I misspoke earlier in the week when I stated SS E-checks would hit on the 1st. They come on Wednesdays and are staggered throughout the month by alphabet or some such thing. So Wed is a big day since the Treasury will supposedly not have the cash for the first round. My retirement check better hit on Monday or else .... I will wilt like a cornstalk in the summer heat of Illinois. July 30, 2011 6:58 PM
It's a peculiar thing. Will Treasury checks bounce next week if they are issued without a ceiling raise? I doubt it very much. What will raise havoc is when the first multi-billion $ bond issue comes due and no payment is possible. That's not for another week or so.
I want my money returned immediately, unless they're willing to enact tax reform. I believe the mechanism for taxation should be limited to issuance of new currency to fund spending programs.
Their fingers are way too sticky and they should be made to respect the toil involved earning it instead of spending like it's a gift from taxpayers.
After all, why shouldn't they have to run government finances the same way business finances are run? It's NEVER enough, deficit financing is irresponsible if not managed properly and they've proven they're incapable.
Treasury checks won't bounce if they're not issued, they may decide to forgo SS in order to pay bondholders.
No matter how you look at it, we're experiencing default in one way or the other, they made sure of it by subsidizing the exports of jobs.
BTW, where are the efforts or discussion of enabling employment? Something about the plan didn't work, and that needs to be addressed as part of the debt ceiling increase. Cut spending on these ridiculous wars started for no apparent reason, shut down foreign military basis, etc...
This is the first time that the national debt is center stage, even though its 2nd about politics and 3rd the excessive budget and 4th higher taxes. Maybe that's a good sign. Never have seen it before but we now know that the interest will eat us up and something must be done. Manyana again?
NLY - That sure was a kick in the pants, it's been selling off on volume all month as well. I guess someone big decided they needed out going into the weekend?
Sure didn't see that mirrored in PM's, must've been just a few major holders liquidating.
CP - "enabling employment?" .... They have no clue.
"Cut spending on these ridiculous wars started for no apparent reason, shut down foreign military basis, etc." ... They know what to do and how to do it but they won't do it. I would say this is now the third rail replacing SS. Shame, shame and more shame. One is for life and the other for death, in different age groups.
I misspoke earlier in the week when I stated SS E-checks would hit on the 1st. They come on Wednesdays and are staggered throughout the month by alphabet or some such thing. So Wed is a big day since the Treasury will supposedly not have the cash for the first round. My retirement check better hit on Monday or else .... I will wilt like a cornstalk in the summer heat of Illinois.
ReplyDeleteJuly 30, 2011 6:58 PM
It's a peculiar thing. Will Treasury checks bounce next week if they are issued without a ceiling raise? I doubt it very much. What will raise havoc is when the first multi-billion $ bond issue comes due and no payment is possible. That's not for another week or so.
ReplyDeleteI want my money returned immediately, unless they're willing to enact tax reform. I believe the mechanism for taxation should be limited to issuance of new currency to fund spending programs.
ReplyDeleteTheir fingers are way too sticky and they should be made to respect the toil involved earning it instead of spending like it's a gift from taxpayers.
After all, why shouldn't they have to run government finances the same way business finances are run? It's NEVER enough, deficit financing is irresponsible if not managed properly and they've proven they're incapable.
ReplyDeleteTreasury checks won't bounce if they're not issued, they may decide to forgo SS in order to pay bondholders.
ReplyDeleteNo matter how you look at it, we're experiencing default in one way or the other, they made sure of it by subsidizing the exports of jobs.
BTW, where are the efforts or discussion of enabling employment? Something about the plan didn't work, and that needs to be addressed as part of the debt ceiling increase. Cut spending on these ridiculous wars started for no apparent reason, shut down foreign military basis, etc...
This is the first time that the national debt is center stage, even though its 2nd about politics and 3rd the excessive budget and 4th higher taxes. Maybe that's a good sign. Never have seen it before but we now know that the interest will eat us up and something must be done. Manyana again?
ReplyDeleteNLY - That sure was a kick in the pants, it's been selling off on volume all month as well. I guess someone big decided they needed out going into the weekend?
ReplyDeleteSure didn't see that mirrored in PM's, must've been just a few major holders liquidating.
CP - "enabling employment?" .... They have no clue.
ReplyDelete"Cut spending on these ridiculous wars started for no apparent reason, shut down foreign military basis, etc." ... They know what to do and how to do it but they won't do it. I would say this is now the third rail replacing SS. Shame, shame and more shame. One is for life and the other for death, in different age groups.
National debt - I think they waited too long, marching orders from Asia demanded cuts?
ReplyDeleteIsn't that kinda what happened in Europe just before Asia stepped in to buy their debt at much higher rates?
NLY - Stink bids may be a good play Monday. Remind me.
ReplyDeleteHadn't heard about this:
ReplyDeleteJuly 27th
"FHFA Sues UBS to Recover GSE Mortgage Losses"
http://www.mortgagenewsdaily.com/07272011_mortgage_fraud_gses.asp
Treasury - Apparently they aren't legally able to prioritize, it's chronological:
ReplyDeletehttp://blogs.reuters.com/felix-salmon/2011/07/29/can-treasury-prioritize-bond-payments/
"More Sugar!" - Suggested title for post on day of QE3 announcement(assuming it's not stealth).
ReplyDeleteF - $12 now, huh? Wasn't it RB who said he thought they were toast? Great call, I think it kept me out.
ReplyDeleteAnyway, how'd he know?
Cp - so buy sgg on qe3?
ReplyDeletenew post
ReplyDeleteVE - The bottom fell out...
ReplyDelete