Super Committee

[squerly]

Aside from being just a smaller version of our normal congress, what benefit do we get from having created them? If the larger group couldn't find any middle ground, how would a smaller version be any different? I'm so dissapointed with my government that I just don't know what to do.

 

[FrancSevin]

Aside from being just a smaller version of our normal congress, what benefit do we get from having created them? If the larger group couldn't find any middle ground, how would a smaller version be any different? I'm so dissapointed with my government that I just don't know what to do.

It was simply to kick the can down the road.

It allowed the Dems to walk out and blame the GOP.

It allowed the GOp to be stubborn and blame the Dems

It is what you do when you cannot lead because no one will follow your obvious path to ruin.

The good news, $1.2 trillionin automatic cuts,,,unless they change their mind and ignore the legislation they wrote.

 

[Cowboy]

Aside from being just a smaller version of our normal congress, what benefit do we get from having created them? If the larger group couldn't find any middle ground, how would a smaller version be any different? I'm so dissapointed with my government that I just don't know what to do.

I have a funny feeling the super committee was only created to fail, to stall things even more untill the next election.

Might not make sense, but I smell even more BS then I did before and it made no sense to me when it was created.

 

[Melensdad]

I am hoping for failure, I think it is the only way that the will make any actual cuts. To me that is actually SUCCESS. So their failure to come to a smoke and mirrors agreement is actually our success.

 

[grizzer]

EU has to buy its own bonds last week to fully fund the "bailout" program. Germany is saying print EU's & I'm out, dont print & kick out the dogs. Putin is waiting with a big ol russian bear hug to welcome the satellites back...

A market of all sellers & no buyers means you dowanna be the last one out...

Over here Bernake now owns more bonds than China...

Anybody sayin' hyperinflation plus liquidity markets locking up simultaneously???

A look over the horizon is not pretty.

 

[FrancSevin]

EU has to buy its own bonds last week to fully fund the "bailout" program. Germany is saying print EU's & I'm out, dont print & kick out the dogs. Putin is waiting with a big ol russian bear hug to welcome the satellites back...

A market of all sellers & no buyers means you dowanna be the last one out...

Over here Bernake now owns more bonds than China...

Anybody sayin' hyperinflation plus liquidity markets locking up simultaneously???

A look over the horizon is not pretty.

Monetizing the debt.??????????


We could trade maybe Bernake out for Tom Cruise.
Mission impossible

 

[grizzer]

Remember ALL the investment banks + GE have unlimited backstop at the Fed cash window when (not if) the EU bonds default.

Starting a nasty war is the fast way back to health.

 

[FrancSevin]

Remember ALL the investment banks + GE have unlimited backstop at the Fed cash window when (not if) the EU bonds default.

Starting a nasty war is the fast way back to health.

Not an encouraging scene certainly.

So we get into a war under Barry, the GOP takes the White House and years later it will be referred to as Newt's war. Just like when Nixon got hung with Nam.

Great.

 

[SShepherd]

Remember ALL the investment banks + GE have unlimited backstop at the Fed cash window when (not if) the EU bonds default.

Starting a nasty war is the fast way back to health.

i'm not sure our country has the same mentality they did in the 40's. I don't think people today would be able or willing to make the sacrafices .

I hope it doesn't come to that

 

[Doc]

When the super committee fails most of the cuts do not begin until Jan 2013. Plenty of time for the esteemed lawyers in congress to weasel their way out of some of the cuts.
However come Jan 1st 2012 taxes will go up for us all due to the super committee failure.

 

[squerly]

When the super committee fails most of the cuts do not begin until Jan 2013. Plenty of time for the esteemed lawyers in congress to weasel their way out of some of the cuts.
However come Jan 1st 2012 taxes will go up for us all due to the super committee failure.

Quit your bitchen Doc, the country's in debt and it's time you paid your fare share...

 

[SShepherd]

I just left some "fair share" in the american standard.......

 

[joec]

When the super committee fails most of the cuts do not begin until Jan 2013. Plenty of time for the esteemed lawyers in congress to weasel their way out of some of the cuts.
However come Jan 1st 2012 taxes will go up for us all due to the super committee failure.

Won't the tax increase be due to the Bush tax cuts finally running out do to the experation date on them?

 

[Cowboy]

I just left some "fair share" in the american standard.......

Nice of you Shep to give back what they have been giving us.

 

[squerly]

Won't the tax increase be due to the Bush tax cuts finally running out do to the experation date on them?

I know the post wasn’t addressed to me so if I’m out of line feel free to ignore me. IMHO, arguing the action (or lack of such) that brings a tax to realization is semantics. The result is a TAX, and Americans are already taxed to death because of the unconscionable and often self-serving actions of the officials that we no longer control.

 

[Adillo303]

The good news, $1.2 trillionin automatic cuts,,,unless they change their mind and ignore the legislation they wrote.

Ummm Well, they are already saying that they built it and they can unbuild it

http://www.ohiomm.com/blogs/blog_mass_destruction/2011/11/21/200-to-1/ID=16851/

Which says - in part.

If the Super Committee failed to come up with an agreement….which now is the case….a "trigger" was to be pulled which automatically began cutting defense and discretionary spending. Despite failure…I can almost guarantee readers that that trigger will not be pulled. Some Senate members have already said that they wouldn't have to abide by the trigger mechanism and suggested they could change any cuts to defense spending through a new congressional vote.

Here's Johnny Mac November 9th…

McCain said he would introduce and support a law to undo the Budget Control Act of 2011, which codified the deal to raise the debt ceiling.

"We'll do everything we can to prevent [the trigger] being implemented," McCain said. "You can't bind future Congresses."

So, there you have it. No deal. No action on the deficit. And that is just fine with me because we should not be cutting government spending anyway, if predictions of economic growth in the U.S for the next five years are anywhere near accurate.

So, there you have it. Let's summarize, Two, or was it three near miss Gov't shutdowns. A super committee that was to make budget cuts that can't do the job. Each party blaming the other, thereby proving that so far as our elected representatives are concerned, the party's needs outweigh the people's needs.

Anyone for some more rounds of the two party system?

How about a president that governs (rules) by executive order and ignores the constitution who cannot be removed because one house of the legislature is controlled by his party?

IMHO we need a third party.

 

[joec]

I know the post wasn’t addressed to me so if I’m out of line feel free to ignore me. IMHO, arguing the action (or lack of such) that brings a tax to realization is semantics. The result is a TAX, and Americans are already taxed to death because of the unconscionable and often self-serving actions of the officials that we no longer control.

Not out of line at all squerly. I don't agree we are over taxed at all but a different subject really. I'm curious what this super committee is there for as they sure won't make more jobs but looks like a lot more will be lost.

 

[Adillo303]

I was looking for this.

We contend that for a nation to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.

I found this.

You can always count on Americans to do the right thing—after they’ve tried everything else.

 

[Doc]

Won't the tax increase be due to the Bush tax cuts finally running out do to the experation date on them?

I don't know Joe. I heard on the news this morning that everyone's taxes will go up Jan 1st since the super committee did not come up with some other plan. Don't know if that is simply the Bush tax cuts expiring or spin on the part of the talking heads.

I do agree that the only way out of the mess we find ourselves in will mean we all have to pay out more in taxes. I'm worried that the idiots in Washington will simply keep spending like there is no tomorrow even with the new tax dollars they get.

 

[muleman]

" I'm worried that the idiots in Washington will simply keep spending like there is no tomorrow even with the new tax dollars they get."

You nailed it Doc. They need to be required to cut spending and apply any new tax income toward the deficit we already have. I can't earn squat on my savings but we as a nation are paying the Chinese and others big money for our debt. That needs to change.

 

[FrancSevin]

" I'm worried that the idiots in Washington will simply keep spending like there is no tomorrow even with the new tax dollars they get."

You nailed it Doc. They need to be required to cut spending and apply any new tax income toward the deficit we already have. I can't earn squat on my savings but we as a nation are paying the Chinese and others big money for our debt. That needs to change.

So long as we continue to feed the pig, it will pop new spending programs.

This failure will likely get us another downgrade. Interest rates on US bonds wil rise. Bernanke will print more ,,,,and the beat goes on.

The problems in Washington are not labeled with an "" or a "D" but with an "I."

Time to remove them all.

 

[JasonFontaine]

One thing good about "money"....it has no party affiliation - and it will correct this mess. Hopefully, the general public will waken by then - but I think it's too late. All these economists talk about markets.....numbers do have something else too....a ZERO. IF our political leaders don't get their act together - we may visit this number soon.....ALL POLITICIANS need to GO....