Are you happy, Tea Party?

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ASSet_MANagement's picture

I mean seriously. Boehner can’t get a damn handle on his party, what a goddam clusterfvck.

-Angry guy who went long NLY yesterday following bad earnings and market bashing hoping that our “leaders” could pull their heads out of their collective asses long enough to say yes to the ONLY DECISION POSSIBLE.

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ChickenTikka Wrote:
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> Being Born Wealthy > Being Jewish or WASPY > Born
> Pretty > Top 5 MBA > CFA > Avg MBA > Born middle
> class > Born lower

ManMythLegend's picture

Don’t blame the Tea Party, blame Harry Reid. The man is an absolute joke!

ASSet_MANagement's picture

I still think the Tea Party set this current standoff into motion. Who honestly takes them seriously?

On a side note - anyone notice how CNBC has pulled Santelli from Squak Box this past week?

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ChickenTikka Wrote:
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> Being Born Wealthy > Being Jewish or WASPY > Born
> Pretty > Top 5 MBA > CFA > Avg MBA > Born middle
> class > Born lower

Palantir's picture

I think it really makes perfect sense for them to do this. Obama has the weaker hand going into this vote, default would be a disaster for O, but a win for the TP. The best strategy for them is to corner Obama by refusing any tax increase until he caves and passes a decrease + increase in DL….

Not all men were meant to dance with dragons.

ASSet_MANagement's picture

Palantir Wrote:
——————————————————-
> I think it really makes perfect sense for them to
> do this. Obama has the weaker hand going into this
> vote, default would be a disaster for O, but a win
> for the TP. The best strategy for them is to
> corner Obama by refusing any tax increase until he
> caves and passes a decrease + increase in DL….

Agree, great strategy and 95% of the population won’t see it as such and will villify OB. Absolutely sad that we live in such a dumb (you guys aren’t dumb, I love you guys) nation. OB’s approval dropped below 50% yesterday.

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ChickenTikka Wrote:
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> Being Born Wealthy > Being Jewish or WASPY > Born
> Pretty > Top 5 MBA > CFA > Avg MBA > Born middle
> class > Born lower

higgmond's picture

I really wish the Tea Party would leave the GOP and establish itself as a stand alone party. If not, the Socialist Party USA should be forced to merge with the Democrats.

I got nothin’

bchad's picture

ASSet_MANagement Wrote:
——————————————————-
> I still think the Tea Party set this current
> standoff into motion. Who honestly takes them
> seriously?
>
> On a side note - anyone notice how CNBC has pulled
> Santelli from Squak Box this past week?

Well, the people that voted for them do. And they do have the power.

I posted my analysis a few days back. I didn’t say it there, but what I do say to my friends is that the Tea Party is insane. They’re fundamentalists. To quote Tom Lehrer, they’re like Christian Scientists dealing with appendicitis.

You want a quote?  Haven’t I written enough already???

BValGuy's picture

Palantir Wrote:
——————————————————-
> I think it really makes perfect sense for them to
> do this. Obama has the weaker hand going into this
> vote, default would be a disaster for O, but a win
> for the TP. The best strategy for them is to
> corner Obama by refusing any tax increase until he
> caves and passes a decrease + increase in DL….

^ You’re right, but all this proves is that our elected officials only care about themselves instead of what is best for the country. We are 3 years into a recession and people are really struggling, but these A-holes just continue to play partisan politics rather than seek a needed (and overdue) resolution.

ASSet_MANagement's picture

They’re terrorists.

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ChickenTikka Wrote:
-------------------------------------------------------
> Being Born Wealthy > Being Jewish or WASPY > Born
> Pretty > Top 5 MBA > CFA > Avg MBA > Born middle
> class > Born lower

Zesty's picture

@Asset_Man, I bought NLY like a year ago and at avg price of 18.30 and I got stopped out today at 16.83; but with dividends minus commission I made $9.65. I’m definitely pissed that a whole year of gains is washed away due to the BS on Capitol Hill!

Being Born Wealthy > Being Jewish or WASPY > Born Pretty > Top 5 MBA > CFA > Avg MBA > Born middle class > Born lower class > Born in crack house > Working in IT but looking to switch to buyside

ASSet_MANagement's picture

Zesty Wrote:
——————————————————-
> @Asset_Man, I bought NLY like a year ago and at
> avg price of 18.30 and I got stopped out today at
> 16.83; but with dividends minus commission I made
> $9.65. I’m definitely pissed that a whole year of
> gains is washed away due to the BS on Capitol
> Hill!

I’ll pour some out for you tonight, brother.

___________________________________________________
ChickenTikka Wrote:
-------------------------------------------------------
> Being Born Wealthy > Being Jewish or WASPY > Born
> Pretty > Top 5 MBA > CFA > Avg MBA > Born middle
> class > Born lower

THACHARTER's picture

Palantir Wrote:
——————————————————-
> I think it really makes perfect sense for them to
> do this. Obama has the weaker hand going into this
> vote, default would be a disaster for O, but a win
> for the TP. The best strategy for them is to
> corner Obama by refusing any tax increase until he
> caves and passes a decrease + increase in DL….

You’re clearly an idiot. Default would be a disaster for all of us. Q1 GDP came in revised today at 0.4% with Q2 at 1.3%. You guys are busy talking these silly politics while one more shock and we will be in a double dip recession. Tea partiers as well as other ultra conservatives praise free market capitalism but forget the social unrest that would accompany 15% unemployment. This is not all about Obama or Boehner and who will be president in 2012. If they dont get this debt ceiling resolved, I think the repercussions will be very bad for everyone involved.

Palantir's picture

- AM + BValGuy

IMO if Obama thinks that the TP is ultimately acting in the best interests of the nation, I think he’ll continue to play this strategy until he has to give up, but if he thinks that the TP is really just trying to bring him down, I think he will come to the table pretty quickly to negotiate. His behavior suggests the former.

However, I think the spanner in the works could be that if TP is actually intending to act in the best interest of the nation, BUT their belief is that default would be an acceptable outcome. By the time that becomes apparent, it might be too late to pass substantial bills to raise DL/lower taxes/reduce spending etc. to prevent default.

Stay tuned I guess…

Not all men were meant to dance with dragons.

Zesty's picture

WTF? Is it just panic selling going on today, I have MSFT and it’s down 1.5% right now. I can totally see the DOW going well below 12k! And if they miss the deadline, 10k here we come!

Being Born Wealthy > Being Jewish or WASPY > Born Pretty > Top 5 MBA > CFA > Avg MBA > Born middle class > Born lower class > Born in crack house > Working in IT but looking to switch to buyside

Zesty's picture

When you argue with a crazy person for long enough, you begin to look crazy yourself. Obama is beginning to look crazy. He’s been at it with the Tea Bagging fanatics and he should have realized pretty quickly that the Tea Party really doesn’t give a *uck; they’re holding the American economy hostage and they have demands. He should have caved a long time ago and just wait for the next elections to kick them out; or they should have given the Bush tax cut extensions in exchange for a debt ceiling rise. Just my two cents.

Being Born Wealthy > Being Jewish or WASPY > Born Pretty > Top 5 MBA > CFA > Avg MBA > Born middle class > Born lower class > Born in crack house > Working in IT but looking to switch to buyside

Sweep the Leg's picture

Panic selling today? Pretty much every sell sider was way off their GDP marks. Those a-holes couldn’t estimate their way out of wet paper bag.

As for the TP, they were elected solely for stuff like this. They’re doing exactly what they told their constituents they would do if elected. Right or wrong they’re not doing anything that shouldn’t have been expected.

kmm1486's picture

doesn’t anyone realize that not raising the debt ceiling will eventually result in higher debt? regardless of how much you demonize government spending they will HAVE to spend sooner rather than later on education and infrastructure. defaulting/or whatever the hell happens will raise interest rates thus increasing future financing costs.
and anyone who thinks the tea-party is a serious thoughtful organization with any ideas on how to move the country forward is an idiot and should be prevented from mating for further risk of contaminating the gene pool. there is plenty of stupid in there already, we don’t need more.

99 cannon sloop's picture

“Default” has already happened, in a way, since the government is trying to get rid of some of the get through inflation.

@kmm

I think the issue is that republicans don’t want taxes to be increased.

This whole debacle is a waste of Congress’s time. There are supposedly many businesses that are afraid to spend/hire because of Washington’s inability to set out policy in a stable way. I’d prefer if they just came up with a sensible plan and moved on.

bchad's picture

Inflation is not default, although as an investor it is a risk that you need to consider along with default risk.

The real issue with default is that there will be forced selling of US Treasurys by institutions that are legally obliged to do so. If stuff is just inflated away without a crisis, that dynamic will not happen.

If you are not forced to sell, then the crisis may actually be a very good time to buy Treasurys, since no one really doubts that the US can print up money to pay these obligations once the politicians have crapped their pants and done something. You might say that this will cause inflation, but the debt crisis is much more likely to produce deflation, in which case you will want fixed income, and the higher the interest rate, the better.

You want a quote?  Haven’t I written enough already???

99 cannon sloop's picture

Right, I quoted default since I wasn’t referring to it in the technical sense, but more in the sense that its already clear that the US can’t handle its current debt load and has to result to tricks to reduce it.

Palantir's picture

Isn’t reducing Medicare and Social Security benefits also a technical default? I believe those benefits are collateralized by Treasuries…not sure of the mechanics though.

Not all men were meant to dance with dragons.

Black Swan's picture

On a related note, how bad do you feel for Boehner right now. That guy’s been working around the clock trying to get something done for the past couple weeks without a friend in the world. He’s surrounded by his own party, a bunch of lunatics that refuse to work with him, while the Dems are opposing him too, poor guy just needs a friend.

redacted

bchad's picture

It would not be a default in the financial sense, but it would be perceived by many voters as a default in a political sense.

There will probably be legal challenges, saying that there was an implied contract when current retirees paid social security taxes, but I am not sure if they would hold any water, since the legislature can change the law at will. But it cannot do certain things retroactively… for example, it can’t convict you of a crime that wasn’t legally a crime when you committed it… it might be possible to argue somehow that the implied contract was different when you entered it.

You want a quote?  Haven’t I written enough already???

kmm1486's picture

@ cannon

yes, i agree that the right-wing nuts don’t want any new taxes. but that is the primary source of funds to pay for government expenditures. even if they borrow now, they will have to raise taxes in the future to pay of those debts. the point i was trying to make was that due to this recklessness future debts will be higher because of higher interest costs. which in turn will necessitate higher taxes.

the tax issue is a “practical” (not sure if that term can be used with repubs) to implement their ideology of small government. with no money/revenue there can be no government programs. they believe that government should not interfere with private life. except other than who you can marry and deciding for women when they should have children. other than those you are free to do whatever!

kmm1486's picture

@ Black Swan

You could say the same thing about Obama then couldn’t you. He has to take a stance that is not popular with his party and the repubs just keep saying no. I am pretty sure if Obama made a statement saying the “world is round” the tea-party would call him “a mysterious socialist promoting crazy science”

Black Swan's picture

Yeah, but at least the dens are generally supporting Obama getting a reasonable deal done. Boehner’s party’s just stone walling him with looniness. How exasperating is that?

redacted

naturallight's picture
MCalamari's picture

I’m not a big fan of the Tea Party, but you have to consider that very few of them would have gotten elected if the white house and congress weren’t so extremely on the left the past few years. Now we got ourselves a barbell of ideologies. Less and less room for moderates in the world.

AlphaSeeker's picture

MCalamari Wrote:
——————————————————-
> I’m not a big fan of the Tea Party, but you have
> to consider that very few of them would have
> gotten elected if the white house and congress
> weren’t so extremely on the left the past few
> years. Now we got ourselves a barbell of
> ideologies. Less and less room for moderates in
> the world.

I agree. I think tea party is more or less a byproduct of of B.O.’s far left policy.

Had B.O. took a more center left approach, there may not have been a Tea Party. Or at least not as die hard and extreme as they are now.

Not a tea party fan myself either. But I firmly believe that B.O.’s rob the rich and pay the poor policy or threat is one of the root causes of how we got to today’s mess.

As many of us suspect, voters will be so disgust with the incumbents in 2012 and throw many of them out.

Including B.O.

NakedPuts's picture

AlphaSeeker Wrote:
——————————————————-
> As many of us suspect, voters will be so disgust
> with the incumbents in 2012 and throw many of them
> out.
>
> Including B.O.

I guess this chart will be pretty depressing for you, then:

http://cr4re.com/charts/charts.html?Employment#category=Employment

bchad's picture

I don’t know where “the center” is anymore. And I don’t understand where the right starts asserting that Obama is governing from the “far left.”

The right seems to define the center as GWB, and anything to the left of that as “extreme left.”

You want a quote?  Haven’t I written enough already???

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