aceofspadeshq at gee mail.com
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cbd.aoshq at gee mail.com
Buck:
buck.throckmorton at protonmail.com
joe mannix:
mannix2024 at proton.me
MisHum:
petmorons at gee mail.com
J.J. Sefton:
sefton at cutjibnewsletter.com
THE MORNING RANT: How Can Higher Interest Rates Tame Inflation If Congress Keeps Its Foot on the Deficit Spending Gas Pedal?
Congress and the White House have put us into this inflationary nightmare with massive spending bill after massive spending bill. Of course, this being America in the 21st Century, we no longer expect elected officials to take actions to get us out of this mess. Everyone understands, for some inexplicable reason, that only unelected bureaucrats can make the decisions and take the actions necessary to fix the mess. Thus, our political class expects the Federal Reserve to save this country from an economic collapse.
It’s interesting to hear Bill Clinton’s former Treasury Secretary, Lawrence Summers, feeling liberated enough to confirm that there is a serious inflation problem. Most Democrats refuse to do so, lest it affect future opportunities for them to enrich themselves in government service.
That’s all well and good, so what does Mr. Summers propose? Larry Summers: Fed should impose 1 percent rate hike amid ‘serious inflation problem’ [NY Post – 9/14/2022]
Ex-Treasury Secretary Larry Summers suggested the Federal Reserve should consider a full-percentage-point rate hike after August’s inflation report came in worse than expected on Tuesday. The August Consumer Price Index showed an 8.3% spike for headline inflation and a 6.3% surge for core inflation, which excludes food and energy prices. Both numbers came in higher than expected, stoking fears that inflation is persistent despite the Fed’s policy-tightening efforts to date.“…despite the Fed’s policy-tightening efforts to date.” Hmmm. It’s almost as if the Federal reserve cannot tame inflation all by itself. Expecting higher interest rates alone to cure inflation when Congress won’t quit its reckless spending is like arguing that the Titanic could have been saved by bigger bilge pumps. Even more insulting is that Congress had the audacity to name its most recent omnibus, budget-busting, spend-a-palooza the “Inflation Reduction Act.” It includes half a trillion dollars in new deficit spending. The Fed can keep raising interest rates, but so long as the appropriations branch of government (Congress) believes that money is created by Congressional legislation, there is no level of interest rate hikes that will cure inflation. By the way, do you remember all those Republican “budget hawks” like Paul Ryan? Surely they are critical of this federal spending spree, and condemning all the trillion-dollar spending bills over the past couple of years, right?
Of course not. I can do an internet search and find plenty of instances where Ryan is badmouthing Trump and campaigning against “Trumpists,” but for some peculiar reason he seems to be giving Biden and the congressional Democrats a pass on all their spending.
But guess what he is still droning on about? Entitlements. (e.g. Social Security.) Paul Ryan reveals why entitlement programs need reform [Fox Business – 7/06/2022] The approximately $7 trillion of additional debt added since the Covid hysteria began is not due to increases to your grandmother’s monthly Social Security payment. But Ryan only wants to talk about cutting Social Security. “Budget Hawks” like Ryan caused so much damage to this country because they are false-flag economic conservatives who are really big-government, big-spending liberals. They wouldn’t take action to cut spending on liberal programs and agencies, because it was allegedly always too little to matter. Likewise, they didn’t stop spending increases on liberal programs either, because again, too little to matter. Other than conservative spending priorities, such as the border wall, budget hawks never seemed to oppose any spending increases. But by focusing on “entitlements” which would never be cut, they could pretend they were fiscally responsible while at the same time spending this country into the crisis that we’re in. (By the way, I am not stating that entitlements don’t need to be reformed. I will state, however, that entitlements will never be cut so long as other wasteful spending persists. No one is going to sit still for grandma’s social security to be cut while at the same time tens of billions of US tax dollars are being laundered through Ukraine, and while graduate students are having their student loans forgiven.)Dozens of U.S. House Democrats are calling on party leadership to renege on a deal made with U.S. Senator Joe Manchin to revise environmental permitting requirements for energy projects in return for his votes on key pieces of the Democrats' climate and tax agenda passed over the summer.So, Joe Manchin is now a complete and total pariah. He’s under attack by his fellow Democrats in Congress who used him and are now ready to dispose of him. And he’s also now loathed by West Virginians for betraying them and aiding in the Greens’ efforts to destroy his state’s coal and natural gas industry. Manchin will be up for re-election in 2024, at which time West Virginians will have the opportunity to replace him with a real conservative who will not betray them… …unless the Republican establishment rides to his rescue.
You have got to be kidding me. No, Newt, what conservatives in West Virginia don’t need is a semi-socialist, green-energy advocate representing them in the Senate, whether he has an “R” or a “D” by his name. Getting big-government, eco-leftists to change their party affiliation is not a political victory, especially in a deep-red state like West Virginia. Replacing big-government leftists with freedom-lovers who will protect America from the climate cult is the political victory that is attainable here.
Several of you mentioned this as an appropriate seasonal song. Much obliged. Have a great week! “Shine on Harvest Moon” – Leon Redbone
Comments
(Jump to bottom of comments)Posted by: Sponge - F*ck Joe Biden at September 19, 2022 11:00 AM (Zz0t1)
Posted by: Sponge - F*ck Joe Biden at September 19, 2022 11:00 AM (Zz0t1)
Posted by: Skip's phone at September 19, 2022 11:01 AM (z/qss)
Posted by: Quilter's Irish Death at September 19, 2022 11:01 AM (OgrpQ)
Posted by: Aetius451AD Work Laptop at September 19, 2022 11:02 AM (5r4XQ)
Posted by: REDACTED at September 19, 2022 11:03 AM (us2H3)
Posted by: sniffybigtoe at September 19, 2022 11:03 AM (Y5qcH)
It's like they're braindead, unintelligent assholes.
Posted by: Sponge - F*ck Joe Biden at September 19, 2022 11:03 AM (Zz0t1)
It's like they're braindead, unintelligent assholes.
Posted by: Sponge - F*ck Joe Biden at September 19, 2022 11:03 AM (Zz0t1)
Or that making things better is not their intention.
Posted by: Aetius451AD Work Laptop at September 19, 2022 11:04 AM (5r4XQ)
But, no, government loves the printing press because, magically, they can just create all the money they want and spend even more!
Keep on spending, and, when that credit card is maxed out, just vote another limit increase!
'merica!
Posted by: blake - semi lurker in marginal standing(5pTK/) at September 19, 2022 11:05 AM (5pTK/)
Posted by: BignJames at September 19, 2022 11:05 AM (AwYPR)
that will be spending with no possible stimulus
50% more than the defense budget
so, we got that going for us !
Posted by: REDACTED at September 19, 2022 11:05 AM (us2H3)
Posted by: Catherine at September 19, 2022 11:05 AM (ZSsrh)
THAT'LL fix shit.....
Fucking dumbass politician. Go away now.
Posted by: Sponge - F*ck Joe Biden at September 19, 2022 11:05 AM (Zz0t1)
---------
I'm old enough to remember when we couldn't afford to "build the dang wall" ...
Posted by: ShainS -- Go Galt or Go Rome at September 19, 2022 11:06 AM (jaAv+)
++++
It's a multi-dimensional problem. The Fed can't "tame inflation" with penny-ante rate hikes. It can't "tame inflation" with it's very slow disgorgement of its balance sheet. It can't "tame inflation" without Congress knocking back the deficit.
Does it need to fix all three? I don't know. That would be the fastest answer. The Fed is walking a tightrope in that it has to contain the inflation but it also doesn't want to crash the capital markets or wreck the federal government. Eventually the Fed is going to have to make the hard choice to either lose the currency or risk fiscal crisis and default at the federal government level.
Historically, the Fed has always chosen to defend the currency. It never chooses to do that on time, but it has always chosen to do so. I suspect they will again. One cure for high deficits is high interest. Just prepare for shouting.
Posted by: Joe Mannix (Not a cop!) at September 19, 2022 11:06 AM (t0OGg)
Posted by: Archer at September 19, 2022 11:06 AM (gmo/4)
Posted by: quantum mechanic at September 19, 2022 11:06 AM (g1EEm)
Or that making things better is not their intention.
Posted by: Aetius451AD Work Laptop at September 19, 2022 11:04 AM (5r4XQ)
You are likely more correct than I am.
Posted by: Sponge - F*ck Joe Biden at September 19, 2022 11:06 AM (Zz0t1)
Posted by: Kindltot at September 19, 2022 11:06 AM (xhaym)
++++
No one likes a traitor.
Posted by: Joe Mannix (Not a cop!) at September 19, 2022 11:07 AM (t0OGg)
Unfortunately we do not have a sane congress.
I wonder where the graph of interest payments crosses total tax revenue?
Posted by: CharlieBrown'sDildo at September 19, 2022 11:07 AM (XIJ/X)
Posted by: Alberta Oil Peon at September 19, 2022 11:07 AM (Ps/vQ)
Posted by: Joe Mannix (Not a cop!) at September 19, 2022 11:07 AM (t0OGg)
He's gambling on the short attention span and shorter memories of his constituents.
Posted by: CharlieBrown'sDildo at September 19, 2022 11:08 AM (XIJ/X)
Sorry. Not an entitlement. Bought and paid for at the point of a gun.
WIC, EBT, THOSE ARE ENTITLEMENTS.
Posted by: rickb223 at September 19, 2022 11:08 AM (Fm/a6)
Posted by: CharlieBrown'sDildo at September 19, 2022 11:07 AM (XIJ/X)
That's classified.
Posted by: sniffybigtoe at September 19, 2022 11:08 AM (Y5qcH)
I suggest "Killer Queen" or "Fat Bottom Girls"
Posted by: Kindltot at September 19, 2022 11:08 AM (xhaym)
Posted by: REDACTED at September 19, 2022 11:08 AM (us2H3)
Posted by: Anonosaurus Wrecks, Is this the real life? Is this just fantasy? at September 19, 2022 11:09 AM (FVME7)
---------------
It insures the Money Lenders rule the US. Duh.
Posted by: Puddinhead at September 19, 2022 11:09 AM (uia9V)
He's gambling on the short attention span and shorter memories of his constituents.
Posted by: CharlieBrown'sDildo at September 19, 2022 11:08 AM (XIJ/X)
SQUIRREL!!!
Posted by: Sponge - F*ck Joe Biden at September 19, 2022 11:09 AM (Zz0t1)
Posted by: kallisto at September 19, 2022 11:10 AM (dCxaZ)
Posted by: REDACTED at September 19, 2022 11:08 AM (us2H3)
She has a bright future assured as a concubine.
Posted by: Alberta Oil Peon at September 19, 2022 11:10 AM (Ps/vQ)
AOC: Governors Bussing Illegal Immigrants To Liberal Cities Are Committing “Crimes Against Humanity”…
Posted by: Anonosaurus Wrecks, Is this the real life? Is this just fantasy? at September 19, 2022 11:10 AM (FVME7)
I guess "I feel your pain" is so yesterday
Posted by: REDACTED at September 19, 2022 11:11 AM (us2H3)
Posted by: Anonosaurus Wrecks, Is this the real life? Is this just fantasy? at September 19, 2022 11:10 AM (FVME7)
------------
Hmm, is that a slam on the process or a slam on where the illegals wind up?
Posted by: blake - semi lurker in marginal standing(5pTK/) at September 19, 2022 11:12 AM (5pTK/)
"Many economists say so!"
- Joe Biden, Nancy Pelosi, and the rest of The Usual Suspects.
Posted by: Gref at September 19, 2022 11:12 AM (AMIL/)
Posted by: Catherine at September 19, 2022 11:05 AM (ZSsrh)
She also voted for the "send inflation to the moon" act...
Posted by: Nova local at September 19, 2022 11:13 AM (exHjb)
Posted by: Huck Follywood at September 19, 2022 11:13 AM (rxDDN)
Not that Mitch is a big win... but to lead all the committees, and such wouldn't be a total loss.
Posted by: Inogame, non alius regit at September 19, 2022 11:13 AM (53oGX)
Posted by: Joe Mannix (Not a cop!)
Have you looked at the currency lately? As bad a shape as we're in, every other country is doing so much worse. Take a trip to Europe if you want to get that sense of USD spending in a third-world country without the attendant risk.
We're still the prettiest girl at the ugly party, and I don't see that changing any time soon.
There's also a strong incentive for the Fed to inflate away the existing debt. Nothing like halving the balance sheet by halving the dollar, which we're well on the way to achieving.
Posted by: quantum mechanic at September 19, 2022 11:14 AM (g1EEm)
He's gambling on the short attention span and shorter memories of his constituents.
Posted by: CharlieBrown'sDildo at September 19, 2022 11:08 AM (XIJ/X)
-----------
for me, it reminds me just how dumb Ryan is, because if had any sense, he's avoid reminding people just how badly he stabbed his constituents in the back.
Posted by: blake - semi lurker in marginal standing(5pTK/) at September 19, 2022 11:14 AM (5pTK/)
Posted by: Catherine at September 19, 2022 11:14 AM (ZSsrh)
Next year he'll shoot a sheaf of papers nailed to a fence post and all will be forgiven.
Posted by: Oddbob at September 19, 2022 11:14 AM (nfrXX)
Posted by: REDACTED
How about, I really feel your pain?
Posted by: Bruce at September 19, 2022 11:14 AM (vd8XM)
Posted by: CharlieBrown'sDildo at September 19, 2022 11:07 AM (XIJ/X)
++++
In 2021, the US government brought in $4.05t in total revenue and spent $562.4b on interest, meaning that about 14% of total revenue was on interest. If interest rates double, it rises to 28%, assuming revenues are flat.
But we're in a recession and tax receipts will reflect that and we keep adding to the debt pile. As government debt gets priced out, the deficits will have to shrink while share of total revenue for interest continues to rise and refinancing gets more expensive. There are two ways out of that:
1. Cut spending. Actually. For real. Run a budget surplus for several years.
2. Try to fake it by selling treasuries directly to the Fed at below-market rate, contributing to inflation and requiring the Fed to spread more pain in government-sectors
I strongly suspect that something like door #2 will happen, albeit quietly.
Posted by: Joe Mannix (Not a cop!) at September 19, 2022 11:15 AM (t0OGg)
Posted by: Bulgaroctonus at September 19, 2022 11:15 AM (xgDP0)
Agree. Then, in 2024, tell him to suck it, and nominate someone else.
Posted by: Archimedes at September 19, 2022 11:16 AM (ayzS/)
Posted by: Huck Follywood at September 19, 2022 11:16 AM (rxDDN)
From the culture to abortion to the economy to spending to the border.
What's so pathetic is seeing them still repeating those lies like some sort of magic spell, completely obvious that most everyone sees the lie.
It's gonna be embarrassing as folks like Mitt in 2025 try to blather out the usual platitudes that used to work, only to blink in confusion at the laughter.
Posted by: People's Hippo Voice at September 19, 2022 11:17 AM (Zf0+a)
That might seem good for the debtor, and hence the game has spread to billionaires playing market games with huge leverage ... till the music stops and everyone tries to grab the one chair that was used as collateral 100 times over. (rehypothecation ... hypothetically having collateral, but not actually holding it, so the same collateral is used for ? 50 times more than its value) House of cards, as they say.
Posted by: illiniwek at September 19, 2022 11:17 AM (Cus5s)
Posted by: Anonosaurus Wrecks, Is this the real life? Is this just fantasy? at September 19, 2022 11:10 AM (FVME7)
So, she's admitting that no one should be subjected to living in blue shitholes?
Posted by: Sponge - F*ck Joe Biden at September 19, 2022 11:17 AM (Zz0t1)
Posted by: quantum mechanic at September 19, 2022 11:14 AM (g1EEm)
++++
Yes, this is true. The "cleanest dirty shirt" phenomenon, and it's real. There is another problem lurking around the bend, though, and it is related to what we've done to Russia in retaliation for the Ukraine invasion. It's no longer unthinkable to end-run the US Dollar for international settlements. It's barely even taboo now. If international settlements break away from the dollar, the dollar's support takes a major beating and a lot of bad shit surfaces.
Kicking Russia out of SWIFT and forcing major economic actors to use non-Dollar settlement might go down as the gravest mistake made in the entire postwar era. Time will tell on that.
And halving the dollar doesn't help so much when interest rates go up and you have a duration mismatch. The FedGov rolls over a lot of debt, and for the first time in around 30 years, it's going to be rolling it over at higher interest.
Posted by: Joe Mannix (Not a cop!) at September 19, 2022 11:18 AM (t0OGg)
Posted by: Sponge - F*ck Joe Biden at September 19, 2022 11:03 AM (Zz0t1)
^^You forgot "evil".
Posted by: Iris at September 19, 2022 11:19 AM (foa6+)
The difference between now and the past is that the takers now demand that other taxpayers cover any pain they might feel. Covid taught them that.
Posted by: Archimedes at September 19, 2022 11:19 AM (ayzS/)
^^You forgot "evil".
Posted by: Iris at September 19, 2022 11:19 AM (foa6+)
You're right. My bad.
Posted by: Sponge - F*ck Joe Biden at September 19, 2022 11:20 AM (Zz0t1)
Posted by: illiniwek at September 19, 2022 11:17 AM (Cus5s)
It's a little sneakier than that. The Fed buys US Treasury debt with printed money. It's not really "printed". It just didn't exist until the Fed puts it on their balance sheet. The Treasury pays the interest to the Fed like they would any bond holder.
Posted by: sniffybigtoe at September 19, 2022 11:20 AM (Y5qcH)
Posted by: quantum mechanic at September 19, 2022 11:14 AM (g1EEm)
I said years ago, I expected that to be the plan...but somehow, they'd have to restrain entitlements to not represent all that inflation so they didn't just leave themselves in almost as bad a spot...
Posted by: Nova local at September 19, 2022 11:20 AM (exHjb)
If you can't run this bitch on $4T, you're doing something terribly, terribly wrong.
Posted by: Sponge - F*ck Joe Biden at September 19, 2022 11:21 AM (Zz0t1)
Posted by: Chuck C at September 19, 2022 11:21 AM (xttsV)
Remember that attitude when the eeyores start bleating about how nothing ever changes and voting is pointless. 2016 showed us what's possible. 2020 was stolen. 2024 is going to be the reckoning.
Posted by: Archimedes at September 19, 2022 11:21 AM (ayzS/)
This is the genius of the Desantis move. They can't spin their way out of it. "MV is Auschwitz? The migrants are trash? Liberal cities are unlivable?" It all comes back to bite them in the ass.
Posted by: Halfhand at September 19, 2022 11:22 AM (HUopM)
Posted by: illiniwek
GFC all over again. Underneath all these models you'll find an assumption that default risk between different instruments is uncorrelated. Then the magic of diversification allows you to leverage up.
But it's self-defeating. If enough people exploit a strategy based on low-correlation, the amount of money behind that strategy guarantees those asset prices will be correlated in a crisis.
Posted by: quantum mechanic at September 19, 2022 11:22 AM (g1EEm)
Posted by: Chatterbox Mouse at September 19, 2022 11:22 AM (JkeTM)
Posted by: Archimedes at September 19, 2022 11:19 AM (ayzS/)
++++
We will see. This is, in my opinion, the biggest open question (financially, anyway) of our time. Will this time be different, or will the Fed eventually return to form, defend the currency, and damn the consequences on the capital markets and government finance? My bet - though it isn't strong - is on the Fed returning to form. It may well not, in which case we're in new territory.
Posted by: Joe Mannix (Not a cop!) at September 19, 2022 11:22 AM (t0OGg)
Not that Mitch is a big win... but to lead all the committees, and such wouldn't be a total loss.
Posted by: Inogame, non alius regit at September 19, 2022 11:13 AM (53oGX)
The Democrats have promised Manchin a continuing stream of big bucks in the future for all of his insane Democrat party-line votes.
If he switches parties or strays too far from the Democrat Party-line, the future payments will be canceled. This is why after saying no to the entire Build Back Better spend-a-palooza last summer he continued working with Schumer on a smaller spend-a-palooza. He no doubt worked a deal for future mega-mega-bucks by saying NO...well, OK, yes.
Posted by: Gref at September 19, 2022 11:23 AM (AMIL/)
Posted by: Sponge - F*ck Joe Biden at September 19, 2022 11:21 AM (Zz0t1)
---------------
Remember how much grief President Trump got when he questioned why we were sending so much money to people who hate us? Sort seems obvious that was a good place to start cutting spending.
Good times, good times.
Posted by: blake - semi lurker in marginal standing(5pTK/) at September 19, 2022 11:23 AM (5pTK/)
Posted by: OhNoNotTheBees at September 19, 2022 11:23 AM (HgyuS)
Graft gravy train wins every time!
Posted by: Tom C at September 19, 2022 11:23 AM (oXfO0)
idk, but the passing of money to the children seems to be popular and "legal". Or the spouse maybe, or those nice jobs with BigCorp after retirement. The bundles of cash in the freezer is probably not the way to go, but maybe if it goes to the kids it is fine, or in a nice Cayman Islands vault? ... probably many billions stolen by DC bureaucrats.
Posted by: illiniwek at September 19, 2022 11:24 AM (Cus5s)
Remember how much grief President Trump got when he questioned why we were sending so much money to people who hate us? Sort seems obvious that was a good place to start cutting spending.
Good times, good times.
Posted by: blake - semi lurker in marginal standing(5pTK/) at September 19, 2022 11:23 AM (5pTK/)
We should stop sending free money to EVERYONE outside of our borders. Period.
You want money? Provide us a good or service we can benefit from PAYING for.
Posted by: Sponge - F*ck Joe Biden at September 19, 2022 11:24 AM (Zz0t1)
You would think so but pretty much the definition of "Liberal" these days is the ability to stare reality in the face and say "Nahhh..."
Posted by: Oddbob at September 19, 2022 11:24 AM (nfrXX)
Oh, and this Texas Gov. Greg Abbott widens lead on Beto O'Rourke in new pollRepublican Gov. Greg Abbott has gained on Democrat Beto O’Rourke in the high-stakes race for Texas governor and now has a 9-point cushion, up from 7 points last month. Abbott’s recent flood of TV ads, which for weeks went unanswered, and voters’ slight rightward tilt on abortion, the border and crime may have helped the two-term incumbent build on a 46%-39% lead in August.
Damn Fear is winning. I can’t believe how screwed up Texas is.
I can't wait to ignore a Texan climate change migrant begging me for help.
Keep in mind this was a registered voter surveyFor some reason they haven’t transitioned to likely voter yet. That could change things. Lol...because likely voter polls so reliably shift in Democrat's favor!
They're not polling the young and newly registered voters!
Posted by: Intrepid Democratic Underground AoS Liaison at September 19, 2022 11:24 AM (JCZqz)
...or, they're doing it on purpose to destroy the USD and usher in the Globalist's Central Bank Digital Currency.
Posted by: DaveX64 - AWFLs smell like dryer sheets at September 19, 2022 11:25 AM (Pf/ob)
The stupid. It burns.
Posted by: Sponge - F*ck Joe Biden at September 19, 2022 11:26 AM (Zz0t1)
This is the most incredible thing about this to me. That the politicians can divorce themselves so completely from the wishes of the voters.
I mean, I am sure they didn't care always but they at least had to pretend to care to win elections.
Posted by: Dr. Claw at September 19, 2022 11:26 AM (a1ycR)
Posted by: BourbonChicken at September 19, 2022 11:26 AM (44ww/)
They're not polling the young and newly registered voters!
Posted by: Intrepid Democratic Underground AoS Liaison at September 19, 2022 11:24 AM (JCZqz)
---------------
Just how delusional does one have to be to think Beto has a chance in TX? Beto is a charlatan and not a particularly good one.
Posted by: blake - semi lurker in marginal standing(5pTK/) at September 19, 2022 11:28 AM (5pTK/)
Just how delusional does one have to be to think Beto has a chance in TX? Beto is a charlatan and not a particularly good one.
Posted by: blake - semi lurker in marginal standing(5pTK/) at September 19, 2022 11:28 AM (5pTK/)'
But he runs in 90 degree / 90% humidity in a button up cotton shirt!!!
Posted by: Sponge - F*ck Joe Biden at September 19, 2022 11:29 AM (Zz0t1)
Posted by: Anonosaurus Wrecks, Is this the real life? Is this just fantasy? at September 19, 2022 11:10 AM (FVME7)\
Fixed.
Posted by: Backwoods Guy at September 19, 2022 11:29 AM (aX0CW)
Posted by: Bulgaroctonus at September 19, 2022
***
Because you have a dim memory of going to the "cinema" to see "Sinatra"?
Posted by: Wolfus Aurelius at September 19, 2022 11:29 AM (J2vNu)
Posted by: Nova local at September 19, 2022 11:20 AM (exHjb)
---------
Haven't white people been historically entitled enough -- and isn't it time they be prohibited from receiving any more said "entitlements"?
Posted by: ShainS -- Go Galt or Go Rome at September 19, 2022 11:29 AM (jaAv+)
This is exactly the point. No one will support cutting entitlements until the gov't looks like it is serious about controlling spending. That means cutting the fat, no matter how irrelevant, and getting the illegals off of the current entitlement system. For one, that means cutting off immigrants' grandparents who get brought in and put onto the system.
Posted by: WiNO - Amish Vampires in Space at September 19, 2022 11:30 AM (EpDzw)
Lol. Don't hold your breath.
On second thought, do so.
Posted by: spindrift at September 19, 2022 11:30 AM (h5TKJ)
Posted by: ronalds545 at September 19, 2022 11:30 AM (eOx1O)
Posted by: Electric Vehicle Guy at September 19, 2022 11:30 AM (xttsV)
https://tinyurl.com/23eevk9c
Posted by: Gref at September 19, 2022 11:30 AM (AMIL/)
but all but a little (operating expenses mostly) of that interest goes back to the government. The Fed is the government, but it is controlled by the bankers.
Posted by: illiniwek at September 19, 2022 11:31 AM (Cus5s)
I had one of those lucid dreams that a few years ago a US president actually tried this and in the dream more people were working, wages went up and the good times rolled. Too bad it was just a dream. No sensible politician would try that.
Posted by: George V at September 19, 2022 11:31 AM (ugbqN)
Posted by: ronalds545 at September 19, 2022 11:30 AM (eOx1O)
And your employer matched that amount.
Posted by: Backwoods Guy at September 19, 2022 11:31 AM (aX0CW)
Posted by: BourbonChicken at September 19, 2022 11:31 AM (44ww/)
---------------
Must be a Martha's Vineyard DU commenter!
Posted by: andycanuck (yikp0) at September 19, 2022 11:31 AM (yikp0)
They can hate us for free. No need to pay them.
Posted by: rickb223 at September 19, 2022 11:31 AM (Fm/a6)
Posted by: Politicians Everywhere at September 19, 2022 11:32 AM (Y5qcH)
I strongly suspect that something like door #2 will happen, albeit quietly.
Posted by: Joe Mannix (Not a cop!) at September 19, 2022 11:15 AM (t0OGg)
================
Under the various QE plans, running at various times over the last ten or so years, the Fed creates reserves and then credits those reserves to member banks as a Fed deposit with the requirement the banks use the deposit to purchase Treasury debt. The Fed has also been buying agency securities (mortgage bonds mostly).
So the Fed and its member banks have been buying government bonds, as you describe, at rates set not by the market but (effectively) by the Fed. This Weimar-like policy was new under TFG's financial crisis and has continued ever since (as financial heroin is addictive).
Supposedly, this process is currently being reversed (to the tune of $95 billion per month, including sales of the Fed's directly owned mortgage agency security portfolio), but I doubt they really do it until after the election.
Posted by: Huck Follywood at September 19, 2022 11:32 AM (rxDDN)
Posted by: ronalds545
Yup, and far less that you would have gotten back had you invested the same money privately.
Posted by: quantum mechanic at September 19, 2022 11:33 AM (g1EEm)
They can hate us for free. No need to pay them.
Posted by: rickb223 at September 19, 2022 11:31 AM (Fm/a6)
Exactly.
Weapons manufacturing in terrorist countries would likely drop to zero. We're funding our own demise. It's really ridiculous.
Posted by: Sponge - F*ck Joe Biden at September 19, 2022 11:33 AM (Zz0t1)
Such hypocrisy.
As the head of the Church of England, she offered no help at all to Anglican ministers who were persecuted by their high command when they actually preached Scripture or even just alluded to it.
The music they *should* be using is some kind of symphonic tribute to reptilian shape-shifters.
Posted by: kallisto at September 19, 2022 11:33 AM (dCxaZ)
You know what you almost never hear from GOP pols any more? "Immigration reform", aka amnesty. Compare that to 2012.
Think Rubio would like a take-back on that one?
Posted by: Archimedes at September 19, 2022 11:33 AM (ayzS/)
Posted by: Joe Mannix (Not a cop!)
Unfortunately "form" during the past 20-30 years appears to have been hitting Main Street with the pain so Wall Street keeps its gains.
Ain't nobody talking about how to end that, or even start to make good for the abuses to date. Because the only way to get a lot of folks back on board is to show they aren't just going to get screwed so the rich can get richer.
...and I literally can't believe I'm typing this shit, because fifteen years ago I'd have dismissed it as Marxist claptrap, but you really can't ignore what's been going on once it's exposed plain as day.
Posted by: Brother Tim...as the man said, the die is cast at September 19, 2022 11:33 AM (OUMaO)
Posted by: Politicians Everywhere at September 19, 2022 11:32 AM (Y5qcH)
Inflation is like the mafia. You pay it off, it keeps coming back for more.
Posted by: Sponge - F*ck Joe Biden at September 19, 2022 11:33 AM (Zz0t1)
Fuck cutting grandma's SS. Cut WIC and EBT. They can work. Grandma has done worked all her life.
Posted by: rickb223 at September 19, 2022 11:33 AM (Fm/a6)
Posted by: Bulgaroctonus at September 19, 2022 11:33 AM (xgDP0)
Posted by: That NLurker guy at September 19, 2022 11:34 AM (eGTCV)
Somebody's gotta pay for all the takers.
Posted by: Archimedes at September 19, 2022 11:34 AM (ayzS/)
Posted by: Anonosaurus Wrecks, Is this the real life? Is this just fantasy? at September 19, 2022 11:10 AM (FVME7)
--------
Fentanyl (AKA Biden-by-Proxy and courtesy of Biden's paymasters in the CCP and Mexican Cartels) is now the leading cause of death nationally in young people ... I wonder if that's Committing a "Crime Against Humanity?"
Posted by: ShainS -- Go Galt or Go Rome at September 19, 2022 11:34 AM (jaAv+)
---------------
Must be a Martha's Vineyard DU commenter!
Posted by: andycanuck (yikp0) at September 19, 2022 11:31 AM (yikp0)
The only "climate change" scenario that would likely result in mass migration would be the return of the vast continental ice sheets. In which case, Texas would be on the receiving end of "climate migrants".
Posted by: Alberta Oil Peon at September 19, 2022 11:34 AM (Ps/vQ)
Posted by: kallisto at September 19, 2022 11:35 AM (dCxaZ)
Posted by: ronalds545
Yup, and far less that you would have gotten back had you invested the same money privately.
Posted by: quantum mechanic
Except we weren't allowed to. It was taken at gunpoint.
Posted by: rickb223 at September 19, 2022 11:35 AM (Fm/a6)
The only "climate change" scenario that would likely result in mass migration would be the return of the vast continental ice sheets. In which case, Texas would be on the receiving end of "climate migrants".
Posted by: Alberta Oil Peon at September 19, 2022 11:34 AM (Ps/vQ)
OOOH!!!!! I want a pet penguin!!!!
Posted by: Sponge - F*ck Joe Biden at September 19, 2022 11:35 AM (Zz0t1)
' he questioned why we were sending so much money to people who hate us?'
I'd extrapolate that to not spending any money on democrat constituencies or programs when we control the money.
Posted by: Dr. Claw at September 19, 2022 11:35 AM (a1ycR)
Sorry, you'll be waiting a while. I'm still on my deathbed pleading with the ER docs and nurses for something, anything, to combat C-19 and regretting not getting 'vaccinated' as I lay here gasping for breath.
Posted by: Count de Monet at September 19, 2022 11:35 AM (4I/2K)
Posted by: illiniwek at September 19, 2022 11:31 AM (Cus5s)
Yes, it's all one big circle jerk to confuse the public so they don't realize that the govt is printing away it's debt. As soon as you understand that debasing the currency is the plan, all the govts actions make a lot more sense.
It's also a lot easier to print money than to pass a tax. And it is a tax. Without representation.
Posted by: sniffybigtoe at September 19, 2022 11:36 AM (Y5qcH)
Posted by: rickb223 at September 19, 2022 11:33 AM (Fm/a6)
Welllllll, we can't have any of that shit, comrade.
Posted by: Mr Aspirin Factory at September 19, 2022 11:36 AM (W/9Bb)
Posted by: Archimedes at September 19, 2022 11:36 AM (ayzS/)
Posted by: That NLurker guy at September 19, 2022 11:34 AM (eGTCV)
---------
And more importantly, limiting the liberty, lives, and potential prosperity of the hated masses ...
Posted by: ShainS -- Go Galt or Go Rome at September 19, 2022 11:36 AM (jaAv+)
Posted by: ronalds545 at September 19, 2022 11:30 AM (eOx1O)
===================
Seriously? It's not an entitlement!
It's a Ponzi scheme.
Posted by: Huck Follywood at September 19, 2022 11:36 AM (rxDDN)
Posted by: Braenyard, _ want nuremberg trials? badger your congressman at September 19, 2022 11:36 AM (akfkg)
Kevin D. Williamson Joins The Dispatch
I guess National Review's checks from Google aren't clearing.
And there is a special membership offer from The Bulwark!
50% off if you are a pig-ignorant white rural resident who's probably addicted to drugs, and should move to a big city, so you'll learn some knowledge and some manners!
Subscribe today!
Posted by: The ARC of History! at September 19, 2022 11:37 AM (I2/tG)
I think some would argue that when they started a trillion a year in QE (not buyers of debt, just trillions on "Fed balance cheat sheet"). Or perhaps they failed with Nixon fully eliminating gold backing, or in the 30's when they confiscated private gold, or in 2013 when they set up the private banker control of currency (fed reserve).
Posted by: illiniwek at September 19, 2022 11:37 AM (Cus5s)
Nay, nay. It was a "contribution".
Posted by: Archimedes at September 19, 2022 11:36 AM (ayzS/)
It's your patriotic duty!!!
Posted by: Sponge - F*ck Joe Biden at September 19, 2022 11:37 AM (Zz0t1)
— George Carlin’s Indian Drill Sargeant
Posted by: Bulgaroctonus at September 19, 2022 11:33 AM (xgDP0)
Speaking of which, it is gloomy, blustery, and rainy here today. Not a day to be working outside in a T-shirt and cutoffs, like yesterday.
Posted by: Alberta Oil Peon at September 19, 2022 11:37 AM (Ps/vQ)
Posted by: Braenyard, _ want nuremberg trials? badger your congressman at September 19, 2022 11:36 AM (akfkg)
===========
Sure does. Monty had a technical term for it. If only I could remember....
Posted by: Huck Follywood at September 19, 2022 11:37 AM (rxDDN)
Posted by: Huck Follywood
They supposedly stopped increasing the Fed balance sheet in January. But they don't seem to be doing much to reduce it.
https://is.gd/2EHvbk
Posted by: quantum mechanic at September 19, 2022 11:38 AM (g1EEm)
Posted by: Romney/Ryan at September 19, 2022 11:38 AM (FjlUt)
Posted by: Huck Follywood at September 19, 2022 11:37 AM (rxDDN)
Skullduggery?
Posted by: Sponge - F*ck Joe Biden at September 19, 2022 11:38 AM (Zz0t1)
Posted by: Huck Follywood at September 19, 2022 11:32 AM (rxDDN)
++++
Winding down QE and selling off its balance sheet needs to happen, and happen faster. They could try to do both at once, in that they stop buying non-government securities, sell off non-government securities they bought during QE rounds, and keep buying government securities at sweetheart rates.
Deficits are inflationary, though, so to continue the war on inflation *while* helping the government deficit spend without going bankrupt, they will have to squeeze the non-government sector harder in direct proportion to the deficit.
Posted by: Joe Mannix (Not a cop!) at September 19, 2022 11:38 AM (t0OGg)
Speaking of which, it is gloomy, blustery, and rainy here today. Not a day to be working outside in a T-shirt and cutoffs, like yesterday.
Posted by: Alberta Oil Peon at September 19, 2022 11:37 AM (Ps/vQ)
Is it Canadian tuxedo day?
Posted by: Mr Aspirin Factory at September 19, 2022 11:39 AM (W/9Bb)
Posted by: Braenyard, _ want nuremberg trials? badger your congressman at September 19, 2022 11:39 AM (akfkg)
Posted by: ronalds545
Yup, and far less that you would have gotten back had you invested the same money privately.
Posted by: quantum mechanic
Except we weren't allowed to. It was taken at gunpoint.
Posted by: rickb223 at September 19, 2022 11:35 AM (Fm/a6)
Thus, it's truly just a tax, not a "savings account for retirement." Everyone's SS money has already been spent, so at this point, it's as much an entitlement as any other money transfer by the feds...just way more suckers paid that tax expecting something, which I guess it what people who pay increased gas taxes expecting roads to get fixed feel...
Posted by: Nova local at September 19, 2022 11:39 AM (exHjb)
Posted by: Sponge - F*ck Joe Biden at September 19, 2022 11:35 AM (Zz0t1)
sorry, polar bears ate 'em all. Moose out front shoulda told you.
Posted by: Alberta Oil Peon at September 19, 2022 11:39 AM (Ps/vQ)
2) until a villain has been afixed the blame, nothing happens. Russia, MAGA, hoarders and gougers, etc.
Conclusion: They will start a war as their final solution to inflation.
That's the ace they all sincerely believe they hold; FDR ended the Great Depression through war spending.
Posted by: People's Hippo Voice at September 19, 2022 11:39 AM (Zf0+a)
sorry, polar bears ate 'em all. Moose out front shoulda told you.
Posted by: Alberta Oil Peon at September 19, 2022 11:39 AM (Ps/vQ)
Shucks.
*bows head*
*kicks rock*
Posted by: Sponge - F*ck Joe Biden at September 19, 2022 11:40 AM (Zz0t1)
Posted by: Bulgaroctonus at September 19, 2022 11:40 AM (xgDP0)
Posted by: Nova local
We didn't pay it. It was taken. We had no choice.
Unlike WIC & EBT. They ain't paid shit into it.
Posted by: rickb223 at September 19, 2022 11:41 AM (Fm/a6)
Posted by: People's Hippo Voice at September 19, 2022 11:39 AM (Zf0+a)
After extending it for a few more years.
Posted by: Sponge - F*ck Joe Biden at September 19, 2022 11:41 AM (Zz0t1)
Posted by: Braenyard, _ want nuremberg trials? badger your congressman at September 19, 2022 11:41 AM (akfkg)
Posted by: Joe Mannix (Not a cop!) at September 19, 2022 11:38 AM (t0OGg)
================
Feature, not a bug
Posted by: Huck Follywood at September 19, 2022 11:41 AM (rxDDN)
Posted by: andycanuck (yikp0) at September 19, 2022 11:41 AM (yikp0)
One cure for high deficits is high interest. Just prepare for shouting.
Posted by: Joe Mannix
I initially read that as prepare for shooting.
Posted by: Bertram Cabot, Jr. at September 19, 2022 11:42 AM (63Dwl)
Another validation; whatever they say the opposite is true.
Posted by: Braenyard, _ want nuremberg trials? badger your congressman at September 19, 2022 11:41 AM (akfkg)
See: "The American Reinvestment and Recovery Act"
Posted by: Sponge - F*ck Joe Biden at September 19, 2022 11:42 AM (Zz0t1)
It's welfare and redistribution. They didn't want to call it that, but that's what it is. If it weren't, they wouldn't have a problem with me withdrawing from the program and investing the money myself.
Posted by: Archimedes at September 19, 2022 11:42 AM (ayzS/)
____________
End game of the Left: A new Constitution after the civil war. No 2A, all individual rights are granted by the federal government, abortion is a constitutional right, no right to private property, states are subordinate to federal authority in all respects.
Posted by: Adirondack Patriot at September 19, 2022 11:42 AM (lf83v)
Posted by: Puddinhead at September 19, 2022 11:43 AM (uia9V)
Too rich. The Jackasses brought an Irish guy Cosplaying as a Mexican girl to play for all the marbles.
Posted by: CZ=FNG, Free Republic of Florida at September 19, 2022 11:43 AM (MkuC5)
Posted by: Nova local
We didn't pay it. It was taken. We had no choice.
Unlike WIC & EBT. They ain't paid shit into it.
Posted by: rickb223 at September 19, 2022 11:41 AM (Fm/a6)
All taxes are taken. I'm betting people at the pump wish they could reject the gas tax in the price, too...
My dad taught me at an early age about the ponzi scheme of SS...and then did the US a favor by dying before he got a dime of it (now there's a sucktacular situation). But I knew as an 8 year old to put no reliance on fed gov ever paying me anything b/c anyone with any intellect could see how all the elderly entitlements were unsustainable long term in an era of declining birth rates and an aging population...
Posted by: Nova local at September 19, 2022 11:43 AM (exHjb)
Posted by: Moron Robbie - Don't insist that I accept what you are when you can't accept what you are at September 19, 2022 11:44 AM (6A8uw)
Posted by: Artie Earworm at September 19, 2022 11:44 AM (l3SW6)
Too rich. The Jackasses brought an Irish guy Cosplaying as a Mexican girl to play for all the marbles.
Posted by: CZ=FNG, Free Republic of Florida at September 19, 2022 11:43 AM (MkuC5)
It's hysterical to me that the media is trying so hard to make Beta a thing. "Beto SURGES to a statistical tie with Abbott!!!!"
Now they're admitting Abbott is blowing his doors off 2 months out.
Posted by: Sponge - F*ck Joe Biden at September 19, 2022 11:44 AM (Zz0t1)
Posted by: Bulgaroctonus at September 19, 2022 11:40 AM (xgDP0)
===================
DING! DING! DING!
Give that man a free copy of Joe Mannix's Collected Photo's and a bonus copy of a signed Daily Daddario for 2022, once TJM produces it.
Posted by: Huck Follywood at September 19, 2022 11:45 AM (rxDDN)
Posted by: kallisto at September 19, 2022 11:10 AM (dCxaZ)
I assume all Federal welfare payments will also increase 9% or more.
"Hey everyone, if we can get into America we will get an annual cost of living increase bigger than most dumb Americans. If we keep telling Biden we are poor, poor, poor! So always work for cash there! Let's go!"
Posted by: Gref at September 19, 2022 11:45 AM (AMIL/)
Posted by: Adirondack Patriot
They better win.
End game of the Right: New Constitution after CWII: No left/democrats.
Posted by: rickb223 at September 19, 2022 11:45 AM (Fm/a6)
Reductionism or something similar, but it wasn't that. Thanks in advance.
Posted by: Moron Robbie - Don't insist that I accept what you are when you can't accept what you are at September 19, 2022 11:45 AM (6A8uw)
Posted by: Artie Earworm at September 19, 2022 11:44 AM (l3SW6)
===============
Alien base.
Posted by: Huck Follywood at September 19, 2022 11:45 AM (rxDDN)
https://tinyurl.com/mr393ry9
Posted by: Archimedes at September 19, 2022 11:46 AM (ayzS/)
Posted by: JT at September 19, 2022 11:46 AM (T4tVD)
Posted by: Artie Earworm at September 19, 2022 11:44 AM (l3SW6)
I TOLD YOU!!!!!
Posted by: Don Lemon Talking About MH370 at September 19, 2022 11:46 AM (Zz0t1)
right, that allows a total commie government where they can own everything ... BUT the oligarchs are also busy extracting a lot of that wealth. So BigGov still provides, but those trillions went mostly to the richest (0.01%, or whatever).
All governments went with currency debasement, but we are still the reserve currency, and still have the BigMilitary to "persuade" people to keep it that way. (one rumor on Ghadaffi was his gold was going to back a gold standard currency, so he had to die).
And now we see the BRICS trying to mount a challenge ... not sure how that is going.
Posted by: illiniwek at September 19, 2022 11:46 AM (Cus5s)
Such hypocrisy.
As the head of the Church of England, she offered no help at all to Anglican ministers who were persecuted by their high command when they actually preached Scripture or even just alluded to it.
The music they *should* be using is some kind of symphonic tribute to reptilian shape-shifters.
yakety sax?
Posted by: kulak anachronda at September 19, 2022 11:46 AM (M0iUK)
Everybody has their hand out but no one wants to see their hand out eliminated which means it may come to fighting in the street.
AARP vs. BLM for the left overs.
Posted by: Hairyback Guy at September 19, 2022 11:46 AM (YScEb)
Posted by: illiniwek at September 19, 2022 11:46 AM (Cus5s)
*
People joke about "Made in China" for a very good reason. Folks forget that it's a communist hellhole.
Posted by: Moron Robbie - Don't insist that I accept what you are when you can't accept what you are at September 19, 2022 11:46 AM (6A8uw)
__________
There is water at the bottom of the ocean.
Under the water, carry the water.
Remove the water at the bottom of the ocean.
Posted by: David Byrne at September 19, 2022 11:47 AM (lf83v)
Get it while the getting's good.
Posted by: Martini Farmer at September 19, 2022 11:47 AM (BFigT)
Too rich. The Jackasses brought an Irish guy Cosplaying as a Mexican girl to play for all the marbles.
Posted by: CZ=FNG, Free Republic of Florida at September 19, 2022 11:43 AM (MkuC5)
It's hysterical to me that the media is trying so hard to make Beta a thing. "Beto SURGES to a statistical tie with Abbott!!!!"
Now they're admitting Abbott is blowing his doors off 2 months out.
Posted by: Sponge - F*ck Joe Biden at September 19, 2022 11:44 AM (Zz0t1)
It's almost as funny as the Jackasses bringing a Complete Halfwit Cosplaying as a Tough Black Lady to fight for the future of Florida.
Can't. Make. This. Up.
Posted by: CZ=FNG, Free Republic of Florida at September 19, 2022 11:47 AM (MkuC5)
Posted by: Sponge - F*ck Joe Biden at September 19, 2022 11:42 AM (Zz0t1)
Which featured a logo ... with mismatched gears that don't mesh. I suppose that was an unwittingly accurate representation.
Posted by: spindrift at September 19, 2022 11:47 AM (h5TKJ)
Posted by: Coki at September 19, 2022 11:47 AM (dTzB3)
---
We have, in this country, socialism for the top-- their losses are socialized via public bailouts, their gains are private.
And for the rest, our gains are socialized via higher and more taxes while our losses are private--no bailouts or otherwise.
Posted by: People's Hippo Voice at September 19, 2022 11:47 AM (Zf0+a)
*
Yep.
If you haven't read about color revolutions yet, you're about three years behind. Create internal strife using state actors that can be called up at will, collapse faith in elections, collapse the economy...
Posted by: Moron Robbie - Don't insist that I accept what you are when you can't accept what you are at September 19, 2022 11:48 AM (6A8uw)
A real conservative like his gun grabbing fellow senator from W Virginia?
Posted by: Thomas Paine at September 19, 2022 11:48 AM (lTGtQ)
--------------
So what are they gonna call BRICS currency?
Posted by: Puddinhead at September 19, 2022 11:48 AM (uia9V)
Posted by: illiniwek at September 19, 2022 11:46 AM (Cus5s)
++++
I missed that. If the Fed chief is saying that, it means that the US Dollar is not the reserve currency anymore. Forcing Russia to settle in non-dollar terms has forced that issue. What *will* be used for international settlements is not known (China, Russia, India, Saudi Arabia and others are still bickering about how to handle it), but it will be.
Posted by: Joe Mannix (Not a cop!) at September 19, 2022 11:49 AM (t0OGg)
Posted by: andycanuck (yikp0) at September 19, 2022 11:49 AM (yikp0)
Posted by: illiniwek at September 19, 2022 11:46 AM (Cus5s)
I think the BRICS stand a pretty good chance. Their debts/GDP are still pretty low. And they still make things, so their economies still produce tangible goods.
Posted by: sniffybigtoe at September 19, 2022 11:50 AM (Y5qcH)
It's almost as funny as the Jackasses bringing a Complete Halfwit Cosplaying as a Tough Black Lady to fight for the future of Florida.
Can't. Make. This. Up.
Posted by: CZ=FNG, Free Republic of Florida at September 19, 2022 11:47 AM (MkuC5)
Hey! What's your problem bud!!???
Posted by: Stacy "eternal hunger" Abrams at September 19, 2022 11:50 AM (Zz0t1)
Posted by: Puddinhead at September 19, 2022 11:48 AM (uia9V)
++++
Renminbi, Rupee, Ruble, Riyal, etc. and possibly in combination. The IMF has been trying to position the "Special Drawing Right" - SDR - which is a proxy currency composed of various real currencies for that purpose for some time.
Posted by: Joe Mannix (Not a cop!) at September 19, 2022 11:51 AM (t0OGg)
---------------------
Ru-uan-pee.
Who cares about Brazil?
Posted by: andycanuck (yikp0) at September 19, 2022 11:51 AM (yikp0)
Posted by: Coki at September 19, 2022 11:47 AM (dTzB3)
---------
Reminds me of the old Steven Wright comedy observation: if you're traveling at the speed of light, and you turn your headlights on, what happens?
Posted by: ShainS -- Go Galt or Go Rome at September 19, 2022 11:51 AM (wCKFe)
Posted by: Sponge - F*ck Joe Biden at September 19, 2022 11:52 AM (Zz0t1)
The same logic that Roberts allowed over socialized medicine.
Posted by: Thomas Paine at September 19, 2022 11:52 AM (lTGtQ)
Posted by: kulak anachronda at September 19, 2022 11:46 AM (M0iUK)
Yes, with Sir Benny of Hill leading the procession
Posted by: kallisto at September 19, 2022 11:52 AM (dCxaZ)
Now they're admitting Abbott is blowing his doors off 2 months out.
Posted by: Sponge
Oh noes! Pancho Vanilla is losing his ass!
Posted by: rickb223 at September 19, 2022 11:52 AM (Fm/a6)
Posted by: Moron Robbie - Don't insist that I accept what you are when you can't accept what you are at September 19, 2022 11:52 AM (6A8uw)
This is a tell that we're going to hit some sort of political phase change soon, in terms of how much boot they intend to apply to our faces. They don't need Manchin anymore and can't help mocking him publicly to let everyone know it.
Posted by: somedood at September 19, 2022 11:52 AM (qFRAe)
---------------------
Aren't you supposed to go backwards or slow down if you do that?
Posted by: andycanuck (yikp0) at September 19, 2022 11:53 AM (yikp0)
*
It's like an A-10 Warthog firing off the cannon.
Posted by: Moron Robbie - Don't insist that I accept what you are when you can't accept what you are at September 19, 2022 11:53 AM (6A8uw)
Posted by: Bertram Cabot, Jr. at September 19, 2022 11:53 AM (63Dwl)
Posted by: Puddinhead at September 19, 2022 11:53 AM (uia9V)
Jasmin, I don't think you're from around here.
Posted by: Moron Robbie - Don't insist that I accept what you are when you can't accept what you are at September 19, 2022 11:52 AM (6A8uw)
Her name is Bob and she's there to fix your computer.
Posted by: Sponge - F*ck Joe Biden at September 19, 2022 11:53 AM (Zz0t1)
Posted by: sniffybigtoe at September 19, 2022 11:53 AM (Y5qcH)
heh ... except they are takers of all entitlements, and depress wages for the working class to the extent they are working. But if high legal immigration was properly run, instead of illegals being run by cartels, enemy nations, and criminals in DC ... It Could help to have more productive workers.
Posted by: illiniwek at September 19, 2022 11:54 AM (Cus5s)
------------------
But you have to give them gold!
Posted by: andycanuck (yikp0) at September 19, 2022 11:54 AM (yikp0)
Aren't you supposed to go backwards or slow down if you do that?
Posted by: andycanuck (yikp0) at September 19, 2022 11:53 AM (yikp0)
You'd just be turning on your reverse lights and seeing where you've been 5 minutes later.
Posted by: Sponge - F*ck Joe Biden at September 19, 2022 11:54 AM (Zz0t1)
Trump spent trillions as well on Covid bullshit, lest we all forget.
Posted by: Joe XiDen at September 19, 2022 11:54 AM (OalnH)
Posted by: Zek at September 19, 2022 11:55 AM (OzNIz)
Higher interest means higher interest on the National Debt. Which means MORE government debt. Which will lead to the Fed Res Board Printing more money, to cover said debt. Which leads to inflation.
Currently the Fed Res Board Balance sheet is well above $8 Trillion dollars. That is a 4.5 Trillion increase in 2.5 years. Note, it was less than 1 Trillion in 2008, before they decided to 'save' the economy.
Also note that total government spending, at all levels (Local, State, Fed) now makes up 40% of GDP (Yeah, surprised me too).
Posted by: Romeo13 at September 19, 2022 11:56 AM (oHd/0)
Posted by: ronalds545
Yes. In English the word implies that this money is something to which you are entitled. Despite it being lately redefined as a slur, that's really what it is, in the actual dictionary.
Posted by: Taqiyyologist, Rickrolled by Jesus at September 19, 2022 11:56 AM (M9XmQ)
Also the Martha's Vineyard approach to illegals.
Posted by: Moron Robbie - Don't insist that I accept what you are when you can't accept what you are at September 19, 2022 11:56 AM (6A8uw)
Posted by: andycanuck (yikp0) at September 19, 2022 11:57 AM (yikp0)
Posted by: illiniwe
The only one of the BRICS that can do it is C. Which (to me) means it is doomed. Who is going to park their money where the CCP can steal it any time they choose, no recourse?
Chinese don't leave their money in China.
Posted by: quantum mechanic at September 19, 2022 11:57 AM (g1EEm)
Clearly you've never seen Schumer when he sees a microphone.
Posted by: Archimedes at September 19, 2022 11:57 AM (ayzS/)
"So, our ships travel faster than light, but our weapons are slower than light, right?"
"Yes, and?"
"We shot ourselves down!"
Posted by: Lance McCormick at September 19, 2022 11:58 AM (l8gTz)
Posted by: illiniwek at September 19, 2022 11:54 AM (Cus5s)
The unexpected result of Roe, writ large.
Roosevelt's actuaries never dreamed we'd just flush dang near 80 million future tax payers down the toilet.
I would have loved to have been in the room when they finally figgered it out. Musta been shoes and socks all over the place.
Posted by: CZ=FNG, Free Republic of Florida at September 19, 2022 11:58 AM (MkuC5)
Posted by: bear with asymmetrical balls at September 19, 2022 11:58 AM (2gbgu)
Posted by: G'rump928(c) at September 19, 2022 11:59 AM (6RVJj)
I have no clue on the math, but they say the universe expansion is accelerating, so a 13 billion year old universe is actually 40 billion light years wide, and growing? (made up numbers). So it would seem the reference frame for speed of light is ... beyond me, but they say at some point the light from that outer limit will never reach back to earth ... which implies to me .. that matter is going faster than light?
Posted by: illiniwek at September 19, 2022 11:59 AM (Cus5s)
Posted by: illiniwek
Sort of. What's actually happening is "new" space is being created at a rate faster than light can traverse.
Posted by: quantum mechanic at September 19, 2022 12:01 PM (g1EEm)
Now they're admitting Abbott is blowing his doors off 2 months out.
Posted by: Sponge
The Cultists do this everywhere. I saw a tweet from a Dem group the other day about the "tight" Florida Senate race. Now, I'm not a fan of Little Marco, but he's going to win by double digits.
Some people just need to put down the Kool-Aid.
Posted by: Wally at September 19, 2022 12:01 PM (FJYfm)
Posted by: Joe XiDen at September 19, 2022 12:01 PM (OalnH)
That's certainly true with the tepid interest rate increases we've seen so far. Small increases like these make additional lending marginally less likely, which in theory decreases the rate of increase in inflation.
Where raising interests rates is helpful, is when they're high enough to force defaults, clearing false debt/value from the system. But most people don't want to abandon the lie that they have 'wealth', so we continue with rinky dink non solutions while the problem metastisizes.
Posted by: Methos at September 19, 2022 12:01 PM (kOpft)
IIRC, the explanation is that the edge of the universe isn't going faster than the speed of light, it's that the entire universe is expanding. Mind blown!
Posted by: Archimedes at September 19, 2022 12:01 PM (ayzS/)
Higher interest means higher interest on the National Debt. Which means MORE government debt. Which will lead to the Fed Res Board Printing more money, to cover said debt. Which leads to inflation.
Posted by: Romeo13 at September 19, 2022 11:56 AM (oHd/0)
Yeah we're stuck between a rock and a hard place.
Posted by: Someguy's at September 19, 2022 12:01 PM (VPWcH)
Posted by: Romney/Ryan at September 19, 2022 11:38 AM (FjlUt)
With any luck, you'll get to test your skills too.
Posted by: Buddy at September 19, 2022 12:02 PM (FCbAQ)
Posted by: Puddinhead at September 19, 2022 12:02 PM (uia9V)
Kind of? If I can't turn down participation in the program, it's welfare. Period. Full stop.
Posted by: Archimedes at September 19, 2022 12:02 PM (ayzS/)
Posted by: SFGoth at September 19, 2022 12:02 PM (KAi1n)
Posted by: sniffybigtoe at September 19, 2022 11:53 AM (Y5qcH)
Unless you have a way to decrease the mass - The Heechee.
Posted by: G'rump928(c) at September 19, 2022 12:02 PM (6RVJj)
Paul Ryan can go fuck himself with a piledriver and 20 feet of wrought iron iron fence.
And no lube.
Posted by: Rodrigo Borgia at September 19, 2022 12:03 PM (bW8dp)
Some people just need to put down the Kool-Aid.
Posted by: Wally at September 19, 2022 12:01 PM (FJYfm)
It’s done on our side too. There is always some random poll showing the Republican in Colorado or Oregon or other deep blue state within 4. And peeps on our side get all excited. And then the Dem wins by the usual 12.
Posted by: Joe XiDen at September 19, 2022 12:03 PM (OalnH)
Manchin agreed to this as part of his deal with Schumer and Biden. Schumer reneging is for show. Now Manchin can say, "I only voted for A because I was promised B! My motives were pure, voters!"
Have the Democrats EVER honored a pledge to a Democrat or Republican to vote for something, after they pass the bill they want?
Posted by: Gref at September 19, 2022 12:03 PM (AMIL/)
Posted by: quantum mechanic at September 19, 2022 12:03 PM (g1EEm)
Well. They have converged.
Posted by: Dr. Claw at September 19, 2022 12:03 PM (a1ycR)
Makes it easier to keep the plebes in line.
"Nice bank balance you have there. Be a shame if anything happened to it "
Posted by: Just Lily at September 19, 2022 12:03 PM (xdYkC)
Posted by: SFGoth at September 19, 2022 12:02 PM (KAi1n)
Well, Pink Floyd DOES suck, so it's not a shock, really.
Posted by: Sponge - F*ck Joe Biden at September 19, 2022 12:04 PM (Zz0t1)
*
He was awesome. He negotiated to potentially possibly maybe prevent the federal government from spending an additional $5B over the course of ten years at the same time the feds were dumping $82B into the economy every month.
WINNING!!!
Posted by: Moron Robbie - Don't insist that I accept what you are when you can't accept what you are at September 19, 2022 12:04 PM (6A8uw)
https://tinyurl.com/j7rf668r
"the platforms are not newspapers. Their censorship is not speech"
Posted by: kallisto at September 19, 2022 12:04 PM (dCxaZ)
Posted by: People's Hippo Voice at September 19, 2022 11:39 AM (Zf0+a)
---------------------------
The war ended FDR and all of his boondoggle spending programs.
Posted by: Braenyard, _ want nuremberg trials? badger your congressman at September 19, 2022 12:04 PM (akfkg)
Posted by: andycanuck (yikp0) at September 19, 2022 12:04 PM (yikp0)
Posted by: G'rump928(c) at September 19, 2022 12:05 PM (6RVJj)
Did Biden fill his Depends?
Posted by: JoeF. at September 19, 2022 12:05 PM (mR6Gs)
Posted by: Sponge - F*ck Joe Biden at September 19, 2022 12:05 PM (Zz0t1)
Not a lot of casualties, but I feel better.
Posted by: Diogenes at September 19, 2022 12:06 PM (anj39)
Posted by: Joe XiDen at September 19, 2022 12:06 PM (OalnH)
Posted by: Mr Aspirin Factory at September 19, 2022 12:06 PM (W/9Bb)
Posted by: illiniwek at September 19, 2022 12:06 PM (Cus5s)
Posted by: Polio at September 19, 2022 12:07 PM (yikp0)
Most welfare is run by states (although with a lot of federal money).
But yeah, that will be going up too, of course.
So will the pay of bureaucrats.
At least the welfare recipients don't do all that much. We're paying the bureaucrats to be actively harmful.
Posted by: Rodrigo Borgia at September 19, 2022 12:07 PM (bW8dp)
Entitlements aren't just Social Security. They invent new entitlements all of the time. This bullshit about threatening to cut SSI is made to deceive you and ignore the trillions spent on handouts to foreign countries, drug addicts, illegal aliens, perverts, single mothers, early pensioners, utility assistance, etc. Not just one program to support welfare queens, but all kinds of programs and new entitlement upon new entitlement layer after layer like annual rings on a tree, they just keep adding on.
Its like when they spend billions to build a new public latrine for the drug addicts (aka "public library") but threaten to cut fire and police the instance anyone whines about the increased tax levies. They hate you and will lie to you to steal as much liberty and property as you will allow them to seize.
Posted by: Reuben Hick at September 19, 2022 12:07 PM (3hSHB)
Posted by: BourbonChicken at September 19, 2022 12:08 PM (44ww/)
Posted by: kallisto at September 19, 2022 12:08 PM (dCxaZ)
Posted by: G'rump928(c)
What if CAT was spelled D-O-G?
Posted by: Ogre at September 19, 2022 12:08 PM (KAi1n)
Posted by: andycanuck (yikp0) at September 19, 2022 12:09 PM (yikp0)
Posted by: Forrest gump at September 19, 2022 12:09 PM (JYm14)
It will be an embarrassment for Texas if he finishes within 20 points. Which he will. Because Houston, Dallas, and Austin are filled with stupid people.
Posted by: Oddbob at September 19, 2022 12:11 PM (nfrXX)
Posted by: G'rump928(c) at September 19, 2022 11:59 AM (6RVJj)
Zappa was always a bit too much for me, but there are no words to describe how good the Mothers of Invention were, purely as musicians. Them guys could count.
The Black Page
https://tinyurl.com/29wxb2rh
Posted by: CZ=FNG, Free Republic of Florida at September 19, 2022 12:13 PM (MkuC5)
Clearly you've never seen Schumer when he sees a microphone.
Posted by: Archimedes at September 19, 2022 11:57 AM (ayzS/)
I worked in the NY TV media for many years and we often said that the most dangerous place to be standing was between Schumer and a microphone or a camera.
Posted by: thatcrazyjerseyguy now with twice the crazy at September 19, 2022 12:14 PM (Zvtjl)
Posted by: me at September 19, 2022 12:14 PM (9p+wn)
Posted by: Methos at September 19, 2022 12:01 PM (kOpft)
Problem is the real debtor that has all that 'bad debt'? The stuff that will never be repaid? Is the US Government. And the Fed currently has over $5 Trillion in US Gov Debt, sitting on its balance sheet.
You won't stop government spending by raising interest rates... they don't care about debt.
Posted by: Romeo13 at September 19, 2022 12:17 PM (oHd/0)
With the increase in interest rates, the citizens and businesses will be forced to reduce their consumption of the limited resources. My house has already lost a significant amount of value due to the increases in interest rates. It is as it should be.
Also note, that the increased interest rates will eventually limit the federal government spending, as payments on the debt will become too much burden to continue borrowing and having to float that debt on higher interest rates.
Posted by: astonerii at September 19, 2022 12:17 PM (VcZlJ)
Posted by: astonerii at September 19, 2022 12:17 PM (VcZlJ)
Sorry, but Politicians are so short sighted, that they do not CARE about the debt. We've been warning about Gov Debt since PEROT... and the last two administrations have just spent trillions, AND CONTINUE TO SPEND.
Exhibit 1? The Inflation reduction act, WHIICH SPENDS TRILLIONS OF DOLLARS THEY DON"T HAVE.
Posted by: Romeo13 at September 19, 2022 12:21 PM (oHd/0)
Posted by: quantum mechanic
that is why I mention the frame of reference (not that I understand the real jargon at all). But relative to earth, the items in the "new space frontier" are moving away faster than the speed of light. ... It must all be relative, somehow.
Posted by: illiniwek at September 19, 2022 12:23 PM (Cus5s)
Posted by: Pork Chops & Bacons at September 19, 2022 12:23 PM (BdMk6)
Almost as if that’s the plan.
Posted by: Justin Castreau at September 19, 2022 12:29 PM (ai2Yq)
Posted by: Sock Monkey * Ungovernable at September 19, 2022 12:35 PM (tm+h+)
That's like saying "I have a $30,000 college loan that I can't repay." "OK, here's $30 to help you repay it -- oh, and it will come to you in $3 increments over the next ten years."
Posted by: LCMS Rulz! at September 19, 2022 12:46 PM (K58O6)
Posted by: Captain Josepha Sabin -- I wasn't particularly fond of the '70s the first time around at September 19, 2022 01:00 PM (9SjWf)
Another anomaly that Speckin found in Maricopa Co dealt with batches that went almost entirely for one candidate. Speckin found 61 batches each containing 200 ballots that were presented that had 0ver 90% of votes cast for a specific candidate. In analyzing these batches, it was determined that 58 of the 61 had votes favoring Joe Biden by 90% or more and only 3 favoring Donald Trump by 90% or more. This would mean that these combined batches went approximately 11,600 Biden to 600 Trump.
Posted by: rhennigantx at September 19, 2022 01:09 PM (BRHaw)
Wow, I remember a Dude that said we are not getting their best.
Ha, we are getting their best, their best criminals!
Posted by: rhennigantx at September 19, 2022 01:20 PM (BRHaw)
*
I SUPPORT THIS!
- Paul Ryan, Budget Hawk Republican
Posted by: Moron Robbie - Don't insist that I accept what you are when you can't accept what you are at September 19, 2022 01:29 PM (6A8uw)
Posted by: insurgens ad opus at September 19, 2022 01:46 PM (fwGTs)
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Posted by: Sarah at September 19, 2022 02:26 PM (yLvq8)
Posted by: Sock Monkey * Ungovernable at September 19, 2022 12:35 PM
With them, we'd probably be double screwed.
Posted by: Duncanthrax at September 19, 2022 05:17 PM (a3Q+t)
Do you really think the Demorats don't do this intentionally?
Posted by: Obama's boyfriend at September 19, 2022 06:31 PM (EcD5Y)
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Making money online is more than $15k just by doing simple work from home. I received $18376 last month. It's an easy and simple job to do and its earnings are much better than regular office jobs and even a little child can do this and earn money. Everybody must try this job by just use the info on this page..... www.worksful.com
Posted by: Anna Garrett at September 20, 2022 05:05 AM (4/1lO)
Basically, the Fed can no longer do what it wants to fight inflation - hike interest rates to a level that would have an effect - because the cost to service the debt would consume the entire federal budget.
Posted by: Callawyn at September 20, 2022 05:11 AM (sKM7R)
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Posted by: Sarah at September 20, 2022 09:00 AM (8OyKe)
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