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orange
08-01-2011, 09:38 PM
Quick summary of the Budget Control Act

...

Senate budget resolution deemed

The Senate, which has not passed a budget resolution in two years, will be “deemed” to have passed a budget resolution for this year and next year. In other words, for the purpose of budget points of order on the Senate floor, it will be as if the Senate had done a budget resolution. This will apply to both FY12 (this year) and FY13 (next year), meaning there will be no pressure for the Senate to consider a budget resolution on the floor before 2013.


http://keithhennessey.com/2011/08/01/bca-summary/

http://rlv.zcache.com/demon_pass_anti_obamacare_button-p145203844344677200t5sj_400.jpg


:doh!: ROFLLMAO:LOL:LMAOROFL :p

Saul Good
08-01-2011, 09:40 PM
Good work, guys. Go ahead and vote yourselves raises. While you're at it, go ahead and "deem" your approval levels into double digits.

RaiderH8r
08-02-2011, 11:50 AM
The urge to move towards 2 year budget cycles has been circulating for awhile. This economy and budget is so big that it is difficult trending towards impossible to pass all 13 approps bills before Oct. 1 each year. So that's not new and there's an argument to be made for it and an appropriate debate should be had.

However, what is being done here is bs.

vailpass
08-02-2011, 01:10 PM
:shake:

Ace Gunner
08-02-2011, 01:55 PM
End discussion. Next up, winning the war on Terror.

BucEyedPea
08-02-2011, 02:25 PM
End discussion. Next up, winning the war on Terror.

The war that will never end.

Dayze
08-02-2011, 02:47 PM
The war that will never end.

ok, the War on Drugs then.
;)

patteeu
08-02-2011, 02:50 PM
The war that will never end.

Why wouldn't it? I'm sure there were people thinking the Cold War would never end too, but it's been over for over 20 years now.

Stewie
08-02-2011, 02:52 PM
OK. You just put another $2+ trillion burden on the young people of this country, and you elected officials applauded? The markets don't believe your bullshit. How do you sleep at night? This is a fucking travesty.

BucEyedPea
08-02-2011, 02:59 PM
ok, the War on Drugs then.
;)
War on Poverty
War on Drugs
War on Terror


All are rhetorical wars and none have ended.

Dayze
08-02-2011, 03:01 PM
War on Poverty
War on Drugs
War on Terror


All are rhetorical wars and none have ended.

yeah, that was my point. :thumb:

Stewie
08-02-2011, 03:22 PM
Gregg Easterbrook: The phony-as-a-three-dollar-bill debt deal


By Gregg Easterbrook
for Reuters

Maybe Washington can start paying invoices with $3 bills -- because the "dramatic" agreement to "reduce the national debt" is as phony as a three-dollar bill.


Weeks of nearly round-the-clock negotiations among the White House, House and Senate have led to an "historic" debt deal that consists almost entirely of fluff, doublespeak, and empty promises.


The politicians involved get to claim victory, and presumably will be rewarded with votes and campaign donations from the special-interest groups that, pretty much across the board, were spared any pain. Young people of the United States once again are hammered. If the deal becomes law, the national debt will rise again dramatically, while there's no guarantee any cut will materialize -- and the bill for this recklessness will be passed along to those under age 30.


Consider:


-- The closest thing to a tangible "saving" in the agreement is $1 trillion in caps on discretionary programs, spread over 10 years. The new national-debt ceiling allows borrowing to rise by $2.4 trillion, with a plan to pay back less than half that amount over 10 years


Get it? A huge surge in spending now is called a "spending cut," while actual cuts don't take effect for up to a decade. And that's setting aside that inflation means the present value of money spent today sharply exceeds the value of smaller cuts many years in the future.


-- In December 2010, the White House and Congress agreed to $930 billion in fresh deficit spending, as the fourth stimulus plan enacted since the 2008 recession. When special-interest groups say they want a "second stimulus," remember, we've already had four. So $930 billion in extra borrowing right away is followed by a plan for about the same amount in savings years in the future. This is what Democrats and Republicans alike today are calling "fiscal discipline" or "draconian cuts." If you emptied your bank account today but declared you would become careful about money 10 years in the future, people would laugh at you.


-- By projecting the only tangible savings -- which aren't even specified, but are merely caps -- into the future, the plan allows Congress to cancel them. In 2012 or any future year, Congress will say, "We can't have caps this year because of the [INSERT ANY WORD CHOSEN AT RANDOM] crisis. We are postponing action till next year." Rinse and repeat.


-- The deal raises the federal borrowing ceiling by $2.4 trillion. This means Congress will immediately spend another $2.4 trillion. That basic point is being overlooked.


You've got a debt ceiling on your credit card. The ceiling is there for emergencies, and all responsible borrowers work to stay below their credit ceilings. Experience with the national debt ceiling, by contrast, shows that every dollar of available debt is always spent. Announced in doublespeak as a "savings" plan, this deal guarantees the national debt will rise another $2.4 trillion. The moment the deal becomes law, members of Congress from both parties will see an added $2.4 trillion in the cookie jar and begin raiding.
-- A new "joint bipartisan committee" will be charged with identifying another $1.5 trillion in cuts. Doing nothing today, while appointing a committee that will make the tough decisions later, is one of Washington's worst traditions of pure phoniness.
The president, speaker of the House, and Senate majority leader just negotiated nearly round-the-clock for weeks and they couldn't even agree to cut programs that are transparent boondoggles. So bring in the special committee! This is total abdication of leadership by the president and both political parties.


-- Will the bipartisan committee have the stones to impose cuts? Since January 2007, Congress has already been operating under "pay-go" rules, which specify no more deficit spending -- unless waivers are issued. And waivers are always issued! The national debt has increased by $6.6 trillion since "pay-go "discipline" was "imposed." Likely outcome: the bipartisan committee holds somber meetings and recommends cuts, then Congress issues waivers, citing the [INSERT ANY WORD CHOSEN AT RANDOM] crisis.


It's been a mere nine months since the last bipartisan deficit commission issued its recommendation, and those findings have been ignored by the White House and Congress. In a postmodern touch of humor, the last bipartisan deficit commission titled its findings "The Moment of Truth."
-- Won't the proposed balanced-budget amendment fix the problem? Assuming such an amendment passed Congress, it must be ratified by three-fourths of the states. There's no chance of this -- because the states love deficit spending! Nearly 40 percent of state and local government spending is financed by the federal government -- Washington borrows, then ships money to the states. If a federal balanced budget amendment went into effect, the states would have to fund themselves, rather than rely on Washington for free cash (all the while denouncing "the big spenders" in D.C.).


Calling for a balanced-budget amendment is classic political delaying tactics, since even a successful amendment would require many years to ratify. Nothing stops Congress from balancing the budget right now.


-- Congress continues to drive the nation deeper into debt when there are many problems but no national emergency, and before the Baby Boomers retire. Extra borrowing sure hasn't fixed the economy. Japan's example shows that undisciplined borrowing slows economic recovery by causing business to think that the nation is going downhill, and thus to hoard cash rather than invest. That's precisely what is being observed in the United States right now.


-- The worst aspect of the phony-as-a-$3-bill national debt deal is that the middle-aged men and women who run Washington are acting irresponsibly, then passing the problem along to their children. What kind of adult harms the future of his or her own offspring?

patteeu
08-02-2011, 03:39 PM
OK. You just put another $2+ trillion burden on the young people of this country, and you elected officials applauded? The markets don't believe your bullshit. How do you sleep at night? This is a ****ing travesty.

Compare that to the President's budget proposal last February calling for an additional $7+ Trillion in deficits and you'll understand how even a huge increase in the debt appears like a victory compared to what some of the key policymakers in Washington DC want to do to us.

patteeu
08-02-2011, 03:42 PM
War on Poverty
War on Drugs
War on Terror


All are rhetorical wars and none have ended.

Does this look like a rhetorical war?

http://images.huffingtonpost.com/gen/124506/thumbs/r-AFGHANISTAN-FIREFIGHT-huge.jpg

KILLER_CLOWN
08-02-2011, 03:47 PM
Does this look like a rhetorical war?

http://images.huffingtonpost.com/gen/124506/thumbs/r-AFGHANISTAN-FIREFIGHT-huge.jpg

Looks like an aggressive invasion to me.

Stewie
08-02-2011, 03:49 PM
Compare that to the President's budget proposal last February calling for an additional $7+ Trillion in deficits and you'll understand how even a huge increase in the debt appears like a victory compared to what some of the key policymakers in Washington DC want to do to us.

The President is ignorant on economic policy. He listens to the banks and they want more money to cover their asses. He abides.

Mr. Kotter
08-02-2011, 04:09 PM
Every one of the 26 Senators, and every single member of the House....that voted "NO" to this deal, ought to be voted out of office at the earliest "next" opportunity. Period.

Stewie
08-02-2011, 04:17 PM
Every one of the 26 Senators, and every single member of the House....that voted "NO" to this deal, ought to be voted out of office at the earliest "next" opportunity. Period.

Why? It's a horrible deal.

BigChiefFan
08-02-2011, 04:22 PM
Every one of the 26 Senators, and every single member of the House....that voted "NO" to this deal, ought to be voted out of office at the earliest "next" opportunity. Period.

You don't solve a debt crisis by throwing more debt at it. That's insanity.

Mr. Kotter
08-02-2011, 04:24 PM
Why? It's a horrible deal.

It's not ideal for anyone; but it was the best they could do, due to the intransigence of dogmatic partisan liberal and conservative ideologues who bloviate about solutions but undermine any real attempts to reach a reasonable middle ground.

Elected officials playing chicken with the nation's economic health....while refusing to bargain in good faith to seek compromise and consensus, for a real solution to the crisis, are guilty of partisan demagoguery of the worst type. And they each should pay for it by being voted out of office at the first opportunity.

Mr. Kotter
08-02-2011, 04:26 PM
You don't solve a debt crisis by throwing more debt at it. That's insanity.

You don't hold the national economy hostage in an attempt to implement an extremist agenda (liberal or conservative) either. Lunatic fringe elements from both sides need to be sent a clear message in 2012.

Stewie
08-02-2011, 04:29 PM
It's not ideal for anyone; but it was the best they could do due to the intransigence of dogmatic partisan ideologues who bloviate about solutions, but undermine any real attempts to reach a reasonable middle ground.

Elected officials playing chicken with the nation's economic health....while refusing to bargain in good faith to seek compromise and consensus, for a real solution to the crisis, are guilty of partisan demagoguery of the worst type. And they each should pay for it by being voted out of office at the first opportunity.

It's the ancillary repercussions of Keynesian economics that made these geniuses think they had it all figured out. Print another $2.4 trillion and call it good. What a sham.

BigChiefFan
08-02-2011, 04:35 PM
You don't hold the national economy hostage in an attempt to implement an extremist agenda (liberal or conservative) either. Lunatic fringe elements from both sides need to be sent a clear message in 2012.

Our nations debt, is now the economy? Don't think so.

They need to tighten their belts like everybody else does.

It's not lunacy to have the federal government adhere to a budget, after all , IT'S OUR MONEY.

If we don't take a stand now, they'll just keep taking more.

You want them to be able to put us DEEPER IN DEBT.

Mr. Kotter
08-02-2011, 04:51 PM
Our nations debt, is now the economy? Don't think so.

They need to tighten their belts like everybody else does.

It's not lunacy to have the federal government adhere to a budget, after all , IT'S OUR MONEY.

If we don't take a stand now, they'll just keep taking more.

You want them to be able to put us DEEPER IN DEBT.


You shouldn't cut off your nose to spite your face; you shouldn't avoid a head-on collision, by turning into the path of a freight train. That's what would have likely happened if the pols hadn't come to their senses. The moderates and real adults prevailed on this, finally; now the lunatic fringe ideologues and extemists are pouting. Surprise, surprise.

Stewie
08-02-2011, 04:53 PM
You shouldn't cut off your nose to spite your face; you shouldn't avoid a head on collision, by turning into the path of a freight train. That's what would have likely happened if the pols hadn't come to their senses.

The moderates and real adults prevailed; now the lunatic fringe ideologues and extemists are pouting. Surprise, surprise.

How is printing another $2.4 trillion a good thing? The fringes are right to bitch about this travesy.

Mr. Kotter
08-02-2011, 04:56 PM
How is printing another $2.4 trillion a good thing? The fringes are right to bitch about this travesy.

You honestly think the Feds defaulting on national debt is a preferably alternative? Seriously?

:spock:

LiveSteam
08-02-2011, 05:06 PM
You don't hold the national economy hostage in an attempt to implement an extremist agenda (liberal or conservative) either. Lunatic fringe elements from both sides need to be sent a clear message in 2012.

RUN THIS COUNTRY RIGHT OR DON'T RUN THIS COUNTRY AT ALL

Stewie
08-02-2011, 05:07 PM
You honestly think the Feds defaulting on national debt is a preferably alternative? Seriously?

:spock:

Default was NEVER going to happen! The answer is ALWAYS debase the currency. It's the easiest thing to do in the minds of dullards.... errrrr, politicians and their sheeple.

Mr. Kotter
08-02-2011, 05:08 PM
RUN THIS COUNTRY RIGHT OR DON'T RUN THIS COUNTRY AT ALL

Right? According to who? The right or left extremists? Or the moderates and the adults in the room? If it's the latter, I'm with you.

Mr. Kotter
08-02-2011, 05:12 PM
Default was NEVER going to happen! The answer is ALWAYS debase the currency...

That's not what most of the experts I trust have said.

Debasing currency? Are you using that as a euphemism for preserving the present purchasing power of dollars and the debt....to maximize economic benefits for those who are currently well postioned (at least relative to the rest of us who have had to make significant sacrifices over the past three years or so?)

I'm guessing most won't be too sympathetic to your argument if that is your take.

:shrug:

LiveSteam
08-02-2011, 05:14 PM
Right? According to who? The right or left extremists? Or the moderates and the adults in the room? If it's the latter, I'm with you.

The hole lot of them.

Stewie
08-02-2011, 05:20 PM
That's not what most of the experts I trust have said.

Debasing currency? Are you using that as a euphemism for preserving the present purchasing power of dollars and the debt....to maximize economic benefits for those who are currently well postioned (at least relative to the rest of us who have had to make significant sacrifices over the past three years or so?)

I'm guessing most won't be too sympathetic to your argument if that is your take.

:shrug:

Show me one "expert" that said the deal wouldn't be done.

What? This nonsensical statement makes absolutely no sense.

Debasing currency? Are you using that as a euphemism for preserving the present purchasing power of dollars and the debt....to maximize economic benefits for those who are currently well postioned (at least relative to the rest of us who have had to make significant sacrifices over the past three years or so?)

BucEyedPea
08-02-2011, 06:58 PM
The hole lot of them.

It' needs a capital "H". A walking study in demonology...

<iframe width="480" height="390" src="http://www.youtube.com/embed/O3dWBLoU--E" frameborder="0" allowfullscreen></iframe>

BucEyedPea
08-02-2011, 07:01 PM
Looks like an aggressive invasion to me.

It's undeclared so there is no legal state of war despite the tools of war being used—illegally.

That and the absurdity of using nation state warfare to handle a bunch of men operating from a cave with urban guerrilla warfare. Lolz!

BucEyedPea
08-02-2011, 07:04 PM
Default was NEVER going to happen!

That's right! Kotter got played.

BucEyedPea
08-02-2011, 07:05 PM
How is printing another $2.4 trillion a good thing? The fringes are right to bitch about this travesy.

They have to call them "fringe" 'cause they got nothing to refute fiscal insanity. Of course, it's projection since what was once considered "fringe" is now the stataus-quo.

BucEyedPea
08-02-2011, 07:08 PM
That's not what most of the experts I trust have said.


Much better to study economics so you will be able to spot experts when they babbling illogical insanities. Appeal to authority is not necessary on such an issue. Economics is easy for anyone to understand if taught right with correct data.

Ace Gunner
08-02-2011, 07:33 PM
The war that ended america.

There.

BucEyedPea
08-02-2011, 07:36 PM
There.

I like it! 'Er, not like that though. I wish it didn't end America. I like it because unfortunately it's true. I like truth.

BigChiefFan
08-02-2011, 07:42 PM
You shouldn't cut off your nose to spite your face; you shouldn't avoid a head-on collision, by turning into the path of a freight train. That's what would have likely happened if the pols hadn't come to their senses. The moderates and real adults prevailed on this, finally; now the lunatic fringe ideologues and extemists are pouting. Surprise, surprise.Sure thing, Rocko. According to you, being fiscally responsible is cutting off your nose to spite your face. That's laughable and absolutely absurd.

Real adults???ROFL
You're actually saying not paying your debt is so admirable and adult-like. You're out in left field.

Mr. Kotter
08-02-2011, 08:00 PM
Sure thing, Rocko. According to you, being fiscally responsible is cutting off your nose to spite your face. That's laughable and absolutely absurd.

Real adults???ROFL
You're actually saying not paying your debt is so admirable and adult-like. You're out in left field.

Paying your debt is one thing; but when your employer (voters) insist on lowering your salary and revenues, while simultaneously...insisting on increasing committed spending, it is the VOTERS who are laughable and absurd. You aren't in left field; you are in the parking fuggin' lot.

BigChiefFan
08-02-2011, 08:01 PM
Paying your debt is one thing; but when your employer (voters) insist on lowering your salary and revenues, while simultaneously...insisting on increasing committed spending, it is the VOTERS who are laughable and absurd.Paid in Full, Jack. It's the politicians that squandered the money.

banyon
08-02-2011, 08:03 PM
It's not ideal for anyone; but it was the best they could do, due to the intransigence of dogmatic partisan liberal and conservative ideologues who bloviate about solutions but undermine any real attempts to reach a reasonable middle ground.


The deal is not just "not ideal", it's ridiculously slanted toward the views of a small group of one party who are in one branch of congress.

If this is the best Democrats could do holding the Senate and the Presidency, then I don't know why anyone should bother to vote for them at all. They let the Republicans kick them in the nuts about 50 times and then they got about a 1 cent concession for it in exchange for 99 cents. They showed themselves to be untrustworthy cowards.

Mr. Kotter
08-02-2011, 08:07 PM
Paid in Full, Jack. It's the politicians that squandered the money.

No; it's self-centered, self-absorbed Baby-Boomers who are tryin' to get a "free lunch" of 20+ years of GUARANTEED government funded retirement, all on the TAX-PAYER dime....that is tryin' to squander 'the money." Period.

BigChiefFan
08-02-2011, 08:08 PM
No; it's self-centered, self-absorbed Baby-Boomers who are tryin' to get a "free lunch" of 20+ years of GUARANTEED government funded retirement, all on the TAX-PAYER dime....that is tryin' to squander 'the money." Period.Don't you get paid from the government?

Mr. Kotter
08-02-2011, 08:11 PM
The deal is not just "not ideal", it's ridiculously slanted toward the views of a small group of one party who are in one branch of congress.

If this is the best Democrats could do holding the Senate and the Presidency, then I don't know why anyone should bother to vote for them at all. They let the Republicans kick them in the nuts about 50 times and then they got about a 1 cent concession for it. They showed themselves to be untrustworthy cowards.

You gotta admit...the republican votes and sound-bites, SHOULD be very beneficial to Dems election hopes in 2012. I'm willing to say, at this point....despite less than ideal circumstances, the Dems sold out short term to win LONG term.

At this point, I expect Obama to (unbelievably) be "re-elected" in a year that, historically, he should not; likewise, I expect Dems to hand Reps some big losses in Congress. If that happens, hopefully reasonable and moderate Republicans will dump the tea-party types after they get their asses handed to them in 2012.

Time will tell.... :hmmm:

Mr. Kotter
08-02-2011, 08:12 PM
Don't you get paid from the government?

That has WHAT to do with your non-point? :shrug:

BigChiefFan
08-02-2011, 08:14 PM
That has WHAT to do with your non-point? :shrug:It's okay for YOU to take the check, but those that PAID in, aren't entitled according to you. I'd say that a very relevant point and shows you as a hypocrite deluxe. What's good for the goose is good for the gander.

Mr. Kotter
08-02-2011, 08:22 PM
It's okay for YOU to take the check, but those that PAID in, aren't entitled according to you. I'd say that a very relevant point and shows you as a hypocrite deluxe. What's good for the goose is good for the gander.

Let's see:

Give $1, and demand $3 in return.

Give 45-55 hours per week, for 80% of what comparable private sector jobs offer...
and have that deemed as "looting" by those who decide you earn "too much."

And those situations are deemed "comparable" by Dittoheads. Heh.

Gotcha.... LMAO ROFL

patteeu
08-02-2011, 09:12 PM
Show me one "expert" that said the deal wouldn't be done.

What? This nonsensical statement makes absolutely no sense.

Welcome to Mr. Kotter's world on drinking night.

Ace Gunner
08-02-2011, 09:15 PM
Let's see:

Give $1, and demand $3 in return.

Give 45-55 hours per week, for 80% of what comparable private sector jobs offer...
and have that deemed as "looting" by those who decide you earn "too much."

And those situations are deemed "comparable" by Dittoheads. Heh.

Gotcha.... LMAO ROFL



Do you have secretary's ass? Isn't that what happens to Gov't employees? Maybe you should get a little more for that.

Mr. Kotter
08-02-2011, 09:37 PM
Welcome to Mr. Kotter's world on drinking night.

Ha-ha. :rolleyes:

BigChiefFan
08-02-2011, 09:56 PM
Let's see:

Give $1, and demand $3 in return.

Give 45-55 hours per week, for 80% of what comparable private sector jobs offer...
and have that deemed as "looting" by those who decide you earn "too much."

And those situations are deemed "comparable" by Dittoheads. Heh.

Gotcha.... LMAO ROFL

WTH?? Nobody claimed any of the nonsense you are spewing. It's so nonsensical and has zero to do with what I stated. Left field, dude.

petegz28
08-02-2011, 10:00 PM
You gotta admit...the republican votes and sound-bites, SHOULD be very beneficial to Dems election hopes in 2012. I'm willing to say, at this point....despite less than ideal circumstances, the Dems sold out short term to win LONG term.

At this point, I expect Obama to (unbelievably) be "re-elected" in a year that, historically, he should not; likewise, I expect Dems to hand Reps some big losses in Congress. If that happens, hopefully reasonable and moderate Republicans will dump the tea-party types after they get their asses handed to them in 2012.

Time will tell.... :hmmm:

You think adding $7 tril to our deficit over 10 years is a win??? :doh!:

orange
08-03-2011, 06:52 PM
OK. You just put another $2+ trillion burden on the young people of this country, and you elected officials applauded? The markets don't believe your bullshit. How do you sleep at night? This is a ****ing travesty.

Stewie - to me, the markets seem to speak in tongues, but since you can understand them, what are they saying today - the first full day after the new bill became law?

Stocks Rise on Bets of More Stimulus
By Michael P. Regan and Rita Nazareth - Aug 3, 2011 4:30 PM MT

U.S. stocks rose, reversing earlier losses and preventing the longest Dow Jones Industrial Average slump since 1978, as investors speculated the Federal Reserve will start another stimulus program. Treasuries 10-year notes erased gains, and the dollar slid.

...

‘Strong Rally’
“We are going to have a strong rally out of this position,” Biggs, who helps manage $1.4 billion in assets as managing partner and co-founder of Traxis Partners LP, said in a Bloomberg Television interview before markets opened today. He added that politicians had handled the debt-ceiling debate “poorly” and as a result dollar-denominated assets are “tremendously cheap.”

...

Quantitative Easing
The Fed may arrange a third round of quantitative easing, known as QE3, Gross said. The central bank purchased bonds to cap borrowing costs in the first two easing efforts. The Fed has also promised to keep the target for overnight bank lending low for an “extended period.” The Fed may need to consider signaling an even longer commitment to low interest rates, according to BlackRock’s Fisher, who is based in New York.

...

Five Straight Declines
Thirty-year Treasury bond yields decreased for a fifth straight day, losing one basis points to 3.90 percent, the lowest end-of-day level since October. The yield, which sank to as little as 3.79 percent today, reached a record low 2.5 percent on Dec. 18, 2008, amid the worst economy since World War II, credit-market losses exceeding $1 trillion and the biggest drop in the S&P 500 since 1931.

Investors are also awaiting a government employment report in two days, which economists forecast will show the U.S. added a net 85,000 jobs last month including a 115,000 boost to private-sector employment. A private payroll survey by ADP Employer Services today showed U.S. companies added 114,000 workers in July, topping the median forecast of economists surveyed by Bloomberg News for an increase of 100,000.

http://www.bloomberg.com/news/2011-08-03/asian-stocks-oil-slump-on-concern-u-s-recovery-faltering-euro-weakens.html

ROYC75
08-03-2011, 07:41 PM
The war that will never end.

Agreed, if it does , it will take years, centuries, generations passed to make this happen



ok, the War on Drugs then.
;)

Ditto, it it ever ends, drugs are to easy to attain.

petegz28
08-03-2011, 09:33 PM
Stewie - to me, the markets seem to speak in tongues, but since you can understand them, what are they saying today - the first full day after the new bill became law?

Stocks Rise on Bets of More Stimulus
By Michael P. Regan and Rita Nazareth - Aug 3, 2011 4:30 PM MT

U.S. stocks rose, reversing earlier losses and preventing the longest Dow Jones Industrial Average slump since 1978, as investors speculated the Federal Reserve will start another stimulus program. Treasuries 10-year notes erased gains, and the dollar slid.

...

‘Strong Rally’
“We are going to have a strong rally out of this position,” Biggs, who helps manage $1.4 billion in assets as managing partner and co-founder of Traxis Partners LP, said in a Bloomberg Television interview before markets opened today. He added that politicians had handled the debt-ceiling debate “poorly” and as a result dollar-denominated assets are “tremendously cheap.”

...

Quantitative Easing
The Fed may arrange a third round of quantitative easing, known as QE3, Gross said. The central bank purchased bonds to cap borrowing costs in the first two easing efforts. The Fed has also promised to keep the target for overnight bank lending low for an “extended period.” The Fed may need to consider signaling an even longer commitment to low interest rates, according to BlackRock’s Fisher, who is based in New York.

...

Five Straight Declines
Thirty-year Treasury bond yields decreased for a fifth straight day, losing one basis points to 3.90 percent, the lowest end-of-day level since October. The yield, which sank to as little as 3.79 percent today, reached a record low 2.5 percent on Dec. 18, 2008, amid the worst economy since World War II, credit-market losses exceeding $1 trillion and the biggest drop in the S&P 500 since 1931.

Investors are also awaiting a government employment report in two days, which economists forecast will show the U.S. added a net 85,000 jobs last month including a 115,000 boost to private-sector employment. A private payroll survey by ADP Employer Services today showed U.S. companies added 114,000 workers in July, topping the median forecast of economists surveyed by Bloomberg News for an increase of 100,000.

http://www.bloomberg.com/news/2011-08-03/asian-stocks-oil-slump-on-concern-u-s-recovery-faltering-euro-weakens.html

The market had a 1 day snap-back after 8 straight days of declines and you call that significant? I call it people who were short taking some profits. There has been absolutely 0 economic data coming out that signal anything positive is on the horizon. In fact, several firms are downgrading their growth forecasts for the 2nd half. Layoffs are at a 16 month high. Cosumer confidence is down, manufacturing is down. The markets got a bit of a lift today based on Euro action over some of the Italian and other bonds coming in a bit. It was a good excuse for the shorts to take some profits thus causing some buying. A net 6.0 gain on the SP the day after it tumbled over 32, nevermind the previous 7 trading sessions, is hardly anything to get excitited about. I hope it contiues as we are at a critical point of support in the market. Right now though, there is little to be positive about.

petegz28
08-03-2011, 09:39 PM
Orange left this part out of one his quotes...

Meanwhile, U.S. private employers added 114,000 jobs in July, topping economists' expectations, according to the ADP National Employment Report. Also on the jobs front, an unexpected increase in private sector job cuts in July helped push the number of announced U.S. job cuts to a 16-month high, according to a report from Challenger, Gray & Christmas.

orange
08-03-2011, 10:06 PM
Orange left this part out of one his quotes...

I left out nothing of the kind. It's NOWHERE in that article - AND YOU KNOW IT.

Market Snapshot U.S. Europe Asia Ticker Volume Price Price Delta
Dow 11,896.40 +29.82 0.25%
S&P 500 1,260.34 +6.29 0.50%
Nasdaq 2,693.07 +23.83 0.89%

Ticker Volume Price Price Delta
STOXX 50 2,497.83 -47.06 -1.85%
FTSE 100 5,584.51 -133.88 -2.34%
DAX 6,640.59 -156.16 -2.30%

Ticker Volume Price Price Delta
Nikkei 9,724.21 +87.07 0.90%
TOPIX 832.14 +5.39 0.65%
Hang Seng 22,024.20 +31.51 0.14%
Gold 1,665.40 -0.05%
EUR : USD 1.4312 -0.0775%
Nasdaq 2,693.07 +0.89%
Dow 11,896.40 +0.25%
S&P 500 1,260.34 +0.50%
FTSE 100 5,584.51 -2.34%
STOXX 50 2,497.83 -1.85%
DAX 6,640.59 -2.30%
Oil (WTI) 92.09 +0.17%
U.S. 10-year 2.629% +0.018
SIRI:US 2.07 0.00%
GE:US 17.47 +1.51%
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QBy Michael P. Regan and Rita Nazareth - Aug 3, 2011 4:30 PM MT inShare19More
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Dow Average Extends Longest Drop Since 1978 as Commodities F Scott Eells/Bloomberg
Traders work on the floor of the New York Stock Exchange (NYSE) in New York on Aug. 3, 2011.

Traders work on the floor of the New York Stock Exchange (NYSE) in New York on Aug. 3, 2011. Photographer: Scott Eells/Bloomberg

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QAug. 3 (Bloomberg) -- Michael Yoshikami, chief executive officer and founder of YCMNet Advisors, talks about the performance of the U.S. stock market and economy, investment strategy and some of his stock picks including Qualcomm Inc. and Ford Motor Co. Yoshikami speaks with Carol Massar, Matt Miller, Julie Hyman and Suzanne O'Halloran on Bloomberg Television's "Street Smart." (Source: Bloomberg)

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QAug. 4 (Bloomberg) -- Edward Maran, portfolio manager at Thornburg Investment Management Inc., talks about his investment strategy for U.S. stocks. Maran also discusses Federal Reserve monetary policy and the U.S. economy. He speaks from Santa Fe, New Mexico, with Susan Li on Bloomberg Television's "On the Move Asia." (Source: Bloomberg)
U.S. stocks rose, reversing earlier losses and preventing the longest Dow Jones Industrial Average slump since 1978, as investors speculated the Federal Reserve will start another stimulus program. Treasuries 10-year notes erased gains, and the dollar slid.

The Dow halted an eight-day drop, gaining 29.82 points to 11,896.44 at 4 p.m. in New York. The S&P 500 rose 0.5 percent, rebounding after yesterday’s plunge drove it to the cheapest price-earnings ratio in more than a year. Ten-year Treasury yields rose one basis point to 2.62 percent. Oil slid to a five- week low following government data showing an increase in stockpiles. The franc fell from a record versus the euro and dollar after Switzerland reduced interest rates.

Speculation the Fed will embark on a third round of asset purchases to stem off a recession grew after the Wall Street Journal said three former central bank officials support the approach. More than $2.3 trillion had been erased from the value of global equities since July 22, and Treasury yields set 2011 lows, amid concern the economic recovery is faltering. Service industries grew in July at the slowest pace since February 2010, the Institute for Supply Management said today.

“Every time we see economic weakness, there will be discussion about more economic stimulus,” Richard Sichel, who oversees $1.6 billion as chief investment officer at Philadelphia Trust Co., said in telephone interview. “That could be the case given the fairly weak economic figures we’ve had. In addition, the market has given back a lot recently and people started to look at some bargains.”

Dow Movers
Coca-Cola Co., General Electric Co. and Walt Disney Co. rose more than 1.2 percent to help lead gains in the Dow, which reversed a loss of as much as 166 points. MasterCard Inc., the second-biggest payments network, advanced 13 percent for the biggest gain in the S&P 500 after profit rose 33 percent as customers’ spending increased.

Concern about weakening economic data has overshadowed an earnings season that has seen per-share profits grow 17 percent and sales increase 13 percent at companies in the S&P 500 that reported second-quarter results since July 11. Earnings per share have topped analysts estimates at about three-quarters of the 363 companies that have reported, Bloomberg data shows.

The 8 percent slide in the S&P 500 from a three-year high in April through yesterday brought the index’s price- to- earnings ratio to 13.8, the cheapest since July 2010 and near the lowest valuation since the bull market began in 2009.

The retreat is no reason to sell stocks, investors including Laszlo Birinyi and Barton Biggs said. Data from Birinyi’s firm, Birinyi Associates Inc., shows the current bull market in stocks may last until 2013 based on the length of past advances.

‘Strong Rally’
“We are going to have a strong rally out of this position,” Biggs, who helps manage $1.4 billion in assets as managing partner and co-founder of Traxis Partners LP, said in a Bloomberg Television interview before markets opened today. He added that politicians had handled the debt-ceiling debate “poorly” and as a result dollar-denominated assets are “tremendously cheap.”

Stocks recovered after the Wall Street Journal reported that former Fed officials Donald Kohn, Vincent Reinhart and Brian Madigan said the central bank should consider a third round of bond purchases to help the economy.

Pacific Investment Management Co. and BlackRock Inc., which together oversee almost $5 trillion, say the U.S. economy is stalling. Bill Gross, who runs the world’s biggest bond fund at Pimco, and Peter Fisher, head of fixed income at BlackRock, say the Fed is preparing measures to counter the slowdown.

Quantitative Easing
The Fed may arrange a third round of quantitative easing, known as QE3, Gross said. The central bank purchased bonds to cap borrowing costs in the first two easing efforts. The Fed has also promised to keep the target for overnight bank lending low for an “extended period.” The Fed may need to consider signaling an even longer commitment to low interest rates, according to BlackRock’s Fisher, who is based in New York.

“I believe the Fed is dusting off contingency plans if the economy does not improve,” he said in a report that BlackRock distributed by e-mail today. Fisher worked for 15 years at the Fed Bank of New York, according to BlackRock, which has $3.66 trillion in assets.

The S&P 500 sank 3.9 percent last week, its worst drop in a year, after government data showed U.S. gross domestic product expanded at a 1.3 percent annual rate in the second quarter and a 0.4 percent pace in the prior period, the worst six months since the recovery began in June 2009.

Five Straight Declines
Thirty-year Treasury bond yields decreased for a fifth straight day, losing one basis points to 3.90 percent, the lowest end-of-day level since October. The yield, which sank to as little as 3.79 percent today, reached a record low 2.5 percent on Dec. 18, 2008, amid the worst economy since World War II, credit-market losses exceeding $1 trillion and the biggest drop in the S&P 500 since 1931.

Investors are also awaiting a government employment report in two days, which economists forecast will show the U.S. added a net 85,000 jobs last month including a 115,000 boost to private-sector employment. A private payroll survey by ADP Employer Services today showed U.S. companies added 114,000 workers in July, topping the median forecast of economists surveyed by Bloomberg News for an increase of 100,000.

Almost eight stocks fell for every one that gained in the Stoxx Europe 600 Index. Societe Generale SA slid 9 percent as France’s second-largest bank said it may miss its 2012 earnings target after second-quarter profit fell.

Franc Declines
The franc depreciated 1.7 percent to 90.80 euro cents after strengthening to a record yesterday as investors pursued assets considered to be the safest. The franc weakened 0.9 percent from an all-time high versus the dollar.

The Swiss National Bank lowered its target for the three- month Libor to “as close to zero as possible” from 0.25 percent. The Zurich-based central bank said it will also expand banks’ sight deposits, or cash which can be withdrawn on demand, to 80 billion Swiss francs ($103 billion) from 30 billion francs and repurchase outstanding SNB Bills, according to a statement today.

Oil fell 2 percent to $91.93 a barrel on the New York Mercantile Exchange. The S&P GSCI index of 24 commodities dropped 1.8 percent, the sixth straight decline and the longest losing streak since May 2010. Gold futures rose 1.3 percent to a record $1,675.90 an ounce.

The MSCI Emerging Markets Index of stocks sank 2.2 percent, set for the lowest close in more than a month. South Korea’s Kospi Index slumped 2.6 percent, completing its largest two-day plunge since November 2009

To contact the reporters on this story: Michael P. Regan in New York at mregan12@bloomberg.net; Rita Nazareth in New York at rnazareth@bloomberg.net

To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net

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You're nothing but a bald-faced liar.

orange
08-03-2011, 10:20 PM
I left out nothing of the kind. It's NOWHERE in that article - AND YOU KNOW IT.

...

You're nothing but a bald-faced liar.

IN FACT HERE ARE THE ONLY FIVE PLACES IN THE WHOLE FUCKING WORLD THAT HAVE THAT LINE YOU CLAIM TO HAVE QUOTED FROM MY BLOOMBERG LINK:

petegz28
08-04-2011, 07:07 AM
IN FACT HERE ARE THE ONLY FIVE PLACES IN THE WHOLE ****ING WORLD THAT HAVE THAT LINE YOU CLAIM TO HAVE QUOTED FROM MY BLOOMBERG LINK:

It's been in every report of this story. I'm surprised you "missed" that.

Let's just say it's unforutnate that the entire story wasn't told, for whatever reason.

petegz28
08-04-2011, 07:13 AM
Well, the market is set to open about 100+ points to the downside......

so much for tha Bloomberg link with all the rosey picture painting....