The president's cavalier bet
Obama is focused on 2014, not the US economy.
Either someone knows something about a deal in Washington, or we are beyond complacency and have decided that, whatever happens to the bond market because of the debt talks, it doesn't matter.
How else could we not have given up the gains from the other day -- gains based on a compromise that would have forestalled default?
Now, it is true that the senators are talking. But without someone from the White House being involved, you have to believe that nothing can get done. From what we can tell, President Barack Obama's stance is that the debt ceiling must be raised, the government must be opened and nothing has to be given up. To me, that's a statement that says the American people and the people of the world are being held hostage by the government. But the president will be able to portray it as being held hostage by the minority of the Republicans, because the position on the other side of the trade -- the Republican side -- is too difficult to understand.
The president will be able to say, "I want to send those Social Security checks out, but John Boehner and the radical Republicans won't let me."
What's weird is that the market is acting as if, at the last minute, the Republicans will simply say: "We lose. We've accomplished nothing, and now we are all going to go back to being a minority party in the country even as we are the majority party in the House." The president is betting that the GOP will avoid the third rail or lose a huge number of seats next year -- this is all about 2014, and not about the U.S. economy, which could go down for the count by next week -- because he will say the GOP kept you from your check.
I think that's way too cavalier of the president. The GOP has so far not taken any stance that involves anything other than "We will give you a couple of weeks, and then we will do this again." That is a nonstarter. I think the president has the upper hand, because he doesn't care about the economy or the stock market -- he just cares about unilateral victory -- and it isn't as if the press is going to call him out on it. After all, other than a few people at various Murdoch enterprises and a commentator here or there, I don't know a soul in the media who thinks the Tea Party is anything but the worst the American people have to offer.
So it is hard for me to envision a case in which the market shouldn't be down much more as we approach the debt ceiling deadline. It should be falling at least as much as it has gained, if not more so, because the downside is asymmetrical. The dip seems too shallow without more concrete information that I think no one actually knows.
More from TheStreet.com
-- Oversaw the first ever fiscal downgrade
-- Oversaw China replace the US as the world's largest economy
-- Oversaw the dollar replaced as the world's currency
-- Made the US the laughing stock of the World
-- Made the US a reviled country
-- Increased America's poverty, where 20 million people go hungry
-- Gives away billions to often countries who hate America
-- Shamed America for wanting to invade Syria
-- Was shamed by the Russian President and German Chancellor over leadership qualities
-- (there are many more)
Sadly, Mr Obama (the 'yes we can' President is rapidly becoming the most unpopular President in history)
And the Repubs are no different - all of their focus is on 2014 and 2016, and they aren't willing to realistically address any long term solution to our weak economy in the meantime. Ted Cruz won a 2016 straw poll over the weekend. What the hell is the point of having a presidential straw poll a full year before the mid-term elections?
Both parties are only interested in short term extensions for everything - budgets, debt ceiling, sequester, tax policy, etc.... They are too paralyzed and polarized to come up with any substantive long-term reforms or solutions.
We have to find a way to break out of this constant and never-ending, 24-7-365 election cycle, and the only way we can do that is by voting out the establishment and voting in a bunch of 3rd party candidates.
We are currently the most hated, most maligned, most ill-governed country in the world. The country is about how much we make the middle class suffer. Our taxes are worse than burdensome, they are crippling. The rich pay little or no taxes and the poor get back more than pay in. That leaves the middle class to foot the bill for all. Until the government realizes that you cannot destroy the middle class without consequences, we will never again lead the world in anything.
I encourage EVERYONE to vote out all sitting Congressmen. Hey, can it get worse???
next time up i agree. what in the world is going on?! how can we be initiated with so much debt but not want to make spending concessions to help bring that debt down (military cuts, nation building overseas cuts, entitlement cuts and so on)? is there something we don't know? an ace in hand? are we OK as a gov't with all this debt because as a country we have so many assets that we could knock all those trillions of dollars out if we really need too?
if not...then again...what in the world? where is common sense?!
So this is Obama's plan to put Pelosi back as Speaker of the House.
Here's an idea. Let's extend everything as is until Dec. 2016. No increases no decreases.
Vote all the bums out of office and let the next group understand that they are next, unless they do it better than the previous bums.
It make take a few voting cycles but maybe they will understand that "We the People" control their fate.
Oh hey!! We didn't forget that last raise you approved either!!!
- Lower Taxes
- More freedom
All things many countries have got ,, without shutting government down and threatening World economies. There is a right way to achieve these goals ... where people will not be hurt,
This author has got it right. President Obama wants to rule the world. It is time for the American people to take back this country. We should not let President Obama get by with his tactics. This only proves that he will not compromise and he is not concerned with the livelihood of the American people or those in the world unless he gets his way. It is time to set aside difference between Democrats and Republicans and let all our voices be heard. The Affordable Care Act is illegal because it was suppose to be voted on by the PEOPLE OF THE UNITED STATES who are registered voters. So this Act has to go because the majority of the American people do not want this, and never wanted it.
President Obama is about lying to the American people and those leaders in the world. Presdent Obama needs to be IMPEACH for violating the AMERICAN PEOPLE'S RIGHT OF THE FREEDOM TO VOTE. I believe with all my heart, and it doesn't matter what political stance you take, THAT AMERICANS LOVE THEIR COUNTRY AND BELIEVE IN THEIR FREEDOMS THAT MEN AND WOMEN DIED FOR.
We have a President that just says things to make this country do what he wants. This is not leadership and it is no way to run a country. TAKE A STAND AMERICA AGAINST OBAMA AND MAKE HIM ABOLISH THE AFFORDABLE CARE ACT WE DIDN'T GET TO VOTE ON.
It really is not that difficult to understand. There are two groups on the republican side. The career politician republicans who were brought on for the long haul with the direct purpose of "BETTERING the country" (this is up for debate whether either side is benefiting the country). Collaboration should be expected from these Republicans.
The other group are the Tea Party Republicans. There purpose is to CHANGE the country. They were voted in because they ran on a platform of lower taxes, lower spending, and smaller government. Many of them said that they were going to do whatever it took to change Washington. Now whether or not you agree with this philosophy, it is what it is. Why would they collaborate and try to meet half way with Democrats when they campaigned that they wouldn't. Hell, if this were the case they should of just voted normal Republicans in.
(I'm an Independent who does not support Republicans or Democrats)
obuma is the best thing to happen for jimmy carter---obuma the anti-America muslum is now the worst excuse of a USA president in history!! ----that said--watch--now I will get audited by the bum's irs cronies!
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