively discussion over harry hopkins, back some years ago at the american thinker, pin, is john kerry a dupe or an active agent

https://redstate.com/joesquire/2021/10/07/what-if-the-biden-administrations-fbi-guidance-on-school-boards-is-just-like-the-osha-regulation-n453001

[Dave (in MA)]

Great to see you back, MM!

Rashida Tlaib (D-Hamas) only wears her mask when she wants to be seen wearing her mask.
https://twitter.com/DailyCaller/status/1446115742026387475

[Narciso]

then she steals your soul like a djinn, dave

[Old Lurker]

Narc. They are ALL active agents. Every single one of them. Unless you know one of them personally and can attest to their patriotism and honor, just assume they want to kill you and take all your stuff.

[Narciso]

the russians generally don't bother with a trial

https://twitter.com/leftyinvests/status/1445924896408629248

[Narciso]

so what of your feral neighbors and coworkers?

https://twitter.com/IngrahamAngle/status/1446079142399823875

[Narciso]

i had forgotten that bit of chum

https://thefederalist.com/2021/10/07/bidens-fake-oval-office-is-the-scandal-media-invented-about-trump/

in retrospect chauvin should had done like indy with the swordsmen,

[henry]

Keeping a stable currency? Why bother, we’ll do some made up nonsense instead.

@wsjecon

“Climate change could have profound consequences for the level, trend growth and variability of economic activity over time,” says Fed governor Lael Brainard

[Narciso]

honestly it's zombie land, either iteration,

[Narciso]

the journal and/or cnbc is full of koi food, more often then not henry,

[Narciso]

like the gong show at this point

https://twitter.com/JackPosobiec/status/1445863240861315075

[Narciso]

yep

https://www.frontpagemag.com/fpm/2021/10/lefts-anti-life-push-don-feder/

[Narciso]

well that's interesting,

https://alexberenson.substack.com/p/follow-the-money-i-mean-science/comments

[Narciso]

oh

https://twitter.com/CalFreiburger/status/1445952281548103684

[matt - deplore me if you must]

Hope you're feeling better MM!

Spent yesterday afternoon discussing supply chain issues in electronics mfg at a conference. Pretty crazy. Lots of raw materials come from China as well as finished product.

One company had to air freight 1Kg and 5Kg pails from Taiwan for their product. Ridiculously expensive, but any U.S. suppliers laughed because they are sold out as well. Plastic pails, for goodness sake!

My current project is an evaluation of re-shoring in electronics manufacturing. We may not have a choice. Chine supplies 50% of all global yellow phosphorus and has huge market share in a broad range of other products.

Between the internal issues and the political, it's become a complete mess.

[Narciso]

indeed

https://asiatimes.com/2021/10/green-bubbles-threaten-to-pop-stock-markets/?fbclid=IwAR37uBycWPq9dj4Sz4bxYJQS7EizBGodJM71f4sHyuE742svWPASVrce1mI

[Narciso]

yep

https://boriquagato.substack.com/p/peter-daszak-supervillain-origin

[Stephanie Nene Not Your Normal Granma]

A driver was stuck in a traffic jam on the highway outside Washington DC. Nothing was moving.
Suddenly, a man knocks on the window. The driver rolls down the window and asks, "What's going on?"
"Terrorists have kidnapped the entire US Congress, and they're asking for 100 million dollar ransom. Otherwise, they are going to douse them all in gasoline and set them on fire.
"We're going from car to car, collecting donations"
The driver asks "How much is everyone giving?"
The man replies, "Roughly a gallon"