Mercury Rising 鳯女

Politics, life, and other things that matter

Biden Admits 14th Amendment Was Viable Option

Posted by Phoenix Woman on August 2, 2011

The downward stock market slide Charles noted yesterday continues today (see above). Smart observers know this is going to kill the American economy, and possibly the global economy as well.

Biden’s now saying that Obama would have invoked the 14th amendment if Congress didn’t get a deal done by today.

Now remember, all through this process the White House pretended the 14th wasn’t an option.  Ever.  No way no how.

Just like they pretended that reconciliation (which Bush used repeatedly to pass key fiscally-related bills with 51 votes) couldn’t be used to pass a health care bill, much less one with a public option.  Only after the public option was killed (per the secret agreement with AHIP) and after the 60th Senate seat went away did they finally admit what educated observers knew all along:  Reconciliation was possible.

So whenever they say that some legislative or procedural trick is “not possible”, what they’re really saying is that they won’t do it if it helps the little people, but they will if it helps corporate lobbyists with deep pockets and lots of cash to spend on their favored candidates and/or political parties. 

6 Responses to “Biden Admits 14th Amendment Was Viable Option”

  1. Charles II said

    The very wealthy believe the worse the better (one reason we should never succumb to that temptation). If you have at least enough money in petty cash to last the rest of 10 people’s lifetimes, crises create:
    * buying opportunities for all kinds of property
    * cheaper employees
    * more subservient employees
    * political “stability” in the sense of absolute control over an increasingly corrupt government
    * deflation, aka declining prices, making your cash ever more valuable

    From their point of view, destroying the American economy is the best thing that could ever happen to them.

    S&P down 2.5%. Buying opportunity!

    • jo6pac said

      Yes I heard this from the rich I did work in the 87 crash they were giddy and wanted me to work cheaper. I said No and went fishing and camping for a few months then they called and wanted to know if I could back to save their project. I said sure I raised my price and they paid, that won’t happen this time, this looooong and deeeeeeep. I’m not sure I’ll live long enough to see the end of this attack on the citizens of this nation. We the workers of this nation made corp. Amerika rich and the pay back is the final stab in the back and some dust kicked in our eyes. How Sad and yes it will be a time to buy if you have any $$$$$$$$$.

    • Charles II said

      FWIW, technically one would guess there will be a bounce tomorrow–volume seems to be peaking– although the situation of Italian and Spanish banks could take it down again. And, as I have posted, Nouriel is only looking for a 10% correction, meaning we have only 6% to run.

      • jo6pac said

        10% in the month or ?. This a pretty open case and we’ll see tomorrow because it doesn’t look good in Asia. I think this just a case of finishing off the middle class by marking down 401 and pension.

      • Charles II said

        Pre-markets (futures) are neutral, Jo. Asia tends to follow the US when the bad news is coming from here. When the bad news is coming from there, it leads. Interestingly, Japan and HK are down, but China is unchanged at this hour.

        10% is the hit he predicts from the debt ceiling agreement over no particular time frame. So, if Italy goes down, expect another further leg.
        Adding, 8/3: For those who believe in voodoo, markets at noon are below resistance, at about 1240 (S&P). Next line of resistance is ca. 1180, which would be a ca. 12% drop from recent highs. The 50% retracement would be at 1025 and the 33% retracement at 1140. However, again, volume looks to me to be weakening, which would signal a short-term bounce. We’ll see. If there’s end of the day selling, then the technical people will definitely be looking for another leg down, which will probably become a self-fulfilling prophecy. (Ritholtz says 1200/1130)

        Me, I believe in news: Watch Italy’s banks. Watch Spain’s public debt. Watch Portugal and Greece to see the extent of default. Watch US employment. There’s a lot of bad news teed up, and news–not technicals–drives markets in the medium term (1-3 years), which is what matters for most investors.

        Adding again: Notice that Barry Ritholtz also predicted a short term bounce just before markets opened. The bounce was half a point. So, FWIW, which of course is not much, I have made the same calls as Barry, but either earlier or simultaneously.

  2. […] couple of days ago, I posted in comments: Adding, 8/3: For those who believe in voodoo, markets at noon are below resistance, at about 1240 […]

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